ISS and Glass Lewis Recommend Approval of ITT/EDO Merger

  
    
  
  
    
      Institutional Shareholder Services (ISS) and Glass Lewis, two leading 
      independent proxy advisory firms, have recommended that shareholders of 
      EDO Corporation (NYSE: EDO) 
      vote for the merger with ITT Corporation (NYSE: ITT). Both advisory 
      firms concluded that the financial terms of the merger were fair to EDO’s 
      shareholders.
    
    
      “I believe that the decisions of these 
      independent experts confirm the carefully-considered view of our board 
      of directors that this transaction is in the best interest of our 
      shareholders,” said James M. Smith, EDO’s 
      chief executive officer. “Combined, EDO and 
      ITT will create an exciting company, with new opportunities for our 
      customers and employees. I urge all of our shareholders to vote for the 
      merger.”
    
    
      The special meeting of shareholders is scheduled for Tuesday, December 
      18, at 10:00 a.m. in New York City. Shareholders who need a copy of the 
      proxy materials may contact our proxy solicitation agent, Georgeson, 
      toll free at 877-255-0125.
    
    
      EDO Corporation designs and manufactures a diverse range of products for 
      aerospace, defense, intelligence, and commercial markets. Major product 
      groups include: Professional and Engineering Services, Defense 
      Electronics, Communications, Aircraft Armament Systems, Undersea 
      Warfare, and Integrated Composite Structures. EDO’s 
      advanced systems are at the core of the transformation to lighter, 
      faster, and smarter defense capabilities.
    
    
      With headquarters in New York, EDO Corporation employs 4,000 people 
      worldwide. The company was founded in 1925 and had revenues of $715 
      million in 2006.
    
    
      Disclaimer
    
    
      This communication is being made in respect of the proposed merger 
      involving EDO and ITT Corporation. In connection with the 
      proposed merger, EDO filed a definitive proxy statement with the U.S. 
      Securities and Exchange Commission (the “SEC”), 
      a copy of which was mailed to the shareholders of EDO. Before 
      making any voting decision, EDO’S SHAREHOLDERS 
      ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS 
      FILED BY EDO WITH THE SEC REGARDING THE MERGER CAREFULLY AND IN THEIR 
      ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED 
      MERGER. EDO’s shareholders may obtain, 
      without charge, a copy of the proxy statement and other relevant 
      documents filed with the SEC from the SEC’s 
      website at www.sec.gov. EDO’s 
      shareholders may obtain, without charge, a copy of the proxy statement 
      and other relevant documents by directing a request by mail or telephone 
      to EDO Corporation, 60 East 42nd Street, 42nd Floor, New York, NY 10165, 
      telephone: [phone], or from EDO’s 
      website, www.edocorp.com.
    
    
      EDO and its directors and executive officers may be deemed to be 
      participants in the solicitation of proxies from EDO’s 
      shareholders with respect to the proposed merger. Information 
      regarding EDO’s directors and executive 
      officers and their ownership of EDO common stock is set forth in EDO’s 
      annual report on Form 10-K for the fiscal year ended December 31, 2006, 
      which was filed on March 8, 2007, and EDO’s 
      proxy statement for EDO’s 2007 Annual Meeting 
      of Shareholders, which was filed on April 30, 2007. Other 
      information regarding the participants in the proxy solicitation and a 
      description of their direct and indirect interests, by security holdings 
      or otherwise, in the proposed merger is contained in the definitive 
      proxy statement and other relevant documents filed with the SEC 
      regarding the proposed merger.