IN FOCUS

The poor health of the capital goods and semiconductor industries worsened further during the first half of the year. As a result, sales at the Georg Fischer Corporation were 15 % lower (11 % when adjusted for exchange rates) than the year-back period, at CHF 1 732 million.

IDEX Corporation (NYSE: IEX) announced that its Board of Directors has declared a regular quarterly dividend of 14 cents per common share. The cash dividend will be paid on July 31, 2002, to shareholders of record on July 15, 2002.

IDEX Corporation reported that orders, sales and earnings for the three months ended March 31, 2002, were improved from fourth quarter levels but lower than the comparable quarter of last year.

STAMFORD, CONNECTICUT Crane Co. (NYSE: CR) reported first quarter 2002 net income of $20.8 million, or $.35 per share, compared with $20.3 million, or $.33 per share, for the first quarter of 2001.

FRANKENTHAL: Operating in a difficult business environment, the KSB Group closed the year 2001 successfully with pre-tax results of € 29.8 million, up from € 28.2 million.

Group sales surpassed half-a-million euros for the first time. Successful continuation of the international expansion strategy. Contribution to overall revenue from Asia up from 4 to 17 percent. Another increase in the volume of investments. Group restructuring measures in 2002. Further growth anticipated in the current year.

Interim report as per 31 March 2002: In the first quarter of 2002, the pumps and valves market continued to be shaped by the weakness of demand in important sectors and considerable pressure on prices.

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.

Tarrytown, New York, May 7, 2002- ITT Industries, Inc.’s (NYSE: ITT) Board of Directors today declared a $0.15 per share dividend for the second quarter of 2002.

The following is the text of the statement delivered by the Chairman, Sir Ronald Garrick, at this year’s AGM.