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Northrop Grumman Announces New $1 Billion Share Repurchase Authorization

LOS ANGELES, Dec. 14, 2006 -- Northrop Grumman Corporation's (NYSE:NOC) board of directors today approved a new $1 billion share repurchase authorization. This new authorization is in addition to $175 million remaining on the company's most recent share repurchase authorization. In total, the company now has $1.175 billion authorized for share repurchases.

"This new $1 billion share repurchase authorization brings our total authorizations since August 2003 to $4.2 billion and demonstrates our continued commitment to a balanced cash deployment strategy," said Ronald D. Sugar, Northrop Grumman's chairman and chief executive officer. "We expect to repurchase these shares, and the $175 million remaining on our previous authorization, within the next 24 months."

Share purchases will take place at management's discretion from time to time, depending on market conditions, in the open market and in privately negotiated transactions over the next 24 months. As of Nov. 30, 2006, Northrop Grumman had approximately 346 million shares outstanding.

Northrop Grumman Corporation is a $30 billion global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide.

Note: Certain statements and assumptions in this release contain or are based on "forward-looking" information (that Northrop Grumman believes to be within the definition in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties, and include, among others, statements in the future tense, and all statements accompanied by terms such as "expect" or variations thereof. This information reflects the company's best estimates when made, but the company expressly disclaims any duty to update this information if new data becomes available or estimates change after the date of this release or the subject presentation. A discussion of these risks and uncertainties is contained in the Company's filings with the Securities and Exchange Commission, including Forms 10-K and 10-Q among others. 

CONTACT:  Dan McClain (Media)
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          Gaston Kent (Investors)
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