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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000101829-03-000217.txt : 20030630
<SEC-HEADER>0000101829-03-000217.hdr.sgml : 20030630
<ACCEPTANCE-DATETIME>20030630172348
ACCESSION NUMBER:		0000101829-03-000217
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNITED TECHNOLOGIES CORP /DE/
		CENTRAL INDEX KEY:			0000101829
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT ENGINES & ENGINE PARTS [3724]
		IRS NUMBER:				060570975
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00812
		FILM NUMBER:		03765553

	BUSINESS ADDRESS:	
		STREET 1:		UNITED TECHNOLOGIES BLDG
		STREET 2:		ONE FINANCIAL PLZ
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06101
		BUSINESS PHONE:		2037287000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED TECHNOLOGIES MICROELECTRONICS CENTER
		DATE OF NAME CHANGE:	19850825

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED TECHNOLOGIES CORP
		DATE OF NAME CHANGE:	19841205
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>carrierstmt.htm
<TEXT>
<html>

<head>
<title>carrstmt</title>
</head>

<body>

<p><b><font FACE="Arial" SIZE="2"><img SRC="image7.gif" width="543" height="90"></font></b><font
FACE="Arial" SIZE="3"></p>
</font><b>

<p align="center"><font FACE="Arial" SIZE="2">FORM 11-K</font></p>

<p align="center"><font FACE="Arial" SIZE="2">ANNUAL REPORT PURSUANT TO SECTION 15(d)<br>
OF THE SECURITIES EXCHANGE ACT OF 1934<br>
For the Plan period ended December 31, 2002</font></p>

<p align="center"><font FACE="Arial" SIZE="2">Commission File Number 1-812</font></p>

<p align="center"><font FACE="Arial" SIZE="2">&nbsp;CARRIER CORPORATION<br>
REPRESENTED EMPLOYEE SAVINGS PLAN</font></p>

<p align="center"><font FACE="Arial" SIZE="2">UNITED TECHNOLOGIES CORPORATION<br>
One Financial Plaza<br>
Hartford, Connecticut 06103&nbsp;</font></p>
</b>

<hr>
<b><font FACE="Arial" SIZE="3">

<p align="center"><font FACE="Arial" SIZE="2">&nbsp;CARRIER CORPORATION<br>
REPRESENTED EMPLOYEE SAVINGS PLAN<br>
</font></font><font face="Arial" size="2">Index to Financial Statements<br>
December 31, 2002 and 2001</font></p></b>
<div align="center">
  <center>
<table border="0" width="80%" style="font-family: Arial; font-size: 10pt" cellspacing="0" cellpadding="0">
  <tr>
    <td width="78%" colspan="2" height="18"></td>
    <td width="22%" height="18">
      <p align="center"><b>Page</b></td>
  </tr>
  <tr>
    <td width="78%" colspan="2" height="15"><a href="#audit rpt">Report of Independent Auditors</a></td>
    <td width="22%" height="15" align="center">1</td>
  </tr>
  <tr>
    <td width="7%" height="18"></td>
    <td width="71%" height="18"></td>
    <td width="22%" height="18" align="center"></td>
  </tr>
  <tr>
    <td width="78%" colspan="2" height="18">Financial Statements</td>
    <td width="22%" height="18" align="center"></td>
  </tr>
  <tr>
    <td width="7%" height="18"></td>
    <td width="71%" height="18"><a href="#stmt of assets">Statements of Net Assets Available for Benefits</a></td>
    <td width="22%" height="18" align="center">2</td>
  </tr>
  <tr>
    <td width="7%" height="18"></td>
    <td width="71%" height="18"><a href="#stmt of changes">Statement of Changes in Net Assets Available for Benefits</a></td>
    <td width="22%" height="18" align="center">3</td>
  </tr>
  <tr>
    <td width="7%" height="18"></td>
    <td width="71%" height="18"><a href="#notes">Notes to Financial Statements</a></td>
    <td width="22%" height="18" align="center">4 - 9</td>
  </tr>
  <tr>
    <td width="78%" height="18" colspan="2"><a href="#EXHIBIT INDEX">Exhibit
      Index</a></td>
    <td width="22%" height="18" align="center">11</td>
  </tr>
</table>

  </center>
</div>

<p align="center">&nbsp;</p>

<hr>

<p align="center"><font FACE="Arial" SIZE="2"><b><a name="audit rpt">FINANCIAL STATEMENTS OF THE CARRIER
CORPORATION</a><br>
REPRESENTED EMPLOYEE SAVINGS PLAN</b></font></p>

<p align="center"><font FACE="Arial" SIZE="2"><b>Report of Independent Auditors</b></font></p>

<p>&nbsp;</p>

<p><font face="Arial" size="2">To the Participants and
Administrator of the<br>
&nbsp; Carrier
Corporation Represented<br>
&nbsp; Employee Savings Plan
</font></p>
<p ALIGN="JUSTIFY"><font face="Arial" size="2">In our opinion, the accompanying statements of net assets available for
benefits and the related statement of changes in net assets available for
benefits present fairly, in all material respects, the net assets available for
benefits of the Carrier Corporation Represented Employee Savings Plan (the
&quot;Plan&quot;) at December 31, 2002 and December 31, 2001, and the changes in net
assets available for benefits for the year ended December 31, 2002 in conformity
with accounting principles generally accepted in the United States of America.&nbsp;
These financial statements are the responsibility of the Plan's
management; our responsibility is to express an opinion on these financial
statements based on our audits.&nbsp; We
conducted our audits of these statements in accordance with auditing standards
generally accepted in the United States of America, which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.&nbsp;
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.</font></p>
<p ALIGN="JUSTIFY"><font face="sans-serif" size="2">As discussed in Note 1,
effective December 31, 2002, the Plan was merged into a qualified plan of United
Technologies Corporation (&quot;UTC&quot;) and all assets of the Plan were
transferred to the United Technologies Corporation Represented Employee Savings
Plan.</font></p>
<p><font face="Arial" size="2">/s/
PricewaterhouseCoopers LLP<br>
PricewaterhouseCoopers LLP<br>
Hartford, Connecticut<br>
June 27, 2003</font></p>

<p align="center"><font face="Arial" size="2">1</font></p>

<hr>
<b>

<p align="center"><font FACE="Arial" SIZE="2"><a name="stmt of assets">CARRIER CORPORATION REPRESENTED
EMPLOYEES SAVINGS PLAN</a><br>
Statements of Net Assets Available for Benefits<br>
</font>
</b><font FACE="Arial" SIZE="2">(Thousands of Dollars)</font>&nbsp;</p>

<div align="center">
  <center>

<table CELLSPACING="0" BORDER="0" width="80%" cellpadding="0" style="font-family: Arial; font-size: 10pt" height="104">
  <tr>
    <td WIDTH="55%" VALIGN="TOP" height="36"></td>
    <td WIDTH="3%" VALIGN="TOP" height="36"></td>
    <td WIDTH="18%" VALIGN="TOP" align="center" style="border-bottom-style: solid" height="36"><b><font FACE="Arial" SIZE="2">December 31,<br>
      2002 </font></b></td>
    <td WIDTH="6%" VALIGN="TOP" align="center" height="36"></td>
    <td WIDTH="18%" VALIGN="TOP" align="center" style="border-bottom-style: solid" height="36"><b><font FACE="Arial" SIZE="2">December 31,<br>
      2001</font></b></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="12"><b><font FACE="Arial" SIZE="2">Assets:</font></b></td>
    <td WIDTH="3%" height="12"></td>
    <td WIDTH="18%" height="12" align="right"></td>
    <td WIDTH="6%" height="12"></td>
    <td WIDTH="18%" height="12"></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="6"><font FACE="Arial" SIZE="2">&nbsp;
      Investments (Notes <a href="#NOTE 3 - INVESTMENTS">3</a>, <a href="#NOTE 4 - INVESTMENT CONTRACTS WITH INSURANCE COMPANIES">4</a>, and
      <a href="#NOTE 5 - INVESTMENT IN MASTER TRUST">5</a>)</font></td>
    <td WIDTH="3%" height="6"><p ALIGN="RIGHT"><font FACE="Arial" SIZE="2">$</font></td>
    <td WIDTH="18%" align="right" height="6"><font size="2" face="Arial">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="6%" align="right" height="6"><p ALIGN="RIGHT"><font FACE="Arial" SIZE="2">$</font></td>
    <td align="right" height="6"><font face="Arial" size="2">121,015&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="6"><font FACE="Arial" SIZE="2">&nbsp; Contributions receivable:</font></td>
    <td WIDTH="3%" height="6"></td>
    <td WIDTH="18%" height="6" align="right"></td>
    <td WIDTH="6%" height="6"></td>
    <td height="6"></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="6"><font FACE="Arial" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Participants'</font></td>
    <td WIDTH="3%" height="6"></td>
    <td WIDTH="18%" height="6" align="right">
    <font size="2" face="Arial">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td WIDTH="6%" height="6"></td>
    <td height="6">
      <p align="right"><font face="Arial" size="2">178&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="6"><font FACE="Arial" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Employer's</font></td>
    <td WIDTH="3%" height="6"></td>
    <td WIDTH="18%" height="6" align="right" style="border-bottom-style: solid; border-bottom-width: thin">
    <font size="2" face="Arial">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td WIDTH="6%" height="6"></td>
    <td height="6">
      <p align="right"><font face="Arial" size="2">&nbsp;58&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="55%" height="6"></td>
    <td WIDTH="3%" height="6"></td>
    <td WIDTH="18%" height="6" align="right" style="border-bottom-style: solid; border-bottom-width: thin">
    <font size="2" face="Arial">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td WIDTH="6%" height="6"></td>
    <td style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin" height="6"><font FACE="Arial" SIZE="2"><p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;236&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="6"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="3%" height="6"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="18%" height="6" align="right"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="6%" height="6"><font size="1">&nbsp;&nbsp;</font></td>
    <td height="6"><font face="Arial" size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" height="6"><font FACE="Arial" SIZE="2">Net Assets Available for Benefits</font></td>
    <td WIDTH="3%" height="6"><p ALIGN="RIGHT"><font FACE="Arial" SIZE="2">$</font></td>
    <td WIDTH="18%" height="6" align="right" style="border-bottom-style: double; border-bottom-width: thick"><font size="2" face="Arial">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="6%" height="6"><p ALIGN="RIGHT"><font FACE="Arial" SIZE="2">$</font></td>
    <td style="border-bottom-style: double; border-bottom-width: thick" height="6"><p align="right"><font FACE="Arial" SIZE="2">
    &nbsp;&nbsp;121,251&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
</table>
  </center>
</div>
<font FACE="Arial" SIZE="3">

<p ALIGN="left"></font><font FACE="Arial" SIZE="2">The accompanying notes are an integral
part of these financial statements.
</font></p>

<p ALIGN="center"><font FACE="Arial" SIZE="2">2</p>

<hr>
</font><b><font SIZE="3">

<p align="center"></font><font FACE="Arial" SIZE="2"><a name="stmt of changes">CARRIER CORPORATION
REPRESENTED EMPLOYEE SAVINGS PLAN</a><br>
Statement of Changes in Net Assets Available for Benefits<br>
</font>

</b><font FACE="Arial" SIZE="2">(Thousands of Dollars)</p>
</font>

<div align="center">
  <center>

<table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="2" height="608" style="font-family: Arial; font-size: 10pt">
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="52"></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="52"></td>
    <td WIDTH="23%" VALIGN="TOP" align="center" height="52" style="border-bottom-style: solid"><font FACE="Arial" SIZE="2"><b>Year Ended<br>
      December 31,<br>
      &nbsp;2002</b></font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2"><b>Additions to net assets
    attributed to:</b></font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18"></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">Investment Income:</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18"></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">&nbsp;&nbsp;
      Interest</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"><font FACE="Arial" SIZE="2"><p ALIGN="RIGHT">$</font></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18"><font face="Arial" size="2">4,055&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">&nbsp;&nbsp; Dividends </font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18"><font face="Arial" size="2">288&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="16"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="left" height="16"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="23%" VALIGN="TOP" align="left" height="16"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">Contributions:</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18"></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">&nbsp;&nbsp; Participants' </font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18"><font face="Arial" size="2">9,330&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">&nbsp;&nbsp;
      Employer's</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: thin" height="18"><font face="Arial" size="2">3,025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total additions</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">16,698&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="16"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="left" height="16"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="23%" VALIGN="TOP" align="left" height="16"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2"><b>Deductions from net assets
    attributed to:</b></font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18"></td>
  </tr>
    <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">&nbsp;&nbsp;
      Net depreciation in
    fair value of investments</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18" style="font-family: Arial; font-size: 10pt"><font face="Arial" size="2">(8,917)&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">&nbsp;&nbsp; Distributions to
    participants </font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18">(5,805)<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">&nbsp;&nbsp; Administrative
    expenses</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: thin">(49)<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Total deductions</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">&nbsp;&nbsp;(14,771)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="16"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="left" height="16"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="23%" VALIGN="TOP" align="left" height="16"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">Net increase prior to transfers</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18">1,927<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="16"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="left" height="16"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="23%" VALIGN="TOP" align="left" height="16"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><b>Plan Transfers:</b></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18"></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18">&nbsp; Assets transferred into Plan</td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18">5,740<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">&nbsp; Assets transferred out of Plan&nbsp;
      (Notes <a href="#NOTE 1 - DESCRIPTION OF THE PLAN">1</a> and <a href="#NOTE 7 - PLAN MERGER">7</a>)</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">&nbsp;&nbsp;(128,918)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18">&nbsp;&nbsp;&nbsp; Net Plan
      transfers</td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" height="18" style="border-bottom-style: solid; border-bottom-width: thin">
      <p align="right">(123,178)<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="1"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="left" height="1"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="23%" VALIGN="TOP" align="left" height="1"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">Net
      decrease</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18">(121,251)<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="16"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="left" height="16"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="23%" VALIGN="TOP" align="left" height="16"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="18"><font FACE="Arial" SIZE="2">Net Assets Available for
    Benefits, December 31, 2001</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="18"></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">121,251&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> </td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="1"><font face="Arial" size="1">&nbsp;</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="left" height="1"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </center>
    <td WIDTH="23%" VALIGN="TOP" align="left" height="1">
      <p align="left"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <center>
  <tr>
    <td WIDTH="74%" VALIGN="TOP" height="4"><font FACE="Arial" SIZE="2">Net Assets Available for
    Benefits, December 31, 2002</font></td>
    <td WIDTH="3%" VALIGN="TOP" align="right" height="4"><font FACE="Arial" SIZE="2"><p ALIGN="RIGHT">$</font></td>
    <td WIDTH="23%" VALIGN="TOP" align="right" height="4" style="border-bottom-style: double; border-bottom-width: thick"><font face="Arial" size="2">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> </td>
  </tr>
</table>
  </center>
</div>
<font FACE="Arial" SIZE="3">

<p></font><font FACE="Arial" size="1">&nbsp;</font><font FACE="Arial" SIZE="2">The accompanying notes are an integral
part of these financial statements.

</font>

</p>

<p align="center"><font face="Arial" size="2">3</font></p>

<hr>
<b><font size="2">

<p align="center"></font><font FACE="Arial" size="2"><a name="notes">CARRIER CORPORATION REPRESENTED
EMPLOYEE SAVINGS PLAN<br>
</a>Notes to Financial Statements</font>
</p>

<p align="center">&nbsp;</p>
</b>

<font FACE="Arial" size="2">

<p align="left"><u><b><a name="NOTE 1 - DESCRIPTION OF THE PLAN">NOTE 1 - DESCRIPTION OF THE PLAN</a></b></u></p>

</font>
  <p ALIGN="JUSTIFY"><font FACE="Arial" size="2"><font face="Arial" size="2"><b>General</b>.&nbsp;
  </font>The Carrier Corporation Represented Employee Savings Plan (the
&quot;Plan&quot;) is a defined contribution savings plan administered by United
Technologies Corporation (&quot;UTC&quot;).&nbsp;
It is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (&quot;ERISA&quot;).&nbsp; Union
represented employees of Carrier Corporation, covered by a collective bargaining
agreement that provides for Plan participation, are eligible to participate in
the Plan after completing at least one year of service. The
following is a brief description of the Plan.&nbsp;
For more complete information, participants should refer to the prospectus and
  summary plan description as well as the Plan
document which are available from UTC.
</font>
</p>
  <p ALIGN="JUSTIFY"><font face="Arial" size="2">
  Effective December 31, 2002, the Plan was merged into the United Technologies
  Corporation Represented Employee Savings Plan.&nbsp;&nbsp;As a result, all of
  the Plan's assets were transferred to the United Technologies
  Corporation Represented Employee Savings Plan.&nbsp;&nbsp;</p>
<p ALIGN="JUSTIFY"><b><font face="Arial" size="2">Contributions
and Vesting.</font></b><font face="Arial" size="2">&nbsp;
All participants may elect, through payroll deductions, to make
tax-deferred contributions of between $2 per week and a maximum amount as
permitted by the relevant collective bargaining agreement.&nbsp;
Certain participants, depending on their collective bargaining agreement,
may also make after-tax contributions.&nbsp; Participants
direct the investment of their contributions into various investment options
offered by the Plan. The Plan currently offers ten mutual funds, seven
commingled index funds, one stable value fund, and a company stock fund as
investment options for participants. Participant contributions, plus actual
earnings thereon, are fully vested at all times under the Plan.&nbsp;
The employer will contribute specified amounts to the Plan in accordance
with the terms outlined in each collective bargaining agreement. Generally,
employer contributions, plus actual earnings thereon, become fully vested after
two years of Plan participation.</font></p>
<p align="JUSTIFY"><b><font face="Arial" size="2">Participant
Accounts</font></b><font face="Arial" size="2">.&nbsp;
Each participant's account is credited with the participant's
contributions and allocations of (a) UTC's contributions based on a percentage
of the participant's contribution and (b) Plan earnings based on account
balances.&nbsp; The benefit to which a
participant is entitled is the benefit that can be provided from the
participant's vested account.&nbsp; Forfeited
balances of terminated participants' nonvested employer contribution accounts are used to reduce future
employer contributions.&nbsp; For the
year ended December 31, 2002, approximately $16,000 of forfeitures were used to
fund employer contributions.</font></p>
  <p align="JUSTIFY"><font face="sans-serif" size="2"><b>Voting Rights.&nbsp; </b>Common
Stock held in the UTC Common Stock Fund </font>
</font>
  <font face="sans-serif" size="2">is </font><font face="sans-serif" size="2"><font face="Arial" size="2">
  voted by the Trustee
at shareowner meetings of UTC in accordance with the confidential instructions
of the participants whose accounts are invested in the funds</font>.&nbsp; </font><font face="Arial" size="2"><font face="sans-serif" size="2">All shares of employer stock in the UTC
Common Stock Fund for which the Trustee receives
voting instructions from participants to whose accounts the shares are allocated
are voted in accordance with those instructions. &nbsp;All employer stock
in the UTC Common Stock Fund for which the Trustee does not receive timely
voting instructions are voted by the Trustee in accordance with the timely
instructions it receives with respect to a plurality of the shares in the UTC
Common Stock Fund.&nbsp;</font></p>
<p ALIGN="JUSTIFY"><b><font face="Arial" size="2">Trustee
and Recordkeeper.</font></b><font face="Arial" size="2">&nbsp; All of the Plan's assets are held by
Deutsche Bank Trust Company Americas, the Plan Trustee.&nbsp; Deutsche Bank
Trust Company Americas is a subsidiary of Deutsche Bank.&nbsp; Fidelity
Institutional Retirement Services Company&nbsp; (&quot;Fidelity&quot;)
performs participant account recordkeeping responsibilities.</font></p>
<p ALIGN="JUSTIFY"><b><font face="Arial" size="2">Participant
Loans.</font></b><font face="Arial" size="2">&nbsp;
Certain participants with at least two years of Plan participation are
allowed to borrow up to 50 percent of their vested account balances.&nbsp;
Loan amounts can range from $1,000 to $50,000 and must be repaid within 5
years.&nbsp; The loans are secured by the
balance in the participant's account and bear interest at Deutsche Bank's prime
rate plus one percent. Principal and interest are paid ratably through payroll
deductions.</font></p>

<p align="center"><font face="Arial" size="2">4</font></p>

<hr>

<b>

<font size="2">

<p align="center"></font><font FACE="Arial" size="2">CARRIER CORPORATION REPRESENTED
EMPLOYEE SAVINGS PLAN<br>
Notes to Financial Statements
</font>
</p>
<p ALIGN="JUSTIFY">Payment of Benefits.</b> Generally, benefits are paid in a lump sum to
a terminating participant. A participant terminating due to retirement may elect to
receive benefits in installments over two to twenty years. At the participant's election,
the portion of a lump sum distribution attributable to an investment in the UTC Common
Stock Fund investment option may be paid in shares of UTC Common Stock instead of cash.
Distributions in UTC Common Stock for the year ended December 31, 2002 were approximately
  $70,000.</p>
<b>

<p ALIGN="JUSTIFY">Other.</b> Participants who transfer to a new UTC location with a
different savings plan may have the option of transferring their account balances in
accordance with the provisions of the new savings plan.</p>
<b><u>

<p>NOTE 2 - SUMMARY OF ACCOUNTING PRINCIPLES</u></p>

<p ALIGN="JUSTIFY">Basis of Accounting.</b> The financial statements of the Plan are
prepared under the accrual method of accounting, except for benefits which are recorded
when paid.</p>
<b>

<p ALIGN="JUSTIFY">Master Trust.</b> The Plan's assets are kept in the United
Technologies Corporation Employee Savings Plan Master Trust (the &quot;Master
Trust&quot;) maintained by the Plan's trustee. Under the Master Trust agreement, the assets of certain
employee savings plans of UTC and its subsidiaries are combined. Participating plans
purchase units of participation in the investment funds based on their contribution to
such funds and the unit value of the applicable investment fund at the end of the trading
day in which a transaction occurs. The unit value of each fund is determined at the close
of each day by dividing the sum of uninvested cash, accrued income and the current value
of investments by the total number of outstanding units in such funds. Income from the
funds' investments increases the participating plans' unit values. Distributions to
participants reduce the number of participation units held by the participating plans (see
<a href="#NOTE 5 - INVESTMENT IN MASTER TRUST">
Note 5</a>).</p>
<b>

<p ALIGN="JUSTIFY">Investment Valuation and Income Recognition.</b> The Income Fund's
investments in insurance contracts (see <a href="#NOTE 4 - INVESTMENT CONTRACTS WITH INSURANCE COMPANIES"> Note
4</a>) are stated at contract value, which represents fair value.&nbsp;
Contract value includes contributions plus earnings, less Plan withdrawals. All other funds are stated
at fair value, as determined by the Trustee, typically by reference to published market
data.</p>

<p ALIGN="JUSTIFY">Purchases and sales of securities are recorded on a trade-date basis.
Dividends are recorded on the ex-dividend date.</p>
<b>

<p ALIGN="JUSTIFY">Plan Expenses.</b> Plan administrative expenses, including
Plan
trustee and recordkeeper fees were paid directly by the employer in 2002.
Investment management fees are charged
against Plan assets. All other administrative and investment expenses were paid
out of Plan assets during 2002.</p>
<b>

<p ALIGN="JUSTIFY">Use of Estimates.</b> The preparation of financial statements requires
Plan management to make estimates and assumptions that affect the reported amounts in the financial
statements. Actual results could differ from those estimates.</p>
<p ALIGN="center">5</p>
<hr>
<b><font size="2">

<p align="center"></font><font FACE="Arial" size="2">CARRIER CORPORATION REPRESENTED
EMPLOYEE SAVINGS PLAN<br>
Notes to Financial Statements
</font>
</p>
</b>

<u><b>

<p><a name="NOTE 3 - INVESTMENTS">NOTE 3 - INVESTMENTS</a></b></u></p>

<p ALIGN="JUSTIFY">The following presents investments that represent 5 percent or more of
the Plan's net assets:</p>

<table CELLSPACING="0" BORDER="0" style="font-family: Arial; font-size: 10pt" height="133">
  <tr>
    <td WIDTH="384" VALIGN="TOP" height="18"></td>
    <td WIDTH="29" VALIGN="TOP" height="18"></td>
    <td WIDTH="262" VALIGN="TOP" colspan="3" height="18">
      <p align="center"><b>December 31,</b></td>
  </tr>
  <tr>
    <td WIDTH="384" VALIGN="TOP" height="20"><font face="Arial" size="1">(Thousands of Dollars, except
    unit amounts)</font></td>
    <td WIDTH="29" VALIGN="TOP" height="20"></td>
    <td WIDTH="106" style="border-bottom-style: solid" height="20">
      <p align="center"><b>2002</b></p>
    </td>
    <td WIDTH="30" VALIGN="TOP" align="center" height="20"></td>
    <td WIDTH="118" style="border-bottom-style: solid" height="20">
      <p align="center"><b>2001</b></p>
    </td>
  </tr>
</font>
  <tr>
    <td WIDTH="384" VALIGN="TOP" height="9"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="29" VALIGN="TOP" height="9"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="104" align="right" height="9">
      <p align="left"><font face="Arial" size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
    </td>
    <td WIDTH="30" VALIGN="TOP" height="9"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="116" height="9"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr>
    <td WIDTH="384" VALIGN="TOP" height="18"><font FACE="Arial" size="2">Equity Fund,
      -0- and
      792,961 units, respectively</font></td>
    <td WIDTH="29" VALIGN="TOP" height="18"><font FACE="Arial" size="2"><p ALIGN="RIGHT">
    $</font></td>
    <td WIDTH="104" align="right" height="18">
      -<font FACE="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font>
    </td>
    <td WIDTH="30" VALIGN="TOP" height="18">
      <p align="right"><font size="2">$</font></p>
    </td>
    <td WIDTH="104" align="right" height="18">
      <p align="right">20,822&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
  </tr>
  </font>
  <tr>
    <td WIDTH="384" VALIGN="TOP" height="2"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="29" VALIGN="TOP" height="2">
  <font FACE="Arial" size="1">
    &nbsp;&nbsp;
  </font>
    </td>
    <td WIDTH="104" align="left" height="2">
    </td>
    <td WIDTH="30" VALIGN="TOP" height="2">
  <font FACE="Arial" size="1">
    &nbsp;&nbsp;
  </font>
    </td>
    <td WIDTH="104" align="left" height="2">
  <font FACE="Arial" size="1">
    &nbsp;&nbsp;
  </font>
    </td>
  </tr>
  <font FACE="Arial" size="2">
  <tr>
    <td WIDTH="384" VALIGN="TOP" height="34"><font FACE="Arial" size="2">UTC Common Stock Fund,
      -0- and 861,254 units,<br>
      &nbsp;&nbsp; respectively</font></td>
    <td WIDTH="29" VALIGN="TOP" height="34"></td>
    <td WIDTH="104" align="right" height="34">
  <font FACE="Arial" size="2">
  -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font>
    </td>
    <td WIDTH="30" VALIGN="TOP" height="34"></td>
    <td WIDTH="104" align="right" height="34"><br>
      19,189&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
  </tr>
  </font>
  <tr>
    <td WIDTH="384" VALIGN="TOP" height="1"><font face="Arial" size="1">&nbsp; &nbsp;&nbsp;</font></td>
    <td WIDTH="29" VALIGN="TOP" height="1"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="104" align="right" height="1">
    </td>
    <td WIDTH="30" VALIGN="TOP" height="1"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="104" align="right" height="1">
      <p align="left"><font size="1" face="Arial">&nbsp;&nbsp;</font></p>
    </td>
  </tr>
  <font FACE="Arial" size="2">
  <tr>
    <td WIDTH="384" VALIGN="TOP" height="18"><font FACE="Arial" size="2">Income Fund,
      -0- and
      731,430 units, respectively</font></td>
    <td WIDTH="29" VALIGN="TOP" height="18"></td>
    <td WIDTH="104" align="right" height="18">
  <font FACE="Arial" size="2">
  -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font>
    </td>
    <td WIDTH="30" VALIGN="TOP" height="18"></td>
    <td WIDTH="104" align="right" height="18">62,077&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
  </tr>
</table>

<p>During 2002, the Plan's investments (including gains and
losses on investments bought and sold, as well as held during the year)
depreciated in
value by $8,917 as follows:</p>

<b>

<table CELLSPACING="0" BORDER="0" CELLPADDING="2" WIDTH="70%" style="font-family: Arial; font-size: 10pt">
  <tr>
    <td WIDTH="53%" VALIGN="TOP">(Thousands of dollars)</td>
    <td WIDTH="6%" VALIGN="TOP"></td>
    <td WIDTH="18%" VALIGN="TOP" align="right"></td>
  </tr>
  <tr>
    <td WIDTH="53%" VALIGN="TOP"><font face="Arial" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Mutual Funds</font></td>
    <td WIDTH="6%" VALIGN="TOP"><p align="right"><font face="Arial" SIZE="2">$</font></td>
    <td WIDTH="18%" VALIGN="TOP" align="right">(8,297)<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="53%" VALIGN="TOP"><font face="Arial" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      UTC Common Stock Fund</font></td>
    <td WIDTH="6%" VALIGN="TOP"></td>
    <td WIDTH="18%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: thin">
      <p align="right"><font face="Arial" size="2">(620)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="53%" VALIGN="TOP"></td>
    <td WIDTH="6%" VALIGN="TOP"><p align="right"><font face="Arial" SIZE="2">$</font></td>
    <td WIDTH="18%" VALIGN="TOP" align="right" style="border-bottom-style: double; border-bottom-width: thick">
      <p align="right"><font face="Arial" size="2">&nbsp;(8,917)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
</TABLE>

<p ALIGN="JUSTIFY"><u><a name="NOTE 4 - INVESTMENT CONTRACTS WITH INSURANCE COMPANIES">NOTE 4 - INVESTMENT CONTRACTS WITH INSURANCE COMPANIES</a></u></p>
</b>

<p ALIGN="JUSTIFY">The Plan's Income Fund invests in insurance contracts with insurance
companies. Under these contracts, each insurance company guarantees repayment in full of
the principal amount plus interest credited at a fixed rate for a specified period.
Interest is credited to each contract based on an annual interest rate set each year by
the individual insurance companies. This rate, which differs among contracts, takes into
account any difference between prior year credited interest and the actual amount of
investment earnings allocable to the contract in accordance with the established
allocation procedures of the insurance company. The weighted average interest rates
credited to participant accounts for 2002
and 2001 were 6.78% and 8.31%, respectively.</p>
<b><u>

<p ALIGN="JUSTIFY"><a name="NOTE 5 - INVESTMENT IN MASTER TRUST">NOTE 5 - INVESTMENT IN MASTER TRUST</a></u></p>
</b>

<p ALIGN="JUSTIFY">UTC has entered into a Master Trust agreement with Deutsche
Bank Trust Company Americas. Under
this agreement, certain savings plans of UTC and its subsidiaries combine their trust fund
investments in the Master Trust.</p>

<p ALIGN="JUSTIFY">Participating plans purchase units of participation in the investment
funds based on their contribution to such funds along with income that the investment
funds may earn, less distributions made to the plan participants.</p>

<p ALIGN="center">6</p>

<font size="2"><b>

<hr>

<p align="center"><font FACE="Arial" size="2">CARRIER CORPORATION REPRESENTED
EMPLOYEE SAVINGS PLAN<br>
Notes to Financial Statements
</p>
</font>
</b><font FACE="Arial" size="2">

<p>The following is a summary of the financial information and data for the Master Trust
and the portion attributable to the Plan:<b><font size="2"></p>

</font>

</b>
</font>
<b>

<p align="center"><font FACE="Arial">United Technologies Corporation<br>
Master Trust Statements of Net Assets<br>
</font>
</b><font FACE="Arial">(Thousands of Dollars)</font></p>

<p align="center">&nbsp;</p>

<table style="font-family: Arial; font-size: 10pt">
  <tr height="17" style="height:12.75pt">
    <td height="17" width="325" style="height:12.75pt;width:244pt"></td>
    <td width="22" style="width:17pt" align="right"></td>
    <td colspan="11" class="xl26" width="562" style="width:423pt" x:str="'December 31">
      <p align="center"><font face="Arial" size="2"><b>December 31,</b></font></p>
    </td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"></td>
    <td align="right"></td>
    <td colspan="5" class="xl26" x:num align="center"><font face="Arial" size="2"><b>2002</b></font></td>
    <td class="xl26" align="center"></td>
    <td colspan="5" class="xl26" x:num align="center"><font face="Arial" size="2"><b>2001</b></font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"></td>
    <td align="right"></td>
    <td class="xl25" align="center" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2"><b>Allocated</b></font></td>
    <td align="right"></td>
    <td class="xl25" align="center" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2"><b>Unallocated</b></font></td>
    <td align="right"></td>
    <td class="xl25" align="center" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2"><b>Total</b></font></td>
    <td align="right"></td>
    <td class="xl25" align="center" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2"><b>Allocated</b></font></td>
    <td align="center"></td>
    <td class="xl25" align="center" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2"><b>Unallocated</b></font></td>
    <td align="center"></td>
    <td class="xl25" align="center" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2"><b>Total</b></font></td>
  </tr>
  </font>

</font>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt" colspan="13"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <font FACE="Arial" size="2">

<font size="2">
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">Assets:</font></td>
    <td align="right"></td>
    <td class="xl24"></td>
    <td align="right"></td>
    <td class="xl24"></td>
    <td align="right"></td>
    <td class="xl24"></td>
    <td align="right"></td>
    <td class="xl24"></td>
    <td></td>
    <td class="xl24"></td>
    <td></td>
    <td class="xl24"></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Short-term investments</font></td>
    <td class="xl27" align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="24137" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">24,137</font></td>
    <td class="xl27" align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td class="xl27" align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="24137" x:fmla="=C6+E6" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial" size="2">24,137</font></td>
    <td class="xl27" align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="34221" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">34,221</font></td>
    <td class="xl27" align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td class="xl27" align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="34221" x:fmla="=SUM(I6:K6)" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial" size="2">34,221</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Investments:</font></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">Equity:</font></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">Mutual funds</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="549432" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">549,432</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="549432" x:fmla="=C9+E9" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549,432</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="658861" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">658,861</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="658861" x:fmla="=SUM(I9:K9)" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658,861</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">Equity commingled index funds</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="924906" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">924,906</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="924906" x:fmla="=C10+E10" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924,906</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1203904" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">1,203,904</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1203904" x:fmla="=SUM(I10:K10)" align="right"><font face="Arial" size="2">&nbsp;&nbsp;
      1,203,904</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">Common stock</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="674306" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">674,306</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="310" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">310</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="674616" x:fmla="=C11+E11" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial" size="2">674,616</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="768320" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">768,320</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="283" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">283</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="768603" x:fmla="=SUM(I11:K11)" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">768,603</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">ESOP stock fund</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1624640" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">1,624,640</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1082039" align="right"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">1,082,039</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="2706679" x:fmla="=C12+E12" align="right"><font face="Arial" size="2">&nbsp;&nbsp; </font><font face="Arial" size="2">2,706,679</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1693307" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">1,693,307</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1219410" align="right"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">1,219,410</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="2912717" x:fmla="=SUM(I12:K12)" align="right"><font face="Arial" size="2">&nbsp;&nbsp;
      </font><font face="Arial" size="2">2,912,717</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">Debt:</font></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">Fixed income commingled index
      funds</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="17131" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">17,131</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="17131" x:fmla="=C14+E14" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,131</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="19422" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">19,422</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="19422" x:fmla="=SUM(I14:K14)" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      19,422</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">Income Fund investment contracts</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="5285606" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">5,285,606</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="5285606" x:fmla="=C15+E15" align="right"><font face="Arial" size="2">&nbsp;&nbsp; 5,285,606</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="4775327" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">4,775,327</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="4775327" x:fmla="=SUM(I15:K15)" align="right"><font face="Arial" size="2">&nbsp;&nbsp;
      4,775,327</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">Participant
      notes receivable</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="90787" style="border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">90,787</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" style="border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="90787" x:fmla="=C16+E16" style="border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90,787</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="92055" style="border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">92,055</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" style="border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-&nbsp;</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="92055" x:fmla="=SUM(I16:K16)" style="border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      92,055</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">Subtotal</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="9190945" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">9,190,945</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1082349" align="right"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">1,082,349</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="10273294" x:fmla="=C17+E17" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">10,273,294</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="9245417" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">9,245,417</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1219693" align="right"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">1,219,693</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="10465110" x:fmla="=SUM(I17:K17)" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">10,465,110</font></td>
  </tr>
  </font>

</font>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt" colspan="13"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>

<font size="2">
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">ESOP
      receivables</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="150284" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
     150,284</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="150284" x:fmla="=C19+E19" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial" size="2">150,284</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="140824" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      140,82</font>5</td>
    <td align="right"></td>
    <td class="xl24" x:num="140824" x:fmla="=SUM(I19:K19)" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">140,82</font>5</td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">Interest
      and dividend receivable</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1674" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">1,674</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1674" x:fmla="=C20+E20" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,674</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="2297" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">2,297</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="2297" x:fmla="=SUM(I20:K20)" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,297</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">Total assets</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="9192619" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">9,192,619</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1232633" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">1,232,633</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="10425252" x:fmla="=C21+E21" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">10,425,252</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="9247714" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">9,247,714</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1360517" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">1,360,51</font>8</td>
    <td align="right"></td>
    <td class="xl24" x:num="10608231" x:fmla="=SUM(I21:K21)" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">10,608,23</font>2</td>
  </tr>

</font>
  </font>

  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt" colspan="13"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <font FACE="Arial" size="2">

<font size="2">
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">Liabilities:</font></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Accrued liabilities</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="39113" align="right"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">39,113</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-&nbsp;&nbsp;</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="39113" x:fmla="=C24+E24" align="right"><font face="Arial" size="2">
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,113</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="6499" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">6,499</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="6499" x:fmla="=SUM(I24:K24)" align="right"><font face="Arial" size="2">&nbsp;6,499</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Accrued ESOP interest</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1865" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,865</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1865" x:fmla="=C25+E25" align="right">
  <font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">1,865</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1976" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,976</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="1976" x:fmla="=SUM(I25:K25)" align="right">
  <font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">1,976</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">ESOP debt</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="231600" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      231,600</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="231600" x:fmla="=C26+E26" align="right">
  <font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">231,600</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="266100" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      266,100</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="266100" x:fmla="=SUM(I26:K26)" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">266,100</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Notes payable to UTC</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="193133" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      193,133</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="193133" x:fmla="=C27+E27" align="right">
  <font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">193,133</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="0" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="175333" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      175,33</font>4</td>
    <td align="right"></td>
    <td class="xl24" x:num="175333" x:fmla="=SUM(I27:K27)" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">175,33</font>4</td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">Total liabilities</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="39113" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">39,113</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="426598" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">426,598</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="465711" x:fmla="=C28+E28" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin" align="right">
  <font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">465,711</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="6499" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">6,499</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="443409" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">443,410</font></td>
    <td align="right"></td>
    <td class="xl24" x:num="449908" x:fmla="=SUM(I28:K28)" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">449,9</font>09</td>
  </tr>
  </font>

</font>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt" colspan="13"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>

<font size="2">
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">Net Assets</font></td>
    <td align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="9153506" style="border-bottom-style: double; border-bottom-width: thick" align="right">
  <font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">9,153,506</font></td>
    <td align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="806035" style="border-bottom-style: double; border-bottom-width: thick" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">806,035</font></td>
    <td align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="9959541" x:fmla="=C30+E30" style="border-bottom-style: double; border-bottom-width: thick" align="right">
  <font face="Arial" size="2">&nbsp;&nbsp; </font><font face="Arial" size="2">9,959,541</font></td>
    <td align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="9241215" style="border-bottom-style: double; border-bottom-width: thick" align="right">
  <font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">9,241,215</font></td>
    <td align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="917108" style="border-bottom-style: double; border-bottom-width: thick" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">917,108</font></td>
    <td align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="10158323" x:fmla="=SUM(I30:K30)" style="border-bottom-style: double; border-bottom-width: thick" align="right"><font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">10,158,323</font></td>
  </tr>

</font>
  </font>

  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt" colspan="13"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>

<font size="2">
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt" x:str="Net assets of the Master Trust allocable to the Plan "><font face="Arial" size="2">Net
      assets of the Master Trust attributable to the Plan</font></td>
    <td align="right"><font face="Arial" size="2">$</font></td>

</font>
  </font>

    <td class="xl24" x:num="7836208" x:fmla="=G32-E32" style="border-bottom-style: double; border-bottom-width: thick" align="right">
      <p align="right"><font face="Arial">
 <font size="2">&nbsp;</font><font size="2">-</font></font></p>
</td>
    <td align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="800661" style="border-bottom-style: double; border-bottom-width: thick" align="right">
      <p align="right"><font face="Arial"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      </font>
  <font size="2">
  -</font></font></p>
</td>
    <td align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="8636869" style="border-bottom-style: double; border-bottom-width: thick" align="right">
      <p align="right"><font face="Arial"><font size="2">&nbsp;&nbsp;
      </font>
  <font size="2">
  -</font></font></p>
</td>
    <td align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="7989065" x:fmla="=M32-K32" style="border-bottom-style: double; border-bottom-width: thick" align="right">
      <p align="right"><font face="Arial">
  <font size="2">&nbsp;</font><font size="2">121,015</font></font></p>
</td>
    <td align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="914615" style="border-bottom-style: double; border-bottom-width: thick" align="right">
      <p align="right"><font face="Arial"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      </font>
  <font size="2">
  -</font></font></p>
</td>
    <td align="right"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="8903680" style="border-bottom-style: double; border-bottom-width: thick" align="right">
      <p align="right"><font face="Arial">
  <font size="2">&nbsp;</font><font size="2">121,015</font></font></p>
</td>
  </tr>
  <font FACE="Arial" size="2">
  <font size="2">
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" style="height:12.75pt"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
    <td align="right"></td>
    <td class="xl24" align="right"></td>
  </tr>
</table>

</font>

<p align="center">7</p>
<b>

<hr>

<font size="2">

<p align="center"></font><font FACE="Arial" size="2">CARRIER CORPORATION REPRESENTED
EMPLOYEE SAVINGS PLAN<br>
</font>

Notes to Financial Statements

</p>

<p align="center">United Technologies Corporation <br>
Master Trust Statement of Changes in Net Assets<br>
</b>(Thousands of Dollars)</p>

<p align="center">&nbsp;</p>

<div align="center">
  <center>
  <table height="795">
    <tr>
      <td height="21"></td>
      <td align="right" height="21"></td>
      <td colspan="5" align="center" height="21"><font face="Arial" size="2"><b>Year
        Ended December 31, 2002</b></font></td>
    </tr>
  <tr height="17" style="height:12.75pt">
    <td height="21"></td>
    <td align="right" height="21"></td>
    <td class="xl25" style="border-bottom-style: solid; border-bottom-width: thin" align="center" height="21"><font face="Arial" size="2"><b>Allocated</b></font></td>
    <td align="right" height="21"></td>
    <td class="xl25" style="border-bottom-style: solid; border-bottom-width: thin" align="center" height="21"><font face="Arial" size="2"><b>Unallocated</b></font></td>
    <td align="center" height="21"></td>
    <td class="xl25" style="border-bottom-style: solid; border-bottom-width: thin" align="center" height="21"><font face="Arial" size="2"><b>Total</b></font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">Additions:</font></td>
    <td align="right" height="21"></td>
    <td class="xl24" height="21"></td>
    <td align="right" height="21"></td>
    <td class="xl24" height="21"></td>
    <td height="21"></td>
    <td class="xl24" height="21"></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Interest and dividend income</font></td>
    <td class="xl33" align="right" height="17"><font face="Arial" size="2">$</font></td>
</font>
    <td class="xl24" x:num="384224" height="17"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">384,220</font></td>
    <td class="xl33" align="right" height="17"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="21221" height="17"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">21,225</font></td>
    <td class="xl33" align="right" height="17"><font face="Arial" size="2">$</font></td>
    <td class="xl24" x:num="405445" x:fmla="=SUM(C6:E6)" height="17">
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial" size="2">405,445</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Contributions from participating
      plans for purchase of units</font></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="303726" height="21"><font size="2"><font face="Arial">&nbsp;&nbsp;&nbsp;
      </font>
  <font FACE="Arial">
  302,384</font></font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="23469" height="21"><font size="2"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font>
  <font FACE="Arial">
  24,811</font></font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="327195" x:fmla="=SUM(C7:E7)" height="21"><font size="2">
  <font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">327,195</font></font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Allocation of 269,000 ESOP
      shares, at market</font></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl26" x:num="71553" style="border-bottom-style: solid; border-bottom-width: thin" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">71,553</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
  </center>
    <td class="xl26" x:num="0" style="border-bottom-style: solid; border-bottom-width: thin" height="21">
      <p align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <center>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl26" x:num="71553" x:fmla="=SUM(C8:E8)" style="border-bottom-style: solid; border-bottom-width: thin" height="21">
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font face="Arial" size="2">71,553</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="21" colspan="7"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">Total additions</font></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="759503" x:fmla="=SUM(C6:C8)" height="21">
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp; </font>
  <font FACE="Arial" size="2">
  <font face="Arial" size="2">75</font>8,157
</font>
  </td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="44690" x:fmla="=SUM(E6:E7)" height="21">
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
  <font FACE="Arial" size="2">
  <font face="Arial" size="2">4</font>6,036
</font>
  </td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl29" x:num="804193" x:fmla="=SUM(G6:G8)" height="21">
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial" size="2">804,193</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="21" colspan="7"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">Deductions:</font></td>
    <td align="right" height="21"></td>
    <td class="xl24" height="21"></td>
    <td align="right" height="21"></td>
    <td class="xl24" height="21"></td>
    <td align="right" height="21"></td>
    <td class="xl24" height="21"></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Net depreciation on fair value
      of investments</font></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="-466592" height="21"><font face="Arial" size="2">&nbsp;&nbsp;
      </font><font face="Arial" size="2">(466,592)</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="-51592" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">(51,592)</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="-518184" x:fmla="=SUM(C13:E13)" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">(518,184)</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Benefit payments on behalf of
      participating plans</font></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="-430445" height="21"><font face="Arial" size="2">&nbsp;&nbsp;
      </font><font face="Arial" size="2">(430,445)</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
  </center>
    <td class="xl24" x:num="0" height="21">
      <p align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <center>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="-430445" x:fmla="=SUM(C14:E14)" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      </font>
      <font face="Arial" size="2">(430,445)</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Allocation of 269,000 ESOP
      shares, at market</font></td>
    <td align="right" height="21"></td>
</font>
  </center>
    <td class="xl24" x:num="0" height="21">
      <p align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <center>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="-71553" x:fmla="=-C8" height="21">
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; </font> <font face="Arial" size="2">(71,553)</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="-71553" x:fmla="=SUM(C15:E15)" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">(71,553)</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Master trust expenses</font></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl26" x:num="-3079" style="border-bottom-style: solid; border-bottom-width: thin" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">(3,079)</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl26" x:num="-33964" style="border-bottom-style: solid; border-bottom-width: thin" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">(33,964)</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl26" x:num="-37043" x:fmla="=SUM(C16:E16)" style="border-bottom-style: solid; border-bottom-width: thin" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">(37,043)</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl26" height="21"><font face="Arial" size="2">&nbsp;</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl26" height="21"><font face="Arial" size="2">&nbsp;</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl26" height="21"><font face="Arial" size="2">&nbsp;</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      Total deductions</font></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl27" style="border-bottom-style: solid; border-bottom-width: thin" x:num="-900116" x:fmla="=SUM(C13:C16)" height="21"><font face="Arial" size="2">&nbsp;&nbsp;
      </font><font face="Arial" size="2">(900,116)</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl27" style="border-bottom-style: solid; border-bottom-width: thin" x:num="-157109" x:fmla="=SUM(E13:E16)" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">(157,109)</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl27" style="border-bottom-style: solid; border-bottom-width: thin" x:num="-1057225" x:fmla="=SUM(G13:G16)" height="21"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">(1,057,225)</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="17" colspan="7"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">Net
      decrease prior to transfers</font></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="-140613" x:fmla="=C10+C18" style="border-bottom-style: solid; border-bottom-width: thin" height="21">
  <font face="Arial" size="2">&nbsp;&nbsp; </font><font face="Arial" size="2">(141,959)</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="-112419" x:fmla="=E10+E18" style="border-bottom-style: solid; border-bottom-width: thin" height="21">
 <font face="Arial" size="2">&nbsp;&nbsp;&nbsp; </font><font face="Arial" size="2">(111,073)</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl29" x:num="-253032" x:fmla="=G10+G18" style="border-bottom-style: solid; border-bottom-width: thin" height="21">
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial" size="2">(253,032)</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="21" colspan="7"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">Plan
      transfers:</font></td>
    <td align="right" height="21"></td>
    <td class="xl24" height="21"></td>
    <td align="right" height="21"></td>
    <td class="xl24" height="21"></td>
    <td align="right" height="21"></td>
    <td class="xl24" height="21"></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Assets transferred in</font></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="70167" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">70,167</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="0" height="21" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="70167" x:fmla="=SUM(C23:E23)" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font>
      <font face="Arial" size="2">70,167</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Assets transferred out</font></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl26" x:num="-15917" style="border-bottom-style: solid; border-bottom-width: thin" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">(15,917)</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl26" x:num="0" style="border-bottom-style: solid; border-bottom-width: thin" height="21" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl26" x:num="-15917" x:fmla="=SUM(C24:E24)" style="border-bottom-style: solid; border-bottom-width: thin" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font>
      <font face="Arial" size="2">(15,917)</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="21" colspan="7"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  <font FACE="Arial" size="2">
</font>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;
      Net Plan transfers</font></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl27" style="border-bottom-style: solid; border-bottom-width: thin" x:num="54250" x:fmla="=SUM(C23:C24)" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">54,250</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl27" style="border-bottom-style: solid; border-bottom-width: thin" x:num="0" x:fmla="=SUM(E23:E24)" height="21" align="right"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font face="Arial" size="2">-&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl27" style="border-bottom-style: solid; border-bottom-width: thin" x:num="54250" x:fmla="=SUM(G23:G24)" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font>
      <font face="Arial" size="2">54,250</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="21" colspan="7"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">Decrease
      in net assets</font></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="-86363" x:fmla="=C20+C26" height="21">
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial" size="2">(87,709)</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="-112419" x:fmla="=E20+E26" height="21">
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp; </font><font face="Arial" size="2">(111,073)</font></td>
  <font FACE="Arial" size="2">
    <td align="right" height="21"></td>
</font>
    <td class="xl29" x:num="-198782" x:fmla="=G20+G26" height="21">
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial" size="2">(198,782)</font></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="21" colspan="7"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">Net
      Assets:</font></td>
    <td align="right" height="21"></td>
    <td class="xl24" height="21"></td>
    <td align="right" height="21"></td>
    <td class="xl24" height="21"></td>
    <td align="right" height="21"></td>
    <td class="xl24" height="21"></td>
  </tr>
  <tr height="17" style="height:12.75pt">
    <td height="21"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">Beginning of year</font></td>
    <td align="right" height="21"></td>
</font>
    <td class="xl24" x:num="9239869" x:fmla="=G31-E31" style="border-bottom-style: solid; border-bottom-width: thin" height="21">
  <font face="Arial" size="2">&nbsp;</font><font FACE="Arial" size="2"><font face="Arial" size="2">9,2</font>41,215</font></td>
  <font FACE="Arial" size="2">
    <td height="21"></td>
</font>
    <td class="xl24" x:num="918454" x:fmla="=915958+2496" style="border-bottom-style: solid; border-bottom-width: thin" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      </font>
  <font FACE="Arial" size="2">
  <font face="Arial" size="2">91</font>7,108
</font>
  </td>
  <font FACE="Arial" size="2">
    <td height="21"></td>
</font>
    <td class="xl24" x:num="10158323" style="border-bottom-style: solid; border-bottom-width: thin" height="21">
  <font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">10,158,323</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="24"><font face="Arial" size="2">&nbsp;
      </font><font face="Arial" size="2">End of Year</font></td>
    <td class="xl33" align="right" height="24"><font face="Arial" size="2">$</font></td>
</font>
    <td class="xl28" x:num="9153506" x:fmla="=C31+C28" style="border-bottom-style: double; border-bottom-width: thick" height="24">
  <font face="Arial" size="2">&nbsp;</font><font face="Arial" size="2">9,153,506</font></td>
  </center>
    <td class="xl33" height="24">
      <p align="right"><font face="Arial" size="2">$</font></p>
</td>
  <center>
    <td class="xl28" x:num="806035" x:fmla="=E31+E28" style="border-bottom-style: double; border-bottom-width: thick" height="24">
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial" size="2">806,035</font></td>
  </center>
    <td class="xl33" height="24">
      <p align="right"><font face="Arial" size="2">$</font></p>
</td>
  <center>
    <td class="xl28" x:num="9959541" x:fmla="=SUM(C32:E32)" style="border-bottom-style: double; border-bottom-width: thick" height="24"><font face="Arial" size="2">&nbsp;&nbsp;
      </font><font face="Arial" size="2">9,959,541</font></td>
  </tr>
  <font FACE="Arial" size="2">
  <tr height="17" style="height:12.75pt">
    <td height="21"></td>
    <td align="right" height="21"></td>
    <td height="21"></td>
    <td align="right" height="21"></td>
    <td height="21"></td>
    <td align="right" height="21"></td>
    <td height="21"></td>
  </tr>
  </table>
  </center>
</div>

<p align="center">&nbsp;</p>

<div align="center">
  <center>

<table CELLSPACING="0" BORDER="0" CELLPADDING="0" style="font-family: Arial; font-size: 10pt">
  <tr>
    <td WIDTH="492" VALIGN="TOP" height="52"></td>
    <td WIDTH="17" VALIGN="TOP" height="52"></td>
    <td WIDTH="131" VALIGN="TOP" align="center" style="border-bottom-style: solid" height="52"><font FACE="Arial" size="2"><b>Year Ended<br>
      December 31,<br>
      2002</b></font></td>
  </tr>
  <tr>
    <td WIDTH="492" VALIGN="TOP" height="18"></td>
    <td WIDTH="17" VALIGN="TOP" height="18"></td>
    <td WIDTH="129" VALIGN="TOP" align="right" height="18"></td>
  </tr>
  <tr>
    <td WIDTH="492" VALIGN="TOP" height="18"><font FACE="Arial" size="2">Amounts pertaining to the Plan:</font></td>
    <td WIDTH="17" VALIGN="TOP" height="18"></td>
    <td WIDTH="129" VALIGN="TOP" align="right" height="18"><font face="Arial" size="2">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="492" VALIGN="TOP" height="24"><font FACE="Arial" size="2">&nbsp;&nbsp; Plan interest in net
      depreciation and investment income of Master Trust</font></td>
    <td WIDTH="17" VALIGN="TOP" height="24"><font FACE="Arial" size="2"><p ALIGN="RIGHT">
    $</font></td>
    <td WIDTH="131" VALIGN="top" align="right" height="24" style="border-bottom-style: double; border-bottom-width: thick">&nbsp;(4,574)<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="492" VALIGN="TOP" height="24"><font FACE="Arial" size="2">&nbsp;&nbsp; Contributions
    received (cash basis)</font></td>
    <td WIDTH="17" VALIGN="TOP" height="24"><font FACE="Arial" size="2"><p ALIGN="RIGHT">$</font></td>
    <td WIDTH="131" VALIGN="TOP" align="right" style="border-bottom-style: double; border-bottom-width: thick" height="24">&nbsp;12,591<font FACE="Arial" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font>

    </td>
  </tr>
  <tr>
    <td WIDTH="492" VALIGN="TOP" height="24">&nbsp;&nbsp; Assets transferred into Plan</td>
    <td WIDTH="17" VALIGN="TOP" height="24">
      <p align="right">$</td>
    <td WIDTH="131" VALIGN="top" align="right" height="24" style="border-bottom-style: double; border-bottom-width: thick">&nbsp;5,7<font FACE="Arial" SIZE="2">40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font>

    </td>
  </tr>
  <tr>
    <td WIDTH="492" VALIGN="TOP" height="24"><font FACE="Arial" size="2">&nbsp;&nbsp; </font>Distributions
      to participants</td>
    <td WIDTH="17" VALIGN="TOP" height="24"><font FACE="Arial" size="2"><p ALIGN="RIGHT">$</font></td>
    <td WIDTH="131" VALIGN="top" align="right" height="24" style="border-bottom-style: double; border-bottom-width: thick">&nbsp;(5,805)<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="492" VALIGN="TOP" height="24"><font FACE="Arial" size="2">&nbsp;&nbsp; Plan expenses</font></td>
    <td WIDTH="17" VALIGN="TOP" height="24"><font FACE="Arial" size="2"><p ALIGN="RIGHT">$</font></td>
    <td WIDTH="131" VALIGN="TOP" align="right" style="border-bottom-style: double; border-bottom-width: thick" height="24">&nbsp;(49)<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="492" VALIGN="TOP" height="24"><font FACE="Arial" size="2">&nbsp;&nbsp; Assets transferred
    out of Plan</font></td>
    <td WIDTH="17" VALIGN="TOP" height="24"><font FACE="Arial" size="2"><p ALIGN="RIGHT">$</font></td>
    <td WIDTH="131" VALIGN="TOP" style="border-bottom-style: double; border-bottom-width: thick" height="24">
      <p align="right">&nbsp;(128,918)<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
  </tr>
</table>
  </center>
</div>
<font FACE="Arial" size="2">

<p ALIGN="center">8</p>
<hr>
<b><font size="2">

<p align="center"></font><font FACE="Arial" size="2">CARRIER CORPORATION REPRESENTED
EMPLOYEE SAVINGS PLAN<br>
Notes to Financial Statements
</font>
</p>

</b>

<u>

<b>

<p ALIGN="JUSTIFY">NOTE 6 - RELATED-PARTY TRANSACTIONS
</b>

</u></p>

<p ALIGN="JUSTIFY">Certain Plan investment options are managed by Deutsche Asset
Management and Fidelity.&nbsp; Deutsche Bank Trust Company Americas, a subsidiary
of Deutsche Bank, and Fidelity are the Plan's trustee and recordkeeper,
respectively, as defined by the Plan and, therefore,
these transactions qualify as party-in-interest transactions.</p>

<p ALIGN="JUSTIFY">The Plan holds common shares of UTC, the Plan sponsor, and
these qualify as party-in-interest-transactions.</p>

<p ALIGN="JUSTIFY"><font face="sans-serif" size="2">The Plan invests in the UTC
Common Stock Fund (the &quot;Fund&quot;), which is comprised of a short-term
investment fund component and shares of common stock of UTC. &nbsp;The unit
values of the Fund are recorded and maintained by Fidelity. &nbsp;During the
year ended December 31, 2002, the Plan purchased units of the Fund in the
approximate amount of $</font></font></font><font face="sans-serif" size="2">2</font><font FACE="Arial" size="2"><font face="sans-serif" size="2">1,8</font>61</font><font face="sans-serif" size="2"><font FACE="Arial" size="2">,000, sold units of the Fund in the approximate
amount of $</font>40,430,000</font><font face="sans-serif" size="2"><font FACE="Arial" size="2">, and had net depreciation on the Fund in the approximate
amount of $620,000. &nbsp;The total value of the Plan's interest in the Fund was
</font>
approximately </font><font face="sans-serif" size="2"><font FACE="Arial" size="2">$-0- and
$19,</font>189</font><font face="sans-serif" size="2"><font FACE="Arial" size="2">,000 at December 31, 2002 and 2001, respectively</font>.</font></p>
<font FACE="Arial" size="2">
<b>

<u>

<p ALIGN="JUSTIFY"><a name="NOTE 7 - PLAN MERGER">NOTE 7 - PLAN MERGER</a></p>

</u></b>
</font>
<p ALIGN="JUSTIFY"><font size="2" face="Arial">As discussed in Note <a href="#NOTE 1 - DESCRIPTION OF THE PLAN">1</a>,
the Plan was merged into the United Technologies Corporation Represented
Employee Savings Plan as of December 31, 2002.&nbsp; The merger did not
constitute a plan termination under the provisions of the Plan.&nbsp; Had a
complete or partial termination, or complete discontinuance of contributions
thereunder occurred, all participants would have become fully vested in their
accounts.</font></p>

  <font FACE="Arial" size="2">
  <b>

<u>

<p ALIGN="JUSTIFY">NOTE 8 - PLAN TERMINATION</u></b></p>

<p ALIGN="JUSTIFY">Although it has not expressed any intent to do so, UTC has the right
under the Plan to discontinue its contributions at any time and to terminate the Plan
subject to the provisions of ERISA. In the event of Plan termination, participants will
become 100 percent vested in their accounts.</p>

<u>

  <b>

<p ALIGN="JUSTIFY">NOTE 9 - PLAN TRANSFER</p>

</b></u>

<p ALIGN="JUSTIFY"><font face="sans-serif" size="2">During 2002, UTC approved
the merger of the International Comfort Products (USA) Hourly Employees Share
Ownership Savings Plan (the &quot;ICP Plan&quot;) into the Plan. Participants of
the ICP Plan are eligible to participate in the Plan effective May 1, 2002.
&nbsp;On May 1, 2002, approximately $5,211,000 of net assets were transferred
into the Plan.</font></p>

<u>

<b>

<p ALIGN="JUSTIFY">NOTE 10 - TAX STATUS</b></u></p>

<p ALIGN="JUSTIFY">The Internal Revenue Service has determined and informed UTC by letter
dated April 28, 2003 that the Plan and related trust are designed in accordance with
applicable sections of the Internal Revenue Code (&quot;IRC&quot;). The Plan administrator and tax
counsel believe that the Plan is designed and currently being operated in compliance with
the applicable requirements of the IRC.</p>

<p ALIGN="center">9</p>

<hr>
<b>

<p ALIGN="center">SIGNATURES</b></p>

<p ALIGN="JUSTIFY">The Plan (or other persons who administer the employee benefit plan),
pursuant to the requirements of the Securities Exchange Act of 1934, has duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<b>

<p>&nbsp;</p>

<table border="0" cellpadding="2" cellspacing="0" width="100%" style="font-family: Arial; font-size: 10pt" height="161">
  <tr>
    <td width="25%" height="34"></td>
    <td width="4%" height="34"></td>
    <td width="52%" height="34">
<font FACE="Arial" size="2"><b> CARRIER CORPORATION<br>
 REPRESENTED EMPLOYEE SAVINGS PLAN</b></font>
    </td>
    <td width="19%" height="34"></td>
  </tr>
</b>
</font>
<b>
<tr>
  <td width="25%" height="7">
<font face="Arial" size="1">&nbsp;&nbsp;</font>
  </td>
  <td width="4%" height="7">
<font face="Arial" size="1">&nbsp;&nbsp;</font>
  </td>
  <td width="52%" height="7">
<font face="Arial" size="1">&nbsp;&nbsp;</font>
  </td>
  <td width="19%" height="7">
<font face="Arial" size="1">&nbsp;&nbsp;</font>
  </td>
</tr>
<tr>
  <td width="25%" height="4">
<font face="Arial" size="1">&nbsp;&nbsp;</font>
  </td>
  <td width="4%" height="4">
<font face="Arial" size="1">&nbsp;&nbsp;</font>
  </td>
  <td width="52%" height="4">
<font face="Arial" size="1">&nbsp;&nbsp;</font>
  </td>
  <td width="19%" height="4">
<font face="Arial" size="1">&nbsp;&nbsp;</font>
  </td>
</tr>
<tr>
  <td width="25%" height="2">
<font face="Arial" size="1">&nbsp;&nbsp;</font>
  </td>
  <td width="4%" height="2">
<font face="Arial" size="1">&nbsp;</font>
  </td>
  <td width="52%" height="2">
<font face="Arial" size="1">&nbsp;&nbsp;</font>
  </td>
  <td width="19%" height="2">
<font face="Arial" size="1">&nbsp;&nbsp;</font>
  </td>
</tr>
</b>
  <font FACE="Arial" size="2">
<font FACE="Arial" size="2">
<tr>
  <td width="25%" height="18">Dated:&nbsp; June 30, 2003</td>
  <td width="4%" height="18">By:</td>
  <td width="52%" style="border-bottom-style: solid; border-bottom-width: thin" height="18">/s/
    Laurie P. Havanec</td>
<b>
  <td width="19%" height="18"></td>
</tr>
<tr>
  <td width="25%" height="50"></td>
  <td width="4%" height="50"></td>
</b>
  <td width="52%" height="50">
<font FACE="Arial" size="2"> Laurie P. Havanec<br>
 Director, Employee Benefits and Human Resources Systems<br>
United Technologies Corporation</font>
  </td>
<b>
  <td width="19%" height="50"></td>
</tr>
</b>
</font>
</font>
<b>
<tr>
  <td width="25%" height="18">
<font face="Arial" size="1">&nbsp;</font>
  </td>
  <td width="4%" height="18">
<font face="Arial" size="1">&nbsp;</font>
  </td>
  <td width="52%" height="18">
<font face="Arial" size="1">&nbsp;</font>
  </td>
  <td width="19%" height="18">
<font face="Arial" size="1">&nbsp;</font>
  </td>
</tr>
</table>
</b>
  <font FACE="Arial" size="2">
<p align="center">10</p>
<hr>
<b>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <u>
        <p ALIGN="CENTER"><a name="EXHIBIT INDEX">EXHIBIT INDEX</a></p>
        </u>
        <p ALIGN="CENTER">&nbsp;</p>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
</b>
<table border="0" cellspacing="0" width="100%" cellpadding="0" style="font-family: Arial; font-size: 10pt">
  <tr>
    <td width="12%" align="right" height="18"><font face="Arial" size="2">(23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="88%" height="18"><font face="Arial" size="2">Consent of
      Independent Auditors *</font></td>
  </tr>
  <b><i>
  <tr>
    <td width="12%" height="18" style="font-family: Arial; font-size: 10pt" align="right"></td>
    <td width="88%" height="18" style="font-family: Arial; font-size: 10pt"></td>
  </tr>
  </i></b>
  <tr>
    <td width="12%" align="right" height="18" valign="top"><font face="Arial" size="2">(99)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="88%" height="18"><font face="Arial" size="2">Certification
      Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of
      the Sarbanes-Oxley Act of 2002, signed and dated by Laurie P. Havanec and
      David L. Porter as of June 30, 2003. *</font></td>
  </tr>
</table>
<p>* Submitted electronically herewith.</p>
<p align="center">11</p>
<hr>
</font>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>3
<FILENAME>carrierex23.htm
<TEXT>
<html>

<head>
<title>carrex23</title>
</head>

<body>
<font FACE="Arial" size="2">

<p align="right"><b>Exhibit 23</b></p>

<p><b>&nbsp;</p>

<p align="center"></b><strong><u>CONSENT OF INDEPENDENT AUDITORS</u></strong></p>

<p>&nbsp;</p>

<p ALIGN="JUSTIFY">We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-11255) of United Technologies Corporation of our report
dated June 27, 2003 relating to the financial statements of the Carrier Corporation
Represented Employee Savings Plan, which appears in this Form 11-K.</p>

<p>&nbsp;</p>

<p>/s/ PricewaterhouseCoopers LLP<br>
PricewaterhouseCoopers LLP<br>
Hartford, Connecticut<br>
June 27, 2003</p>
</font>
<hr>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>carrierex99.htm
<TEXT>
<html>

<head>
<title>Certification</title>
</head>

<body>

<b>
<p ALIGN="right"><font face="Arial" size="2">Exhibit 99</font></p>
<p ALIGN="CENTER"><font face="Arial" size="2">Certification<br>
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002<br>
(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States
Code)</font></p>
<p ALIGN="CENTER">&nbsp;</p>
</b>
<p ALIGN="JUSTIFY"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp; Pursuant to section 906 of the
Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63
of title 18, United States Code), each of the undersigned of United
Technologies Corporation, a Delaware corporation (the &quot;<u>Company</u>&quot;),
does hereby certify that:</font></p>
<p ALIGN="JUSTIFY"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp; The Annual
Report for the Carrier Corporation
Represented Employee Savings Plan on Form
11-K for the year ended December 31, 2002 (the &quot;<u>Form 11-K</u>&quot;) fully complies with the requirements of section 13(a) or 15(d) of
the Securities Exchange Act of 1934 and information contained in the
Form&nbsp;11-K fairly presents, in all material respects, the financial
condition and results of operations of the Plan.</font></p>
<p>&nbsp;</p>
<table border="0" cellspacing="1" width="85%">
  <tr>
    <td width="9%"><font face="Arial" size="2">Date:</font></td>
    <td width="26%"><font face="Arial" size="2">June 30, 2003</font></td>
    <td width="65%" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">/s/
      Laurie P. Havanec</font></td>
  </tr>
  <tr>
    <td width="9%" style="font-family: Arial; font-size: 10pt"></td>
    <td width="26%" style="font-family: Arial; font-size: 10pt"></td>
    <td width="65%"><font face="Arial" size="2">Laurie P. Havanec<br>
      Director, Employee Benefits and Human Resource Systems<br>
      United Technologies Corporation</font></td>
  </tr>
  <tr>
    <td width="9%" style="font-family: Arial; font-size: 10pt"><font face="Arial" size="2">&nbsp; </font></td>
    <td width="26%" style="font-family: Arial; font-size: 10pt"><font face="Arial" size="2">&nbsp; </font></td>
    <td width="65%"><font face="Arial" size="2">&nbsp; </font></td>
  </tr>
  <tr>
    <td width="9%"><font face="Arial" size="2">Date:</font></td>
    <td width="26%"><font face="Arial" size="2">June 30, 2003</font></td>
    <td width="65%" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">/s/
      David L. Porter</font></td>
  </tr>
  <tr>
    <td width="9%"></td>
    <td width="26%"></td>
    <td width="65%"><font face="Arial" size="2">David L. Porter<br>
      Assistant Controller, Financial Reporting and Accounting<br>
      United Technologies Corporation</font></td>
  </tr>
</table>
<p ALIGN="JUSTIFY"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp; A signed original of this
certification has been provided to the Company and will be retained by the
Company and furnished to the Securities and Exchange Commission or its staff
upon request. The foregoing certification is accompanying the Form 11-K solely
pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and
(b) of section 1350, chapter 63 of title 18, United States Code) and is not
being filed as part of the Form 11-K or as a separate disclosure document.</font></p>
<hr>

</body>

</html>

</TEXT>
</DOCUMENT>
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