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Teledyne Technologies and Pacific Wave Communications Develop Strategic Outsourcing Alliance

LOS ANGELES - March 19, 2001 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that it has reached a preliminary agreement with Pacific Wave Communications LLC on the initial phase of a strategic outsourcing alliance leading to manufacturing of Pacific Wave's polymer optical modulators. These devices, using newly developed patented materials and circuits, are aimed at the next generation of high-speed 40 Gb/s OC-768 long haul transmission systems. Teledyne also expects to assist Pacific Wave in its plans to commercialize a 10 Gb/s modulator with exceptionally low operating voltages. The announcement was made at the Optical Fiber Communications Conference in Anaheim, California.

Prototype development work is expected to be accomplished at Teledyne's MEMS fabrication facility in Los Angeles. Teledyne also will explore the provision of packaging services for Pacific Wave's modulator products through its Teledyne OptoElectronics business unit.

Teledyne Technologies is a leading provider of sophisticated electronics and communications products, systems engineering solutions, and aerospace products and components, with operations in the United States, the United Kingdom and Mexico. Teledyne OptoElectronics provides turnkey, high volume packaging solutions for optical component OEMs, with services including automated assembly and fiber alignment, development support for integration of high-speed electronics with photonic devices and design of advanced manufacturing lines. More information about Teledyne OptoElectronics is available from its website at www.teledyneopto.com.

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from these forward-looking statements. Many factors, including the extent and timing of technological changes and enhancements of competitors' products, the terms and conditions of definitive agreements with Pacific Wave and continued weakness in the economy, could affect anticipated results. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Teledyne Technologies' periodic filings with the Securities and Exchange Commission, including its 2000 Annual Report on Form 10-K.

Investor Contact:
Jason VanWees
(310) 893-1642

Press Contact:
Robyn McGowan
(310) 893-1640

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