(TELEDYNE TECHNOLOGIES LOGO)
Teledyne Technologies Incorporated
12333 West Olympic Boulevard
Los Angeles, CA 90064-1021
March 9, 2006
Dear Stockholder:
      We are pleased to invite you to attend the 2006 Annual Meeting of Stockholders of Teledyne Technologies Incorporated. The meeting will be held on Wednesday, April 26, 2006, beginning at 9:00 a.m. (Pacific Time), at the Company’s offices at 12333 West Olympic Boulevard, Los Angeles, California 90064-1021.
      This booklet includes the notice of meeting as well as the Company’s Proxy Statement.
      Enclosed with this booklet are the following:
  •  Proxy or voting instruction card (including instructions for telephone and Internet voting).
 
  •  Proxy or voting instruction card return envelope (postage paid if mailed in the U.S.).
      A copy of the Company’s 2005 Annual Report (which contains our Form  10-K) is also included.
      Please read the Proxy Statement and vote your shares as soon as possible. We encourage you to take advantage of voting by telephone or Internet as explained on the enclosed proxy or voting instruction card. Or, you may vote by completing, signing and returning your proxy or voting instruction card in the enclosed postage-paid envelope. It is important that you vote, whether you own a few or many shares and whether or not you plan to attend the meeting.
      If you are a stockholder of record and plan to attend the meeting, please mark the “WILL ATTEND” box on your proxy card so that you will be included on our admittance list for the meeting.
      Thank you for your investment in our Company. We look forward to seeing you at the 2006 Annual Meeting.
Sincerely,
-S- ROBERT MEHRABIAN
Robert Mehrabian
Chairman, President and
Chief Executive Officer


(TELEDYNE TECHNOLOGIES LOGO)
TELEDYNE TECHNOLOGIES INCORPORATED
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
     
MEETING DATE:
  April 26, 2006
TIME:
  9:00 a.m. Pacific Time
PLACE:
  Teledyne Technologies Incorporated
    12333 West Olympic Boulevard
    Los Angeles, California 90064-1021
RECORD DATE:
  March 6, 2006
AGENDA
  1)  Election of a class of two directors for a three-year term;
 
  2)  Ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for fiscal 2006; and
 
  3)  Transaction of any other business properly brought before the meeting.
STOCKHOLDER LIST
      A list of stockholders entitled to vote will be available during business hours for 10 days prior to the meeting at the Company’s executive offices, 12333 West Olympic Boulevard, Los Angeles, California 90064-1021, for examination by any stockholder for any legally valid purpose.
ADMISSION TO THE MEETING
      Teledyne’s stockholders or their authorized representatives by proxy may attend the meeting. If you are a stockholder of record and you plan to attend the meeting, please mark the “WILL ATTEND” box on your proxy card so that you will be included on our admittance list for the meeting. If your shares are held through an intermediary, such as a broker or a bank, you should present proof of your ownership at the meeting. Proof of ownership could include a proxy from your bank or broker or a copy of your account statement.
By Order of the Board of Directors,
-S- JOHN T. KUELBS
John T. Kuelbs
Executive Vice President, General Counsel
and Secretary
March 9, 2006


 

PROXY STATEMENT
TABLE OF CONTENTS
 
           
    Page
     
  Voting Procedures
    1  
  Board Composition and Practices
    2  
  Corporate Governance
    3  
  Item 1 on Proxy Card  — Election of Directors
    5  
  Committees of our Board of Directors
    9  
  Director Compensation
    13  
  Item 2 on Proxy Card  — Ratification of Appointment of Independent Registered Public Accounting Firm
    14  
 
  Fees Billed by Independent Registered Public Accounting Firm
    15  
 
  Audit Committee Pre-Approval Policies
    15  
 
  Audit Committee Report
    16  
  Other Business
    17  
  Stock Ownership Information
    18  
 
  Section 16(a) Beneficial Ownership Reporting Compliance
    18  
 
  Five Percent Owners of Common Stock
    18  
 
  Stock Ownership of Management
    19  
  Executive Compensation
    20  
 
  2005 Report on Executive Compensation
    21  
 
  Compensation Committee Interlocks and Insider Participation
    28  
 
  Summary Compensation Table
    29  
 
  Option Grants in Last Fiscal Year
    32  
 
  Aggregate Option Exercises in Last Fiscal Year and Fiscal Year End Option Values
    33  
 
  Teledyne Technologies Performance Share Plan Awards
    34  
 
  Teledyne Technologies Restricted Stock Award Program
    37  
 
  Pension Plan
    41  
 
  Employment/ Change in Control Agreements
    42  
  Certain Transactions
    43  
  Cumulative Total Stockholder Return
    45  
  Other Information
    46  
 
  Annual Report on Form 10-K
    46  
 
  2007 Annual Meeting and Stockholder Proposals
    46  
 
  Proxy Solicitation
    46  
 
  Householding of Proxy Materials
    46  
 
  Electronic Access to Proxy Materials and Annual Report
    47  
  Annex A — Amended and Restated Charter of the Audit Committee
    A-1  
DEFINED TERMS
          In this Proxy Statement, Teledyne Technologies Incorporated is sometimes referred to as the “Company” or “Teledyne”. References to “ATI” mean Allegheny Technologies Incorporated, formerly known as Allegheny Teledyne Incorporated, the company from which we were spun off on November 29, 1999.


PROXY STATEMENT
FOR 2006 ANNUAL MEETING OF STOCKHOLDERS
VOTING PROCEDURES
Who May Vote
      If you were a stockholder at the close of business on March 6, 2006 you may vote at the Annual Meeting. On that day, there were 33,852,213 shares of our common stock outstanding.
      Each share is entitled to one vote. In order to vote, you must either designate a proxy to vote on your behalf or attend the meeting and vote your shares in person. Our Board of Directors requests your proxy so that your shares will count toward determination of the presence of a quorum and your shares can be voted at the meeting.
Methods of Voting
      All stockholders of record may vote by transmitting their proxy cards by mail. Stockholders of record can also vote by telephone or Internet. Stockholders who hold their shares through a bank or broker can vote by telephone or Internet if their bank or broker offers those options.
  •  By Mail. Stockholders of record may complete, sign, date and return their proxy cards in the postage-paid envelope provided. If you sign, date and return your proxy card without indicating how you want to vote, your proxy will be voted as recommended by the Board of Directors.
 
  •  By Telephone or Internet. Stockholders of record may vote by using the toll-free number or Internet website address listed on the proxy card. Please see your proxy card for specific instructions.
Revoking Your Proxy
      You may change your mind and revoke your proxy at any time before it is voted at the meeting by:
  •  sending a written notice to the Secretary for receipt prior to the meeting that you revoke your proxy;
 
  •  transmitting a proxy dated later than your prior proxy either by mail, telephone or Internet; or
 
  •  attending the Annual Meeting and voting in person or by proxy (except for shares held in the employee benefit plan).
Voting By Employee Benefit Plan Participants
      Participants who hold common stock in the Teledyne Technologies Incorporated 401(k) Plan may tell the plan trustee how to vote the shares of common stock allocated to their accounts. You may either (1) sign and return the voting instruction card provided by the plan or (2) transmit your instructions by telephone or Internet. If you do not transmit

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instructions by 11:59 p.m. (Eastern Time), on April 21, 2006, your shares will not be voted by the plan trustee, except as otherwise required by law.
Voting Shares Held By Brokers, Banks and Other Nominees
      If you hold your shares in a broker, bank or other nominee account, you are a “beneficial owner” of our common stock. In order to vote your shares, you must give voting instructions to your bank, broker or other intermediary who is the “nominee holder” of your shares. We ask brokers, banks and other nominee holders to obtain voting instructions from the beneficial owners of shares that are registered in the nominee’s name. Proxies that are transmitted by nominee holders on behalf of beneficial owners will count toward a quorum and, except as otherwise provided below, will be voted as instructed by the nominee holder.
Confidential Voting Policy
      We maintain a policy of keeping stockholder votes confidential.
BOARD COMPOSITION AND PRACTICES
Information and Meetings
      The Board of Directors directs the management of the business and affairs of the Company as provided in our Amended and Restated Bylaws and pursuant to the laws of the State of Delaware. Except for Dr. Robert Mehrabian, our Chairman, President and Chief Executive Officer, the Board is not involved in day-to -day operations. Members of the Board keep informed about our business through discussions with the senior management and other officers and managers of the Company and its subsidiaries, by reviewing information provided to them, and by participating in Board and committee meetings.
      We encourage, but do not require, that all our directors attend all meetings of the Board of Directors, all committee meetings on which the directors serve and the annual stockholders meeting. In 2005, the Board of Directors held nine meetings and acted two times by unanimous written consent. During 2005, all directors attended at least 75% of the aggregate number of meetings of the Board and the Board committees of which they were members. All of the then serving current directors attended the 2005 Annual Meeting of Stockholders.
Number of Directors
      The Board of Directors determines the number of directors, which under our Amended and Restated By-laws must consist of not less than four members and not more than 10 members. The Board has currently fixed the number at nine members, which number was so fixed in connection with the appointment of Kenneth C. Dahlberg to the Board on February 21, 2006. It will be reduced to eight members upon the retirement of Charles J. Queenan, Jr. at the 2006 Annual Meeting.

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Director Terms
      The directors are divided into three classes and the directors in each class serve for a three-year term. The term of one class of directors expires each year at the Annual Meeting of Stockholders. The Board may fill a vacancy by electing a new director to the same class as the director being replaced. The Board may also create a new director position in any class and elect a director to hold the newly created position until the term of the class expires.
Directors’ Retirement Policy
      On June 1, 2000, we adopted a retirement policy for directors. This policy, as amended, generally requires directors to retire at the Annual Meeting following their 75th birthday. This policy also requires a director to offer to tender his or her resignation if such director has a change in professional status. Charles J. Queenan, Jr. will be retiring at the 2006 Annual Meeting in accordance with this policy.
Executive Sessions
      Our non-management directors meet in executive session without management on a regularly scheduled basis. The Board has not formally designated a lead director. Committee chairs rotate as presiding director in such sessions.
CORPORATE GOVERNANCE
Director Independence
      In April 2005, our Nominating and Governance Committee assessed, and our Board of Directors determined, the independence of each director in accordance with the then existing rules of the New York Stock Exchange and the Securities and Exchange Commission. In order to comply with such items, our Nominating and Governance Committee considered various relationship categories including: whether the director is an employee, amount of stock ownership and commercial, industrial, banking, consulting, legal, accounting or auditing, charitable and familial relationships, as well as a range of individual circumstances. Our Nominating and Governance Committee and the Board also considered our relationship and the relationship of the director to ATI, from which we were spun-off in November 1999. See “Certain Transactions” at page 43. As a result, the Nominating and Governance Committee, followed by the Board, determined that each member of our Board of Directors did not have any material relationships with us and was thus independent, with the exception of Dr. Mehrabian, our Chairman, President and Chief Executive Officer. Our Nominating and Governance Committee and our Board considered the same items when it appointed Kenneth C. Dahlberg to the Board on February 21, 2006. In February 2006, our Board, after reviewing updated information, continues to determine that eight of our nine current directors are independent directors. The Board did consider that certain directors consider themselves to be social friends. The independent directors by name are: Robert P. Bozzone, Frank V. Cahouet, Charles Crocker, Kenneth C. Dahlberg, Simon M. Lorne, Paul D. Miller, Charles J. Queenan, Jr., and Michael T. Smith.

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      The Nominating and Governance Committee, followed by the Board, also determined that each member of our Personnel and Compensation Committee is an “outside director” within the meaning of Rule 162(m) of the Internal Revenue Code and are “non-management directors” within the meaning of Rule  16b-3 under the Securities Exchange Act of 1934.
      All of the Board’s standing committees consist only of independent directors.
Corporate Governance and Ethics Guidelines
      At the time we first became a public company in 1999, our Board of Directors adopted many “best practices” in the area of corporate governance, including separate standing committees of the Board for each of audit, nominating and governance and executive compensation matters, charters for each of the committees, and corporate ethics and compliance guidelines. Our ethics and compliance guidelines for employees are contained in the Corporate Objectives and Guidelines for Employee Conduct. These guidelines apply to all our employees, including our principal executive, financial and accounting officers. Our employees receive periodic ethics training and follow-up questionnaires are distributed annually to various personnel in an effort to ensure compliance with these guidelines. It is our policy not to waive compliance with these guidelines. We also have a specialized code of ethics for financial executives that supplements the employee guidelines. In addition, we have ethics and compliance guidelines for our service providers.
      Our Board of Directors has adopted the Corporate Governance Guidelines. These Corporate Governance Guidelines were initially developed by our Nominating and Governance Committee and are reviewed at least annually by such Committee. These Corporate Governance Guidelines incorporate practices and policies under which our Board has operated since its inception, in addition to many of the requirements of the Sarbanes-Oxley Act of 2002 and the New York Stock Exchange. Some of the principal subjects covered by the Corporate Governance Guidelines include:
  •  Director qualification standards.
 
  •  Director responsibilities.
 
  •  Director access to management and independent advisors.
 
  •  Director compensation.
 
  •  Director orientation and continuing education.
 
  •  Management succession.
 
  •  Annual performance evaluation of the Board and Committees.
      Copies of our Corporate Governance Guidelines, our Corporate Objectives and Guidelines for Employee Conduct, our codes of ethics for financial executives and service providers and our committee charters are available on our website at www.teledyne.com . If at any time you would like to receive a paper copy, free-of -charge, please write to John T. Kuelbs, Executive Vice President, General Counsel and Secretary, Teledyne Technologies Incorporated, 12333 West Olympic Boulevard, Los Angeles, California 90064-1021.

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Sarbanes-Oxley Disclosure Committee
      In September 2002, we formally constituted the Sarbanes-Oxley Disclosure Committee. Current members include: John T. Kuelbs, Executive Vice President, General Counsel and Secretary; Dale A. Schnittjer, Senior Vice President and Chief Financial Officer; Susan L. Main, Vice President and Controller; Ivars R. Blukis, Chief Business Risk Assurance Officer; Robyn E. McGowan, Vice President, Administration and Human Resources and Assistant Secretary; Melanie S. Cibik, Vice President, Associate General Counsel and Assistant Secretary; Shelley D. Green, Treasurer; Brian A. Levan, Director of External Financial Reporting and Assistant Controller; and Jason VanWees, Vice President, Corporate Development and Investor Relations. Among its tasks, the Disclosure Committee discusses and reviews disclosure issues to help us fulfill our disclosure obligations on a timely basis in accordance with SEC rules and regulations and is intended to be used as an additional resource for employees to raise questions regarding accounting, auditing, internal controls and disclosure matters.
      Since we became a public company in 1999, we have had a confidential Corporate Ethics/ Help Line, where questions or concerns about us can be raised confidentially and anonymously. The Corporate Ethics/ Help line is available to all of our employees, as well as concerned individuals outside the company. The toll-free help line number is 1-877-666-6968.
      The receipt of concerns about our accounting, internal controls and auditing matters will be reported to the Audit Committee.
Communications with the Board
      Our Corporate Governance Guidelines provide that any interested parties desiring to communicate with our non-management directors may contact them through our Secretary, John T. Kuelbs, whose address is: Teledyne Technologies Incorporated, 12333 West Olympic Boulevard, Los Angeles, California 90064-1021.
ITEM 1 ON PROXY CARD — ELECTION OF DIRECTORS
       The Board of Directors has nominated for election this year the class of two incumbent directors whose terms expire at the 2006 Annual Meeting.
      The three-year term of the class of directors nominated and elected this year will expire at the 2009 Annual Meeting.
      The two individuals who receive the highest number of votes cast will be elected. Broker non-votes are not counted as votes cast.
      If you sign and return your proxy card, the individuals named as proxies in the card will vote your shares for the election of the two named nominees, unless you provide other instructions. You may withhold authority for the proxies to vote your shares on any or all of the nominees by following the instructions on your proxy card. If a nominee becomes unable to serve, the proxies will vote for a Board-designated substitute or the Board may reduce the number of directors. The Board has no reason to believe that any nominee will be unable to serve.
      Background information about the nominees and continuing directors follows.

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Nominees — Terms Expire at 2009 Annual Meeting (Class I)
     
Simon M. Lorne
Vice Chairman and Chief Legal
  Officer of Millennium
  Partners L.P.
Director since 2004
Age: 60
  Simon M. Lorne is the Vice Chairman and Chief Legal Officer of Millennium Partners L.P., a hedge fund. From March 1999 to March 2004, prior to the time he became a Director, Mr. Lorne was a partner with Munger Tolles & Olson, LLP, a law firm whose services we have from time to time used. Mr. Lorne has also previously served as a Managing Director, with responsibility for Legal Compliance and Internal Audit, of Citigroup/ Salomon Brothers and as the General Counsel at the Securities and Exchange Commission in Washington D.C. Mr. Lorne is also a director of Opsware, Inc., a provider of data center automation software, and currently serves as co-director of Stanford Law School’s Directors College. Mr. Lorne is a member of our Audit Committee and our Nominating and Governance Committee.
 
Paul D. Miller
Retired Chairman of the Board
  of ATK
Director since 2001
Age: 64
  Paul D. Miller was the Chairman of the Board of ATK (Alliant Techsystems, Inc.), an advanced weapon and space systems company, until April 1, 2005. From January 1999 until October 2003, he had also been Chief Executive Officer of ATK. Prior to retirement from the U.S. Navy in 1994, Admiral Miller served as Commander-in-Chief, U.S. Atlantic Command and NATO Supreme Allied Commander — Atlantic. He is also a director of Donaldson Company, Inc., a filtration solutions company, and Anteon International Corporation, an information technology and systems engineering solutions company. Mr. Miller is a member of our Audit Committee and our Nominating and Governance Committee.

6


Continuing Directors — Terms Expire at 2007 Annual Meeting (Class II)
     
Charles Crocker
Chief Executive Officer of the
  Custom Sensors Division of
  Schneider Electronics
Director since 2001
Age: 67
  Charles Crocker is the Chief Executive Officer of the Custom Sensors Division of Schneider Electronics. Mr. Crocker was the Chairman and Chief Executive Officer of BEI Technologies, Inc., a diversified technology company, from March 2000 until October 5, 2005, when it was acquired by Schneider Electronics. Mr. Crocker served as Chairman, President and Chief Executive Officer of BEI Electronics from October 1995 to September 1997, at which time he became Chairman, President and Chief Executive Officer of BEI Technologies, Inc. Mr. Crocker also serves as the Chairman of Crocker Capital, a private investment company and as a director of Franklin Resources, Inc. and its subsidiary Fiduciary Trust International. Mr. Crocker is a member of our Personnel and Compensation Committee and our Nominating and Governance Committee.
 
Robert Mehrabian
Chairman, President and Chief
  Executive Officer of the
  Company
Director since 1999
Age: 64
  Robert Mehrabian is our Chairman, President and Chief Executive Officer. He has been our President and Chief Executive Officer since its formation in 1999. He became Chairman of the Board on December 14, 2000. Prior to the spin-off of the Company by ATI in November 1999, Dr. Mehrabian was the President and Chief Executive Officer of ATI’s Aerospace and Electronics segment since July 1999 and had served ATI in various senior executive capacities since July 1997. Before joining ATI, Dr. Mehrabian served as President of Carnegie Mellon University. He is also a director of Mellon Financial Corporation and PPG Industries, Inc.
 
Michael T. Smith
Retired Chairman of the Board
  and Chief Executive Officer
  of Hughes Electronics
  Corporation
Director since 2001
Age: 62
  Michael T. Smith is the retired Chairman of the Board and Chief Executive Officer of Hughes Electronics Corporation. He had been elected to those positions in October 1997. Mr. Smith is also a director of Alliant Techsystems Inc., Ingram Micro Corporation, a technology sales, marketing and logistics company, FLIR Systems, Inc., which produces infrared cameras, thermal imaging software, and temperature measurement devices, and Anteon International Corporation. Mr. Smith is the chair of our Nominating and Governance Committee and is a member of our Personnel and Compensation Committee.

7


Continuing Directors — Terms Expire at 2008 Annual Meeting (Class III)
     
 
Robert P. Bozzone
Former Chairman of Allegheny
  Technologies Incorporated
Director since 1999
Age: 72
  Robert P. Bozzone was Chairman of ATI until May 6, 2004. From December 2000 through June 2001, he was Chairman, President and Chief Executive Officer of ATI. Mr. Bozzone had been Vice Chairman of the Board of ATI since August 1996. He had served as Vice Chairman of Allegheny Ludlum Corporation, a subsidiary of ATI, since August 1994 and previously was President and Chief Executive Officer of Allegheny Ludlum. He is also a director of ATI, Water Pik Technologies, Inc., a manufacturer of swimming pool and healthcare products, and DQE, Inc., whose principal subsidiary is Duquesne Light Company. Mr. Bozzone is a member of our Audit Committee and our Personnel and Compensation Committee.
 
Frank V. Cahouet
Retired Chairman and Chief
  Executive Officer of Mellon
  Financial Corporation
Director since 1999
Age: 73
  Frank V. Cahouet served as the Chairman, President and Chief Executive Officer of Mellon Financial Corporation, a bank holding company, and Mellon Bank, N.A., prior to his retirement on December 31, 1998. He is also a director of Korn Ferry International, a provider of recruiting services, Saint-Gobain Corporation, a manufacturer of glass, ceramics, plastics and cast iron, and Avery Dennison Corporation, a pressure sensitive technology and self-adhesive solutions company. Mr. Cahouet is Chair of our Audit Committee and a member of our Nominating and Governance Committee.
 
Kenneth C. Dahlberg
Chairman, Chief Executive
  Officer and President of
  Science Applications
  International Corporation
Director since 2006
Age: 61
  Kenneth C. Dahlberg is the Chairman, Chief Executive Officer and President of Science Applications International Corporation (often called “SAIC”), a research and engineering firm, specializing in information systems and technology. Prior to joining SAIC, Mr. Dahlberg served as executive vice president of General Dynamics where he was responsible for its Information Systems and Technology Group. Mr. Dahlberg is a member of our Personnel and Compensation Committee and our Audit Committee.

8


Retiring Director — Term Expires at 2006 Annual Meeting
     
 
Charles J. Queenan, Jr
Senior Counsel, Kirkpatrick &
  Lockhart Nicholson Graham LLP
  Director since 1999
Age: 75
  Charles J. Queenan, Jr. is Senior Counsel to Kirkpatrick & Lockhart Nicholson Graham LLP (formerly known as Kirkpatrick & Lockhart LLP), attorneys-at-law. Prior to his retirement on December 31, 1995, he was a partner of that firm. He is also a director of Water Pik Technologies, Inc. and Crane Co., a manufacturer of engineered industrial products. Mr. Queenan is Chair of our Personnel and Compensation Committee and a member of our Audit Committee.
The Board of Directors Recommends
a Vote for the Election of the Two Nominees.
COMMITTEES OF OUR BOARD OF DIRECTORS
       Our Board of Directors has established an Audit Committee, a Nominating and Governance Committee and a Personnel and Compensation Committee. From time to time, our Board of Directors may establish other committees.
Audit Committee
      The members of the Audit Committee are:
  Frank V. Cahouet, Chair
  Robert P. Bozzone
  Kenneth C. Dahlberg
  Simon M. Lorne
  Paul D. Miller
  Charles J. Queenan, Jr.
        The Audit Committee held seven meetings in 2005.
      The primary purpose of the Audit Committee is to assist the Board’s oversight of the integrity of our financial statements, our compliance with legal and regulatory requirements, the qualification and the independence of our independent auditor, and the performance of our internal audit function and independent auditor. As provided in its charter, the Audit Committee is directly responsible for the appointment, retention, compensation, oversight, evaluation and termination of our independent auditor (including resolving disagreements between management and the independent auditor regarding financial reporting). The Audit Committee has been designated as the “qualified legal compliance committee.” In carrying out its responsibilities, the Audit Committee undertakes to do many things, including:
  •  Retain and approve the terms of the engagement and fees to be paid to the independent auditor.
 
  •  Evaluate the performance of the independent auditor.

9


  •  Receive written periodic reports from the independent auditor delineating all relationships between the independent auditor and us.
 
  •  Review with the independent auditor any problems or difficulties the independent auditor may have encountered and any management letter provided by the independent auditor and our response to that letter.
 
  •  Review our annual audited financial statements and the report thereon and quarterly unaudited financial statements with the independent auditor and management prior to publication of such statements.
 
  •  Discuss with management the earnings press releases (including the type of information and presentation of information).
 
  •  Review major issues regarding accounting principles and financial statement presentations and judgments made in connection with the preparation of our financial statements.
 
  •  Meet periodically with management to review our financial risk exposures and the steps management has taken to monitor and control such exposures.
 
  •  Review with our General Counsel legal matters that may have a material impact on the financial statements, our compliance policies and any material reports or inquiries received from regulators or governmental agencies.
      The Audit Committee charter provides that our senior internal auditing executive reports directly and separately to the Chair of the Audit Committee and Chief Executive Officer. As required by the charter, our Audit Committee also has established procedures for the receipt, retention and treatment of complaints regarding accounting, internal controls and auditing matters. See “Corporate Governance — Sarbanes-Oxley Disclosure Committee” at page 5. A copy of the amended and restated Audit Committee Charter is attached to this Proxy Statement as Annex A.
      The Audit Committee meets the size, independence and experience requirements of the New York Stock Exchange, including the enhanced independence requirements for Audit Committee members under Exchange Act Rule 10A-3. The Board of Directors has determined that Frank V. Cahouet is an “audit committee financial expert” within the meaning of the SEC regulations and all of the members are “independent” under the New York Stock Exchange listing standards. Our Corporate Governance Guidelines provides that no director may serve as a member of the Audit Committee if such director serves on the audit committees of more than two other public companies unless the Board determines that such simultaneous service would not impair the ability of such director to effectively serve on the Audit Committee. Any such determination must be disclosed in the annual proxy statement. Besides our Audit Committee, each of Admiral Miller, Mr. Queenan and Mr. Smith simultaneously serve on the audit committee of two other public companies and each of Mr. Lorne, Mr. Cahouet and Mr. Crocker simultaneously serves on the audit committee of one other public company.
      The report of the Audit Committee is included under “Item 2 on Proxy Card — Ratification of Appointment of Independent Registered Public Accounting Firm” at page 16.

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Nominating and Governance Committee
      The members of the Nominating and Governance Committee are:
  Michael T. Smith, Chair
  Frank V. Cahouet
  Charles Crocker
  Simon M. Lorne
  Paul D. Miller
      The Nominating and Governance Committee held four meetings in 2005.
      The Nominating and Governance Committee undertakes to:
  •  Identify individuals qualified to become members of the Board of Directors and to make recommendations to the Board of Directors with respect to candidates for nomination for election at the next annual meeting of stockholders or at such other times when candidates surface and, in connection therewith, consider suggestions submitted by our stockholders.
 
  •  Develop and recommend to the Board of Directors corporate governance guidelines.
 
  •  Determine and make recommendations to the Board of Directors with respect to the criteria to be used for selecting new members of the Board of Directors.
 
  •  Oversee the annual process of evaluation of the performance of our Board of Directors and committees.
 
  •  Make recommendations to the Board of Directors concerning the membership of committees of the Board and the chairpersons of the respective committees.
 
  •  Make recommendations to the Board of Directors with respect to the remuneration paid and benefits provided to members of the Board in connection with their service on the Board or on its committees.
 
  •  Administer our formal compensation programs for directors, including the Non-Employee Director Stock Compensation Plan.
 
  •  Make recommendations to the Board of Directors concerning the composition, organization and operations of the Board of Directors and its committees, including the orientation of new members and the flow of information.
 
  •  Evaluate Board and committee tenure policies as well as policies covering the retirement or resignation of incumbent directors.
      While reviewed annually, the charter of the Nominating and Governance Committee was last amended and restated on December 15, 2004. The members of the Nominating and Governance Committee are “independent” under the New York Stock Exchange listing standards.
      The Nominating and Governance Committee will consider stockholder recommendations for nominees for director. Any stockholders interested in suggesting a nominee should follow the procedures outlined in “Other Information — 2007 Annual Meeting and Stockholder Proposals” at page 46.
      The Nominating and Governance Committee utilizes a variety of methods for identifying and evaluating all nominees for directors. The Committee periodically assesses the appropriate size of the Board and whether vacancies on the Board are expected due to retirement, change in professional status or otherwise. Candidates may come to the attention of the Committee through current Board members, members of our management, stockholders and other persons. The Committee to date has not engaged a professional

11


search firm. Candidates are evaluated at meetings of the Committee and may be considered at any point during the year. As stated in the Corporate Governance Guidelines, nominees for director are to be selected on the basis of, among other criteria, experience, knowledge, skills, expertise, integrity, diversity, ability to make analytical inquiries, understanding of or familiarity with our business products or markets or similar business products or markets, and willingness to devote adequate time and effort to Board responsibilities. The Committee may establish additional criteria and is responsible for assessing the appropriate balance of criteria required of Board members. The Committee considered these criteria and Mr. Queenan’s upcoming retirement at the 2006 Annual Meeting when it recommended the appointment of Kenneth C. Dahlberg to our Board of Directors.
Personnel and Compensation Committee
      The members of the Personnel and Compensation Committee are:
  Charles J. Queenan, Jr., Chair
  Robert P. Bozzone
  Charles Crocker
  Kenneth C. Dahlberg
  Michael T. Smith
        The Personnel and Compensation Committee held five meetings in 2005.
      The Personnel and Compensation Committee’s principal responsibilities include:
  •  Making recommendations to the Board of Directors concerning executive management organization matters generally.
 
  •  In the area of compensation and benefits, making recommendations to the Board of Directors concerning employees who are also directors, consulting with the Chief Executive Officer on matters relating to other executive officers, and making recommendations to the Board of Directors concerning policies and procedures relating to executive officers; provided, however, that the Committee shall have full decision-making powers with respect to compensation for executive officers to the extent such compensation is intended to be performance-based compensation within the meaning of Section 162(m) of the Internal Revenue Code.
 
  •  Making recommendations to the Board of Directors regarding all contracts with any officer for remuneration and benefits (whether in the form of a pension, deferred compensation or otherwise) after termination of regular employment of such officer.
 
  •  Making recommendations to the Board of Directors concerning policy matters relating to employee benefits and employee benefit plans, including incentive compensation plans and equity based plans.
 
  •  Administering our formal incentive compensation programs, including equity based plans.
 
  •  Serving as “Named Fiduciary” under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), of all “employee benefit plans,” as defined in Section 3(3) of ERISA, maintained by us with respect to both plan administration and control and management of plan assets.
      The 2005 report of the Personnel and Compensation Committee as to executive compensation is included under “Executive Compensation” at page 21.

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DIRECTOR COMPENSATION
       Directors who are not our employees are paid an annual retainer fee of $40,000. Directors are also paid $1,500 for each Board meeting, Audit Committee meeting, Personnel and Compensation Committee meeting and Nominating and Governance Committee meeting attended. The chair of the Audit Committee is paid an annual fee of $7,000. Each chair of the Personnel and Compensation Committee and Nominating and Governance Committee is paid an annual fee of $4,000. Directors who are our employees do not receive any compensation for their services on our Board or its committees.
      The non-employee directors also participate in the Teledyne Technologies Incorporated 1999 Non-Employee Director Stock Compensation Plan, as amended. In lieu of cash annual retainer fees, cash Committee chair fees and cash meeting fees, this plan permits non-employee directors to elect to receive shares of our common stock and/or stock options or to defer compensation under the Teledyne Technologies Incorporated Executive Deferred Compensation Plan (including a phantom share fund); provided, however, that at least 25% of the annual retainer fee must be paid in the form of our common stock and/or options to acquire our common stock. It also provides for certain automatic stock option grants for 4,000 shares of our common stock at the end of each Annual Meeting of Stockholders. If a non-employee director is first elected other than at an annual meeting, such non-employee director would receive an automatic option grant for 2,000 shares of our common stock.

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ITEM 2 ON PROXY CARD —
RATIFICATION OF APPOINTMENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
       The Audit Committee has appointed Ernst & Young LLP as our independent registered public accounting firm for fiscal 2006. Ernst & Young LLP has served as our independent registered public accounting firm since the November 29, 1999 spin-off. The firm had also served as the independent registered public accounting firm for ATI and its predecessors since 1980. The Audit Committee believes that Ernst & Young LLP is knowledgeable about our operations and accounting practices and is well qualified to act in the capacity of independent registered public accounting firm.
      Although the appointment of an independent registered public accounting firm is not required to be approved by the stockholders, the Audit Committee and the Board of Directors believe that stockholders should participate in such selection through ratification. The proposal to ratify the Audit Committee’s appointment of Ernst & Young will be approved by the stockholders if it receives the affirmative vote of a majority of the shares present in person or represented by proxy at the meeting and entitled to vote on the proposal. If you sign and return your proxy card, your shares will be voted (unless you indicate to the contrary) to ratify the selection of Ernst & Young LLP as our independent registered public accounting firm for 2006. If you specifically abstain from voting on the proposal, your shares will, in effect, be voted against the proposal. Broker non-votes will not be counted as being entitled to vote on the proposal and will not affect the outcome of the vote. If the stockholders do not ratify the selection of Ernst & Young LLP, the Audit Committee will reconsider the appointment of an independent registered public accounting firm. It is expected that representatives of Ernst & Young LLP will be present at the meeting and will have an opportunity to make a statement and respond to appropriate questions.
The Board of Directors Recommends
a Vote for Ratification of the Appointment
of the Independent Registered Public Accounting Firm.

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Fees Billed by Independent Registered Public Accounting Firm
      The following table sets forth fees billed by Ernst & Young LLP for professional services rendered for 2005 and 2004 (in thousands).
                   
    2005   2004
         
Audit Fees (1)
  $ 1,361.9     $ 1,261.2  
Sarbanes-Oxley Act Section 404 Fees
    928.7       1,519.0  
Statutory audits (Bermuda and United Kingdom subsidiaries)
    87.0       67.1  
SEC registration — Form S-8
    7.9        
             
Total Audit Fees
    2,385.5       2,847.3  
             
Audit-Related Fees
               
 
Employee Benefit Plan Financial Statement Audits
    102.1       69.8  
 
Environmental Financial Assurances
    8.3       5.3  
             
Total Audit-Related Fees
    110.4       75.1  
             
Tax Fees (2)
    20.0       10.2  
All Other Fees (3)
    1.7       87.0  
Total
  $ 2,517.6     $ 3,019.6  
             
Total Audit and Audit-Related Fees
  $ 2,495.9     $ 2,922.4  
             
 
(1)  Aggregate fees billed for professional services rendered for the audit of our annual financial statements and for the reviews of financial statements included in our quarterly reports on Form  10-Q and accounting consultations on matters reflected in the financial statements.
 
(2)  In 2005, tax fees related to the preparation of a LIFO study related to the integration of acquired businesses. In 2004, tax fees related to an advanced pricing agreement for our Mexican subsidiary.
 
(3)  All other fees in 2005 related to our access to Ernst & Young’s online accounting reference library. All other fees in 2004 related to financial due diligence assistance in connection with our acquisitions.
Audit Committee Pre-Approval Policies
      In October 2002, our Audit Committee adopted guidelines relating to the rendering of services by external auditors. The guidelines require the approval of the Audit Committee prior to retaining any firm to perform any Audit Services. “Audit Services” include the services necessary to audit our consolidated financial statements for a specified fiscal year and the following audit and audit-related services: (a) Statement on Auditing Standards No. 71 quarterly review services; (b) regulatory and employee benefit plan financial statement audits; and (c) compliance and statutory attestation services for our subsidiaries. Subject to limited exceptions, the guidelines further provide that the Audit Committee must pre-approve the engagement of Ernst & Young LLP to provide any services other than Audit Services. The Chair of the Audit Committee may, however, pre-approve the engagement of Ernst & Young LLP for such non-audit services to the extent the fee is reasonably expected to be less than $150,000. If the fee for any non-audit services is reasonably expected to be $250,000 or more, we must seek at least one competing bid from another firm prior to engaging Ernst & Young LLP, unless there are exceptional circumstances or if it relates to the public offering of our securities. The guidelines prohibit us from engaging Ernst & Young LLP to perform any of the following non-audit services or other services that the Public Company Accounting Oversight Board determines by

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regulation to be prohibited: bookkeeping or other services related to accounting records or financial statements; financial information systems design and implementation; appraisal or valuation services, fairness opinions, or contribution-in -kind reports; actuarial services; internal auditing outsourcing services; management functions or human resources; broker or dealer, investment advisor, or investment banking services; or legal services and expert services unrelated to the audit.
      For 2005, all audit and non-audit services rendered by Ernst & Young LLP were pre-approved in accordance with our guidelines.
      In making its recommendation to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2006, the Audit Committee considered whether the provision of non-audit services by Ernst & Young LLP is compatible with maintaining Ernst & Young LLP’s independence.
Audit Committee Report
      The following report of the Audit Committee is included in accordance with the rules and regulations of the Securities and Exchange Commission. It is not incorporated by reference into any of our registration statements under the Securities Act of 1933. Mr. Dahlberg did not sign this report of the Audit Committee since he joined the Audit Committee the day the report was issued.
Report of Audit Committee
       The following is the report of the Audit Committee with respect to the audited financial statements for the fiscal year ended January 1, 2006 (the “Financial Statements”) of Teledyne Technologies Incorporated (the “Company”).
      The responsibilities of the Audit Committee are set forth in the Audit Committee Charter, as amended and restated as of December 14, 2005, which has been adopted by the Board of Directors. A copy of the charter is attached to the Proxy Statement as Annex A. The Audit Committee is comprised of five directors. The Company’s Board of Directors has determined that each of the members of the Audit Committee is independent in accordance with the applicable rules of the New York Stock Exchange. The Board of Directors has also determined that at least one director has “financial management expertise” under New York Stock Exchange listing standards and that Frank V. Cahouet is an “audit committee financial expert” within the meaning of the Securities and Exchange Commission regulations.
      Management is responsible for the preparation, presentation and integrity of the Company’s financial statements, the Company’s internal controls and financial reporting process and the procedures designed to assure compliance with accounting standards and applicable laws and regulations. Ernst & Young LLP (“Ernst & Young”), the Company’s independent registered public accounting firm, are responsible for performing an independent audit of the Company’s Financial Statements and expressing an opinion as to their conformity with generally accepted accounting principles. The Audit Committee reviewed and discussed the Company’s Financial Statements with management and Ernst & Young, and discussed with Ernst & Young the matters required to be discussed by Statement of Auditing Standards No. 61 (Codification of Statements on Auditing Standards, AU Section 380), as amended. The Audit Committee has received written

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disclosures and the letter from Ernst & Young required by Independence Standards Board Standard No. 1 (Independence Discussions with Audit Committees) and has discussed with Ernst & Young its independence.
      The members of the Audit Committee are not professionally engaged in the practice of auditing or accounting and are not, and do not represent themselves to be, performing the functions of auditors or accountants. Members of the Audit Committee may rely without independent verification on the information provided to them and on the representations made by management and Ernst & Young. Accordingly, the Audit Committee’s oversight does not provide an independent basis to determine that management has maintained appropriate accounting and financial reporting principles or appropriate internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations. Furthermore, the Audit Committee’s considerations and discussions referred to above do not assure that the audit of the Company’s financial statements has been carried out in accordance with generally accepted auditing standards, that the financial statements are presented in accordance with generally accepted accounting principles or that the Company’s auditors are in fact “independent”.
      Based on these reviews and discussions, the Audit Committee recommended to the Board of Directors that the Financial Statements be included in the Company’s Annual Report on Form  10-K for the fiscal year ended January 1, 2006 for filing with the Securities and Exchange Commission.
      Submitted by the Audit Committee of the Board of Directors:
  Frank V. Cahouet, Chair
  Robert P. Bozzone
  Simon M. Lorne
  Paul D. Miller
  Charles J. Queenan, Jr.
February 21, 2006
OTHER BUSINESS
       We know of no business that may be presented for consideration at the meeting other than the two action items indicated in the Notice of Annual Meeting. If other matters are properly presented at the meeting, the persons designated as proxies in your proxy card may vote at their discretion.
      Following adjournment of the formal business meeting, Dr. Robert Mehrabian, Chairman, President and Chief Executive Officer, will address the meeting and will hold a general discussion period during which the stockholders will have an opportunity to ask questions about our company and businesses.

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STOCK OWNERSHIP INFORMATION
Section 16(a) Beneficial Ownership Reporting Compliance
      The rules of the Securities and Exchange Commission require that we disclose late filings of reports of stock ownership (and changes in stock ownership) by our directors and statutory insiders. To the best of our knowledge, all of the filings for our directors and statutory insiders were made on a timely basis in 2005.
Five Percent Owners of Common Stock
      The following table sets forth the number of shares of our common stock owned beneficially by each person known to us to own beneficially more than five percent of our outstanding common stock. As of February 28, 2006, we had received notice that the individuals and entities listed in the following table are beneficial owners of five percent or more of our common stock. In general, “beneficial ownership” includes those shares that a person has the power to vote or transfer, and options to acquire common stock that are exercisable currently or within 60 days.
                 
    Number of   Percent
Name and Address of Beneficial Owner   Shares   of Class
         
Barclays Global Investors, N.A. et al (1)
    3,291,872       9.7 %
45 Fremont Street
San Francisco, CA 94105
               
 
Singleton Group LLC (2)
    1,999,990       5.9 %
335 North Maple Drive, Suite 177                
Beverly Hills, CA 90210                
 
1.  Barclays Global Investors, N.A. and Barclay Global Fund Advisors, together with affiliated entities, filed a Schedule 13G on January 26, 2006. Barclays Global Investors, N.A. reported sole voting power with respect to 2,227,849 shares, but sole dispositive power with respect to 2,474,671 shares and Barclays Global Fund Advisors reported sole voting and dispositive power with respect to 785,101 shares. Barclays Bank plc, together with affiliated entities, filed a Schedule 13G on January 10, 2006. Barclays Bank plc reported sole voting and dispositive power with respect to 32,100 shares.
 
2.  Singleton Group LLC, jointly with William W. Singleton, Carolyn W. Singleton and Donald E. Rugg, filed a Schedule 13G on April 19, 2000. Mr. Singleton, Mrs. Singleton and Mr. Rugg reported that they share voting and dispositive power with respect to 1,999,990 shares in their capacities as managers of Singleton Group LLC. Mr. Rugg reported that he owned an additional 45 shares of common stock directly, with respect to which he has sole voting and dispositive power.

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Stock Ownership of Management
      The following table shows the number of shares of common stock reported to us as beneficially owned by (i) each of our directors and Section 16 statutory officers and (ii) all of our directors and Section 16 statutory officers as a group, in each case based upon the beneficial ownership of such persons of common stock as reported to us as of February 28, 2006, including shares as to which a right to acquire ownership exists (for example, through the exercise of stock options) within the meaning of Rule  13d-3(d)(1) under the Securities Exchange Act of 1934.
                 
    Number of   Percent of
Beneficial Owner   Shares   Class