CHICAGO, Illinois - June 18, 2004. Duff & Phelps, LLC served as financial advisor and rendered a fairness opinion to the board of directors of Isco, Inc. (NASDAQ: ISKO) in its merger with Teledyne Technologies Incorporated (NYSE: TDY).

The purchase price of $16.00 per common share represents a 32.2 percent premium over the closing price on April 7, 2004, the trading day immediately prior to the announcement date. The aggregate consideration for the outstanding Isco shares is approximately $96 million (including payments for the settlement of outstanding stock options). The final vote tally, prepared by the independent inspector of the election, showed that 82.5% of the outstanding shares of Isco common stock voted for the approval and adoption of the Agreement and Plan of Merger.

Isco, headquartered in Lincoln, Nebraska, is a leading producer of water quality monitoring products such as wastewater samplers and open channel flow meters. The company's liquid chromatography customers include pharmaceutical laboratories involved in drug discovery and development. Isco also manufactures chemical separation instruments for industrial and research use. More information about Isco can be found at www.isco.com.

Teledyne Technologies, headquartered in Los Angeles, California, is a leading provider of sophisticated electronic components, instruments and communication products, systems engineering solutions, aerospace engines and components and on-site gas and power generation systems. The company has operations in the United States, the United Kingdom, Mexico and Canada. More information about Teledyne Technologies can be found at www.teledyne.com.

Duff & Phelps, LLC, a Chicago-based investment bank and financial advisory firm, provides independent financial analysis and advice, including fairness opinions, for both public and privately-held companies in transactions involving corporate acquisitions and divestitures, ESOPs, going private transactions, related party transactions, recapitalizations and restructurings, and exchange offers.