ITT’s future water company pledges continued commitment to key global philanthropy and sponsorship programs

Signature corporate citizenship program ITT Watermark® and global sponsorship of Stockholm Junior Water Prize to be continued by new company Xylem

STOCKHOLM — August 24, 2011 — ITT Corporation (NYSE:ITT) announced today at World Water Week that its water businesses will continue the company’s commitment to its signature corporate philanthropy program, Watermark, and global sponsorship of the Stockholm Junior Water Prize (SJWP) following their formal separation from ITT later this year.

ITT announced in January plans to spin off its water and defense businesses by the end of 2011. Upon completion, the water company, to be called Xylem, will continue to support both Watermark and the Stockholm Junior Water Prize to help provide access to clean water and promote innovation in water science research and education.

“We are proud to announce a continued commitment to two key initiatives with such sustainable purpose and long-standing success,” said Gretchen McClain, president of ITT Fluid & Motion Control and future chief executive officer of Xylem. “Both Watermark and our global sponsorship of the Stockholm Junior Water Prize have played an integral role in building a strong heritage of citizenship at ITT, and we look forward to carrying on that legacy at Xylem.”

Xylem will continue its work with Watermark partners — Water For People, Mercy Corps and China Women’s Development Foundation — to bring safe water, sanitation and hygiene education to children, families and communities in the developing world and to protect safe water resources before and after disasters strike. Launched in 2008 with an initial three-year, $3 million commitment to provide safe water and sanitation to 300 schools in China, India, Honduras and Guatemala, the Watermark program will continue as Xylem Watermark, and the new company expects to fulfill the renewed commitment announced by ITT in 2010, pledging $10.5 million over three years (2011-2013) to serve one million more people around the world.

Xylem will also continue to promote water education through the company’s partnership with the Stockholm International Water Institute through its global sponsorship of the Stockholm Junior Water Prize. ITT has been the international sponsor of the award for 15 years.

From its creation in 2008 to today, Watermark has provided safe water and sanitation that has improved the lives of more than 500,000 people in 15 countries. To date, the Watermark effort has responded to 12 disasters in Honduras, Nepal, Niger, Indonesia, Sri Lanka, Pakistan, Haiti, Myanmar, China, Japan, Liberia and most recently to support relief for the drought that has reached crisis proportions in the Horn of Africa, with employees dedicating more than 20,000 hours and raising more than $1.2 million to support the program.

Since 1997, the Stockholm Junior Water Prize has become the most prestigious international award for water-related research, bringing together the world’s brightest young minds to foster their continued interest in solving current and future water challenges.

About ITT Corporation

ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company generated 2010 revenue of $11 billion.

On 12 January 2011, ITT announced its intention to spin off its Water and Defense businesses into separate publicly traded companies prior to the end of this year. The new water company, to be called Xylem, will be a global leading provider of products and technologies for water and wastewater; residential and commercial water; analytical instrumentation and flow control, doing business in more than 150 countries with annual revenues of $3.6 billion.

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Robin Edwards
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