WHITE PLAINS, N.Y. — ITT Corporation today announced the final results and definitive prices for its previously announced modified “Dutch Auction” cash tender offer (the “Offer”) for up to $100 million aggregate principal amount (the “Tender Cap”) of its 7.40% Debentures due 2025 (the “Debentures”).

The Offer was conducted in connection with ITT’s plan to spin-off its subsidiaries, Exelis Inc. and Xylem Inc., by distributing shares of such subsidiaries to shareholders of ITT (the “Spin-off”). The purpose of the Offer is to acquire Debentures as part of ITT’s plan to repurchase, redeem and/or defease all of its long-term debt in connection with the Spin-off. ITT expects to defease all of its obligations with respect to Debentures that remain outstanding after consummation of the Offer in accordance with the satisfaction and discharge provisions of the indenture governing the Debentures.

Details of the Final Results and Definitive Prices:

Pursuant to the terms of the Offer, the Offer expired at 12:00 midnight, New York City time, on October 18, 2011 (the “Expiration Date”). As of the Expiration Date, ITT received tenders for $87,557,000.00 aggregate principal amount of the Debentures. All such Debentures have been accepted for purchase pursuant to the terms of the Offer. Payment for Debentures tendered and accepted for purchase is expected to be made today.

Based on the terms of the Offer, ITT determined the clearing spread, reference yield, tender yield, total consideration and tender offer consideration as follows:

 Title of Security            CUSIP   Principal    Principal   Clearing  Reference Tender  Total            Tender Offer
                             Number   Amount       Amount      pread     Yield     Yield   Consideration(1) Consideration(1)
                                      Outstanding  Accepted                                            
                                        (MM)       (MM)
 -------------------------  ---------  ----------  ---------  --------  --------  ------   --------------     ---------      
 7.40% Debentures due 2025  450679AT2   $250.0      $87.557   25 bps     2.192%   2.442%   $1,587.42          $1,537.42
 (1) Per $1,000 principal amount of Debentures accepted for purchase.