IPOX® PORTFOLIO HOLDING ANALYSIS 02/03/2021

To learn more, visit www.ipox.com; 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 and manufacturing, installation and service company. Otis was acquired by (UTC) in 1976 and was subsequently spun off in 2020 after UTC merged with (RTX). The Farmington, CT-based company designs, manufactures, sells and installs a wide range of passenger and freight , as well as 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 StockMoving Day 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 in USD 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 listed on Swiss Exchange in 1971 0.75% 0.66 $868.54 $8.082 34.45x KNEBV FH Oyi listed on Helsinki Exchange in 2005 -1.59% 0.48 $1,072.31 $2.067 36.13x

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