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ITT Declares Second Quarter Dividend of $0.14 Per Share

White Plains, N.Y. - May 8, 2007 - The Board of Directors of ITT Corporation (NYSE: ITT) today declared a cash dividend of $0.14 per share for the second quarter of 2007. This cash dividend will be payable July 1, 2007 to shareholders of record on May 18, 2007.

About ITT Corporation

ITT Corporation (www.itt.com) supplies advanced technology products and services in several growth markets. ITT is a global leader in the transport, treatment and control of water, wastewater and other fluids. The company plays a vital role in international security through its defense communications and electronics products; space surveillance and intelligence systems; and advanced engineering and related services. It also serves the growing leisure marine and electrical connectors markets with a wide range of products. Headquartered in White Plains, N.Y., the company generated $7.8 billion in 2006 sales. In addition to the New York Stock Exchange, ITT Corporation stock is traded on the Euronext, London and Frankfurt exchanges.

Contact:

Peter Milligan

tel +1 914 641 2030

peter.milligan@itt.com