Titanium Metals Corporation Announces Filing of Schedule 14D-9 in
Connection with Launch of Tender Offer by Precision Castparts Corp.

DALLAS–(BUSINESS WIRE)–Titanium Metals Corporation (“TIMET”) (NYSE: TIE) today announced that
it has filed a Schedule 14D-9 Solicitation/Recommendation Statement with
the Securities and Exchange Commission in response to the previously
announced all cash tender offer by Precision Castparts Corp. (“PCC”)
(NYSE: PCP) for all of the outstanding common stock of TIMET for $16.50
per share in cash. The TIMET Board of Directors, based on the
recommendation of a special committee of the Board consisting of
independent directors, has recommended that stockholders accept the
offer, which represents a premium of 36% over the 30-day average of
TIMET shares and a 44% premium to the closing price of TIMET common
stock on November 8, 2012. The Schedule 14D-9
Solicitation/Recommendation Statement explains in detail the factors
considered by the Board of Directors and the special committee in
reaching its recommendation.

The Company has previously announced that stockholders of record as of
the close of business on December 7, 2012 would be entitled to the
quarterly dividend of $0.075 per share of TIMET common stock, payable on
December 19, 2012. The tender offer will have no effect on the payment
of the dividend, and stockholders of record as of December 7, 2012 will
receive the dividend, even if they tender their shares before the
December 7, 2012 record date.

Important Additional Information Has Been Filed with the SEC

This press release is neither an offer to purchase nor a solicitation of
an offer to sell shares of TIMET. PCC has filed with the U.S. Securities
and Exchange Commission (the “SEC”) and will mail to TIMET’s
stockholders a Tender Offer Statement on Schedule TO and TIMET has filed
with the SEC and will mail to its stockholders a Tender Offer
Solicitation/Recommendation Statement on Schedule 14D-9 in connection
with the transaction. THESE CONTAIN IMPORTANT INFORMATION ABOUT PCC,
TIMET, THE TRANSACTION AND OTHER RELATED MATTERS. INVESTORS AND SECURITY
HOLDERS ARE URGED TO READ EACH OF THESE DOCUMENTS CAREFULLY.

Investors and security holders may obtain free copies of the Tender
Offer Statement, the Tender Offer Solicitation/Recommendation Statement
and other documents filed with the SEC by PCC and TIMET through the web
site maintained by the SEC at www.sec.gov.
A copy of the Tender Offer Solicitation/Recommendation Statement on
Schedule 14D-9 (once it becomes available) may be obtained free of
charge from TIMET’s website at www.timet.com
or by directing a request to the corporate secretary of TIMET at Three
Lincoln Centre, 5430 LBJ Freeway, Suite 1700, Dallas, Texas 75240-2697.
In addition, a copy of the Tender Offer Statement, letter of transmittal
and certain other related tender offer documents may be obtained free of
charge from PCC’s website at www.precast.com
or by directing a request to the corporate secretary of PCC at 4650 SW
Macadam Avenue, Suite 400, Portland, Oregon, 97239.

Forward-Looking Statements

The statements contained in this release that are not historical fact
are forward-looking statements that represent TIMET management’s beliefs
and assumptions based on currently available information. Forward-looking
statements can generally be identified by the use of words such as
“believes,” “intends,” “may,” “will,” “looks,” “should,” “could,”
“anticipates,” “expects” or comparable terminology or by discussions of
strategies or trends. Although TIMET believes that the
expectations reflected in such forward-looking statements are
reasonable, it does not know if these expectations will prove to be
correct. Such statements by their nature involve substantial
risks and uncertainties that could significantly affect expected results.
Actual future results could differ materially from those described in
such forward-looking statements, and TIMET disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Among
the factors that could cause actual results to differ materially are the
risks and uncertainties discussed in this release, including risks and
uncertainties in those portions referenced above and those described
from time to time in our other filings with the SEC which include, but
are not limited to:

• the cyclicality of the commercial aerospace industry;
• the performance of TIMET’s customers, TIMET’s vendors and TIMET
  under long-term agreements;
• the existence or renewal of certain long-term agreements;
• the difficulty in forecasting demand for titanium products;
• global economic, financial and political conditions;
• global productive capacity for titanium;
• changes in product pricing and costs;
• the impact of long-term contracts with vendors on TIMET’s ability
  to reduce or increase supply;
• the possibility of labor disruptions;
• fluctuations in currency exchange rates;
• fluctuations in the market price of marketable securities;
• uncertainties associated with new product or new market development;
• the availability of raw materials and services;
• changes in raw material prices and other operating costs (including
  energy costs);
• possible disruption of business or increases in the cost of doing
  business resulting from terrorist activities or global conflicts;
• possible disruption of business or increases in the cost of doing
  business resulting from natural disasters or other accidents impacting
  TIMET, TIMET’s customers or TIMET’s vendors;
• competitive products and strategies; and
• other risks and uncertainties.

Should one or more of these risks materialize (or the consequences of
such a development worsen), or should the underlying assumptions prove
incorrect, actual results could differ materially from those forecasted
or expected.

About Titanium Metals Corporation

TIMET, headquartered in Dallas, Texas, is a leading worldwide producer
of titanium metal products. Information on TIMET is available on its
website at www.timet.com.

About Precision Castparts Corporation

Precision Castparts Corp. is a worldwide, diversified manufacturer of
complex metal components and products. It serves the aerospace, power,
and general industrial markets. PCC is the market leader in
manufacturing large, complex structural investment castings, airfoil
castings, forged components, aerostructures and highly engineered,
critical fasteners for aerospace applications. In addition, the Company
is the leading producer of airfoil castings for the industrial gas
turbine market. PCC manufactures extruded seamless pipe, fittings,
forgings, and clad products for power generation and oil & gas
applications; commercial and military airframe aerostructures; and metal
alloys and other materials to the casting and forging industries.