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<SEC-DOCUMENT>0000101829-03-000243.txt : 20030717
<SEC-HEADER>0000101829-03-000243.hdr.sgml : 20030717
<ACCEPTANCE-DATETIME>20030717082910
ACCESSION NUMBER:		0000101829-03-000243
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20030630
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030717

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00812
		FILM NUMBER:		03790300

	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>8-K
<SEQUENCE>1
<FILENAME>eightkdate71703.htm
<TEXT>
<html>

<head>
<title>8-K 4/17/03</title>
</head>

<body>
<img SRC="utcbluelogo.gif" width="543" height="90">
<p ALIGN="CENTER"><font face="Arial" size="2"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
</b>Washington, D.C. 20549</font></p>
<p ALIGN="CENTER"><font face="Arial" size="2"><b>FORM 8-K</b></font></p>
<p ALIGN="CENTER"><font face="Arial" size="2">Current Report Pursuant to Section
13 or 15(d) of<br>
The Securities Exchange Act of 1934</font></p>
<p ALIGN="CENTER"><font face="Arial" size="2">Date of Report (Date of earliest
event reported):&nbsp;&nbsp;&nbsp; July 17, 2003</font></p>
<p ALIGN="CENTER"><font face="Arial" size="2"><b>UNITED TECHNOLOGIES CORPORATION<br>
</b>(exact name of registrant as specified in its charter)</font></p>
<center>
<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="630">
  <tr>
    <td WIDTH="212" VALIGN="TOP">
      <p ALIGN="CENTER"><font face="Arial" size="2">Delaware<br>
      (State or other jurisdiction of<br>
      incorporation or organization)</font></td>
    <td WIDTH="161" VALIGN="TOP">
      <p ALIGN="CENTER"><font face="Arial" size="2">1-812<br>
      (Commission</font> <font face="Arial" size="2">File Number)</font></td>
    <td WIDTH="209" VALIGN="TOP">
      <p ALIGN="CENTER"><font face="Arial" size="2">06-0570975<br>
      (I.R.S. Employer Identification No.)</font></td>
  </tr>
</table>
</center>
<p ALIGN="CENTER"><font face="Arial" size="2">One Financial Plaza<br>
Hartford, Connecticut 06103<br>
(Address of principal executive offices, including Zip Code)<br>
</font></p>
<p ALIGN="CENTER"><font face="Arial" size="2">Registrant's telephone number,
including area code<br>
(860) 728-7000</font></p>
<p ALIGN="CENTER"><font face="Arial" size="2">N/A<br>
(Former name or former address, if changed since last report)</font></p>
<hr>

<table CELLSPACING="0" BORDER="0" CELLPADDING="2" width="696" height="99">
  <tr>
    <td WIDTH="690" VALIGN="top" height="1"><b><font face="Arial" size="2">Item
      9.&nbsp; Regulation FD Disclosure</font></b></td>
  </tr>
  <tr>
    <td WIDTH="690" VALIGN="top" height="10"><font face="Arial" size="2">This
      information is being furnished pursuant to &quot;Item 12.&nbsp; Results of
      Operations and Financial Condition&quot; of Form 8-K in accordance with SEC Release No.
      33-8216.</font></td>
  </tr>
</table>
<p><font face="Arial" size="2">&nbsp;&nbsp;&nbsp; On July 17, 2003, United
Technologies Corporation issued a press release announcing its second quarter 2003
results.&nbsp; The press release is attached hereto as Exhibit 99.1.</font></p>

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

<p ALIGN="JUSTIFY"><font FACE="Arial" SIZE="2">&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.</font>&nbsp;</p>

<table border="0" cellspacing="0" width="636">
  <tr>

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

<i>

<b>

    <td width="301" height="21"></td>

    <td width="32" height="21"></td>
  </b>

</i>

    <td width="507" height="21"><font face="Arial" size="2"><b>UNITED TECHNOLOGIES CORPORATION<br>
      (Registrant)</b></font></td>

    </font>
  </tr>

  <tr>

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

<b>

<i>

    <td width="301" height="21"></td>

    <td width="32" height="21"></td>
    <td width="507" height="21"></td>
</i>
</b>

    </font>
  </tr>

  <tr>

<font FACE="Arial" SIZE="2">
    <td width="301" height="21"><font face="Arial" size="2">Date:&nbsp; July 17,
      2003</font></td>
    <td width="32" height="21"></td>
    <td width="507" height="21">

<font FACE="Arial" SIZE="2">
    By:<u>&nbsp;</u></font></font><u><font face="Arial" SIZE="2">/s/ </font></u><font face="Arial" SIZE="2"><u>Gregory
      J. Hayes</u>
    </font>
</td>
  </tr>

  <tr>

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

<b>

<i>

    <td width="301" height="21"></td>

    <td width="32" height="21"></td>
</i>
</b>

    <td width="507" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Gregory J. Hayes</td>
    </font>
  </tr>

  <tr>

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

<b>

<i>

    <td width="301" height="21"></td>

    <td width="32" height="21"></td>
</i>
</b>

    <td width="507" height="21"><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Vice President,
      Controller</font></td>
    </font>
  </tr>

</table>


<font SIZE="3">
<hr>


</font>

<b>

<p><font face="Arial" size="2">INDEX TO EXHIBITS</font></p>

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


<font SIZE="3">


</font>

      </font>
</b>


<b>

<table border="0" cellspacing="0" width="733" cellpadding="0">
</b>


  <tr>
    <td width="73" align="left" height="16"><font face="Arial" size="2">Exhibit<br>
 Number</font></td>
    <td width="569" height="16"><font face="Arial" size="2">Exhibit<br>
 Description</font></td>
    <td width="85" height="16" valign="bottom"><font size="2" face="Arial">Page</font></td>
  </tr>

  <tr>
    <td width="73" align="left" height="16"></td>
    <td width="654" height="16" colspan="2"></td>
  </tr>

  <tr>
    <td width="73" align="left" height="16"><font face="Arial" size="2">99.1</font></td>
    <td width="654" height="16" colspan="2"><font face="Arial" size="2">Press Release, dated
      July 17, 2003, issued by United Technologies Corporation&nbsp; . . . . . . . . . .
      . . . .&nbsp; 1</font></td>
  </tr>

  <tr>
    <td width="73" align="center" height="18">
      <p align="left"></td>
    <td width="656" colspan="2" height="18"></td>
  </tr>

<b>

<font SIZE="3">

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

<i>

  </i>
</table>
  </font>
</font>


</b>


<font SIZE="3">


<hr>
</font>


</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>eightkex99171703.htm
<TEXT>
<html>

<head>
<title>8-K </title>
</head>

<body>
<b>

<p align="right"><font face="Arial" size="2">Exhibit 99.1</font></p>


</b>


<b><font FACE="Arial"></font></b><font FACE="Arial">
<table border="0" cellspacing="1" width="90%">
  <tr>
    <td width="50%" colspan="2"><font face="Arial" size="2">Contact: Paul
      Jackson</font></td>
    <td width="50%">
      <p align="right"><font face="Arial" size="2">FOR IMMEDIATE RELEASE</font></td>
  </tr>
  <tr>
    <td width="7%"></td>
    <td width="43%"><font face="Arial" size="2">(860) 728-7912</font></td>
    <td width="50%">
      <p align="right"><font face="Arial" size="2">&nbsp;www.utc.com</font></td>
  </tr>
</table>
<b>
<p>&nbsp;</p>
<p><font size="2">UTC SECOND QUARTER EARNINGS PER SHARE RISE 3 CENTS TO $1.26,
REVENUES INCREASE 6 PERCENT; FULL-YEAR OUTLOOK REAFFIRMED</font></p>
<p ALIGN="CENTER">&nbsp;</p>
</b>
<p><font size="2">HARTFORD, Conn., July 17, 2003 - United Technologies Corp.
(NYSE: UTX) today reported second quarter 2003 earnings per share increased to
$1.26, up 3 cents from the same quarter last year. Net income grew slightly to
$632 million. Consolidated revenues rose 6 percent to $7.8 billion.</font></p>
<p><font size="2">Second quarter cash flow from operations was $803 million
including a voluntary pension contribution of $100 million. Capital expenditures
for the quarter were $109 million. Acquisition related spending was $76 million,
the majority for the purchase of Chubb plc shares. The debt to total capital
ratio was 34 percent, 3 percentage points below December 31, 2002.</font></p>
<p><font size="2">&quot;These solid results reflect yet again the benefits of
UTC's global portfolio and successful cost reduction efforts given an
exceptionally weak commercial aviation market and poor economic conditions
generally. We affirm our outlook for earnings per share for the year in the
$4.55-4.80 range, as indicated to investors last December,&quot; said George
David, chairman and chief executive officer.</font></p>
<p><font size="2">&quot;Strong revenue growth and 150 basis points of margin
expansion at Otis, combined with Carrier's fifth consecutive quarterly margin
increase, helped offset the commercial aviation weakness. Foreign exchange
boosted these commercial companies' results in the quarter but they also saw
significant growth in many countries, particularly China where combined Otis and
Carrier revenues grew 25 percent. Commercial aerospace sales declined 13 percent
in the quarter but military aerospace business grew 16 percent. Balance
works,&quot; David said.</font></p>
<p><font size="2">&quot;Cash flow from operations in the quarter was
exceptionally strong. Even net of capital expenditures and including the $100
million pension contribution, we still exceeded net income,&quot; David said.
UTC reaffirmed guidance for cash flow from operations, before pension
contributions and after capital expenditures, equal to or potentially exceeding
net income for the year.</font></p>
<p><font size="2">Effective this week, more than 50 percent of the common stock
of Chubb plc has been tendered to or is owned by UTC. U.S. regulatory approval
has been secured, and a decision is expected in Europe in July. With the
addition of Chubb plc, UTC's 2002 commercial revenues would have increased to 61
percent of total revenues versus the 57 percent reported, continuing a business
shift under way for two decades. Chubb plc operates in commercial security and
fire protection markets with a predominance of revenues in Europe and Asia.
Including Chubb plc, UTC's 2002 international revenues would have increased to
59 percent of total revenues versus the 56 percent reported.</font></p>
<p><font size="2">The accompanying tables include information integral to
assessing the company's financial position, operating performance, and cash
flow.</font></p>
<p><font size="2">United Technologies Corp., based in Hartford, Connecticut, is
a diversified company that provides a broad range of high technology products
and support services to the building systems and aerospace industries.</font></p>
<p><font size="2">This release includes &quot;forward looking statements&quot;
that are subject to risks and uncertainties. For information identifying
economic, political, climatic, currency, regulatory, technological, competitive
and some other important factors that could cause actual results to differ
materially from those anticipated in the forward looking statements, see UTC's
SEC filings as updated from time to time, including, but not limited to, the
discussion included in the Business section of UTC's Annual Report on Form
10-K under the headings &quot;General,&quot; &quot;Description of Business by
Segment&quot; and &quot;Other Matters Relating to the Corporation's Business
as a Whole&quot; and the information included in UTC's 10-K and 10-Q reports
under the heading &quot;Management's Discussion and Analysis of Financial
Condition and Results of Operations.&quot;</font></p>
<b>
<p>&nbsp;</p>
</b>
<p ALIGN="CENTER"><font size="2"># # #</font></p>
<b>
<p>&nbsp;</p>
</b>
</font>


<b>


<hr>
<font
FACE="Arial" SIZE="5">

<p align="left"><font FACE="Arial" SIZE="2">UNITED TECHNOLOGIES CORPORATION<br>
</font>


</font>

<font face="Arial" size="2">CONDENSED CONSOLIDATED STATEMENT
OF OPERATIONS
</font></p>


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


</b>


<div align="center">
  <center>

<table CELLSPACING="0" BORDER="0" style="font-family: Arial; font-size: 10pt" height="550" width="712">
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="50">
    <br>
    <br>
    (Millions, except per share amounts)
    </td>

    <td WIDTH="14" VALIGN="TOP" height="50">
    </td>

    <td align="right" height="50" colspan="3" width="183">
<p align="center">
<font size="2" face="Arial"><b>Quarter Ended<br>
June 30,<br>
</b>
(Unaudited)</font>
  </td>

    <td WIDTH="13" VALIGN="top" height="50">
    </td>
    <td WIDTH="180" VALIGN="TOP" height="50" colspan="3" align="center">
    <font face="Arial" size="2"><b>Six Months Ended<br>
June 30,<br>
    </b>
(Unaudited)</font>
    </td>

  </tr>
  <tr>
    <td WIDTH="708" VALIGN="TOP" height="16" colspan="9">
    <font size="1">&nbsp;&nbsp;&nbsp;</font>
    </td>

  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18">
    </td>

    <td WIDTH="14" VALIGN="TOP" height="18">
    </td>

    <td align="center" height="18" width="82">
<p align="center">
<font face="Arial" size="2"><u>2003</u></font>
</p>
  </td>

    <td WIDTH="14" VALIGN="top" height="18" align="center">
    </td>
    <td WIDTH="79" VALIGN="TOP" height="18" align="center">
<font face="Arial" size="2"><u>2002</u></font></td>

    <td WIDTH="13" VALIGN="top" height="18" align="center">
    </td>

    <td align="center" height="18" width="87">
<p align="center">
<font face="Arial" size="2"><u>2003</u></font>
</p>
  </td>

    <td WIDTH="14" VALIGN="top" height="18" align="center">
    </td>
    <td WIDTH="79" VALIGN="TOP" height="18" align="center">
<font face="Arial" size="2"><u>2002</u></font></td>

  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="6">
<font face="Arial" size="1">&nbsp;&nbsp;</font></td>

    <td WIDTH="14" VALIGN="TOP" height="6">
<font face="Arial" size="1">&nbsp;&nbsp;</font></td>

  </center>

    <td align="right" height="6" width="82">
<p align="left">
<font face="Arial" size="1">&nbsp;&nbsp;</font></p>
  </td>

  <center>

    <td WIDTH="14" VALIGN="top" height="6">
<font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="79" VALIGN="TOP" height="6">
    <font size="1" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>

    <td WIDTH="13" VALIGN="top" height="6">
<font face="Arial" size="1">&nbsp;&nbsp;</font></td>

    <td align="center" height="18" width="87">
<font size="1" face="Arial">&nbsp;&nbsp;</font>
  </td>

    <td WIDTH="14" VALIGN="top" height="18" align="center">
    <font size="1" face="Arial">&nbsp;&nbsp;</font>
    </td>
    <td WIDTH="79" VALIGN="TOP" height="18" align="center">
<font size="1" face="Arial">&nbsp;&nbsp;</font></td>

  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18">
<b><font face="Arial" size="2">Revenues</font></b></td>

  </center>

    <td WIDTH="14" VALIGN="TOP" height="18">
<p align="right"><font face="Arial" size="2">$</font></td>
  <center>

    <td align="right" height="18" width="82">
<font size="2" face="Arial">7,790 &nbsp;&nbsp;&nbsp;</font></td>

  </center>

    <td WIDTH="14" height="18" align="right">
<p align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="79" height="18" align="right">
<font size="2" face="Arial">7,324&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

    <td WIDTH="13" height="18" align="right">
<p align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="75" height="18" align="right">
<font size="2" face="Arial">14,492&nbsp; &nbsp;</font></td>

    <td WIDTH="15" height="18" align="right">
<p align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="82" height="18" align="right">
<p align="right"><font face="Arial" size="2">13,698&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <center>

  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18">
<font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>

  </center>

    <td align="right" height="18" width="82">
    <p align="left">
    <font face="Arial" size="1">&nbsp;&nbsp;</font>
    </p>
    </td>

  <center>

    <td WIDTH="14" height="18" align="right"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="79" align="right" height="18">
    </td>

    <td WIDTH="13" height="18" align="right"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="75" align="right" height="18">
    </td>

    <td WIDTH="15" height="18" align="right"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="82" align="right" height="18">
      <font face="Arial" size="1">&nbsp;&nbsp;</font>
    </td>

  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18">
<b><font face="Arial" size="2">Cost and Expenses</font></b></td>
    <td WIDTH="14" VALIGN="TOP" height="18"></td>
    <td align="right" height="18" width="82">
    </td>

    <td WIDTH="14" height="18" align="right"></td>
    <td WIDTH="79" align="right" height="18">
    </td>

    <td WIDTH="13" height="18" align="right"></td>
    <td WIDTH="75" align="right" height="18">
    </td>

    <td WIDTH="15" height="18" align="right"></td>
    <td WIDTH="82" align="right" height="18">
    </td>

  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="20">
<font face="Arial" size="2">Cost of goods and services sold</font></td>
    <td WIDTH="14" VALIGN="TOP" height="20">
    </td>
    <td align="right" height="20" width="82">
    <font face="Arial" size="2">5,619 &nbsp;&nbsp;&nbsp;</font>
    </td>
    <td WIDTH="14" height="20" align="right">
    </td>
    <td WIDTH="79" align="right" height="20">
<font size="2" face="Arial">5,190&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="13" height="20" align="right">
    </td>
    <td WIDTH="75" align="right" height="20">
<font size="2" face="Arial">10,485&nbsp; &nbsp;</font></td>
    <td WIDTH="15" height="20" align="right">
    </td>
    <td WIDTH="82" align="right" height="20">
<font face="Arial" size="2">9,675&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18">
<font face="Arial" size="2">Research and development</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18">
    </td>
    <td align="right" height="18" width="82">
    <font size="2" face="Arial">281 &nbsp;&nbsp;&nbsp;</font>
    </td>
    <td WIDTH="14" height="18" align="right"></td>
    <td WIDTH="79" align="right" height="18">
<font size="2" face="Arial">305&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="13" height="18" align="right"></td>
    <td WIDTH="75" align="right" height="18">
<font size="2" face="Arial">516&nbsp; &nbsp;</font></td>
    <td WIDTH="15" height="18" align="right"></td>
    <td WIDTH="82" align="right" height="18">
<font face="Arial" size="2">643&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="22">
<font face="Arial">
Selling, general and administrative</font></td>
    <td WIDTH="14" VALIGN="TOP" height="22">
    </td>
    <td align="right" height="22" width="82">
    <font face="Arial" size="2">857&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td WIDTH="14" height="22" align="right"></td>
    <td WIDTH="79" align="right" height="22">
<font size="2" face="Arial">798&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="13" height="22" align="right"></td>
    <td WIDTH="75" align="right" height="22">
<font size="2" face="Arial">1,621&nbsp; &nbsp;</font></td>
    <td WIDTH="15" height="22" align="right"></td>
    <td WIDTH="82" align="right" height="22">
<font face="Arial" size="2">1,552&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18">
<font face="Arial" size="2">Interest</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18">
    </td>
    <td align="right" height="18" width="82" style="border-bottom-style: solid; border-bottom-width: THIN">
    <font face="Arial" size="2">93 &nbsp;&nbsp;&nbsp;</font>
    </td>
    <td WIDTH="14" height="18" align="right"></td>
    <td WIDTH="79" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: THIN">
<font face="Arial" size="2">96&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="13" height="18" align="right"></td>
    <td WIDTH="75" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: THIN">
<font face="Arial" size="2">184&nbsp; &nbsp;</font></td>
    <td WIDTH="15" height="18" align="right"></td>
    <td WIDTH="82" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: THIN">
<font face="Arial" size="2">195&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18">
<font size="2" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18">
<font face="Arial" size="2">&nbsp;&nbsp;</font></td>
    <td align="right" height="18" width="82">
    <font face="Arial" size="2">6,850 &nbsp;&nbsp;&nbsp;</font>
    </td>
    <td WIDTH="14" height="18" align="right"><font face="Arial" size="2">&nbsp;&nbsp;</font></td>
    <td WIDTH="79" align="right" height="18">
<font size="2" face="Arial">6,389&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="13" height="18" align="right"><font face="Arial" size="2">&nbsp;&nbsp;</font></td>
    <td WIDTH="75" align="right" height="18">
<font size="2" face="Arial">12,806&nbsp; &nbsp;</font></td>
    <td WIDTH="15" height="18" align="right"><font face="Arial" size="2">&nbsp;&nbsp;</font></td>
    <td WIDTH="82" align="right" height="18">
<font face="Arial" size="2">12,065&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18">
<font size="1" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18">
    <font face="Arial" size="1">&nbsp;&nbsp;</font>
    </td>
    <td align="right" height="18" width="82">
    <font size="1" face="Arial">&nbsp;&nbsp;</font>
    </td>
    <td WIDTH="14" height="18" align="right"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="79" align="right" height="18">
    </td>
    <td WIDTH="13" height="18" align="right"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="75" align="right" height="18">
    </td>
    <td WIDTH="15" height="18" align="right"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="82" align="right" height="18">
<font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18">
<font face="Arial">
Income before income taxes and minority interests</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18">
    </td>
    <td align="right" height="18" width="82">
    <font face="Arial" size="2">940&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td WIDTH="14" height="18" align="right"></td>
    <td WIDTH="79" align="right" height="18">
<font size="2" face="Arial">935&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="13" height="18" align="right"></td>
    <td WIDTH="75" align="right" height="18">
<font size="2" face="Arial">1,686&nbsp; &nbsp;</font></td>
    <td WIDTH="15" height="18" align="right"></td>
    <td WIDTH="82" align="right" height="18">
<font face="Arial" size="2">1,633&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18"><font face="Arial" size="2">Income
      taxes</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18"></td>
    <td align="right" height="18" width="82"><font face="Arial" size="2">(263)&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="14" height="18" align="right"></td>

  </center>

    <td align="right" height="18" width="79"><font size="2" face="Arial">(266)&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="13" height="18" align="right"></td>

    <td align="right" height="18" width="75"><font size="2" face="Arial">(472)&nbsp;&nbsp;</font></td>
    <td WIDTH="15" height="18" align="right"></td>

    <td align="right" height="18" width="82"><font face="Arial" size="2">(464)&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <center>

  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18"><font face="Arial" size="2">Minority
      interests</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18"></td>
    <td align="right" height="18" width="82" style="border-bottom-style: solid; border-bottom-width: THIN"><font face="Arial" size="2">(45)&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="14" height="18" align="right"></td>
    <td WIDTH="79" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: THIN"><font size="2" face="Arial">(45)&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="13" height="18" align="right"></td>
    <td WIDTH="75" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: THIN"><font size="2" face="Arial">(80)&nbsp;&nbsp;</font></td>
    <td WIDTH="15" height="18" align="right"></td>
    <td WIDTH="82" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: THIN"><font face="Arial" size="2">(78)&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="middle" height="24"><font face="Arial" size="2">&nbsp;
      Net Income</font></td>

  </center>

    <td WIDTH="14" VALIGN="middle" height="24">
      <p align="right"><font face="Arial" size="2">$</font></td>
  <center>

    <td align="right" height="24" width="82" style="border-bottom-style: double; border-bottom-width: THICK"><font face="Arial" size="2">632&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

  </center>

    <td WIDTH="14" height="24" align="right">
      <p align="right"><font face="Arial" size="2">$</font></td>
  <center>

    <td WIDTH="79" align="right" height="24" style="border-bottom-style: double; border-bottom-width: THICK"><font size="2" face="Arial">624&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

    <td WIDTH="13" height="24" align="right">
      <p align="right"><font face="Arial" size="2">$</font></td>

    <td WIDTH="75" align="right" height="24" style="border-bottom-style: double; border-bottom-width: THICK"><font size="2" face="Arial">1,134&nbsp;
      &nbsp;</font></td>

    <td WIDTH="15" height="24" align="right">
      <p align="right"><font face="Arial" size="2">$</font></td>

    <td WIDTH="82" align="right" height="24" style="border-bottom-style: double; border-bottom-width: THICK"><font face="Arial" size="2">1,091&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td align="right" height="18" width="82"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="14" height="18" align="right"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="79" align="right" height="18"></td>
    <td WIDTH="13" height="18" align="right"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="75" align="right" height="18"></td>
    <td WIDTH="15" height="18" align="right"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="82" align="right" height="18"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18"><b><font face="Arial" size="2">Earnings
      Per Share of Common Stock</font></b></td>
    <td WIDTH="14" VALIGN="TOP" height="18"></td>
    <td align="right" height="18" width="82"></td>
    <td WIDTH="14" height="18" align="right"></td>
    <td WIDTH="79" align="right" height="18"></td>
    <td WIDTH="13" height="18" align="right"></td>
    <td WIDTH="75" align="right" height="18"></td>
    <td WIDTH="15" height="18" align="right"></td>
    <td WIDTH="82" align="right" height="18"></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18"><font face="Arial" size="2">&nbsp;
      Basic</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18" align="right"><font face="Arial" size="2">$</font></td>
    <td align="right" thin solid; border-bottom: thin solid" height="18" width="82"><font face="Arial" size="2">1.33&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="14" height="18" align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="79" align="right" thin solid; border-bottom: thin solid" height="18"><font size="2" face="Arial">1.30&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="13" height="18" align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="75" align="right" thin solid; border-bottom: thin solid" height="18"><font size="2" face="Arial">2.38&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" height="18" align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="82" align="right" thin solid; border-bottom: thin solid" height="18"><font size="2" face="Arial">2.27&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18"><font face="Arial" size="2">&nbsp;
      Diluted</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18" align="right"><font face="Arial" size="2">$</font></td>
    <td align="right" thin solid; border-bottom: thin solid" height="18" width="82"><font face="Arial" size="2">1.26&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="14" height="18" align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="79" align="right" thin solid; border-bottom: thin solid" height="18"><font size="2" face="Arial">1.23&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="13" height="18" align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="75" align="right" thin solid; border-bottom: thin solid" height="18"><font size="2" face="Arial">2.27&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" height="18" align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="82" align="right" thin solid; border-bottom: thin solid" height="18"><font face="Arial" size="2">2.15&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td align="right" thin solid; border-bottom: thin solid" height="18" width="82"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="14" height="18" align="right"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="79" align="right" thin solid; border-bottom: thin solid" height="18"></td>
    <td WIDTH="13" height="18" align="right"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="75" align="right" thin solid; border-bottom: thin solid" height="18"></td>
    <td WIDTH="15" height="18" align="right"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="82" align="right" thin solid; border-bottom: thin solid" height="18"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18"><b><font face="Arial" size="2">Average
      Shares (in millions)</font></b></td>
    <td WIDTH="14" VALIGN="TOP" height="18"></td>
    <td align="right" thin solid; border-bottom: thin solid" height="18" width="82"></td>
    <td WIDTH="14" height="18" align="right"></td>
    <td WIDTH="79" align="right" thin solid; border-bottom: thin solid" height="18"></td>
    <td WIDTH="13" height="18" align="right"></td>
    <td WIDTH="75" align="right" thin solid; border-bottom: thin solid" height="18"></td>
    <td WIDTH="15" height="18" align="right"></td>
    <td WIDTH="82" align="right" thin solid; border-bottom: thin solid" height="18"></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18"><font face="Arial" size="2">&nbsp;
      Basic</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18"></td>
    <td align="right" thin solid; border-bottom: thin solid" height="18" width="82"><font face="Arial" size="2">468&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="14" height="18" align="right"></td>
    <td WIDTH="79" align="right" thin solid; border-bottom: thin solid" height="18"><font size="2" face="Arial">473&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="13" height="18" align="right"></td>
    <td WIDTH="75" align="right" thin solid; border-bottom: thin solid" height="18"><font size="2" face="Arial">469&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" height="18" align="right"></td>
    <td WIDTH="82" align="right" thin solid; border-bottom: thin solid" height="18"><font face="Arial" size="2">473&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18"><font face="Arial" size="2">&nbsp;
      Diluted</font></td>
    <td WIDTH="14" VALIGN="TOP" height="18"></td>
    <td align="right" thin solid; border-bottom: thin solid" height="18" width="82"><font face="Arial" size="2">500&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="14" height="18" align="right"></td>
    <td WIDTH="79" align="right" thin solid; border-bottom: thin solid" height="18"><font size="2" face="Arial">507&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="13" height="18" align="right"></td>
    <td WIDTH="75" align="right" thin solid; border-bottom: thin solid" height="18"><font size="2" face="Arial">500&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" height="18" align="right"></td>
    <td WIDTH="82" align="right" thin solid; border-bottom: thin solid" height="18"><font face="Arial" size="2">507&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="302" VALIGN="TOP" height="18"></td>
    <td WIDTH="14" VALIGN="TOP" height="18"></td>
    <td align="right" thin solid; border-bottom: thin solid" height="18" width="82"></td>
    <td WIDTH="14" height="18" align="right"></td>
    <td WIDTH="79" align="right" thin solid; border-bottom: thin solid" height="18"></td>
    <td WIDTH="13" height="18" align="right"></td>
    <td WIDTH="75" align="right" thin solid; border-bottom: thin solid" height="18"></td>
    <td WIDTH="15" height="18" align="right"></td>
    <td WIDTH="82" align="right" thin solid; border-bottom: thin solid" height="18"></td>
  </tr>
</table>

</div>

  </center>

<p><font face="Arial" size="2">&nbsp;See accompanying Note to Condensed
Consolidated Financial Statements.</font></p>
<hr>
<font
FACE="Arial" SIZE="5">
<b><font FACE="Arial" SIZE="3">

<p align="left"></font><font FACE="Arial" SIZE="2">UNITED TECHNOLOGIES CORPORATION</font></b></font><b><font face="Arial" size="2"><br>
SEGMENT REVENUES and OPERATING
PROFIT</font>
</b>

</p>
<div align="center">
  <center>
  <table border="0" cellspacing="1" width="90%">
    <tr>
      <td width="37%"><font face="Arial" size="2">(Unaudited)<br>
        (Millions)</font></td>
      <td width="4%" align="right"></td>
      <td width="28%" align="center" colspan="3"><font face="Arial" size="2"><b>Quarter
        Ended<br>
        June 30,</b></font></td>
      <td width="4%" align="right"></td>
      <td width="28%" align="center" colspan="3"><font face="Arial" size="2"><b>Six
        Months Ended<br>
        June 30,</b></font></td>
    </tr>
    <tr>
      <td width="37%"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="center"><font face="Arial" size="2"><b><u>2003</u></b></font></td>
      <td width="4%" align="center"></td>
      <td width="12%" align="center"><font face="Arial" size="2"><b><u>2002</u></b></font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="center"><font face="Arial" size="2"><b><u>2003</u></b></font></td>
      <td width="4%" align="center"></td>
      <td width="12%" align="center"><font face="Arial" size="2"><b><u>2002</u></b></font></td>
    </tr>
    <tr>
      <td width="37%"></td>
      <td width="4%" align="right"></td>
      <td width="60%" align="center" colspan="7" <font face="Arial" size="2"><b><font face="Arial" size="2"><u>Revenues</u></font></b></td>
    </tr>
    <tr>
      <td width="37%"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
    </tr>
    <tr>
      <td width="37%"><font face="Arial" size="2">Otis</font></td>
      <td width="4%" align="right"><font face="Arial" size="2">$</font></td>
      <td width="12%" align="right">
        <p align="right"><font face="Arial" size="2">1,956&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right">
        <p align="right"><font face="Arial" size="2">$</font></td>
      <td width="12%" align="right">
        <p align="right"><font face="Arial" size="2">1,680&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right">
        <p align="right"><font face="Arial" size="2">$</font></td>
      <td width="12%" align="right">
        <p align="right"><font face="Arial" size="2">3,776&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right">
        <p align="right"><font face="Arial" size="2">$</font></td>
      <td width="12%" align="right"><font face="Arial" size="2">3,216&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font face="Arial" size="2">Carrier</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">2,640&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">2,541&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">4,597&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">4,437&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font face="Arial" size="2">Pratt &amp; Whitney</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">1,948&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">1,875&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">3,679&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">3,715&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font face="Arial" size="2">Flight</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">1,392&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">1,379&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">2,709&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">2,588&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font size="2" face="Arial">Segment Revenue</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">7,936&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font size="2" face="Arial">7,475&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font size="2" face="Arial">14,761&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font size="2" face="Arial">13,956&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font size="2" face="Arial">Eliminations and other</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">(146)&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font size="2" face="Arial">(151)&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font size="2" face="Arial">(269)&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font size="2" face="Arial">(258)&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
    </tr>
    <tr>
      <td width="37%"><font face="Arial" size="2">Consolidated Revenues</font></td>
      <td width="4%" align="right"><font size="2" face="Arial">$</font></td>
      <td width="12%" align="right" style="border-bottom-style: double; border-bottom-width: thick"><font face="Arial" size="2">7,790&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"><font size="2" face="Arial">$</font></td>
      <td width="12%" align="right" style="border-bottom-style: double; border-bottom-width: thick"><font size="2" face="Arial">7,324&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"><font size="2" face="Arial">$</font></td>
      <td width="12%" align="right" style="border-bottom-style: double; border-bottom-width: thick"><font size="2" face="Arial">14,492&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"><font size="2" face="Arial">$</font></td>
      <td width="12%" align="right" style="border-bottom-style: double; border-bottom-width: thick"><font size="2" face="Arial">13,698&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
    </tr>
    <tr>
      <td width="37%"></td>
      <td width="4%" align="right"></td>
      <td width="60%" align="center" colspan="7" <font face="Arial" size="2"></td>
    </tr>
    <tr>
      <td width="37%"></td>
      <td width="4%" align="right"></td>
      <td width="60%" align="center" colspan="7" <font face="Arial" size="2"><b><font face="Arial" size="2"><u>Operating
        Profit</u></font></b></td>
    </tr>
    <tr>
      <td width="37%"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
    </tr>
    <tr>
      <td width="37%"><font face="Arial" size="2">Otis</font></td>
      <td width="4%" align="right"><font face="Arial" size="2">$</font></td>
      <td width="12%" align="right">
        <p align="right"><font face="Arial" size="2">336&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right">
        <p align="right"><font face="Arial" size="2">$</font></td>
      <td width="12%" align="right">
        <p align="right"><font face="Arial" size="2">263&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right">
        <p align="right"><font face="Arial" size="2">$</font></td>
      <td width="12%" align="right">
        <p align="right"><font face="Arial" size="2">650&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right">
        <p align="right"><font face="Arial" size="2">$</font></td>
      <td width="12%" align="right"><font face="Arial" size="2">497&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font face="Arial" size="2">Carrier</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">363&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">335&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">514&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">396&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font face="Arial" size="2">Pratt &amp; Whitney</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">269&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">335&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">545&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">653&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font face="Arial" size="2">Flight</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">173&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">192&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">360&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">350&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font size="2" face="Arial">Segment Operating Profit</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">1,141&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">1,125&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">2,069&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">1,896&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font size="2" face="Arial">Eliminations and other</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">(48)&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">(40)&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">(85)&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"><font face="Arial" size="2">43&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font face="Arial" size="2">General corporate expenses</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">(60)&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">(54)&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">(114)&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">(111)&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
      <td width="4%" align="right"></td>
      <td width="12%" align="right"></td>
    </tr>
    <tr>
      <td width="37%"><font face="Arial" size="2">Consolidated
      Operating Profit</font></td>
      <td width="4%" align="right"><font face="Arial" size="2">$</font></td>
      <td width="12%" align="right" style="border-bottom-style: double; border-bottom-width: thick"><font face="Arial" size="2">1,033&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"><font face="Arial" size="2">$</font></td>
      <td width="12%" align="right" style="border-bottom-style: double; border-bottom-width: thick"><font face="Arial" size="2">1,031&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"><font face="Arial" size="2">$</font></td>
      <td width="12%" align="right" style="border-bottom-style: double; border-bottom-width: thick"><font face="Arial" size="2">1,870&nbsp;&nbsp;&nbsp;</font></td>
      <td width="4%" align="right"><font face="Arial" size="2">$</font></td>
      <td width="12%" align="right" style="border-bottom-style: double; border-bottom-width: thick"><font face="Arial" size="2">1,828&nbsp;&nbsp;&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>

<p align="JUSTIFY"><font face="Arial" size="2">Segment operating profit for the
six months ended June 30, 2002 includes restructuring and related charges.&nbsp;
The amounts recorded in the first quarter were as follows:&nbsp; Otis - $16,
Carrier - $74, Pratt &amp; Whitney - $9 and Flight Systems - $5.&nbsp; In the
second quarter, charges of $29 were recorded in connection with the
Corporation's continuing cost reduction efforts, primarily in the commercial
segments.</font></p>
<p align="JUSTIFY"><font face="Arial" size="2">In the first and second quarters
of 2003, the Corporation recorded charges of $11 and $22, respectively, in
connection with its continuing cost reduction efforts.&nbsp; These charges were
similar in nature to those noted above and were recorded in both the commercial
and aerospace units.</font></p>
<p>&nbsp;</p>
<p><font face="Arial" size="2">See accompanying Note to Condensed Consolidated
Financial Statements.</font></p>
<hr>
<font
FACE="Arial" SIZE="5">
<b><font FACE="Arial" SIZE="3">

<p align="left"></font><font FACE="Arial" SIZE="2">UNITED TECHNOLOGIES CORPORATION<br>
</font>
</b>


</font>

<b>

<font face="Arial" size="2">CONDENSED CONSOLIDATED BALANCE
SHEET</font></p>
</b>

<div align="center">
  <center>

<table CELLSPACING="1" BORDER="0" width="560">
  <tr>
    <td WIDTH="306" VALIGN="top" HEIGHT="52"><font SIZE="2" face="Arial"><br>
    <br>
      (Millions)</font></td>
    <td WIDTH="9" VALIGN="top" HEIGHT="52"></td>
    <td WIDTH="99" VALIGN="bottom" HEIGHT="52" class="botbord" <font SIZE="2" face="Arial"><p
    align="center"><b><font face="Arial" size="2">June 30,<br>
      <u>
      2003</u></font><br>
      </b>
      <font face="Arial" size="2">
    (Unaudited)</font></td>
    <td WIDTH="15" VALIGN="bottom" HEIGHT="52" class="botbord"></td>
    <td WIDTH="99" VALIGN="bottom" HEIGHT="52" class="botbord" <font SIZE="2" face="Arial"><p
    align="center"><b><font face="Arial" size="2">December 31,<br>
      <u>
      2002</u></font><br>
      </b><font face="Arial" size="2">(Audited)</font></td>
  </tr>
  <tr>
    <td WIDTH="552" VALIGN="TOP" HEIGHT="18" colspan="5"><p align="center"><font SIZE="2"
    face="Arial"><u>Assets</u></font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" HEIGHT="16"><font size="1" face="Arial">&nbsp; </font></td>
    <td WIDTH="9" VALIGN="top" HEIGHT="16"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="99" VALIGN="top" HEIGHT="16"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" HEIGHT="16"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="99" VALIGN="top" HEIGHT="16"><font size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="18"><font SIZE="2" face="Arial">Cash and cash
    equivalents</font></td>
    <td WIDTH="9" VALIGN="top" height="18"><p ALIGN="RIGHT"><font SIZE="2" face="Arial">$</font></td>
    <td WIDTH="99" VALIGN="top" align="right" height="18"><font face="Arial" size="2">2,415
      &nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="18"><p ALIGN="center"><font SIZE="2" face="Arial">$</font></td>
    <td WIDTH="99" VALIGN="top" align="right" height="18"><font size="2" face="Arial">2,080
      &nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="21"><font SIZE="2" face="Arial">Accounts receivable,
    net</font></td>
    <td WIDTH="9" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" align="right" height="21"><font face="Arial" size="2">4,653
      &nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" align="right" height="21"><font size="2" face="Arial">4,277
      &nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="21"><font SIZE="2" face="Arial">Inventories and
    contracts in progress, net</font></td>
    <td WIDTH="9" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" align="right" height="21"><font face="Arial" size="2">3,911
      &nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" align="right" height="21"><font SIZE="2" face="Arial">3,803
    &nbsp;&nbsp;&nbsp; </font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="21"><font SIZE="2" face="Arial">Other current assets</font></td>
    <td WIDTH="9" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" align="right" height="21" class="botbord"><font face="Arial" size="2">1,730
      &nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" align="right" height="21" class="botbord"><font SIZE="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp; 1,675&nbsp;&nbsp;&nbsp;&nbsp; </font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="21"><font SIZE="2" face="Arial">Total Current Assets</font></td>
    <td WIDTH="9" VALIGN="top" height="21"></td>
    <td WIDTH="101" VALIGN="top" align="right" height="21" style="border-top-style: solid; border-top-width: thin"><font face="Arial" size="2">12,709
      &nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21"></td>
    <td WIDTH="101" VALIGN="top" align="right" height="21" style="border-top-style: solid; border-top-width: thin"><font SIZE="2" face="Arial">&nbsp;
      11,835&nbsp;&nbsp;&nbsp;&nbsp;
    </font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="16"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="9" VALIGN="top" height="16"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="99" VALIGN="top" align="right" height="16"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="16"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="99" VALIGN="top" align="right" height="16"><font size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="21"><font size="2" face="Arial">Fixed </font><font size="2" face="Arial">assets, net</font></td>
    <td WIDTH="9" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" align="right" height="21"><font face="Arial" size="2">4,521
      &nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" align="right" height="21"><font face="Arial" size="2">4,587
      &nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="21"><font size="2" face="Arial">Goodwill,
      net</font></td>
    <td WIDTH="9" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" align="right" height="21"><font face="Arial" size="2">7,068
      &nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" align="right" height="21"><font face="Arial" size="2">6,981
      &nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="21"><font size="2" face="Arial">Other
      assets</font></td>
    <td WIDTH="9" VALIGN="top" height="21"></td>
    <td WIDTH="101" VALIGN="top" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: thin"><font face="Arial" size="2">6,609
      &nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21"></td>
    <td WIDTH="101" VALIGN="top" align="right" height="21" style="border-right-style: solid; border-right-width: 0; border-top-style: solid; border-top-width: 0; border-bottom-style: solid; border-bottom-width: thin"><font
    size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,771&nbsp;&nbsp;&nbsp;&nbsp; </font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" HEIGHT="10"><font size="1" face="Arial">&nbsp;&nbsp;&nbsp; </font></td>
    <td WIDTH="9" VALIGN="top" HEIGHT="10"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>

  </center>
    <td WIDTH="99" VALIGN="top" HEIGHT="10" align="right">
      <p align="left"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
  <center>

    <td WIDTH="15" VALIGN="top" HEIGHT="10"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="99" VALIGN="top" HEIGHT="10" align="right"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="24"><font SIZE="2" face="Arial">Total Assets</font></td>
    <td WIDTH="9" VALIGN="top" height="24"><p ALIGN="RIGHT"><font SIZE="2" face="Arial">$</font></td>
    <td WIDTH="101" VALIGN="top" height="24" align="right" style="border-bottom-style: double; border-bottom-width: thick"><font
    SIZE="2" face="Arial">30,907 &nbsp; &nbsp; </font></td>
    <td WIDTH="15" VALIGN="top" height="24"><p ALIGN="RIGHT"><font SIZE="2" face="Arial">$</font></td>
    <td WIDTH="101" VALIGN="top" align="right" height="24" style="border-bottom-style: double; border-bottom-width: thick"><font
    SIZE="2" face="Arial">29,174 &nbsp;&nbsp;&nbsp; </font></td>
  </tr>
  <tr>
    <td VALIGN="top" COLSPAN="5" height="17" width="552"><font size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="552" VALIGN="top" COLSPAN="5" height="18"><p align="center"><font SIZE="2"
    face="Arial"><u>Liabilities and Shareowners' Equity</u></font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" HEIGHT="21"><font face="Arial" size="1">&nbsp; </font></td>
    <td WIDTH="9" VALIGN="top" HEIGHT="21"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="99" VALIGN="top" HEIGHT="21"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" HEIGHT="21"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="99" VALIGN="top" HEIGHT="21"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="TOP" HEIGHT="18"><font SIZE="2" face="Arial">Short-term
      debt</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="18"><p ALIGN="RIGHT"><font SIZE="2" face="Arial">$</font></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="18" align="right"><font size="2" face="Arial">262&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="TOP" HEIGHT="18"><p ALIGN="RIGHT"><font SIZE="2" face="Arial">$</font></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="18" align="right"><font size="2" face="Arial">241&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="TOP" HEIGHT="21"><font SIZE="2" face="Arial">Accounts payable</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="21" align="right"><font SIZE="2" face="Arial">2,400&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="21" align="right"><font SIZE="2" face="Arial">2,095&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="TOP" HEIGHT="21"><font SIZE="2" face="Arial">Accrued liabilities</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="21" align="right"><font SIZE="2" face="Arial">5,721
      &nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="21" align="right"><font SIZE="2" face="Arial">5,651&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="TOP" HEIGHT="21"><font SIZE="2" face="Arial">Total Current Liabilities</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="101" VALIGN="top" HEIGHT="21" align="right" style="border-top-style: solid; border-top-width: thin"><font SIZE="2" face="Arial"><i>&nbsp;
    &nbsp; </i> 8,383&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="101" VALIGN="top" HEIGHT="21" align="right" style="border-top-style: solid; border-top-width: thin"><font SIZE="2" face="Arial">&nbsp;
    &nbsp;7,987
    &nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" HEIGHT="17"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>

  </center>
    <td WIDTH="9" VALIGN="top" HEIGHT="17">
      <p align="left"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
  <center>

    <td WIDTH="99" VALIGN="top" HEIGHT="17" align="left"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" HEIGHT="17"><font face="Arial" size="1">&nbsp;&nbsp;</font></td>

  </center>
    <td WIDTH="99" VALIGN="top" HEIGHT="17" align="left">
      <font face="Arial" size="1">&nbsp;&nbsp;</font>
  </td>
  </tr>
  <center>

  <tr>
    <td WIDTH="306" VALIGN="TOP" HEIGHT="21"><font SIZE="2" face="Arial">Long-term debt</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="21" align="right"><font size="2" face="Arial">4,630&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="21" align="right"><font SIZE="2" face="Arial">4,632&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="TOP" HEIGHT="21"><font SIZE="2" face="Arial">Other
    liabilities</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="21" align="right"><font size="2" face="Arial">7,937&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="21" align="right"><font SIZE="2" face="Arial">7,772&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" HEIGHT="1"><font face="Arial" size="1">&nbsp; </font></td>
    <td WIDTH="9" VALIGN="top" HEIGHT="1"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="99" VALIGN="top" HEIGHT="1" align="right"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" HEIGHT="1"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="99" VALIGN="top" HEIGHT="1" align="right"><font size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="TOP" HEIGHT="21"><font size="2" face="Arial">ESOP
    Convertible Preferred Stock, net</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="21" align="right"><font SIZE="2" face="Arial">431&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="21" align="right"><font SIZE="2" face="Arial">428&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="TOP" height="1"><font size="1" face="Arial">&nbsp; </font></td>
    <td WIDTH="9" VALIGN="TOP" height="1"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="101" VALIGN="top" height="1" align="left"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="TOP" height="1"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="101" VALIGN="top" height="1" align="left"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="TOP" HEIGHT="21"><font SIZE="2" face="Arial">Shareowners' Equity:</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="21" align="right"></td>
    <td WIDTH="15" VALIGN="TOP" HEIGHT="21"></td>
    <td WIDTH="99" VALIGN="TOP" HEIGHT="21" align="right"></td>
  </tr>

  </center>
  <tr>
    <td WIDTH="306" VALIGN="TOP" height="21">
      <p align="left"><font SIZE="2" face="Arial">Common Stock</font></p>
    </td>
  <center>

    <td WIDTH="9" VALIGN="TOP" height="21"></td>
    <td WIDTH="99" VALIGN="TOP" align="right" height="21"><font SIZE="2" face="Arial">5,621&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="TOP" height="21"></td>
    <td WIDTH="99" VALIGN="TOP" align="right" height="21"><font SIZE="2" face="Arial">5,447&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="TOP" height="21"><font SIZE="2" face="Arial">Treasury Stock</font></td>
    <td WIDTH="9" VALIGN="TOP" height="21"></td>
    <td WIDTH="99" VALIGN="TOP" align="right" height="21"><font SIZE="2" face="Arial">(5,196)&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="TOP" height="21"></td>
    <td WIDTH="99" VALIGN="TOP" align="right" height="21"><font SIZE="2" face="Arial">(4,951)&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" height="21"><font SIZE="2" face="Arial">Retained Earnings</font></td>
    <td WIDTH="9" height="21"></td>

  </center>
    <td WIDTH="99" height="21">
      <p align="right"><font SIZE="2" face="Arial">11,673&nbsp;&nbsp;&nbsp;</font></p>
    </td>
  <center>

    <td WIDTH="15" height="21"></td>

  </center>
    <td WIDTH="99" height="21">
      <p align="right"><font SIZE="2" face="Arial">10,836&nbsp;&nbsp;&nbsp;</font></p>
    </td>
  </tr>
  <center>

  <tr>
    <td WIDTH="306" VALIGN="TOP" height="34"><font SIZE="2" face="Arial">Accumulated other non-shareowners' changes<br>
      &nbsp;&nbsp;&nbsp; in equity</font></td>
    <td WIDTH="9" VALIGN="TOP" height="34"></td>
    <td WIDTH="99" VALIGN="TOP" align="right" height="34"><font SIZE="2" face="Arial"><br>
    &nbsp;&nbsp; (2,572)&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="TOP" height="34"></td>
    <td WIDTH="99" VALIGN="TOP" align="right" height="34"><font SIZE="2" face="Arial"><br>
    &nbsp;&nbsp; (2,977)&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" HEIGHT="21"></td>
    <td WIDTH="9" VALIGN="top" HEIGHT="21"></td>
    <td WIDTH="101" VALIGN="top" HEIGHT="21" align="right" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin"><font SIZE="2" face="Arial">&nbsp;&nbsp;&nbsp;
      9,526&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" HEIGHT="21"></td>
    <td WIDTH="101" VALIGN="top" HEIGHT="21" align="right" style="border-top-style: solid; border-top-width: thin; border-bottom-style: solid; border-bottom-width: thin"><font SIZE="2" face="Arial">&nbsp;&nbsp;
      8,355&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" HEIGHT="10"><font size="1" face="Arial">&nbsp;&nbsp;&nbsp; </font></td>
    <td WIDTH="9" VALIGN="top" HEIGHT="10"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>

    <td WIDTH="99" VALIGN="top" HEIGHT="10" align="right">
      <p align="left"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>

    <td WIDTH="15" VALIGN="top" HEIGHT="10"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
    <td WIDTH="99" VALIGN="top" HEIGHT="10" align="right"><font size="1" face="Arial">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="24"><font SIZE="2" face="Arial">Total Liabilities and Shareowners' Equity</font></td>
    <td WIDTH="9" VALIGN="top" height="24"><p ALIGN="RIGHT"><font SIZE="2" face="Arial">$</font></td>
    <td WIDTH="101" VALIGN="top" height="24" align="right" style="border-bottom-style: double; border-bottom-width: thick"><font
    SIZE="2" face="Arial">30,907&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="24"><p ALIGN="RIGHT"><font SIZE="2" face="Arial">$</font></td>
    <td WIDTH="101" VALIGN="top" align="right" height="24" style="border-bottom-style: double; border-bottom-width: thick"><font
    SIZE="2" face="Arial">29,174&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="17"><font size="1">&nbsp;</font></td>
    <td WIDTH="9" VALIGN="top" height="17"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="99" VALIGN="top" height="17" align="right"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="17"><font size="1">&nbsp;&nbsp;</font></td>
    <td WIDTH="99" VALIGN="top" align="right" height="17"><font size="1">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="21"><font size="2" face="Arial">Debt
      Ratios (Net debt is total debt less cash):</font></td>
    <td WIDTH="9" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="15" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" align="right" height="21"></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="21"><font size="2" face="Arial">Debt to
      total capitalization (debt plus equity)</font></td>
    <td WIDTH="9" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" height="21" align="right"><font face="Arial" size="2">34%&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" align="right" height="21"><font size="2" face="Arial">37%&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="306" VALIGN="top" height="21"><font size="2" face="Arial">Net
      debt to total capitalization</font></td>
    <td WIDTH="9" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" height="21" align="right"><font face="Arial" size="2">21%&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21"></td>
    <td WIDTH="99" VALIGN="top" align="right" height="21"><font size="2" face="Arial">25%&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
</table>

  </center>
</div>

<p><font face="Arial" size="2">See accompanying Note to Condensed Consolidated
Financial Statements.</font></p>
<hr>
<font
FACE="Arial" SIZE="5">
<b><font FACE="Arial" SIZE="3">

<p align="left"></font><font FACE="Arial" SIZE="2">UNITED TECHNOLOGIES CORPORATION<br>
</font>
</b>


</font>

<b>

<font face="Arial" size="2">CONDENSED CASH FLOWS FROM
OPERATIONS</font></p>

</b>

<div align="center">
  <center>

<table CELLSPACING="1" BORDER="0" height="302">
  <tr>
    <td WIDTH="351" VALIGN="top" HEIGHT="21" colspan="4"><font face="Arial" size="2">(Unaudited)</font></td>
    <td WIDTH="13" VALIGN="top" HEIGHT="21" align="right"></td>
    <td WIDTH="197" VALIGN="top" HEIGHT="21" align="center" colspan="3"></td>
    <td WIDTH="15" VALIGN="top" HEIGHT="21" align="center"></td>
    <td WIDTH="197" VALIGN="top" HEIGHT="21" align="center" colspan="3"></td>
  </tr>
  <tr>
    <td WIDTH="351" VALIGN="top" HEIGHT="32" colspan="4"><font size="2" face="Arial"><br>
      (Millions)</font></td>
    <td WIDTH="13" VALIGN="top" HEIGHT="32" align="right"></td>
    <td WIDTH="197" VALIGN="top" HEIGHT="32" align="center" colspan="3"><font size="2" face="Arial"><b>Quarter
      Ended<br>
      June 30,</b></font></td>
    <td WIDTH="15" VALIGN="top" HEIGHT="32" align="center"></td>
    <td WIDTH="197" VALIGN="top" HEIGHT="32" align="center" colspan="3"><font size="2" face="Arial"><b>Six
      Months Ended<br>
      June 30,</b></font></td>
  </tr>
  <tr>
    <td WIDTH="351" VALIGN="top" height="21" colspan="4"></td>
    <td WIDTH="13" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="87" VALIGN="top" align="center" height="21"><font face="Arial" size="2"><b><u>2003</u></b></font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="center"></td>
    <td WIDTH="89" VALIGN="top" align="center" height="21"><font face="Arial" size="2"><b><u>2002</u></b></font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="center"></td>
    <td WIDTH="87" VALIGN="top" align="center" height="21"><font face="Arial" size="2"><b><u>2003</u></b></font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="center"></td>
    <td WIDTH="89" VALIGN="top" align="center" height="21"><font face="Arial" size="2"><b><u>2002</u></b></font></td>
  </tr>
  <tr>
    <td WIDTH="351" VALIGN="top" height="21" colspan="4"><font face="Arial" size="2">Net
      Income</font></td>
    <td WIDTH="13" VALIGN="top" height="21" align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21"><font face="Arial" size="2">632&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"><font size="2" face="Arial">$</font></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21"><font face="Arial" size="2">624&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21"><font face="Arial" size="2">1,134&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="89" VALIGN="top" align="right" height="21"><font face="Arial" size="2">1,091&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td height="21" colspan="4"><font face="Arial" size="2">Adjustments
      to reconcile net income</font></td>

  </center>
    <td WIDTH="13" VALIGN="top" height="21" align="right">
      <p align="right"></td>
  <center>

    <td WIDTH="87" VALIGN="top" align="right" height="21"></td>

  </center>
    <td WIDTH="15" VALIGN="top" height="21" align="right">
  </td>
  <center>

    <td WIDTH="87" VALIGN="top" align="right" height="21"></td>

    <td WIDTH="15" VALIGN="top" height="21" align="right">
      <p align="right"></td>

    <td WIDTH="87" VALIGN="top" align="right" height="21"></td>

    <td WIDTH="15" VALIGN="top" height="21" align="right">
    </td>

    <td WIDTH="89" VALIGN="top" align="right" height="21"></td>
  </tr>
  <tr>
    <td width="1" colspan="2" height="34"></td>
    <td width="353" colspan="2" height="34"><font face="Arial" size="2">to net
      cash flows provided by operating activities</font></td>
    <td WIDTH="13" height="34"></td>
    <td WIDTH="87" height="34"></td>
    <td WIDTH="15" height="34"></td>

  </center>
    <td WIDTH="87" height="34"></td>
    <td WIDTH="15" height="34"></td>

    <td WIDTH="87" height="34"></td>
    <td WIDTH="15" height="34"></td>

    <td WIDTH="89" height="34">
  </td>
  </tr>
  <center>

  <tr>
    <td width="8" height="21"></td>
    <td width="17" colspan="2" height="21"></td>
    <td width="314" height="21"><font face="Arial" size="2">Depreciation and amortization</font></td>
    <td WIDTH="13" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21"><font size="2" face="Arial">187&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21"><font size="2" face="Arial">189&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21"><font size="2" face="Arial">367&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="89" VALIGN="top" align="right" height="21"><font size="2" face="Arial">364&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="351" VALIGN="top" height="21" colspan="4"><font face="Arial" size="2">Changes
      in working capital</font></td>
    <td WIDTH="13" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21"><font size="2" face="Arial">(125)&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21"><font size="2" face="Arial">66
      &nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21"><font size="2" face="Arial">(209)&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="89" VALIGN="top" align="right" height="21"><font face="Arial" size="2">(127)&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="351" VALIGN="top" height="21" colspan="4"><font face="Arial" size="2">Contribution
      to domestic pension plans</font></td>
    <td WIDTH="13" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21"><font size="2" face="Arial">(100)&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21"><font size="2" face="Arial">-
      &nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21"><font size="2" face="Arial">(600)&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="89" VALIGN="top" align="right" height="21"><font size="2" face="Arial">-&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="351" VALIGN="top" height="21" colspan="4"><font face="Arial" size="2">Other,
      net</font></td>
    <td WIDTH="13" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: thin"><font size="2" face="Arial">209&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: thin"><font size="2" face="Arial">(55)&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="87" VALIGN="top" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: thin"><font size="2" face="Arial">363
      &nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="21" align="right"></td>
    <td WIDTH="89" VALIGN="top" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: thin"><font size="2" face="Arial">97&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="351" VALIGN="top" height="24" colspan="4"><font face="Arial" size="2">Net
      Cash Flows Provided by Operating Activities</font></td>
    <td WIDTH="13" VALIGN="top" height="24" align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="87" VALIGN="top" align="right" height="24" class="botbord" style="border-bottom-style: double; border-bottom-width: thick"><font size="2" face="Arial">803&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="24" align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="87" VALIGN="top" align="right" height="24" class="botbord" style="border-bottom-style: double; border-bottom-width: thick"><font size="2" face="Arial">824&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="24" align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="87" VALIGN="top" align="right" height="24" class="botbord" style="border-bottom-style: double; border-bottom-width: thick"><font size="2" face="Arial">1,055&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td WIDTH="15" VALIGN="top" height="24" align="right"><font face="Arial" size="2">$</font></td>
    <td WIDTH="91" VALIGN="top" align="right" height="24" class="botbord" style="border-bottom-style: double; border-bottom-width: thick"><font face="Arial" size="2">1,425&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
</table>

  </center>
</div>

<p><font face="Arial" size="2">See accompanying Note to Condensed Consolidated
Financial Statements.</font></p>
<hr>
<p>
<font
FACE="Arial" SIZE="5">
<b><font FACE="Arial" SIZE="2">UNITED TECHNOLOGIES CORPORATION<br>
</font></b></font><font face="Arial" size="2"><b>Note to Condensed Consolidated Financial
Statements</b></font></p>
  <blockquote>
    <font face="Arial" size="2">(1)&nbsp; Certain reclassifications have been made to
    prior year amounts to conform to current year presentation.</font>
  </blockquote>

  <hr>

</body>

</html>

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#```[
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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