1		S H A R E H O L D E R    L E T T E R
4		A T   A   G L A N C E
8		E M P L O Y E E   S C H O L A R S
10		T H I S   I S   M O M E N T U M
38		C A R R I E R
39		C H U B B
40		H A M I L T O N   S U N D S T R A N D
41		O T I S
42		P R A T T   &   W H I T N E Y
43		S I K O R S K Y
44		U T C   P O W E R

45		C O R P O R A T E   I N I T I A T I V E S
47		D I R E C T O R S
48		L E A D E R S H I P
49		S H A R E O W N E R   I N F O R M A T I O N

Factors That May Affect Future Results
This publication contains statements concerning earnings, revenues, operating margins, savings, growth and other financial measurements; new business and business opportunities; acquisitions; and other aspects of future operating or financial performance. These statements are based on assumptions currently believed to be valid and may be “forward-looking statements” under securities laws.Various factors could materially affect actual results. These include: changes in economic or market conditions, government procurement policies and technology, or competition. For additional information about these factors, see the Corporation’s Annual Report for 2003, Form 10-K Report for 2003 and reports on Forms 10-Q and 8-K.