ITT Nominates Richard P. Lavin to Its Board of Directors

  ITT Nominates Richard P. Lavin to Its Board of Directors

           Company also announces retirement of three board members

Business Wire

WHITE PLAINS, N.Y. -- February 21, 2013

ITT Corporation (NYSE: ITT) today announced it has nominated Richard P. Lavin
to its Board of Directors. Lavin, 61, is the former group president,
construction industries and growth markets, for Caterpillar Inc.

Lavin held a number of leadership positions during his nearly 30-year career
with Caterpillar including chairman of Caterpillar (China) Investment Co.
Ltd.; vice president, operations and manufacturing, Asia Pacific; and vice
president, human services division.

“We are very pleased to welcome Richard to our Board of Directors,” said
Denise Ramos, chief executive officer and president. “As a successful
industrial manufacturing operations executive with extensive experience in
Asia, his knowledge and perspective will be powerful assets for ITT as we
continue to grow this business globally.”

Lavin will be nominated to the Board of Directors and be subject to shareowner
approval during the company’s May 7 annual shareowners meeting, along with
other nominees named in ITT’s 2013 proxy statement.

In addition, as previously announced as part of ITT’s 2011 separation plan,
Markos I. Tambakeras, an ITT director since 2001, and Paul J. Kern, an ITT
director since 2008, will retire from ITT’s Board of Directors, effective as
of the company’s May 7 shareowners meeting.

“Markos and Paul have provided invaluable insights to ITT, most recently
through our very successful separation plan, and they provided important
historical perspective to guide us through our first year as a newly focused
and truly global diversified industrial company,” Ramos said. “We have
benefited from their insights, and I appreciate their commitment to this
company and its long-term success.”

The company also announced that Linda S. Sanford, an ITT director since 1998,
will retire from the Board of Directors, effective May 7.

“During the past 15 years, Linda has been a strong presence on our Board of
Directors and has helped guide our strategies to continually drive profitable
growth and create value for shareowners,” Ramos said. “I have valued her
counsel and perspective, which includes a sophisticated view of information
technology systems and communications, and I appreciate her commitment and
many contributions to ITT.”

About ITT

ITT is a diversified leading manufacturer of highly engineered critical
components and customized technology solutions for the energy, transportation
and industrial markets. Building on its heritage of innovation, ITT partners
with its customers to deliver enduring solutions to the key industries that
underpin our modern way of life. Founded in 1920, ITT is headquartered in
White Plains, N.Y., with employees in more than 35 countries and sales in a
total of approximately 125 countries. The company generated 2011 revenues of
$2.1 billion. For more information, visit www.itt.com.

Safe Harbor Statement

Certain material presented herein includes forward-looking statements intended
to qualify for the safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
include, but are not limited to, future strategic plans and other statements
that describe the company’s business strategy, outlook, objectives, plans,
intentions or goals, and any discussion of future operating or financial
performance. Whenever used, words such as "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," "target" and other terms of similar
meaning are intended to identify such forward-looking statements.
Forward-looking statements are uncertain and to some extent unpredictable, and
involve known and unknown risks, uncertainties and other important factors
that could cause actual results to differ materially from those expressed or
implied in, or reasonably inferred from, such forward-looking statements.
Factors that could cause results to differ materially from those anticipated
include, but are not limited to: Uncertainties with respect to our estimation
of asbestos liability exposures, third-party recoveries and net cash flow;
economic, political and social conditions in the countries in which we conduct
our businesses; changes in U.S. or International sales and operations;
contingencies related to actual or alleged environmental contamination, claims
and concerns; decline in consumer spending; sales and revenues mix and pricing
levels; availability of adequate labor, commodities, supplies and raw
materials; interest and foreign currency exchange rate fluctuations and
changes in local government regulations; competition, industry capacity and
production rates; ability of third parties, including our commercial partners,
counterparties, financial institutions and insurers, to comply with their
commitments to us; our ability to borrow and availability of liquidity
sufficient to meet our needs; changes in the value of goodwill or intangible
assets; our ability to achieve stated synergies or cost savings from
acquisitions or divestitures; the number of personal injury claims filed
against the companies or the degree of liability; our ability to effect
restructuring and cost reduction programs and realize savings from such
actions; changes in our effective tax rate as a result in changes in the
geographic earnings mix, tax examinations or disputes, tax authority rulings
or changes in applicable tax laws; government regulations and compliance
therewith, including Dodd-Frank legislation involving such issues as conflict
minerals; changes in technology; intellectual property matters; governmental
investigations; potential future employee benefit plan contributions and other
employment and pension matters; susceptibility to market fluctuations and
costs as a result of becoming a smaller, more focused company after the
spin-off; changes in generally accepted accounting principles; and other
factors set forth in our Annual Report on Form 10−K for the fiscal year ended
December 31, 2011 and our other filings with the Securities and Exchange
Commission.

Contact:

ITT Corporation
Investors:
Melissa Trombetta , +1 914-641-2030
melissa.trombetta@itt.com
or
Media:
Kathleen Bark, +1 914-641-2103
kathleen.bark@itt.com