At A GlAnce Financials united Technologies corporation provides high-technology products and services to the building systems and aerospace industries worldwide through our industry-leading businesses. In 2011, UTC net sales increased 7 percent to $58.2 billion with all business units growing organically. Earnings per share grew 16 percent to $5.49 per share, and all business units achieved double-digit operating profit margins. Cash flow from operations less capital expenditures exceeded net income attributable to common shareowners. Dollars in billions Dollars per share Dollars in billions Dollars in billions Dollars per share Percent (1) Amounts include company- and customer-funded research and development. (2) The increase in the 2008 debt to capitalization ratio reflects unrealized losses of approximately $4.2 billion, net of taxes, associated with the effect of market conditions on our pension plans, and 2008 debt issuances totaling $2.25 billion. The decrease in the 2009 debt to total capitalization ratio, as compared to 2008, reflects the impact of positive returns on our pension plans, the beneficial impact of foreign exchange rate movement and the reduction of approximately $1.7 billion of total debt. Businesses in Balance UTC’s balanced portfolio of businesses spans geographies, markets and customer relationships. United technologies corporation 18 NET SALES BY GEOGRAPHY AS A PERCENT OF TOTAL NET SALES NET SALES BY TYPE AS A PERCENT OF TOTAL NET SALES RESEARCH AND DEVELOPMENT (1) DIVIDENDS PAID PER COMMON SHARE DEBT TO CAPITAL (2) CASH FLOW FROM OPERATIONS DILUTED EARNINGS PER COMMON SHARE NET SALES 54.9 59.1 52.4 54.3 58.2 07 08 09 10 11 4.27 4.90 4.12 4.74 5.49 07 08 09 10 11 5.3 6.2 5.4 5.9 6.6 07 08 09 10 11 29 41 32 32 31 07 08 09 10 11 1.17 1.35 1.54 1.70 1.87 07 08 09 10 11 22% 20% 58% Commercial Aerospace Military Aerospace &Space Commercial & Industrial 42% 58% Aftermarket Original Equipment Manufacturing 26% 20% 39% 15% Europe Asia Pacific Other United States 3.6 3.8 3.7 3.6 3.8 07 08 09 10 11