1. ITT Corporation
Q1 2012 Earnings Call
May 4, 2012
y ,

2. Safe Harbor
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the “Act”): Certain material presented herein includes
forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of
1995. These forward-looking statements include, but are not limited to, future strategic plans and other statements that describe the company’s
business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever
used, words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target" and other terms of similar meaning are
intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve
known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or
implied in, or reasonably inferred from, such forward-looking statements. Factors that could cause results to differ materially from those
anticipated include, but are not limited to:
• Uncertainties with respect to our estimation of asbestos liability
f • O ability to achieve stated synergies or cost savings from acquisitions or
Our f
exposures, third-party recoveries and net cash flow; divestitures;
• Economic, political and social conditions in the countries in which we • The number of personal injury claims filed against the Company or the degree of
conduct our businesses; liability;
• Changes in U.S. or International sales and operations; • Our ability to effect restructuring and cost reduction programs and realize savings
• Contingencies related to actual or alleged environmental contamination, from such actions;
claims and concerns; • Changes in our effective tax rate as a result in changes in the geographic
• D li i consumer spending;
Decline in di earnings mix, valuation allowances, t examinations or di
i i l ti ll tax i ti disputes, t authority
t tax th it
• Sales and revenues mix and pricing levels; rulings or changes in applicable tax laws;
• Availability of adequate union and non-union labor, commodities, supplies • Intellectual property matters;
and raw materials; • Governmental investigations;
• Interest and foreign currency exchange rate fluctuations; changes in local • Potential future postretirement benefit plan contributions and other employment
government regulations and compliance therewith; and pension matters;
• Competition, industry capacity & production rates; declines in orders or • Susceptibility to market fluctuations and costs as a result of becoming a smaller,
sales as a result of industry or geographic downturn; more focused company after the spin off;
spin-off;
• Ability of third parties, including our commercial partners, counterparties, • Changes in generally accepted accounting principles; and
financial institutions and insurers, to comply with their commitments to us; • Other factors set forth in our Annual Report on Form 10−K for the fiscal year
• Our ability to borrow and availability of liquidity sufficient to meet our ended December 31, 2011 and our other filings with the Securities and Exchange
needs; Commission.
• Changes in the recoverability of goodwill or intangible assets;
The Company undertakes no obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
May 4, 2012 P2

3. Q1 2012 Overview
Q1 Results Exceeded Expectations
Outperformed Q1 Topline Expectations
 +9% Q1 Organic Revenue
9% O i R
 $226M - Industrial Process Shipment Record
 +22% Emerging Market Growth
 +11% North American Growth
Book-to-Bill 1.06x – All Businesses >1x
 Record Industrial Process Backlog
Solid Operating Results While Absorbing Spin Costs and
Investing in Growth
 $0.39 Adjusted EPS Including:
 $5M Recurring Spin Dis-Synergy Costs
($0.06)


$3M Negative FX Impact
Strategic Organic Growth Investments
Results
 Lower Connectors Volume & Negative Mix Exceeded
Expectations
Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P3
For non-GAAP reconciliations, refer to appendix and www.itt.com/ir.

4. Q1 2012 Key Strategic Highlights
Strategic Growth Drivers
Focused Emerging Market Expansion
 $6M API Petrochemical Industrial Pumps (Saudi Arabia)
 $5M API Oil & Gas Industrial Pumps (Russia)
 $2.5M Rail Damper Order (India)
 $2M Auto Friction Win (China)
Aftermarket Capture
 $6M Multi-Year Mining Service Contract (Chile)
Investment in New Product Technology and R&D
 Mining Pump Named “Technical Innovation of the Year”
 UL Approval of Electric Vehicle Charging Connector
 Seismic Damper Order for Vincent Thomas Bridge
Premier Customer Experience
Delivering on
 Improvement in On-Time-Delivery and Quality at All 4 Our Profitable
Businesses
Growth Drivers
Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P4
For non-GAAP reconciliations, refer to appendix and www.itt.com/ir.

5. Q1 2012 ITT Results
Continuing Operations
g p (
(unaudit ed)
) Q
Q1
$ millions, except per share amounts 2012 vs 2011
Revenue $577 +8%
Adjusted Segment Operating Income $65 (-12%)
Adjusted EPS $0.39 (-13%)*
Orders $614 +1%
Q1 2012 Results
+9% Organic Revenue (-12%) Adjusted Segment Operating Income
 Mining, Oil & Gas and Chemical Growth  Recurring Spin Dis-Synergy Costs
 Market Share Gains in Automotive C
Connectors V l
t Volume & Mi
Mix
 Strong Emerging Market Growth  Mix Shift to Large Projects at Industrial Process
 Global Connectors & Customer Market Share Loss
(-13%) Adjusted Pro Forma EPS
 Difficult PY Compares ($4M PY Rail Seats)
 Negative FX
+2% Organic Orders  Higher Tax Rate & Share Count
 1.06x Book-to-Bill  Lower Interest Expense
 Oil & Gas, Chemical, Auto and Rail Strength
 Global Connectors and PY China Rail Seats ($13M)
*Adjusted EPS growth rate includes pro forma adjustments in 2011 results. Pro Forma adjustments reflect the elimination of interest expense on debt
extinguished in connection with the transformation and interest income on cash distribution to the spun-off companies as if the distribution occurred at
beginning of the period. Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P5
For non-GAAP reconciliations, refer to appendix and www.itt.com/ir.

6. Q1 2012 Total Revenue Growth by Market
+50%
Revenue
Q1 2012 vs Q1 2011 Energy &
+25% Organic +9% Mining
Total +8%
+22%
+20% Industrial
Processing Emerging
Markets
Q1 2012 vs. Q1 2011
2
+15%
Growth
+10%
General
+5% Industrial Aerospace &
Defense Auto, Rail &
Transportation
T t ti
0%
$25M $50M $75M $100M $125M $150M $175M $200M
All
(-25%) Other Q1 2012
Revenue
End Markets Above Include Emerging Market Results
Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P6
For non-GAAP reconciliations, refer to appendix and www.itt.com/ir.

7. Q1 2012 Revenue by Major Geographies
North America +11% Europe +1% Emerging Markets +22%
Strong Growth Solid Performance Impressive Results
 Industrial Pump  Automotive Market Share  Latin America Mining
Strength in General Gains Pumps
Industry, Chemical,
Mining and  Eastern Europe Oil & Gas
p  China Auto OEM
Oil & Gas Strength
 Eastern Europe Oil &
 Auto Market Gains  Connector Declines Gas and Auto Gains
 General Industrial  “Limited Run” China
Strength Rail Seat Program
 Connector Declines Note: W. Europe (-3%); E Europe +36%
W ( 3%); E.
Excludes foreign exchange impacts
Solid Global Results
Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P7
For non-GAAP reconciliations, refer to appendix and www.itt.com/ir.

8. Q1 2012 Segment Operating Margins
(-270) bps Decline
 Connector Volume Declines
Q1 2011 Adjusted Segment Operating Margin 14.0%
 Incremental Investments
Volume, Mix, Operating Productivity & Other -1.2%
 Large Project Mix Shift
Growth Investments -0.6%
0 6%
FX -0.2%
 Pricing:
Recurring Spin Dis-Synergy Costs -0.4%  Large Industrial Projects
Acquisition/Disposition -0.3%
0 3%  General Industry
Q1 2012 Adjusted Segment Operating Margin 11.3%
 +140bps Net Operating
Productivity:
 Lean Six Sigma & Global
Sourcing
 Commodity Cost
Increases
Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P8
For non-GAAP reconciliations, refer to appendix and www.itt.com/ir.

9. Capital Overview
Strong Balance Sheet Supports Long-Term Growth Geography of Cash Balances
$728M Cash & Cash Equivalents at 3/31/12
< 5% Cash in US
$23 Short-Term Debt
+166% Adjusted Free Cash Flow Conversion
Q1 Strategic Capital Deployment
APAC Europe
$36M Gross Share Repurchases
• $74M A il YTD
April
• Share Repurchase YTD Activity In-Line with Full-Year
Expected Share Count
$32M Pension Contribution
• Includes $15M Discretionary Funding
$9M Strategic Investments
• Wuxi, China Automotive Facility Expansion
• Advanced Front-End Capabilities Disciplined &
• Expanded Aftermarket Reach & Capabilities
Building M&A Pipeline Balanced
Other Uses of Cash in Q1 Capital
$30M Transformation Costs
$9M Dividend Payment
Deployment
Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P9
For non-GAAP reconciliations, refer to appendix and www.itt.com/ir.

10. 2012 Financial Outlook
Guidance Maintained
+5-7% Organic Revenue
Revenue Range
• Strong Emerging Market Q1 Performance
2012 Organic 5% to 7% • Late Cycle Strength (Oil & Gas and Mining)
• Market Share Gains
Adjusted Segment Operating Margin
+10% Emerging Market Growth
2012 Margins
g ~13.6% +40 bps vs 2011
p • Oil & Gas Growth in Middle East &
Mining in Latin America
2012 Adjusted EPS Range • Auto & Rail Expansion in China and
E. Europe
$1.62 to $1.72 Adjusted Segment Operating Margin
j g p g g
+4% vs 2011 Adjusted Pro Forma EPS Expectations
+13% vs 2011 Adjusted PF (ex Spin Dis-Synergies) • Productivity Offsets Inflation and
Fuels Investments
Adjusted Free Cash Flow Conversion • +80bps Adjusted Segment Operating
Margin Excluding Spin Dis-Synergies
M i E l di S i Di S i
2012 Adjusted FCF Conversion >105% of Net Income • Limited Visibility in Connectors Market
+13% Adjusted Pro Forma EPS
Excluding Spin Dis-Synergies
Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P10
For non-GAAP reconciliations, refer to appendix and www.itt.com/ir.

11. Segment Financial Results

12. Q1 2012 ITT Segment Performance
Industrial Motion Interconnect Control New
Process Technologies Solutions Technologies ITT
Q1 2012 Total Revenue vs PY 34.5% -2.2% -13.9% 1.3% 8.3%
FX -0.4% 4.5% 0.8% -0.1% 1.5%
Acquisition/Disposition -4.5% 0.0% 1.0% 0.0% -1.2%
Q1 2012 O
Organic R
i Revenue vs PY 29.6%
29 6% 2.3%
2 3% -12.1%
12 1% 1.2%
1 2% 8.6%
8 6%
Q1 2011 Adjusted Operating Margin 12.6% 15.1% 10.4% 18.5% 14.0%
Volume, Mix, Operating Productivity &
-0.4% 1.1% -7.5% -0.3% -1.2%
Other
Growth Investments -0.8% -0.6% 0.2% -1.1% -0.6%
FX -0.1% -0.3% -0.1% -0.1% -0.2%
Recurring Spin Dis-Synergy Costs -0.8% -0.1% 0.0% -0.3% -0.4%
Acquisition/Disposition -0.6% 0.0% -0.4% 0.0% -0.3%
Q1 2012 Adjusted Operating Margin 9.9% 15.2% 2.6% 16.7% 11.3%
Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P12
For non-GAAP reconciliations, refer to appendix and www.itt.com/ir.

13. Q1 2012 Industrial Process
Continuing Operations (unaudited) Q1
$ millions 2012 vs 2011
Revenue $226 +35%
Adjusted Segment Operating Income $23 +7%
Q1 Results
+30% Organic Revenue +7% Adjusted Operating Income
 Record Shipment Quarter  Higher Volumes & Strong Operating
Productivity
 Strength in All Regions and All End-Markets
 Mining and Oil & Gas  Recurring Spin Dis-Synergy Costs
 General Industry
Ge e a dust y
 Chemical  Mix Shift to Lower Margin Large Projects
Book-to-Bill Ratio = 1.09x  Significant Expansion of Global Installed Base
 Record Backlog
 Strong AM Order Growth (+13%)  Q4 Bl k
Blakers A
Acquisition & G
i iti Growth I
th Investments
t t
Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P13
For non-GAAP reconciliations, refer to appendix and www.itt.com/ir.

14. Q1 2012 Motion Technologies
Continuing Operations (unaudited) Q1
$ millions 2012 vs 2011
Revenue $180 (-2%)
Adjusted Segment Operating Income $27 (-1%)
Q1 Results
+2% Organic Revenue (-1%) Adjusted Operating Income
 M k t Share G i i Gl b l OEM A t M k t
Market Sh Gains in Global Auto Market  N
Negative FX I
ti Impact ($2M)
t
 +32% Emerging Market Growth Primarily in Auto  Incremental Growth Investments in China
Auto Facility Start-Up
 Lower Shock Absorber Volume in Transportation
 Productivity Gains Partially Off-Set by
Book-to-Bill Ratio = 1.03x Higher Commodity Costs
 +10% Organic Orders
 Emerging Market Rail Orders
 OEM Global Auto Wins
Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P14
For non-GAAP reconciliations, refer to appendix and www.itt.com/ir.

15. Q1 2012 Interconnect Solutions
Continuing Operations (unaudit ed) Q1
$ millions 2012 vs 2011
Revenue $93 (-14%)
Adjusted Segment Operating Income $2 (-79%)
Q1 Results
(-12%) Organic Revenue (-79%) Adjusted Operating Income
 Global Connector Markets  Lower Volumes & Negative Mix Shift
 Global Communications End-Market  Net Operating Productivity
 General Industrial Growth in North America
Book-to-Bill Ratio = 1.05x
Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P15
For non-GAAP reconciliations, refer to appendix and www.itt.com/ir.

16. Q1 2012 Control Technologies
Continuing Operations (unaudit ed) Q1
$ millions 2012 vs 2011
Revenue $79 +1%
Adjusted Segment Operating Income $13 (-10%)
Q1 Results
+1% Organic Revenue (-10%) Adjusted Operating Income
 Commercial Aerospace Valves & Switches  Incremental Growth Investments
 General Industrial Growth in North America  Negative Mix Shift to General Industrial
 Lower Defense  Higher Volume, Pricing and Net Operational
Productivity
 Prior Year “Limited Run” High Speed Rail
Seats ($4M)
Book to Bill
Book-to-Bill Ratio = 1 09x
1.09x
Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P16
For non-GAAP reconciliations, refer to appendix and www.itt.com/ir.

17. Appendix

18. Key Performance Indicators and Non-GAAP Measures
Management reviews key performance metrics including revenue, segment operating income and margins, earnings per
share orders growth and backlog among others in connection with the management of our business Management
share, growth, backlog, others, business.
believes that the following metrics are useful to investors when evaluating operating performance for all the periods
presented, and provide a tool for evaluating our ongoing operations and our management of assets held from period to
period. These metrics, however, are not a measure of financial performance under GAAP and should not be considered a
substitute for measures determined in accordance with GAAP. We consider the following non-GAAP measures, which
may not be comparable to similarly titled measures reported by other companies, to be key performance indicators for
purposes of this REG G reconciliation:
REG-G
Organic Revenues and Orders are defined as revenues and orders excluding the impact of foreign currency fluctuations
and contributions from acquisitions and divestitures made during the current year. Divestitures include sales of
insignificant portions of our business that did not meet the criteria for presentation as a discontinued operation. The
period-over-period change resulting from foreign currency fluctuations assumes no change in exchange rates from the
p o period.
prior pe od
Book-to-Bill is defined as organic orders divided by organic revenue.
Adjusted Segment Operating Income and Adjusted Segment Operating Margin are defined as segment operating
income and operating margin, adjusted for special items. Special items represent significant charges or credits that impact
current results, but may not be related to the Company's ongoing operations and p
y p y g g p performance, such as transformation
costs and restructuring charges.
Adjusted Pro Forma Income from Continuing Operations and Adjusted Pro Forma EPS from Continuing
Operations are defined as reported income from continuing operations and reported income from continuing operations
per diluted share, adjusted to exclude special items and include pro forma adjustments. Special items may include, but
are not limited to, transformation and repositioning costs, asbestos, restructuring costs, income tax settlements or
adjustments and other unusual and infrequent non-operating items. Special items represent significant charges or credits
that impact current results, but may not be related to the Company’s ongoing operations and performance. Pro Forma
adjustments in 2011 reflect the elimination of interest expense as if repayment of $1,250M of long term debt occurred
January 1 and elimination of interest income as if $400M of aggregate cash was distributed to the spun-off companies on
January 1.
Adjusted Free Cash Flow is defined as net cash provided by operating activities less capital expenditures, cash
payments for transformation costs, net asbestos cash flows and other special items. Due to other financial obligations
and commitments, the entire free cash flow amount may not be available for discretionary purposes.
Q1 2012 Earnings – All Results are Unaudited May 4, 2012 P18

19. ITT Corporation Non-GAAP Reconciliation
Reported vs. Organic Revenue / Order Growth
First Quarter 2012 & 2011
($ Millions)
(As Reported - GAAP) (As Adjusted - Organic)
(A) (B) (C) (D) (E) = B+C+D (F) = E / A
Acquisition / FX
Change % Change Divestitures Contribution Change % Change
3M 2012 3M 2011 2012 vs. 2011 2012 vs. 2011 3M 2012 3M 2012 Adj. 12 vs. 11
j Adj. 12 vs. 11
j
Revenues
ITT Corporation - Consolidated 577 533 44 8% (6) 8 46 9%
Industrial Process 226 168 58 35% (7) (1) 50 30%
Motion Technologies 180 184 (4) -2% 0 8 4 2%
Interconnect Solutions 93 108 ( )
(15) -14% 1 1 ( )
(13) -12%
Control Technologies 79 78 1 1% 0 0 1 1%
Orders
Total Segment Orders 614 605 9 1% (7) 8 10 2%
Industrial Process 246 220 26 12% (8) (1) 17 8%
Motion Technologies 186 177 9 5% 0 8 17 10%
Interconnect Solutions 98 117 (19) -16% 1 1 (17) -15%
Control Technologies 86 99 (13) -13% 0 0 (13) -13%
Note: Excludes intercompany eliminations
Immaterial differences due to rounding
All Results are Unaudited May 4, 2012 P19

20. ITT Corporation
Reported vs Adjusted Segment Operating Income & OI Margin
First Quarter of 2012 & 2011
($ Millions)
3M 2012 3M 2012 3M 2012 3M 2012 3M 2011 3M 2011 3M 2011 3M 2011 % Change % Change
As Reported 12 As Adjusted
As Reported Spin Costs Restructuring As Adjusted As Reported Spin Costs Restructuring As Adjusted vs. 11 12 vs. 11
Revenue:
Industrial Process 226 226 168 168 35.0% 35.0%
Motion Technologies 180 180 184 184 -1.9% -1.9%
Interconnect Solutions 93 93 108 108 -14.3% -14.3%
Control Technologies 79 79 78 78 1.0% 1.0%
Intersegment eliminations (1) (1) (5) (5) -80.0% -80.0%
Total Revenue 577 577 533 533 7.5% 7.5%
Operating Margin:
Industrial Process 9.6% 30 BP - BP 9.9% 12.5% - BP 10 BP 12.6% (290) BP (270) BP
Motion Technologies 15.2% - BP - BP 15.2% 15.1% - BP - BP 15.1% 10 BP 10 BP
Interconnect Solutions 2.0% 60 BP - BP 2.6% 10.4% - BP - BP 10.4% (840) BP (780) BP
Control Technologies 16.5% - BP 20 BP 16.7% 17.1% - BP 140 BP 18.5% (60) BP (180) BP
Total Operating Segments 11.1% 20 BP - BP 11.3% 13.7% - BP 30 BP 14.0% (260) BP (270) BP
Income:
Industrial Process 22 1 0 23 21 - 0 21 3.8% 6.6%
Motion Technologies 27 - - 27 28 - - 28 -1.4% -1.4%
Interconnect Solutions 2 0 - 2 11 - - 11 -83.2% -78.8%
Control Technologies 13 - 0 13 13 - 1 14 -3.0% -9.6%
'Total Segment Operating Income 64 1 0 65 73 - 1 74 -12.8% -12.2%
Note: Immaterial differences due to rounding.
All Results are Unaudited May 4, 2012 P20

21. ITT Corporation Non-GAAP Reconciliation
Reported vs. Adjusted Income from Continuing Operations & Adjusted EPS
First Quarter of 2012 & 2011
(Unaudited)
($ Millions, except EPS and shares)
Change Percent Change
Q1 2012 Non-GAAP Q1 2012 Q1 2011 Non-GAAP Pro Forma Q1 2011 2012 vs. 2011 2012 vs. 2011
As Reported Adjustments As Adjusted As Reported Adjustments Adjustments As Adjusted As Adjusted As Adjusted
Segment Operating Income 64 1 #A 65 73 1 #A - 74
Interest Income (Expense) (1) - (1) (24) - 17 #D (7)
Other Income (Expense) (1) - (1) (1) - - (1)
Corporate (Expense) (27) 17 #B (10) (83) 76 #C - (7)
(Loss) Income from Continuing Operations before Tax 35 18 53 (35) 77 17 59
Income Tax Benefit (Expense) (25) 9 #E (16) 13 (24) (6) (17)
(Loss) Income from Continuing Operations 10 27 37 (22) 53 11 42
EPS from Continuing Operations 0.11 0.28 #F 0.39 (0.23) 0.57 #F 0.11 #F 0.45 (0.06) -13%
#A - Segment operating income in 2012 includes Transformation costs ($1M) and in 2011 Restructuring costs of ($1M).
#B - Primarily transformation costs ($4M); Quarterly asbestos provision ($13M).
#C - Transformation costs ($60M); Quarterly asbestos provision ($16M)
#D - Pro forma adjustment reflects elimination of interest expense as if repayment of $1,250M of long term debt occurred January 1 and elimination of interest income as if $400M of aggregate cash was distributed to Exelis and Xylem on January 1
#E - Includes valuation allowance on US deferred tax assets.
#F - Adjustments to EPS from Continuing Operations
Restructuring,
Restructuring net of related tax benefit - 0.01
0 01
Transformation costs, net of related tax benefit 0.04 0.43
Asbestos, net of related tax benefit 0.08 0.13
Valuation allowance on US deferred tax assets. 0.15 -
Pro forma interest expense adjustments, net of tax benefit - 0.11
Other 0.01 -
Adjustments to EPS from Continuing Operations 0.28 0.68
Note: Immaterial differences due to rounding
g
All Results are Unaudited May 4, 2012 P21

22. ITT Corporation Non-GAAP Reconciliation
Net Cash - Operating Activities vs. Adjusted Free Cash Flow Conversion
First Quarter 2012 & 2011
($ Millions)
3M 2012 3M 2011
Net Cash - Operating Activities 18 (45)
Capital Expenditures (13) (15)
Free Cash Flow, including Transformation 5 (60)
Transformation Capex 1 0
Transformation Cash Payments 30 15
Net Asbestos Cash Payments
N tA b t C hP t 16 7
Discretionary Pension Contributions, net of tax 9 0
Free Cash Flow 61 (38)
Income from Continuing Operations 10 (22)
Special Items (including Transformation Costs) 27 64
Income from Continuing Operations, Excluding
Special Items 37 42
Adjusted Free Cash Flow Conversion 166% NA
All Results are Unaudited May 4, 2012 P22