ITT Industries Reiterates Outlook at Annual Shareholder Meeting

29.05.2002

Tarrytown, New York, May 7, 2002 - ITT Industries, Inc. (NYSE: ITT) Chairman, President and Chief Executive Officer Lou Giuliano told shareholders that the company, having completed a successful year in 2001, is confident in its ability to deliver another year of earnings growth in 2002. Giuliano delivered his remarks this morning at the seventh annual meeting of ITT Industries shareholders at Tappan Hill, Tarrytown, New York.

"By any measure, 2001 was a strong year for ITT Industries, including a total shareholder return of 32 percent," Giuliano said. "We do not anticipate a robust economic recovery in ’02, and we are prepared for continued challenging conditions. I am confident in our management team's ability to deliver another strong year. We are maintaining our commitment to deliver EPS growth."

Giuliano said that the company will continue to focus its energies in three areas: building future generations of leaders, growing the company and striving for operational excellence.

"We have made progress, but there is still a great deal of opportunity to improve our competitive positions, particularly through our ongoing Value-Based Six Sigma and Value-Based Product Development initiatives," Giuliano said. "I am excited by our prospects, and I look forward to reporting to you in the future on our continuing progress towards becoming a premier multi-industry company."

In other business, shareholders re-elected members of ITT Industries’ Board of Directors and ratified the selection of Deloitte & Touche as the corporation’s outside auditors.

ITT Industries, Inc. (www.itt.com) supplies advanced technology products and services in key markets including: electronic interconnects and switches; defense communication, opto-electronics, information technology and services; fluid and water management and other specialty products. Headquartered in White Plains, NY, the company generated $4.7 billion in 2001 sales.

Certain material presented herein consists of forward-looking statements which involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in, or implied from, such forward-looking statements. Such factors include general economic conditions, foreign currency exchange rates, competition and other factors all as more thoroughly set forth in Item 1. Business and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements in the ITT Industries, Inc. Form 10-K Annual Report for the fiscal year ended December 31, 2001, and other of its filings with the Securities and Exchange Commission.

In addition to the New York Stock Exchange, ITT Industries’ common stock is traded on the Midwest, Pacific, London, Frankfurt and Paris exchanges.

Source: ITT Inc.

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