LOS ANGELES, July 10, 2001 (PRIMEZONE) -- Northrop Grumman Corporation (NYSE:NOC) today announced that it has extended its pending exchange offer for $1.5 billion in notes and debentures from July 9, 2001, to 5:00 p.m. E.D.T. on July 12, 2001. The 7-1/8 percent notes due 2011 and 7-3/4 percent debentures due 2031 were issued earlier this year to help finance the acquisition of Litton Industries Inc.

The pending exchange offer substitutes registered notes and debentures for the currently outstanding notes and debentures that were issued in a private placement offering under Rule 144A of the Securities and Exchange Commission. Approximately $737 million of the outstanding principal amount of notes and approximately $709 million of the outstanding principal amount of debentures had been tendered as of 4:00 p.m. E.D.T. on July 9, 2001.

Northrop Grumman Corporation is a $15 billion, global aerospace and defense company with its worldwide headquarters in Los Angeles. Northrop Grumman provides technologically advanced, innovative products, services and solutions in defense and commercial electronics, systems integration, information technology and non-nuclear shipbuilding and systems. With 80,000 employees and operations in 44 states and 25 countries, Northrop Grumman serves U.S. and international military, government and commercial customers.

  CONTACT:  Northrop Grumman Corporation
          Randy Belote
          (703) 875-8525