[ALLEGHENY TELEDYNE LOGO] 1000 Six PPG Place Pittsburgh, PA 15222-5479 NEWS RELEASE CONTACT: Gary Stechmesser 412/394-2861 Dan Greenfield 412/394-3004 WILLIAM P. RUTLEDGE RESIGNS, AND RICHARD P. SIMMONS ELECTED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF ALLEGHENY TELEDYNE INCORPORATED Pittsburgh, PA, February 12, 1997 - Allegheny Teledyne Incorporated (NYSE: ALT) announced that its president and chief executive officer, William P. Rutledge, tendered his resignation as an officer of the company effective today. Allegheny Teledyne Incorporated (ATI) was formed on August 15, 1996, in a strategic combination of Pittsburgh-based Allegheny Ludlum Corporation and Los Angeles-based Teledyne, Inc. Allegheny Teledyne also announced that Chairman Richard P. Simmons will serve as president and chief executive officer of the company. During the transition, Mr. Rutledge will be available to assist Mr. Simmons with respect to ATI's non-metals businesses. Mr. Rutledge has decided to pursue other opportunities. He stated, "For personal and family reasons, I have found the transition from California to ATI's Pittsburgh, Pennsylvania headquarters difficult and have determined it to be in the best interest of all involved that I resign. I regret having to make this decision, but I am confident that ATI is well-positioned to achieve sustained profitable growth in the years to come." Mr. Simmons stated, "The board and I wish to thank Bill for his past performance and support. We respect his decision to step down at this time for family reasons and we wish him well in his future endeavors." Allegheny Teledyne Incorporated is a federation of technology-based manufacturing businesses with significant concentration in specialty metals, complemented by aerospace and electronics, industrial, and consumer products. # # #