Fourth message from ITT Chairman, President and Chief Executive Officer, Lou Giuliano to all employees - Re.Sept.11 Events - Update#3

25/09/2001

September 19, 2001

To: All ITT Industries Employees

From:Lou Giuliano, ITT Chairman, President and Chief Executive Officer

RE: September 11 Events - Update #3

It has been just over one week since the horrific events in New York, Washington and Pennsylvania. A lot has happened on the world stage since then, as you've no doubt followed through the news media. We continue to monitor these events closely and mourn the losses suffered. Today I want to answer questions some of you have raised over the last few days specific to ITT Industries.

We are analyzing the possible short-term and long-term implications for our businesses. The tragic occurrences last week were beyond our control. We can, however, control our reaction to them. It is critical that we remain alert and react quickly to the changing economic environment. The products we make serve vital needs, such as electronic equipment for the military, water and wastewater pumps for municipalities, and electronic components for communication devices. It is essential that we stay focused on meeting the needs of all of our customers, even in the face of such incredible adversity and unprecedented logistical challenges.

Additionally, I have asked each of our management companies to pay special attention to how we conduct business in the coming weeks, using extra caution particularly related to business travel. Under the circumstances, business travel should be limited to those instances where it is critical to meet customer needs.

Last week, I told you that ITT Industries would be making a significant corporate contribution to one of the relief organizations. There are a number of funds that have been established to meet the needs of victims and their families, but they are not yet able to articulate how they will distribute funds. We want to make sure our donation goes directly to the people who need it most, and are carefully examining alternatives before committing to one charity. I will let you know when we make a corporate donation.

I want to thank you all for the ongoing support and encouragement you've shown during the last week. I have never been more proud to be associated with our company.

ITT-Lowara (www.lowara.com), headquarters of "Residential and Commercial Water - EMEA" part of the ITT Corporation and located in Montecchio Maggiore, Vicenza - Italy, is a leader in the manufacture of hydraulic pumps and water handling and control systems. It has 1.348 employees in Europe, 771 operating in Italy. In 2007 its consolidated sales totalled about 284 million euro, or over 390 million dollars.
ITT Corporation (www.itt.com) is a diversified high-technology engineering and manufacturing company dedicated to creating more livable environments, enabling communications and providing protection and safety. The company plays an important role in vital markets including water and fluids management, global defense and security, and motion and flow control. ITT employs approximately 40,000 people serving customers in more than 50 countries. Headquartered in White Plains, N.Y., the company generated $9 billion in 2007 sales.