ALLEGHENY TECHNOLOGIES (ATI $27.97 down from $72.23 at April 28, 2011, rated Overweight with price target $80) ESTIMATES CUT, BUT CONFIDENCE IN TITANIUM AND HIGH PERFORMANCE ALLOYS GROWS STRONGER 7/26/2012

ALLEGHENY TECHNOLOGIES (ATI $27.97 down from $72.23 at April 28, 2011, rated
Overweight with price target $80) ESTIMATES CUT, BUT CONFIDENCE IN
TITANIUM AND HIGH PERFORMANCE ALLOYS GROWS STRONGER 7/26/2012