Allegheny Teledyne Receives Favorable Tax Rulings On Proposed Spin-Offs

Pittsburgh, PA, August 23, 1999 – Allegheny Teledyne Incorporated (NYSE:ALT) today announced that the Internal Revenue Service has ruled favorably that the proposed spin-offs of the company’s Aerospace and Electronics and Consumer segments into two freestanding public companies will be treated as tax-free distributions for federal income tax purposes.

“The favorable rulings from the Internal Revenue Service are crucial steps in our transformation plan,” said Richard P. Simmons, Allegheny Teledyne’s chairman, president and chief executive officer. “We continue to believe that the proposed spin-offs can be completed before the end of 1999.”

Allegheny Teledyne Incorporated is a diversified manufacturing company serving global markets with specialty metals, aerospace, electronic, industrial, and consumer products. The company is one of the largest and most diversified specialty metals producers in the world. With talented people using innovative technologies and systems, Allegheny Teledyne’s goal is to be the low cost, high quality supplier to global markets.

Investor Contact:
Jason VanWees
(310) 893-1642

Press Contact:
Robyn McGowan
(310) 893-1640