Cautionary note concerning factors that may affect future results

UTC's investor web casts, presentations and other oral and/or written comments include statements that constitute "forward-looking statements" under the securities laws. Forward-looking statements often contain words such as "believe," "expect," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "confident" and similar terms. Forward-looking statements may include, among other things, statements relating to future and estimated sales, earnings, cash flow, financing plans, charges, expenditures, anticipated benefits of acquisitions and divestitures, results of operations, share repurchases, uses of cash and other measures of financial performance. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties include, without limitation, the effect of economic conditions in the markets in which we operate, including financial market conditions, fluctuation in commodity prices, interest rates and foreign currency exchange rates; future levels of indebtedness and capital and research and development spending; levels of end market demand in construction and in the aerospace industry; levels of air travel; financial difficulties of commercial airlines; changes in government procurement priorities and availability of funding; the impact of weather conditions and natural disasters; the financial condition of our customers and suppliers; delays and disruption in delivery of materials and services from suppliers; cost reduction efforts and restructuring costs and savings and other consequences thereof; the scope, nature, timing or impact of acquisitions, dispositions, joint ventures and other business arrangements, including integration of acquired businesses; the timing and amount of gains, losses, impairments and charges related to anticipated dispositions; the timing and impact of anticipated debt reduction actions; the development and production of new products and services; the anticipated benefits of diversification and balance of operations across product lines, regions and industries; the impact of the negotiation of collective bargaining agreements and labor disputes; the outcome of legal proceedings and other contingencies; future availability of credit; pension plan assumptions and future contributions; and the effect of changes in tax, environmental and other laws and regulations and political conditions in countries in which we operate and other factors beyond our control. The timing and amount of share repurchases will depend upon the company's evaluation of market conditions and other factors, including but not limited to the level of other investing activities and uses of cash. Each of these forward-looking statements speaks only as of the date the statement is first communicated and we undertake no obligation to update or revise any forward-looking statement after that date. For additional information identifying factors that may cause actual results to vary materially from those stated in the forward-looking statements, see our reports on Forms 10-K, 10-Q and 8-K filed with and furnished to the SEC from time to time, including, but not limited to, the information included in UTC's Forms 10-K and 10- Q under the headings "Business," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Legal Proceedings" and in the notes to the financial statements included in UTC's Forms 10-K and 10-Q.

Results are on a reported basis except for segment operating profit and margin, which exclude the impact of restructuring and one-time gains.

Except for the information contained in presentations and comments by UTC senior officers and representatives of its Investor Relations Department (which may appear on third party websites) to which a link is provided on UTC's website, any information presented on third party websites is for informational purposes only. Links to those other third party websites that may be provided by UTC and the content on such third party websites are provided on an "as is" basis and UTC makes no representations or warranties of any kind with respect to such websites or their contents. UTC disclaims all such representations and warranties, whether express or implied, including, but not limited to, the warranties of merchantability and fitness for a particular purpose. In addition, UTC does not represent or warrant that the information accessible via such third party websites is accurate, complete or current.

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