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IPOX® PORTFOLIO HOLDING ANALYSIS 02/03/2021 To learn more, visit www.ipox.com; OTIS WORLDWIDE CORPORATION (OTIS US) Email: [email protected] Office: +1 (312) 526-3634 COMPANY DESCRIPTION Support +1 (312) 339-4114 Founded in 1853, Otis Worldwide Corporation is the world’s leading elevator and escalator manufacturing, installation and service company. Otis was acquired by United Technologies (UTC) in 1976 and was subsequently spun off in 2020 after UTC merged with Raytheon Technologies (RTX). The Farmington, CT-based company designs, manufactures, sells and installs a wide range of passenger and freight elevators, as well as escalators and moving walkways. Otis also provides maintenance, repair and modernization/upgrade services for elevators and escalators. BUSINESS MODEL Otis Worldwide generates revenue from product sales (44%) and service sales (56%). SPIN-OFF HISTORY United Technologies (now Raytheon Technologies) announced its intention to spin-off Otis in 11/26/2018. On 4/3/2020, Otis began trading as a separate public company on the NYSE through a pro-rata distribution of 0.5 shares of Otis common stock for every share of UTC common stock held at the close of business on the record date (3/19/2020). The shares opened at $43.75/share and closed the first day higher at $47.32 (▲8.16%). Otis Worldwide was included in the IPOX® 100 U.S. Portfolio (ETF: FPX) on 5/7/2020 and currently weighs ca. 0.97% of the portfolio. *Otis originally listed its common stock on the NYSE in April 1920. HISTORICAL PERFORMANCE 120% $75 Otis Worldwide IPOX® 100 U.S. Index 100% $70 S&P 500 Index 100-Day Moving Average 80% $65 60% $60 40% $55 20% $50 Cumulative Return Price Cumulative Day Moving Average Price Average Day Moving Stock IPOX® 100 U.S. Index Inclusion - 0% $45 100 -20% $40 2020-04 2020-05 2020-06 2020-07 2020-08 2020-09 2020-10 2020-11 2020-12 2021-01 GROWTH OUTLOOK ESG PRACTICES Revenue Cost Adj. Operating Margin Earning per share 20 $4.00 15.5% 14.3% 14.3% 15% $2.67 - $2.77 10 $3.00 $2.40 $2.58 0 $2.00 $13.3B - $13.6B $2.08 Diluted EPS Diluted $1.50 -10 $1.00 Revenue/Cost millions USD in Revenue/Cost -20 $0.00 2017 2018 2019 2020 2021 Outlook INDUSTRY COMPARISON Stock IPO/Spin-off Initial 2021 Beta to Net Income Diluted Company 2020 (TR) P/E Ratio Symbol Date Return YTD Benchmark In millions EPS OTIS US 4/3/2020 -- 50.79% -4.31% 0.49 $906.00 $2.09 26.56x SCHP SW Schindler Group listed on Swiss Exchange in 1971 0.75% 0.66 $868.54 $8.082 34.45x KONE Oyi listed on Helsinki Exchange in 2005 KNEBV FH -1.59% 0.48 $1,072.31 $2.067 36.13x ©2021 IPOX Schuster LLC. IPOX® is an international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Use of IPOX® and the IPOX® Indexes or any part thereof is subject to applicable license only. This material is disseminated in the United States of America by IPOX Schuster LLC. This material, or any portion thereof, may not be reprinted, sold, or redistributed without the written consent of IPOX Schuster LLC. .

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C O N T E N T S 1 Five Year Summary 2 Management’s Discussion and Analysis 10 Management’s Responsibility for Financial Statements 10 Report of Independent Accountants 11 Consolidated Statement of Operations 12 Consolidated Balance Sheet 13 Consolidated Statement of Cash Flows 14 Consolidated Statement of Changes in Shareowners’ Equity 15 Notes to Consolidated Financial Statements 27 Directors 28 Leadership 29 Shareowner Information Fiv e Year S U M M A R Y IN MILLIONS OF DOLLARS, EXCEPT PER SHARE AND EMPLOYEE AMOUNTS 1999 1998 1997 1996 1995 For the year Revenues $ 24,127 $ 22,809 $ 21,288 $ 19,872 $ 19,418 Research and development 1,292 1,168 1,069 1,014 865 Income from continuing operations 841 1,157 962 788 651 Net income 1,531 1,255 1,072 906 750 Earnings per share: Basic: Continuing operations 1.74 2.47 1.98 1.57 1.27 Net earnings 3.22 2.68 2.22 1.81 1.47 Diluted: Continuing operations 1.65 2.33 1.89 1.51 1.24 Net earnings 3.01 2.53 2.10 1.74 1.43 Cash dividends per common share .76 .695 .62 .55 .5125 Average number of shares of Common Stock outstanding: Basic 465.6 455.5 468.9 482.9 491.3 Diluted 506.7 494.8 507.1 517.2 519.0 Return on average common shareowners’ equity, after tax 24.6% 28.6% 24.5% 21.1% 18.6% At year end Working capital, excluding net investment in discontinued operation $ 1,412 $ 1,359 $ 1,712 $ 2,168 $ 2,065 Total assets 24,366 17,768 15,697 15,566 14,819 Long-term debt, including current portion 3,419 1,669 1,389 1,506 1,713 Total debt 4,321 2,173 1,567 1,709 1,975 Debt to total capitalization 38% 33% 28% 28% 33% Net debt (total debt less cash) 3,364 1,623 912 711 1,229 Net debt to total capitalization 32% 27% 18% 14% 23% ESOP Preferred Stock, net 449 456 450 434 398 Shareowners’ equity 7,117 4,378 4,073 4,306 4,021 Number of employees - continuing operations 148,300 134,400 130,400 123,800 119,800 UNITED TECHNOLOGIES 1 M A N A G E M E N T ’ S Discussion and Analysis Management’s Discussion and Analysis of Results of impact service and maintenance margins on installed elevators and Operations and Financial Position escalators.
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OTIS WORLDWIDE CORPORATION (Exact Name of Registrant As Specified in Its Charter) ______
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Financial Results
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Otis Worldwide Corp
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