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INNOVATION
2011 ANNUAL REPORT
FINANCIAL AND CORPORATE
RESPONSIBILITY PERFORMANCE

Table of contents

  • Page 1
    INNOVATION 2011 ANNUAL REPORT Financial and corporate responsibility perFormance

  • Page 2
    ... range of high-technology products and services to the global aerospace and building systems industries. in 2011, we announced a reorganization of our commercial and aerospace businesses. our commercial businesses are otis elevators and escalators and the new Utc climate, controls & security, which...

  • Page 3
    ... our products are designed for top energy efficiency as well as top performance. We develop sustainable solutions that make buildings comfortable, safe and environmentally sound. our technology is game changing and makes modern life possible. We strive to set the standard for customer service. above...

  • Page 4
    ... us to continue to grow our base business in 2012 despite an uncertain global economic outlook. looking beyond 2012, the major acquisitions we announced in 2011, involving Goodrich and iae international aero engines, will transform our company, setting the foundation for strong earnings growth in...

  • Page 5
    ... Geared Turbofan engine for the Airbus A320neo aircraft family. In 2011, we also positioned UTC for long-term growth with the announcement of significant organizational changes that will group a number of UTC business units into new aerospace and commercial building organizations. This new structure...

  • Page 6
    ... systems will provide our global customers with better building management, efficiency and safety. There were many notable successes across United Technologies in 2011. Among them was the commercial success of the Geared Turbofan engine with both existing and new customers. To date, Pratt & Whitney...

  • Page 7
    ...finding the answers and developing the solutions that our customers need. otis is recognized around the globe for its energy-efficient products and commitment to service and safety. here in mumbai, india, an otis technician installs elevators in Peninsula Business Park, a major office complex under...

  • Page 8
    ... customers world-class support for the IAE V2500 engine and the Pratt & Whitney PW1100G-JM series of engines being developed for the A320neo aircraft. canada's bmo financial group is piloting an innovative building management system by automated logic, a business of utc climate, controls & Security...

  • Page 9
    ... helicopters. the super-fast, highly maneuverable s-97 raider is designed to usher in the next generation of light military helicopters. the company's research center was instrumental in developing rotor technology that enables the aircraft to achieve its remarkable speed. 2011 annUal report...

  • Page 10
    ... fast-growing Indian market. Carrier's Transicold business is helping India improve the quality and safety of transporting perishables. Also in India, Otis broke ground on a major expansion of its Bangalore elevator factory, which is set to be completed in 2012. 8 United tecHnoloGies corporation

  • Page 11
    ...' largest wins in the country. The project will provide elevator service to 16,000 units of housing. Helping bUild new, globAl AviATion HUbs During the year, Pratt & Whitney expanded a production facility for its Aerotech Manufacturing Co. Ltd. in Chengdu, China. It will manufacture a selection of...

  • Page 12
    ...the company's 158-year history: refurbishing the elevators in the iconic Empire State Building in New York City. Otis installed the original elevator system in the 1930s and now has been awarded a contract and 10-year maintenance agreement to upgrade the building's 68 elevators and related equipment...

  • Page 13
    ... meet LEED Gold criteria. Automated Logic is part of UTC Climate, Controls & Security. The building automation system will control and monitor heating, cooling and fire protection equipment as well as provide a direct interface with an innovative fuel cell system designed by UTC Power. The system is...

  • Page 14
    ... and generate customized reports at any time. Chubb is part of UTC Climate, Controls & Security. With i-link, Chubb customers can monitor locations interactively and in real time through a single Web interface, resulting in more efficient facility management. 12 united technologies coRpoRAtion

  • Page 15
    ... Competitive Excellence operating system. With its focus on continuous improvement, ACE enables us to meet - even exceed - customer expectations, while reducing costs and improving productivity and employee engagement. our Collierville, tenn., manufacturing facility was certified ACE Gold in 2011...

  • Page 16
    ... in our Global Employee Survey. With a participation rate that surpasses global standards, UTC's historic areas of strength - ethics; environment, health and safety; and customer focus - continued an upward trend. UTC's Code of Ethics, which includes our policy on citizenship and human rights, is...

  • Page 17
    EmployEE sCHolAr proGrAm yelitza forte, sikorsky master of business administration daniel Ward, pratt & Whitney master's in mechanical engineering susan dean, Carrier bachelor's in business management master's in business management nathan boelkins, Hamilton sundstrand master's in strategic ...

  • Page 18
    ... 208,000 hours of service in 2011. Through its Carrier business, UTC Climate, Controls & Security is the U.S. Green Building Council's largest partner in LEED education. Its LEED workshops educate employees, customers and suppliers from Brazil, China, France, India, the United Arab Emirates (UAE...

  • Page 19
    ... World Business Council for Sustainable Development's Global Water Tool to our operations. The tool helps us assess waterrelated risks, improve decision making and shape water-management plans. ONE DROP PARTNERSHIP: PROJECT INDIA Through a partnership with One Drop, a nongovernmental organization...

  • Page 20
    ... 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...

  • Page 21
    ... meeting expectations GOVERNANCEMETRICS INTERNATIONAL ACCOUNTABILITY RATING Compared to S&P 500 companies based on prior year data 9.5 9.5 9.5 10 10 100 100 100 100 73 44 53 51 50 58 1,101 284 366 347 07 08 09 10 11 15 08 09 10 11 07 08 09 10 11 2011 AnnuAl RepoRt 19

  • Page 22
    ... EMPlOyEES 38,065 NET SAlES $6.9 BiLLiOn OPERATING PROFIT Fire detection, alarm and suppression systems; specialty detection products and combustion controls; fire safety services; security software and hardware systems; design, manufacturing, integration, installation and servicing of access...

  • Page 23
    ... and PrimeLINE container refrigeration units. Automated Logic will provide a building management system for 3 World Trade Center. And NORESCO, Carrier's energy services company, won a major contract from the Hawaii Department of Public Safety. UTC Fire & Security reached a number of milestones...

  • Page 24
    ... military helicopters; land-based gas turbine, biomass, solar thermal and geothermal power solutions for the industrial and utility markets; maintenance, repair and overhaul services, including the sale of spare parts as well as fleet management services; liquid space propulsion systems for military...

  • Page 25
    ...company also signed a multiyear contract to provide 16 S-92 helicopters to Bond Aviation Group for offshore crude oil and natural gas support. Two Boeing aircraft - the 787 Dreamliner and 747-8 airliner - entered service in 2011 equipped with key systems provided by Hamilton Sundstrand. The company...

  • Page 26
    ... idea. We seek and share ideas openly and encourage diversity of experience and opinion. RESPONSIBILITY successful businesses improve the human condition. We maintain the highest ethical, environmental and safety standards everywhere, and we encourage and celebrate our employees' active roles in...

  • Page 27
    ... Public Accounting Firm Consolidated Statement of Operations Consolidated Balance Sheet Consolidated Statement of Cash Flows Consolidated Statement of Changes in Equity Notes to Consolidated Financial Statements Board of Directors Permanent Committees Leadership Shareowner Information 2011 ANNUAL...

  • Page 28
    THIS PAGE INTENTIONALLY LEFT BLANK 26 UNITED TECHNOLOGIES CORPORATION

  • Page 29
    ...notably the 2010 acquisition of the GE Security business within the UTC Fire & Security segment. The increase in the number of employees in 2010 associated with acquisition activity was partially offset by headcount reductions associated with restructuring actions across UTC. 2011 ANNUAL REPORT 27

  • Page 30
    ... 2012, Carrier and UTC Fire & Security will report combined financial and operational results as part of this new segment. As part of this new organizational structure, we also created UTC Propulsion & Aerospace Systems, a new organization consisting of Pratt & Whitney and Hamilton Sundstrand. Pratt...

  • Page 31
    ...Goodrich products include aircraft nacelles and interior systems, actuation and landing systems, and electronic systems. Once the acquisition is complete, Goodrich and Hamilton Sundstrand will be combined to form a new segment named UTC Aerospace Systems. This segment and our Pratt & Whitney segment...

  • Page 32
    ...new engines to power the next generation of 120 to 230 passenger mid-size aircraft that will replace the existing fleet of mid-size aircraft currently in service or in development. With this new joint venture, Pratt & Whitney and Rolls-Royce will focus on high-bypass ratio geared turbofan technology...

  • Page 33
    ... & Security related to the acquisition in 2010 of the GE Security business. Company-funded research and development spending for 2012 is expected to increase by approximately $150 million from 2011 levels as a result of our continued focus on developing new technologies, led by Pratt & Whitney. The...

  • Page 34
    ...year-over-year increased gain resulting from Carrier's ongoing portfolio transformation, $41 million gain from the sale of an equity investment at Pratt & Whitney, a $73 million gain on the contribution of a Sikorsky business into a new venture in the United Arab Emirates, a $123 million increase in...

  • Page 35
    ... from potential internal reorganizations. These internal reorganizations are separate from the creation of the UTC Climate, Controls & Security and the UTC Propulsion & Aerospace Systems organizations as described above and are a component of our ongoing efforts to improve business efficiency. We...

  • Page 36
    ... in 2010. The 2010 actions relate to ongoing cost reduction efforts, including workforce reductions and the consolidation of field operations. We recorded the charges in 2011 as follows: Carrier $19 million, UTC Fire & Security $23 million, Pratt & Whitney $8 million, Hamilton Sundstrand $3 million...

  • Page 37
    ...'S DISCUSSION AND ANALYSIS SEGMENT REVIEW NET SALES (Dollars in millions) OPERATING PROFITS OPERATING PROFIT MARGIN 2011 2010 2009 2011 2010 2009 2011 2010 2009 Otis Carrier UTC Fire & Security Pratt & Whitney Hamilton Sundstrand Sikorsky Total segment Eliminations and other General...

  • Page 38
    ...through greater integration across certain product lines, we announced a new organizational structure which combines Carrier with UTC Fire & Security into a new segment called UTC Climate, Controls & Security. This new segment will report combined financial and operational results beginning with the...

  • Page 39
    ... Sales and Distribution business into a new venture formed with Watsco, Inc. UTC Fire & Security is a global provider of security and fire safety products and services. UTC Fire & Security provides electronic security products such as intruder alarms, access control systems, and video surveillance...

  • Page 40
    ...through greater integration across certain product lines, we announced a new organizational structure which combines UTC Fire & Security with Carrier into a new segment called UTC Climate, Controls & Security. This new segment will report combined financial and operational results beginning with the...

  • Page 41
    ... to mid-size business jet market recovery has been slow but is expected to continue to improve during 2012. Sales growth at Sikorsky during 2011, compared with 2010 was driven by higher international military aircraft shipments and aftermarket support activity. Sikorsky continued to benefit from...

  • Page 42
    ... structure. As part of this new structure, we created UTC Propulsion & Aerospace Systems, a new organization consisting of Pratt & Whitney and Hamilton Sundstrand. Pratt & Whitney and Hamilton Sundstrand will continue to report their financial and operational results as separate segments...

  • Page 43
    ... structure. As part of this new structure, we created UTC Propulsion & Aerospace Systems, a new organization consisting of Pratt & Whitney and Hamilton Sundstrand. Pratt & Whitney and Hamilton Sundstrand will continue to report their financial and operational results as separate segments...

  • Page 44
    ... such as future flight hours as well as fluctuations in foreign currency exchange rates. This is the largest and most expansive fixed-price development contract in Sikorsky's history. As previously disclosed, in June 2010 Sikorsky and the Canadian government signed contract amendments that revised...

  • Page 45
    ... aircraft. Sales are principally made to the U.S. and foreign governments, and commercial helicopter operators. Sikorsky is increasingly engaging in logistics support programs and partnering with its government and commercial customers to manage and provide logistics, maintenance and repair services...

  • Page 46
    ... in businesses, dividends, common stock repurchases, pension funding, access to the commercial paper markets, adequacy of available bank lines of credit, and the ability to attract long-term capital at satisfactory terms. Although the global economy improved in 2011, as compared with 2010, and...

  • Page 47
    ... increased sales volumes, as well as reduced advances by customers to Sikorsky. The funded status of our defined benefit pension plans is dependent upon many factors, including returns on invested assets and the level of market interest rates. We can contribute cash or company stock to our plans at...

  • Page 48
    ... our commitments. We had commercial aerospace financing and other contractual commitments of approximately $2.3 billion and $2.0 billion related to commercial aircraft and certain contractual rights to provide product on new aircraft platforms at December 31, 2011 and 2010, respectively, of which as...

  • Page 49
    ... of acquired businesses. Intangible assets consist of service portfolios, patents and trademarks, customer relationships and other intangible assets. Included within other intangible assets are commercial aerospace payments made to secure certain contractual rights to provide product on new aircraft...

  • Page 50
    ... defined benefit pension and other postretirement plans. Major assumptions used in the accounting for these employee benefit plans include the discount rate, expected return on plan assets, rate of increase in employee compensation levels, and health care cost increase projections. Assumptions...

  • Page 51
    ... Consolidated Financial Statements for additional discussion on contractual and commercial commitments. MARKET RISK AND RISK MANAGEMENT $5,850 Purchase obligations include amounts committed under legally enforceable contracts or purchase orders for goods and services with defined terms as to price...

  • Page 52
    .... As a result, we have established, and continually update, policies relating to environmental standards of performance for our operations worldwide. We believe that expenditures necessary to comply with the present regulations governing environmental protection will not have a material effect upon...

  • Page 53
    ...or collectively, will have a material adverse effect on our competitive position, results of operations, cash flows or financial condition. OTHER MATTERS Additional discussion of our environmental, U.S. government contract matters, product performance and other contingent liabilities is included in...

  • Page 54
    ...for offset or subject to an agreement similar to a master netting arrangement. The provisions of this ASU will be applied retrospectively for interim and annual periods beginning on or after January 1, 2013. We are currently evaluating the impact of this new ASU. 52 UNITED TECHNOLOGIES CORPORATION

  • Page 55
    ...the impact of weather conditions and natural disasters and the financial condition of our customers and suppliers; • in respect of our recently announced agreement to acquire Goodrich Corporation (Goodrich) and Pratt & Whitney's recently announced transactions with Rolls-Royce, the satisfaction of...

  • Page 56
    ... registered public accounting firm, as stated in their report which is included herein. Louis R. Chênevert Chairman & Chief Executive Officer Gregory J. Hayes Senior Vice President and Chief Financial Officer Peter F. Longo Vice President, Controller 54 UNITED TECHNOLOGIES CORPORATION

  • Page 57
    ...on these financial statements and on the Corporation's internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform...

  • Page 58
    THIS PAGE INTENTIONALLY LEFT BLANK 56 UNITED TECHNOLOGIES CORPORATION

  • Page 59
    ... in millions, except per share amounts; shares in millions) 2011 2010 2009 Net Sales: Product sales Service sales Costs and Expenses: Cost of products sold Cost of services sold Research and development Selling, general and administrative Other income, net Operating profit Interest expense, net...

  • Page 60
    ... Long-term debt Future pension and postretirement benefit obligations Other long-term liabilities Total Liabilities Commitments and contingent liabilities (Notes 4 and 17) Redeemable non-controlling interest Shareowners' Equity: Capital Stock: Preferred Stock, $1 par value; 250,000 shares authorized...

  • Page 61
    ... of Cash Flow Information: Interest paid, net of amounts capitalized Income taxes paid, net of refunds Non-cash investing and financing activities include: Contributions of UTC Common Stock to domestic defined benefit pension plans See accompanying Notes to Consolidated Financial Statements $ 4,979...

  • Page 62
    ... employee plans (7.2 million shares), net of tax benefit of $81 Common Stock contributed to defined benefit pension plans (5.7 million shares) Common Stock repurchased (26.9 million shares) Dividends on Common Stock Dividends on ESOP Common Stock Dividends attributable to non-controlling interest...

  • Page 63
    SHAREOWNERS' EQUITY Treasury Stock Retained Earnings Unearned ESOP Shares Accumulated Other Comprehensive Income (Loss) Non-controlling Interest Total Equity Redeemable Non-controlling Interest $ (14,...) (1,602) (63) (363) (9) (73) 26 (12) $ 22,820 (15) 9 (2) - 21 $358 2011 ANNUAL REPORT 61

  • Page 64
    ...been made to prior year amounts to conform to current year presentation. Consolidation. The Consolidated Financial Statements include the accounts of United Technologies Corporation (UTC) and its controlled subsidiaries. Intercompany transactions have been eliminated. Cash and Cash Equivalents. Cash...

  • Page 65
    ... and is conditioned upon the achievement of certain financial targets. Research and development costs incurred under contracts with customers are included as a contract cost and reported as a component of cost of products sold when revenue from such contracts is recognized. Foreign Exchange and...

  • Page 66
    ... acquisitions in both the aerospace and commercial businesses. As a result of Sikorsky's contribution of a business into a new venture in the United Arab Emirates, we recognized a gain of approximately $73 million in the second quarter of 2011. In November 2011, Carrier formed a venture controlled...

  • Page 67
    ...new engines to power the next generation of 120 to 230 passenger mid-size aircraft that will replace the existing fleet of mid-size aircraft currently in service or in development. With this new joint venture, Pratt & Whitney and Rolls-Royce will focus on high-bypass ratio geared turbofan technology...

  • Page 68
    ...Earnings Per Share of Common Stock: Basic Diluted $4,979 892.3 14.5 906.8 $ 4,373 907.9 14.8 922.7 $3,829 917.4 11.4 928.8 $ 5.58 $ 5.49 $ 4.82 $ 4.74 $ 4.17 $ 4.12 (Dollars in millions) Otis Carrier UTC Fire & Security Pratt & Whitney Hamilton Sundstrand Sikorsky Total Segments Eliminations...

  • Page 69
    ..., related to certain aerospace programs. These capitalized costs will be liquidated as production units are delivered to the customer. The capitalized contract development costs within inventory principally relate to capitalized costs on Sikorsky's CH-148 contract with the Canadian government...

  • Page 70
    ... in millions) 2011 2010 Advances on sales contracts and service billings Accrued salaries, wages and employee benefits Service and warranty accruals Income taxes payable Litigation and contract matters Interest payable Accrued restructuring costs Accrued workers compensation Accrued property...

  • Page 71
    ... acquisition of the GE Security business, and to repay commercial paper borrowings. The project financing obligations noted above are associated with the sale of rights to unbilled revenues related to the ongoing activity of an entity owned by Carrier. The percentage of total short-term borrowings...

  • Page 72
    ... FINANCIAL STATEMENTS Climate, Controls & Security and the UTC Propulsion & Aerospace Systems organizations as described above and are a component of our ongoing efforts to improve business efficiency. The sources of income before income taxes are: (Dollars in millions) At December 31, 2011...

  • Page 73
    ...192 million for 2011, 2010 and 2009, respectively. Effective January 1, 2010, newly hired non-union domestic employees receive all of their retirement benefits through the defined contribution savings plan. Our non-union domestic employee savings plan uses an Employee Stock Ownership Plan (ESOP) for...

  • Page 74
    ... considered defined benefit plans for accounting purposes. Nonqualified domestic pension plans provide supplementary retirement benefits to certain employees and are not a material component of the projected benefit obligation. 2010 2011 CHANGE IN BENEFIT OBLIGATION: Beginning balance Service cost...

  • Page 75
    ... Prior service credit Transition obligation $722 (12) 1 $ 711 Major assumptions used in determining the benefit obligation and net cost for pension plans are presented in the following table as weighted-averages: BENEFIT OBLIGATION NET COST 2011 2010 2011 2010 2009 Discount rate Salary scale...

  • Page 76
    ... Equities(c) Fixed Income Securities Governments Corporate Bonds Structured Products(d) Real Estate(e) Other(f) Cash & Cash Equivalents(g) Subtotal Other Assets & Liabilities(h) TOTAL AT DECEMBER 31, 2010 (a) Represents commingled funds that invest primarily in common stocks. $ 5,210 - 44 - 1,564...

  • Page 77
    ... and market multiples. Valuation adjustments reflect changes in operating results, financial condition, or prospects of the applicable portfolio company. Over-the-counter securities and government obligations are valued at the bid prices or the average of the bid and ask prices on the last business...

  • Page 78
    ... plan (RP). PENSION PROTECTION ACT ZONE STATUS (Dollars in millions) FIP/RP STATUS CONTRIBUTIONS Pension Fund EIN/Pension Plan Number 2011 2010 Pending/ Implemented 2011 2010 2009 Surcharge Imposed Expiration Date of Collective-Bargaining Agreement National Elevator Industry Plan...

  • Page 79
    ... benefits other than pensions were $10 million, $10 million and $11 million for 2011, 2010 and 2009, respectively. Stock-based Compensation. We have long-term incentive plans authorizing various types of market and performance based incentive awards that may be granted to officers and employees...

  • Page 80
    ...-average volatility Expected term (in years) Expected dividends Risk-free rate 26% - 32% 26% 7.5 - 8.0 2.4% 0.1% - 3.5% 24% - 28% 25% 7.4 - 7.9 2.7% 0.1% - 4.0% 30% - 42% 30% 7.4 - 7.9 2.1% 0% - 2.5% Otis Carrier UTC Fire & Security Pratt & Whitney Hamilton Sundstrand Sikorsky Eliminations...

  • Page 81
    ... of sales and $19 million in selling, general and administrative expenses. The 2010 actions relate to ongoing cost reduction efforts, including workforce reductions and the consolidation of field operations. Otis Carrier UTC Fire & Security Pratt & Whitney Hamilton Sundstrand Sikorsky Eliminations...

  • Page 82
    ... the costs of financing, investing and operating the business. We have used derivative instruments, including swaps, forward contracts and options to manage certain foreign currency, interest rate and commodity price exposures. By their nature, all financial instruments involve market and credit...

  • Page 83
    ... current market conditions continue, a $31 million pre-tax loss is expected to be reclassified from Accumulated other comprehensive loss into Product sales to reflect the fixed prices obtained from foreign exchange hedging within the next 12 months. At December 31, 2011, all derivative contracts...

  • Page 84
    ... Financial Statements. NOTE 14: CREDIT QUALITY OF LONG-TERM RECEIVABLES Available-for-sale securities Derivative assets Derivative liabilities $ 926 114 (165) $926 - - $ - 114 (165) $- - - (Dollars in millions) Total Carrying Value at December 31, 2010 Quoted price in active markets...

  • Page 85
    ... December 31, 2010 $ 42 25 - (9) 12 $ 70 Economic conditions and air travel influence the operating environment for most airlines, and the financial performance of our aerospace businesses is directly tied to the economic conditions of the commercial aerospace and defense industries. Additionally...

  • Page 86
    ...with developing new engines, Pratt & Whitney has entered into certain collaboration arrangements in which sales, costs and risks are shared. Sales generated from engine programs, spare parts, and aftermarket business under collaboration arrangements are recorded as earned in our financial statements...

  • Page 87
    ... & Whitney's liability under the False Claims Act and remanded the case to the 2011 2010 2009 Collaborator share of sales: Cost of products sold Cost of services sold Collaborator share of program costs (reimbursement of expenses incurred): Cost of products sold Research and development Selling...

  • Page 88
    ...to customers in the commercial and residential property industries around the world. Carrier products include HVAC and refrigeration systems, controls, services and energy efficient products for residential, commercial, industrial and transportation applications. 86 UNITED TECHNOLOGIES CORPORATION

  • Page 89
    ... 2012, Carrier and UTC Fire & Security will report combined financial and operational results as part of this new segment. As part of this new organizational structure, we also created UTC Propulsion & Aerospace Systems, a new organization consisting of Pratt & Whitney and Hamilton Sundstrand. Pratt...

  • Page 90
    ... 2010 2009 Europe Asia Pacific Other $ 2,310 2,506 3,141 $ 7,957 $ 1,918 2,688 2,690 $ 7,296 $2,089 2,430 2,477 $6,996 Major Customers. Net Sales include sales under prime contracts and subcontracts to the U.S. government, primarily related to Pratt & Whitney, Hamilton Sundstrand and Sikorsky...

  • Page 91
    ... Industrials December 2006 2007 2008 2009 2010 2011 United Technologies Corporation S&P 500 Index Dow Jones Industrial Average $100.00 $100.00 $100.00 $124.44 $105.49 $108.87 $89.06 $66.46 $ 74.12 $ 118.71 $84.05 $ 90.91 $ 137.98 $ 96.71 $103.70 $ 131.12 $ 98.76 $112.39 2011 ANNUAL REPORT...

  • Page 92
    ...-Hill Companies (Global Information Services) Richard B. Myers General, U.S. Air Force (Ret.) and former Chairman of the Joint Chiefs of Staff (Military Leadership) H. Patrick Swygert President Emeritus Howard University (Educational Institution) André Villeneuve Chairman, International Regulatory...

  • Page 93
    ... President, Automation & Controls Solutions, UTC Climate, Controls & Security Alain M. Bellemare President & Chief Operating Officer, UTC Propulsion & Aerospace Systems Richard H. Bennett, Jr. Vice President, Environment, Health & Safety Patrick Blethon President, Pacific Asia, Otis Carey E. Bond...

  • Page 94
    ... the Securities and Exchange Commission by writing to: Corporate Secretary United Technologies Corporation United Technologies Building Hartford, Connecticut 06101 For additional information about UTC, please contact Investor Relations at the above corporate office address, or visit our website at...

  • Page 95
    ... chief executive officer, chief financial officer and investor relations team given top rankings in the 2011 All-America executive Team, capital Goods/industrials/aerospace & defense electronics sector, Institutional Investor magazine. Hamilton sundstrand named a Thomson reuters 2011 Top 100 global...

  • Page 96
    UNITED TECHNOLOGIES BUILDING HARTFORD, CONNECTICUT 06101 U.S.A. www.utc.com HAMILTON SUNDSTRAND OTIS PRATT & WHITNEY SIKORSKY UTC CLIMATE, CONTROLS & SECURITY