United Technologies Corporation (New York Stock Exchange)

United Technologies Corporation (UTC), incorporated in 1934, provides high technology products and services to the building systems and aerospace industries. It has six segments: Otis, Carrier, UTC Fire & Security (UTC F&S), Pratt & Whitney, Hamilton Sundstrand and Sikorsky. Otis includes elevators, escalators, moving walkways and services. Carrier includes heating, ventilating, air conditioning and refrigeration systems and equipment, and food service equipment. UTC F&S offers electronic security, fire detection and suppression, monitoring and response systems and services, and security personnel services. Pratt & Whitney includes military aircraft engines, parts and services, industrial gas turbines and space propulsion. Hamilton Sundstrand includes aerospace products and aftermarket services. Sikorsky offers military and commercial helicopters, aftermarket helicopter, and aircraft parts and services. In October 2008, the Company acquired Architectural Energy Corp.

In July 2008, UTC F&S announced that it has completed the sale of its Australian guarding and mobile patrols businesses, including Chubb Security Personnel Pty Ltd, Chubb Mobile Services Pty Ltd and MSS Security Group Pty Ltd. The businesses have been sold to Security and Intelligence Services (India) Limited, a security services company based in India.

Otis

Otis is engaged in elevator and escalator manufacturing, installation and services. It designs, manufactures, sells and installs a range of passenger and freight elevators for low, medium and high-speed applications, as well as a line of escalators and moving walkways. Otis also provides modernization products to upgrade elevators and escalators, as well as maintenance services for products and those of other manufacturers. Otis serves customers in the commercial and residential property industries worldwide. Carrier sells directly to the customers and, to a limited extent, through sales representatives and distributors. Revenues generated by Otis’ international operations were 80% of total Otis segment revenues, during the year ended December 31, 2008.

Carrier

Carrier is a manufacturer and distributor of HVAC and refrigeration systems. It also produces food service equipment and HVAC and refrigeration-related controls for residential, commercial, industrial and transportation applications. Carrier also provides installation, retrofit and aftermarket services and components for the products it sells, and those of other manufacturers in the HVAC and refrigeration industries. Carrier’s products and services are sold under Carrier and other brand names to building contractors and owners, homeowners, transportation companies, retail stores and food service companies. Carrier sells directly to the customer and through manufacturer representatives, distributors, wholesalers, dealers and retail outlets. Revenues generated by Carrier’s international operations, including the United States export sales, were 60% of total Carrier segment revenues during 2008.

UTC Fire & Security

UTC F&S provides security and fire safety products and services. In the electronic security industry, UTC F&S provides system integration, installation and service of intruder alarms, access control systems and video surveillance systems under several brand names, including Chubb. In the fire safety industry, UTC F&S designs, manufactures, integrates, installs, sells and services specialty hazard detection and fixed suppression products and systems, and manufactures, sells and services portable fire extinguishers and other fire fighting equipment under several brand names, including Kidde. UTC F&S also provides monitoring, response and security personnel services, including cash-in-transit security. Its products and services are used by governments, financial institutions, architects, building owners and developers, security and fire consultants, and other end users requiring security and fire protection for their businesses and residences.

UTC F&S provides its products and services under Chubb, Kidde, Lenel and other brand names and sells directly to the customer, as well as through manufacturer representatives, distributors and dealers and United States retail distribution. Revenues generated by UTC F&S’s international operations were 83% of total UTC F&S segment revenues in 2008.

Pratt & Whitney

Pratt & Whitney is a supplier of aircraft engines for the commercial, military, business jet and general aviation markets. Pratt & Whitney’s Global Services provide maintenance, repair and overhaul services, including the sale of spare parts, as well as fleet management services. Pratt & Whitney produces families of engines for wide and narrow body aircraft in the commercial and military markets. Pratt & Whitney also sells engines for industrial applications and space propulsion systems. Pratt & Whitney Canada (P&WC) is engaged in engines powering business, regional, light jet, utility and military aircraft and helicopters. Pratt & Whitney Rocketdyne (PWR) is engaged in the design, development and manufacture of aerospace propulsion systems for military and commercial applications, including the United States space shuttle.

In terms of engine development programs, Pratt & Whitney is under contract with the United States Air Force to develop the F135 engine, a derivative of Pratt & Whitney’s F119 engine, to power the single-engine F-35 Lightning II aircraft being developed by Lockheed Martin. P&WC is developing the PW600 engine series for the very light jet market. P&WC is also developing the PW210 engine for Sikorsky’s S-76D helicopter.

Pratt & Whitney’s products are sold principally to aircraft manufacturers, airlines and other aircraft operators, aircraft leasing companies, space launch vehicle providers and the United States and foreign governments. The majority of sales are made directly to the customer and, to a limited extent, through independent distributors or foreign sales representatives. Sales to Airbus and Boeing were 11.7% and 6.5%, respectively, of total Pratt & Whitney revenues in 2008. Sales to the United States government were 27.4% of total Pratt & Whitney revenues in 2008. Revenues from Pratt & Whitney’s international operations, including the United States exports, were 60% of total Pratt & Whitney segment revenues in 2008.

Hamilton Sundstrand

Hamilton Sundstrand supplies aerospace and industrial products and aftermarket services for diversified industries worldwide. Hamilton Sundstrand’s aerospace products, such as power generation management and distribution systems, flight systems, engine control systems, environmental control systems, fire protection and detection systems, auxiliary power units and propeller systems, serve commercial, military, regional, business and general aviation, as well as space and undersea applications. Aftermarket services include spare parts, overhaul and repair, engineering and technical support and fleet maintenance programs. Hamilton Sundstrand sells aerospace products to airframe manufacturers, the United States and foreign governments, aircraft operators and independent distributors. Hamilton Sundstrand sales of aerospace products to Boeing, Airbus and Pratt & Whitney, collectively, including sales where the United States government was the ultimate customer, were 17.3% of Hamilton Sundstrand segment sales in 2008.

Hamilton Sundstrand is engaged in development programs for the Boeing 787 aircraft, the Airbus A380 aircraft, the F-35 Lightning II military aircraft and the A400M military aircraft. Hamilton Sundstrand is also the prime contractor for National Aeronautics and Space Administration (NASA’s) space suit/life support system, and produces environmental monitoring and control, life support, mechanical systems and thermal control systems for the space shuttle, international space station and the Orion crew exploration vehicle. Hamilton Sundstrand’s principal industrial products, such as air compressors, metering pumps and fluid handling equipment, serve industries involved with raw material processing, bulk material handling, construction, hydrocarbon and chemical processing, and water and wastewater treatment. These products are sold under the Sullair, Sundyne, Milton Roy and other brand names directly to end users, through manufacturer representatives and distributors. Revenues generated by Hamilton Sundstrand’s international operations, including the United States export sales, were 51% of total Hamilton Sundstrand segment revenues in 2008.

Sikorsky

Sikorsky manufacturers military and commercial helicopters and also provides aftermarket helicopter and aircraft parts and services. The production programs at Sikorsky include the UH-60M Black Hawk medium-transport helicopters and HH-60M Medevac helicopters for the United States and foreign governments, the S-70 Black Hawk for foreign governments, the MH-60S and MH-60R helicopters for the United States Navy, the International Naval Hawk for multiple naval missions, and the S-76 and the S-92 helicopters for commercial operations. Sikorsky’s aftermarket business includes spare parts sales, overhaul and repair services, maintenance contracts, and logistics support programs for helicopters and other aircraft. Sales are made directly by Sikorsky and also by its subsidiaries and joint ventures. Revenues generated by Sikorsky’s international operations, including United States export sales, were 36% of total Sikorsky revenues in 2008.

Other

UTC Power has developed products and services for commercial buildings using 200 kilowatt phosphoric acid fuel cell and microturbine-driven absorption chilling systems. UTC Power has developed a geothermal power system. UTC Power’s automotive and bus transportation fuel cell power plants are based on proton exchange membrane (PEM) technology, including its PureMotion 120 power plant, which is used in revenue service in transit bus applications in Connecticut, California and Europe. UTC Power is developing PEM fuel cells for submarine applications.

The Company competes with GE Aviation, Rolls Royce, Honeywell and Turbomeca.

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