Otis Secures $10 Million Contract For Taiwan Transit Project

TAIPEI, Taiwan--(BUSINESS WIRE)--March 16, 2004--Otis Elevator Company has been awarded a contract valued at US$10 million to supply and install 145 escalators and elevators for Taipei's Mass Rapid Transit (MRT) system.

"We are delighted our products were selected for such a prestigious project right in the heart of Taipei," said Otis President Ari Bousbib. "The award demonstrates not only confidence in the excellence of our products and services but also highlights the growing number of opportunities in the Taiwanese market."

The 96 Otis escalators and 49 elevators will be installed in 12 stations and a maintenance depot on the new Neihu line. When completed, the line will extend 14.8 kilometers from the Mucha line's Zhongshan Middle School terminal station and will link Taipei's domestic airport (Songshan Airport) to the Taipei MRT system.

Otis' factory in Tianjin, China, will supply the new equipment.

Alan Cheung, president of Tatung Otis in Taiwan, said, "We are pleased to have this opportunity to support the Department of Rapid Transit Systems (DORTS) and Kung Sing Corporation in this important project. Our selection builds on our strong partnership with the Taipei MRT system."

Construction on the Neihu line, which will feature both elevated and below-ground sections, began last June and will be completed in two stages, with the final stage expected to be completed by May 2008. Otis is to deliver its new equipment between April 2006 and April 2007. When the Neihu line is completed, it is estimated the line will be capable of transporting 1.5 million passengers per day.

Otis Elevator Company, a wholly owned subsidiary of United Technologies Corporation (NYSE:UTX), is the world's largest manufacturer and maintainer of people-moving products, including elevators, escalators, shuttle systems and moving walkways. With headquarters in Farmington, Connecticut, Otis employs more than 60,000 people, offers products and services in more than 200 countries and territories and maintains more than 1.4 million elevators and escalators worldwide.

Dilip Rangnekar Director,

Communications South Asia Pacific

Area 85.2.2884.7268 85.2.6079.0393