Northwest Airlines Corporation and Northwest Airlines, Inc. (“Northwest”)
today announced that they had extended exchange offers (the “Exchange
Offers”) to exchange newly created 10.5% Class D Pass Through
Certificates, Series 2003-1 (“Class D Certificates”), representing
interests in equipment notes directly or indirectly secured by 64 of
Northwest`s aircraft for $150 million outstanding principal amount of
Northwest`s 8.375% Notes due 2004 (“March 2004 Notes”), $200 million
outstanding principal amount of Northwest`s 8.52% Notes due 2004 (“April
2004 Notes”), $200 million outstanding principal amount of Northwest`s
7-5/8% Notes due 2005 (“2005 Notes”) and $300 million outstanding
principal amount of Northwest`s 8.875% Notes due 2006 (“2006 Notes”). The
final principal payment on the Class D Certificates is expected to be made
on April 1, 2009.
The Exchange Offers, which had been scheduled to expire at midnight,
Eastern Standard Time, on December 2, 2003, have been extended until 5:00
p.m., Eastern Standard Time, on December 9, 2003, unless further extended.
The Exchange Offers are being extended to provide additional time to
complete the necessary documentation for the closing of the transaction.

Pursuant to the Exchange Offers, Northwest is offering—for each $1,000
principal amount of March 2004 Notes tendered for exchange, $1,200
principal amount of the Class D Certificates, and—for each $1,000
principal amount of April 2004 Notes tendered for exchange, $1,200
principal amount of the Class D Certificates, and—for each $1,000
principal amount of 2005 Notes tendered for exchange, $1,150 principal
amount of the Class D Certificates, and—for each $1,000 principal
amount of 2006 Notes tendered for exchange, $1,000 principal amount of the
Class D Certificates.

In addition, Northwest will make a cash payment for accrued but unpaid
interest on the exchanged notes up to but excluding the exchange date.
Northwest will not receive any cash proceeds from the issuance of the
Class D Certificates in the exchange.

As of December 2, 2003, $11,555,000 principal amount of March 2004 Notes,
$4,709,000 principal amount of April 2004 Notes, $11,188,000 principal
amount of 2005 Notes and $29,343,000 principal amount of 2006 Notes had
been tendered and not withdrawn in the Exchange Offers in exchange for
$61,726,000 aggregate principal amount of Class D Certificates. Under the
terms of the Exchange Offers, Northwest intends to issue $552 million of
Class D Certificates. The Exchange Offers are being made solely pursuant
to a prospectus and the terms of the Class D Certificates are set forth in
the relevant registration statement relating to the Class D Certificates.

——-