CERTAIN INFORMATION FOR STOCKHOLDERS OF ALLEGHENY TECHNOLOGIES INCORPORATED
(formerly known as Allegheny Teledyne Incorporated)
REGARDING U.S. FEDERAL INCOME TAXES

On November 29, 1999, Allegheny Technologies Incorporated (formerly known as Allegheny Teledyne Incorporated) ("ATI") distributed the common stock of Teledyne Technologies Incorporated and Water Pik Technologies, Inc. to stockholders of ATI. For every seven shares of ATI common stock you owned on November 22, 1999, you received one share of Teledyne Technologies common stock; for every 20 shares of ATI common stock you owned on that date, you received one share of Water Pik Technologies common stock. Certificates evidencing the new Teledyne Technologies and Water Pik Technologies shares are being mailed to ATI stockholders.

No fractional shares are being issued in the distributions. If you are otherwise entitled to receive a fractional share of Teledyne Technologies common stock and/or Water Pik Technologies common stock, you will receive cash instead of the fractional share. Fractional shares have been aggregated and sold by the distribution agent. You will receive checks for your pro rata share of the proceeds of those sales under separate cover in the near future.

ATI has received a ruling from the Internal Revenue Service to the effect that the distributions of shares of common stock of Teledyne Technologies and Water Pik Technologies qualify for U.S. federal income tax purposes as tax-free distributions to ATI's stockholders, except in respect of cash received instead of fractional shares.

Because the distributions of the Teledyne Technologies and Water Pik shares are tax-free, you will not recognize any gain or loss for U.S. federal income tax purposes upon receipt of the shares, except to the extent of cash received instead of fractional shares. If you receive cash instead of a fractional share, you will be treated as having received the fractional share in the distribution and then having sold the fractional share. Accordingly, you will recognize gain or loss equal to the difference between the cash you receive for the fractional share and the amount of tax basis allocable (as described below) to the fractional share. The gain or loss will be capital gain or loss assuming that you held the ATI shares as a capital asset.

Subsequent to the distributions, ATI effected a one-for-two stock split. All per share references to ATI stock in this letter reflect this reverse stock split. The reverse stock split is also tax-free to ATI stockholders.

ATI Tax Letter (including example)

For historical information about the common stock of Allegheny Technologies, Allegheny Ludlum Corporation and Teledyne, Inc., please click here.