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Teledyne Awarded Over $50 Million DOE Space Power Contract

LOS ANGELES - June 30, 2003 - Teledyne Technologies Incorporated (NYSE:TDY) today announced that Teledyne Energy Systems, Inc., together with The Rocketdyne Propulsion & Power business unit of Integrated Defense Systems of The Boeing Company (NYSE:BA), has been selected by the Department of Energy (DOE) to develop the Multi-Mission Radioisotope Thermoelectric Generator (MMRTG) for use in planned deep space exploration projects. The team will focus on the development and production of a common thermoelectric power generator platform that can be used interchangeably for any deep space or planetary exploration mission. Teledyne Energy Systems' portion of the contract, if fully funded over ten years, is valued at over $50 million.

"This award, coupled with our recent awards from NASA to develop higher efficiency, next generation thermoelectric materials, expands Teledyne Energy Systems' participation in a broad variety of planned space science exploration over the next five to ten years," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. "We are pleased to team with Boeing in this innovative program to bring a flexible, advanced power system to space science missions."

The MMRTG to be developed by Boeing and Teledyne will build upon the proven design of Teledyne Energy Systems' prior record setting generators, updated with modern engineering and materials science. Previous Teledyne Energy Systems' thermoelectric generators, which powered the Viking and Pioneer spacecrafts, operated up to 31 years and 7.6 billion miles from Earth. Boeing will lead overall program management and perform system heat rejection design and system to spacecraft integration. Teledyne Energy Systems is responsible for the design of the thermoelectric materials and core power generator components. The DOE will perform fueling and final testing of the qualification and flight units.

The first planned mission that will use the new MMRTG power system is the Mars Science Laboratory, a mobile laboratory rover currently scheduled for launch to the Red Planet in 2009. Other potential missions include the Outer Planets Probe set for launch in 2011 and the Mars Sample Return mission planned for launch in 2013.

Teledyne Energy Systems, Inc. (TESI) is a leading global provider of on-site gas and power generation systems based on proprietary fuel cell, electrolysis and thermoelectric technologies. In addition, TESI provides products that support these technologies including fuel cell testing, vehicle refueling systems, PEM fuel cell components, and thermoelectric materials. TESI is recognized for product lines that are reliable, simple to install and easy to use. More information about Teledyne Energy Systems may be found at www.teledynees.com.

Teledyne Technologies is a leading provider of sophisticated electronic components, instruments and communication products, systems engineering solutions, aerospace engines and components and on-site gas and power generation systems. Teledyne Technologies has operations in the United States, the United Kingdom and Mexico. For more information, visit Teledyne Technologies' website at www.teledyne.com.

Investor Contact:
Jason VanWees
(310) 893-1642

Press Contact:
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(310) 893-1640

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