ITT Transformation

ITT Corporation announces plan to separate into three independent publicly traded companies

ITT Corporation's board of directors has unanimously approved a plan to separate the company's businesses into three distinct, publicly traded companies. Under the plan, ITT would execute tax-free spinoffs to shareholders of its water-related businesses and its Defense & Information Solutions segment. ITT shareholders will own shares in all three companies following the completion of the transaction. ITT will continue to trade on the New York Stock Exchange (NYSE) as an industrial company that supplies highly engineered solutions in the aerospace, transportation, energy and industrial markets. Xylem intends to list on the NYSE under the symbol "XYL." ITT Exelis intends to list on the NYSE under the symbol "XLS."

Media Contact:

Jenny Schiavone
tel +1 914 641 2160
jennifer.schiavone@itt.com

Investor Contact:

Thomas Scalera
tel +1 914 641 2030
thomas.scalera@itt.com