## Contents 

1 Letter To Shareowners 

5 At A Glance 

6 The Nature of UTC 

31 Directors 

32 Leadership 

33 Shareowner Information 

## 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. 

## Pictorials 

7 Pratt & Whitney 

12 Carrier 

16 Otis 

20 Hamilton Sundstrand 

25 Sikorsky 

28 UTC Fuel Cells 

