Factors That May Affect Future Results This publication contains statements concerning earnings, revenues, operating margins, savings, growth and other financial measurements; new business and business opportunities; acquisitions; and other aspects of future operating or financial performance. These statements are based on assumptions currently believed to be valid and may be “forward- looking statements” under securities laws. Various factors could materially affect actual results. These include: changes in economic or market conditions, government procurement policies and technology, or competition. For additional information about these factors, see the Corporation’s Annual Report for 2002, Form 10-K Report for 2002 and reports on Forms 10-Q and 8-K. Contents Pictorials 1 Letter To Shareowners 5 At A Glance 6 The Nature of UTC 31 Directors 32 Leadership 33 Shareowner Information 7 Pratt & Whitney 12 Carrier 16 Otis 20 Hamilton Sundstrand 25 Sikorsky 28 UTC Fuel Cells