Shareholder Briefing - Investors

© 2021 OTIS WORLDWIDE CORPORATION.

Shareholder Briefing

As of October 25, 2021

Forward-Looking StatementsNote: All results and expectations in this presentation reflect continuing operations unless otherwise noted.This communication contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management’s current expectations or plans for Otis’ future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident,” "goals" and other words of similar meaning in connection with a discussion of future operating or financial performance or the proposed tender offer by Otis to acquire all of the issued and outstanding shares of Zardoya Otis, S.A (the "Tender Offer") or the separation and distribution. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, dividends, share repurchases, tax rates, research and development spend, credit ratings, net indebtedness and other measures of financial performance or potential future plans, strategies or transactions of Otis following its separation from United Technologies Corporation or in connection with the Tender Offer, including the estimated costs associated with the Tender Offer and the separation and distribution and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, Otis claims the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction, the impact of weather conditions, pandemic health issues (including COVID-19 and its effects, among other things, on global supply, demand, and distribution disruptions as the outbreak continues and results in an increasingly prolonged period of travel, commercial and/or other similar restrictions and limitations), natural disasters and the financial condition of Otis’ customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; (3) future levels of indebtedness, including as a result of the Tender Offer, and capital spending and research and development spending; (4) future availability of credit, including in connection with the financing of the Tender Offer, and factors that may affect such availability, including credit market conditions in the U.S. and other countries in which Otis and its businesses operate and Otis’ capital structure; (5) the timing and scope of future repurchases of Otis’ common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; (6) fluctuations in prices of and delays and disruption in delivery of materials and services from suppliers; (7) cost reduction efforts and restructuring costs and savings and other consequences thereof; (8) new business and investment opportunities; (9) the anticipated benefits of moving away from diversification and balance of operations across product lines, regions and industries; (10) the outcome of legal proceedings, investigations and other contingencies; (11) pension plan assumptions and future contributions; (12) the impact of the negotiation of collective bargaining agreements and labor disputes; (13) the effect of changes in political conditions in the U.S., including the new U.S. Administration, and other countries in which Otis and its businesses operate, including China’s response to the new U.S. administration and the United Kingdom’s recent withdrawal from the European Union, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (14) the effect of changes in tax, environmental, regulatory (including among other things import/export) and other laws and regulations in the U.S. and other countries in which Otis and its businesses operate, including changes as a result of the new U.S. Administration; (15) the ability of Otis to retain and hire key personnel; (16) the scope, nature, impact or timing of acquisition and divestiture activity, including among other things integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs; (17) the timing of closing, if any, of the Tender Offer and the expected benefits of the Tender Offer and separation and distribution and timing thereof; (18) the determination by the Internal Revenue Service and other tax authorities that the distribution or certain related transactions should be treated as taxable transactions; (19) risks associated with indebtedness incurred as a result of financing transactions undertaken in connection with the separation; (20) the risk that dis-synergy costs, costs of restructuring transactions and other costs incurred in connection with the separation will exceed Otis’ estimates; and (21) the impact of the separation on Otis’ businesses and Otis’ resources, systems, procedures and controls, diversion of management’s attention and the impact on relationships with customers, suppliers, employees and other business counterparties. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see Otis’ registration statements on Form 10 and Form S-3 and the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

© 2021 OTIS WORLDWIDE CORPORATION. 2

Overview of Otis


13

Sales Mix


Global highlights

• Top 5 participants

represent ~70% of the

industry

• Highly regulated, life-

safety business

• Strong fundamentals

supported by global

growth trends

• Enables urbanization

Overview of Otis

An attractive, global industry…

Otis

New

Equipment

46%Service

54%

Source: 2020 estimates based on Otis internal analysis and public company disclosures.

~$76B industry

4

E&E Peers


…and recurring business model

Attractivebusinessmodel

Expandinginstalled base

Steady newequipment bookings

Overview of Otis

Global new equipment bookings (million units)

Global installed base(million units)

Source: Otis internal analysis and public company disclosures.

1 Refers to conversion of new equipment units to maintenance contracts.

12

15

19

~23

2012 2016 2020 2024E

0.9 0.9 1.0 ~1.1

2012 2016 2020 2024E

Service profit ~2.5x new equipment profit over product lifecycle

MAINTENANCE

& REPAIRMODERNIZATION

NEW

EQUIPMENT

5

Sales by segment Adj. operating profit1

by segment


Leading across all key metrics

Overview of Otis

Otis: An iconic industry leader

New

Equipment

17%

Service

83%

ENABLING A TALLER, FASTER, SMARTER WORLD

2020 results

1 See appendix for additional information regarding these non-GAAP financial measures.

New

Equipment

42%Service

58%

NEmargin

6.5%

Service margin22.5%

Sales

$12.8B

Portfolio

~2.1M units

Adj. operating profit margin1

15.0%

6

Business segments strategic update


27

New Equipment strategies to drive growth


1

2

3Increase sales coverage &

improve effectiveness

Expand product offering

Introduce innovative new solutions


Commitment to innovation…introducing new solutions

Continued investments for growth

Business segments strategic update: New Equipment

2015 2020

~1.2% of sales

~0.4% of sales

4x increase in U.S. patents granted in 2020 vs. 2015

R&D

Digital strategic investments

Up ~60%Gen360™

Connected, compact

elevator

Otis ONE™

Cloud data analytics

for elevator & escalators

9

Compass®360, Optisense & AI

Optimized people flow enhanced with

real-time tracking & Artificial Intelligence

Health Solutions

Antimicrobial, air purification

& UV sanitization

Touchless Solutions

Voice, gesture, phone apps

Application Program Interface (APIs)

Enabling building, robot & other

integrations for elevator & escalators


Expand product offering

Launched an entry-level, low-rise elevator… …and introduced Otis’ next generation platform


5 & 6 passenger

capacity

0.7 m/s

speed

1 Gen2 Nova machine roomless (MRL) elevators manufactured in the India factory

Addressing ~5% global unit opportunity

Launched in India & SE

Asia… expanding to the

Middle East & Africa

10

✓ New, groundbreaking control

architecture

✓ Compact design and footprint

✓ In-cab maintenance solution

✓ IoT-enabled with on-line tools

and communication

✓ Connected passenger

experience

Piloting in Europe…formal launch in 2021

Gen 360 platform

Gen2

Base

Gen2

Prime1

Product cost

>30%

~60%

~85%

~100%

2018 2020 2022E

% units on NE CRM

+ ~2x

2019 2020


Digital initiatives for sales effectivenessCRM deployment improving salesforce efficiency…

…and digital channel increasing reach


Select

Quote

Otis Create

Digital configuration

Configure

Hey Otis

Real-time chat feature

Common CRM

Manage customer interactions

# of Hey Otis sales

inquiries in India


Increase sales coverage1


A

B

C

D

E

F

Country / Region

2019sales coverage

Sales coverage expansion…

1 Sales coverage = units bid / segment units

2 Based on Otis internal estimates

2020 sales coverageexpansion

2012 2019 2020

+ 60

bps

Global New Equipment share2

(units)

+ 200

bps

Targeted additions of direct sales colleagues & channel partners

12

~17%

Global

units:~0.9M ~1.0M ~1.0M

…driving incremental share gain

Servicestrategies to drive profitable growth


2

1

3

4

Harness IoT

Leverage technology

Enhance subscription services

Capitalize on modernization


Largest maintenance & repair portfolio

Supports profitable recurring sales

Business segments strategic update: Service

Otis maintenance portfolio

Americas

EMEA

Asia Pacific

ChinaSales driven by units under

maintenance>$5B

Maintenance contract retention rate…up 1 pt. versus 2019~94%

Service adjusted operating profit1

margin…100 bps expansion22.5%

New Equipment unit conversion

rate to service portfolio… ~90% ex China & Russia… China up 1 pt.

~60%~ 2.1M Units

>25% larger than closest peer

(units, 2020)


14


Leverage technology to drive productivity & growth

TUNE - Accelerate diagnostics UPGRADE - Facilitate incremental repair sales


>450K analyses in 2020

up 18x vs. 2018

Apps increase customer satisfaction, reduce time per visit and provide incremental sales and margin expansion opportunities

OTIS SUITE OF APPS

Support Tune Yammer Parts Closeout Virtual

Expert

ServiceUpgrade Survey

15

Compass Otis ONE

view

2 new apps launched in 2020

>$110M sold via app in 2020

up >2.5x vs. 2018


Capitalize on modernization opportunity

Aging global installed base

New products

Sales tools & support

Sales force expansion

Reduce customer

energy usage


~6M of units > 20 years old

More than 30 years

21 to 30 years

10 to 20 years

Less than 10 years

Source (all): Otis internal estimate.

(~19M units)

Modernization providing recapture opportunity and improving retention of existing maintenance base

eView

E View Service

Improve Passenger Experience

& System Communications

Machine Room Less

Tailored value proposition for

existing buildings with

contemporary technology

Geared to gearless

Compass 360ReGen


Harness IoT 317


Otis ONE: improving the service experience

Activemonitoring

Cloud-based data analytics

REAL

TIME

Dispatch technician with detailed diagnostics

Remote intervention & maintenance

Elevator determined “healthy” without intervention

Fewer unplanned

outages

Faster response

Increased uptime

Otis expert

REAL

TIME

Transparent Proactive Predictive

Real-time visibility of

entire portfolio

Pre-emptive maintenance

minimizing disruption

Informed repairs &

quicker resolution

18

Harness IoT


Adding value for customers and driving subscription services

Improved retention,

conversion &

recaptures

Multimedia add-ons,

including digitalization

of phone lines

Expanded

subscription sales

+ Multimedia packages

Features & subscription tiers

Pric

e

19

E View Service

Improve Passenger Experience

& System Communications

Machine Room Less

Tailored value proposition for

existing buildings with

contemporary technology

Harness IoT

Technician dispatched

during pilot phase


Productivity benefitsSignificant opportunity to improve productivity

2020 Medium

term

Fewer avoidable

service requests

~14%

Service

New

Equipment

83% of Otis adjusted operating profit1 comes

from the Service segment…

Material

Labor

…and ~70% of Service cost structure is from labor

China guided maintenance

France inbound service requests

Reduction in

service hours

~10 – 15%

20


Harness IoT


Connectivity case studies

REMin Japan

eViewin Europe

~5-10%

~97%

~70%

retention rate1

reduction in number of visits

with remote inspection

incremental sales per unit ~20%

~99%

~96% conversion rate3

incremental sales per unit

~50% of maintenance units are connected

1 2020 total Japan units2 2020 Spain units with eView3 2020 Europe units with eView

~90K eView units deployed

retention rate2

21

Harness IoT


Otis ONE deployment progressTARGETED DEPLOYMENT STRATEGY BUILDING MOMENTUM

2020

Americas

~350K portfolio units

~20% connected

EMEA

~1.1M portfolio units

~30% connected

China


~15% connected

Asia Pacific


~25% connected

~25% of global units connected at the end of 2020…

plan to accelerate connectivity to 60%+ of units over the medium term

22

Harness IoT

Financial overview


423

1.8 1.9 1.9

2.18 to 2.19

14.3% 14.3%15.0%

~15.3%

2018 2019 2020 2021E


Financial performance2020 Highlights

~60 bps2 of New Equipment share gain

New Equipment backlog up 2% at constant currency1

Maintenance units up 2%...growth in all major regions

Adjusted operating profit1 growth despite difficult

environment…up $47M with 70 bps of margin expansion

Adjusted diluted EPS1 up 12.5% to $2.52…reduced the adjusted effective tax rate1 by 370 bps versus prior year

Generated $1.3B in free cash flow1…conversion of 143%

Disciplined capital allocation…completed ~$350M of debt reduction, initiated dividend payout ratio3 of ~40% and made targeted acquisitions

Financial Overview

12.9 13.1 12.8

~14.3

3.4% 4.7%

-2.1%

8.5 to

9.0%

2018 2019 2020 2021E


2 Based on Otis internal estimates.

3 As a percentage of GAAP net income.

Sales

Adjusted margin1

Inflection & Acceleration

Adjusted operating

profit1

($ billions)

Organic1

sales growth


Optimize manufacturing

Financial Overview

~$3.1B in manufacturing spend…$2.3B of material

Fragmented supplier base

…and driving product cost down

25

Base Platform

Reducing material spend…

Local

material

suppliersGlobal

material

suppliers

Labor &

overhead

0.7%1.7%

3.1%

2018 2019 2020

Material productivity

2018 2020 2021E

Korea low-rise product cost

(indexed)

10%5%

Continued focus on material productivity initiatives


Drive serviceproductivity

Financial Overview

Case study: Planned route optimization model in outer London

26

Base Platform

Several initiatives to drive down Service labor cost…

Before

Deploy Otis ONE

Optimize service routes

Enhance digital tools

Specialize mechanic activity

Material

Labor

…with demonstrated benefits

After

~40%

~11%

15 pt.

increase in units per

mechanic route

reduction in yearly

distance traveled

increase in time spent

on maintenance

100 98

92

2018 2019 2020

(hours/unit, indexed)

LondonLondon


Rationalize SG&A

1.71.7

1.81.7

13.4% 13.4% 13.6% 13.7%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

1

2017 2018 2019 2020 Medium

term

Adjusted

SG&A

expense1

($ billions)

Adjusted

SG&A %

of sales1

Financial Overview

Down

~ 100-150 bps

• Leveraging scale & aligning global processes

• Increasing usage of shared service center

• Established sales center of excellence

Structural

• Driving process and analytics efficiencies

• Managing ~65% of sales on a common ERP…targeting ~70% in 2021

ERP & digital

• Continuing to drive down incremental cost

• Optimizing IT infrastructure

Standalone costs


27

Reduced adjusted SG&A1 $38M versus prior year

28.5 – 29%~25 – 28%

2021E Medium term

outlook

• Holistic review of Otis

operating model

• Evaluate financing

structure

• Capture credits and

incentives globally

• Simplify legal entity

structure

Financial Overview

Effective tax rate evolution

21%

34.1%

30.4%

2019 2020

U.S. statutory

U.S. state / other

Tax rates > U.S.

Withholding taxes

GILTI / BEAT

Strong progress throughout 2020… …continuing to target reduction over the medium term

28© 2021 OTIS WORLDWIDE CORPORATION.


Adjusted tax rate1


Strong cash generation &capital deployment

Capital allocation

Completed $500M of debt repayment

Healthy dividend…raised quarterly dividend

by 20% to $0.24 in 1Q21

Targeted M&A…announced tender offer for

remaining interest in Zardoya Otis

Completed ~$725M in share repurchases in

20213

Financial Overview

1.1% 1.3% 1.1% 1.4%

3.0%

2017 2018 2019 2020

Multi-industry average2

110 - 120%

conversion119%

conversion

2021 free cash flow outlook1 $1.45 to 1.5 billion; ~120% conversion

2.8% 2.6% 2.7%2.1%

2017 2018 2019 2020

Capex % of sales

Working capital1

% of sales

…and efficient adjusted working capital1


2 Select industrial companies. Source: Factset.

3 Share repurchases temporarily suspended due to Zardoya Otis transaction.

Modest capital needs…

29


Path to value creation1

Sales

• Invest in innovation

• Gain New Equipment share

• Accelerate portfolio growth

Cash & Capital Deployment

• Optimize effective tax rate

• Lower net interest costs

• Accelerate share repurchases

• Raise dividends

Operating Profit

• Drop through from volume

• Optimize supply chain

• Drive service productivity

• Rationalize standalone costs

Financial Overview

Sustainable growth Expand operating margin Return cash to shareholders

1 Based on Otis internal estimates and expectations.

30

ESG program


5

32© 2021 OTIS WORLDWIDE CORPORATION.

We give people freedom to connect and thrive in a taller,

faster, smarter world

The Otis Absolutes


Our collective commitment & vision in motionINTEGRATING OUR STRATEGIC PILLARS AND OUR ESG COMMITMENTS TO DRIVE SHAREHOLDER VALUE

ADVANCE

DIGITALIZATION

CONNECT & THRIVE

FOCUS & EMPOWER OUR

ORGANIZATION

ACCELERATE SERVICE

PORTFOLIO GROWTH

SUSTAIN NEW

EQUIPMENT GROWTH

GOVERNANCE &

ACCOUNTABILITY

PEOPLE & COMMUNITIES

HEALTH &SAFETY

ENVIRONMENT & IMPACT

ESG Program


Alignment of our commitmentsConducted a robust materiality assessment to determine topics

most impactful to Otis & our stakeholders

Aligning with UN Sustainable Development Goals (SDGs)

▪ Public health, safety &

accessibility

▪ Product design &

sustainable innovation

▪ Community engagement

▪ Workforce well-being, health & safety

▪ Product quality & reliability

▪ Emissions, energy & climate change

▪ Diversity, equity & inclusion

▪ Regulatory, compliance & anti-corruption

▪ Ethics & integrity

▪ Sustainable supply chain

▪ Cybersecurity, data privacy &

intellectual property

▪ Waste ▪ Colleague development,

engagement & retention

Business impact

Medium High

Imp

ort

an

ce

to

exte

rna

l st

ake

ho

lde

rs

Signatory of the

UN Global Compact

▪ HEALTH & SAFETY

▪ ENVIRONMENT & IMPACT

▪ PEOPLE & COMMUNITIES

▪ GOVERNANCE & ACCOUNTABILITY

Low

Hig

hLo

wM

ed

ium

ESG Program

RIDING PUBLICCOLLEAGUES

Strong progress on safety KPIs


Health & safety

2015 2020

13%

2015 2020

35%

Total recordable incident rate (TRIR)

Lost-timeincident rate (LTIR)

Empowered all colleagues with ‘Stop Work’ authority

Initiated annual Global Safety Stand-Down Day

Launched digital technologies to create a safer work environment

Expanded mental health & well-being benefits, policies & practices

Introduced health & safety solutions including touchless technologies

Meet & exceed strict elevator safety code standards

Commissioned an elevator airflow study with Purdue University

Elevator Airflow study

eCall touchless solution

Purification / UV products

ESG Program


Environmental initiative highlights

OPERATIONS RECENT PROGRESSPRODUCTS

ReGen® systemreduces electricity consumption up to 75% in new and existing buildings

Compass 360 Intelligent dispatching & automated standby mode optimizes energy usage

Gen2 Switch elevatoroperates on batteries &uses less power than most household appliances

Florence, SC factorysolar field produces more than 25% of the facility’s annual power requirements

Industry 4.0 Haining,China factoryintelligent manufacturing, advanced automation & more efficient capabilities

Bengaluru, India factoryreceived India Green Building Council (IGBC) Gold rating

> 30%

> 40%

99+%

reduction in factory GHG

emissions since 2015

reduction in factory

water usage since 2015

of factory generated

waste products recycled

Successfully reducing our environmental footprint & investing in a more sustainable future

ESG Program


Safety & sustainability embedded in innovation…

GEN 360

Mechanic & passenger safety reimagined

In-cab maintenance solution

Electronic architecture &

safety system…reducing entrapments

ISO 25745 “A” rating

Compact footprint

~75% reduction in standby power demand

compared to Gen2

OTIS ONE

Reducing fleet emissions

Pre-emptive maintenance

Fewer unnecessary visits

Innovation Development Launch

RESEARCH & DEVELOPMENT

Intelligent

design

Reliable & safe

operation

Faster

construction

Personalized

experience

Minimizing energy

use & waste

ESG Program


• Increasing urbanization

• Aging population

• Accelerating digitalization

…valued by customers &supported by macro trends

THE CONCOURSE

CHASE CENTER

Singapore

San Francisco, California

Global trendsOtis awards

THE LINK

La Defense, France

REPUBLIC PLAZA

Singapore

Market forces

• Aging elevator installed base

• Focus on environmental impact

• Sustainability & stimulus funding

ESG Program


Holistic approach to sustainability

GOALS

50%

100%

100%

factory eligibility for zero-waste-

to-landfill certification by 2025

of factories certified ISO 14001

by 2025…accomplished in 2021

reduction of Scope 1 & 2 GHG

emissions by 20301

1 vs. 2019 baseline

FACTORIES

Employ

best practices

FLEET

Electrify & optimize vehicles & routes

PRODUCTS

Develop safe & sustainable products

for our customers

REAL ESTATE

Rationalize

our footprint

REDUCING OUR IMPACT

ESG Program


Fostering our Otis culture…

DIVERSITY, EQUITY & INCLUSION

DEVELOPMENT, ENGAGEMENT & RETENTION

34%

26%

> 20%

of our executives are

ethnically/racially diverse1

U.S. supplier spend awarded

annually to diverse suppliers

~4 pt

~5,500

4 pts

reduction in voluntary attrition over

the last 5 years

degrees earned in 60+ countries

through Employee Scholar Progam2

of our executives

are women

above benchmark for culture in

engagement survey results

Won 2021 Corporate Citizenship Award

from The Conference Board’s Committee

for Economic Development

Joined P4P, pledging to

reach gender parity in

executive ranks by 2030

Awarded Human Rights

Campaign’s Best Places to

Work for LGBTQ+ Equality

Launched Our

Commitment to Change

Metrics as of 2020.

1 inclusive of U.S. based executives only; 2 Since inception

ESG Program


…and strengthening our communities

MADE TO MOVE COMMUNITIES™ VOLUNTEERISMCOMMUNITY GIVING

Theodora

Foundation

Spain

FIRST Robotics

USA

Otis CSR program to advance youth STEM education and provide inclusive mobility solutions

for communities in need

Received the Caring Company Award from the Hong Kong Council of Social Services for 15th

consecutive year

Participants in inaugural year

ESG Program


Governance & accountability

Diverse Board of Directors…5 / 9 are women,

racially/ethnically diverse or both

Jeffrey H.Black

Kathy HopinkahHannan

Shailesh G. Jejurikar

Christopher J. Kearney

Judith F.Marks

Harold W. McGraw

Margaret M. Preston

ShelleyStewart Jr.

John H.Walker

42

Nominations & Governance committee

ESG governance model

Integrated, cross-functional approach

Frequent discussion around objectives & longer-term initiatives

Alignment with Otis culture, values and business strategies & objectives

Nominations &Governance Committee

CEO

ESG Council

ESG Working Group

Areas of oversight include,

but are not limited to:

• Employee health & safety• Diversity, equity & inclusion• Corporate governance• Sustainability• Community giving• Supply chain• Ethics & compliance• Investor Relations

ESG Program

Prioritize the health & safety

of our colleagues & the

riding public


Connect & thrive in a more sustainable& hopeful world

43

Reduce the environmental

impact of our products,

services and operations

Continue to uphold the

highest standards of ethics &

integrity

Foster a diverse, equitable &

inclusive culture in the

workplace & our

communities

Health & safety Environment & impact People & communities Governance & accountability

ESG Program

Q3 2021 Results &2021 Outlook


644


HighlightsStrong performance…continued execution on long-

term strategy

• Q3 New Equipment share gain, up ~1.5 pts1…up

~1.5 pts1 year-to-date

• Maintenance portfolio up 3%

• Organic2 sales growth in both segments

• New Equipment growth in all regions

• Service growth for third consecutive quarter

• Margin expansion in both segments

Creating value for shareholders

• Completed $725M in share repurchases year-to-date

• Announced tender offer for remaining interest in

Zardoya Otis

Driving ESG initiatives

• All Otis factories are now ISO 14001 certified1 Based on Otis internal estimates


Hong Kong International

Airport

Q3 orders

One Commerce Square

Philadelphia, Pennsylvania

Repeat Gen3 orders

Northeast China

Q3 2021 Results & 2021 Outlook


Q3 2021 update

• New Equipment orders up 3.8% at constant currency1…up 10.3% on a rolling 12-

month basis

• New Equipment backlog up 4%...up 1% at constant currency1

• Organic1 sales up 8.1%...New Equipment up 14.1%, Service up 3.6%

• Adjusted operating profit margin1 expanded 20 bps

• Free cash flow1 of $324M…$1.4B year-to-date; 141% conversion1 of GAAP net

income

Q3 2021

Results

Revised 2021

Outlook

• Improved sales, profit, EPS and free cash flow outlook

• Net sales of ~$14.3B, up 11.8 to 12.3%; organic up 8.5 to 9.0%

• Adjusted operating profit1 of $2.18 to $2.19B, up $260 to $270M; constant

currency1 up $195 to $205M

• Adjusted diluted EPS1 of ~$2.95, up ~17%

• Free cash flow1 of $1.5 to $1.55B…~125% conversion1 of GAAP net income

1 See appendix for additional information regarding these non-GAAP financial measures



Q3 2021 results

Sales Diluted earnings per shareOperating profit

3,268

3,620

Q3 2020 Q3 2021

($ millions, except per share amounts)

503

566

15.4%15.6%

Q3 2020 Q3 2021

Q3 adjusted operating profit1 up

$63M…up $52M at constant currency1

Q3 adjusted operating profit margin1

expanded 20 bps, including ~50 bps of

segment mix headwind

1 See appendix for additional information regarding these non-GAAP financial measures

Adjusted1

Adjusted

margin1

Organic1 8.1%

FX 2.5%

Net acquisitions/other 0.2%

Total net sales 10.8%

$0.69

$0.77

Q3 2020 Q3 2021

Adjusted1

Adjusted EPS1 drivers

Operating profit $0.11

Net interest / other $0.01

Tax ($0.04)

GAAP 454 542 GAAP $0.61 $0.77


$503M

$566M

$25M

$24M$3M

$11M

Q3 2020 adjusted

operating profit

New

Equipment

Service Corporate /

Other

FX Q3 2021 adjusted

operating profit


Q3 2021 adjusted operating profit1 drivers

1 See additional information regarding these non-GAAP financial measures.

Volume

Installation

productivity

Commodities

Volume

Pricing and mix

Prior year cost

containment actions

1 1

20 basis points of adjusted operating profit margin1 expansion

+$52M at constant currency1

Actual currency + $33M + $27M $3M + $63M



2021 financial outlook

1 See appendix for additional information regarding these non-GAAP financial measures. 2 Share repurchases suspended due to Zardoya Otis transaction.

Otis up 7.5 to 8.0%

New Equipment up 12.0 to 13.0%

Service up 4.0 to 4.5%

Organic1 sales

Adjusted operating profit1

Free cash flow1 & capital deployment

Adjusted net income & EPS1

Prior outlook

Constant currency1 up $170 to $190M

Actual currency up $240 to $260M

Adjusted net income1 $1,250 to $1,265M

Adjusted EPS1 $2.89 to $2.93, up 15 to 16%

Free cash flow1 $1.45 to $1.50B

Quarterly dividend per share $0.24

Share repurchases ~$750M

Improving 2021 outlook

Otis up 8.5 to 9.0%

New Equipment up 15.0 to 15.5%

Service up ~4.0%

Current outlook

Constant currency1 up $195 to $205M

Actual currency up $260 to 270M

Adjusted net income1 ~$1,275M

Adjusted EPS1 ~$2.95, up 17%

Free cash flow1 ~$1.5 to $1.55B

Quarterly dividend per share $0.24

Share repurchases ~$725M2



2021 organic1 sales outlook

Prior outlook (July 26, 2021) Updated outlook

New Equipment up 12.0 to 13.0% up 15.0 to 15.5%

Americas up low teens up mid teens

EMEA up mid to high single up high single

Asia up low teens up high teens

Service up 4.0 to 4.5% up ~4.0%

Maintenance & repair up 3.5 to 4.5% up ~4.0%

Modernization up mid single up ~4.0%

Otis up 7.5 to 8.0% up 8.5 to 9.0%


Outlook drivers

• Q3 New Equipment backlog up 4%, 1% at constant currency1... accelerating conversion

• New Equipment end market growth in all regions

• Accelerated maintenance portfolio growth…up 3% in Q3

• Continued recovery on discretionary repair

• Slower than expected momentum on modernization


$1,919M

$110 – 115M

$85 – 90M

~$65M$0M

2020 adjusted

operating profit

New Equipment Service Corporate/other FX 2021 adjusted

operating

profit outlook


2021 adjusted operating profit1 drivers

up $195 to 205M at constant currency1


1

Volume

Material & installation

productivity

Price & mix

Commodities

$2,180 – 2,190M

1

Volume

Productivity

Pricing

Prior year cost

containment actions

Actual currency + $130 – 135M + $130 – 135M $0M

EUR @ 1.18

CNY @ 6.45

+ $260 – 270M

~30 basis points of adjusted operating profit margin1 expansion

vs. prior outlook

(at the midpoint)+ $12.5M ($5M) + $12.5M + $15M($5M)


© 2021 OTIS WORLDWIDE CORPORATION.52


Appendix

Use and Definitions of Non-GAAP Financial MeasuresOtis Worldwide Corporation (“Otis”) reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information

determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes

for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors

to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures (referenced in this press release) to the

corresponding amounts prepared in accordance with GAAP appears in the attached tables. These tables provide additional information as to the items and amounts that have been excluded from the adjusted

measures.

Organic sales, adjusted selling, general and administrative (“SG&A”) expense, earnings before interest taxes and depreciation (“EBITDA”), adjusted EBITDA, adjusted operating profit, adjusted net income, adjusted

diluted earnings per share (“EPS”), adjusted effective tax rate and free cash flow are non-GAAP financial measures.

Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant

items of a non-recurring and/or nonoperational nature (“other significant items”). Management believes organic sales is a useful measure in providing period-to-period comparisons of the results of the Company’s

ongoing operational performance.

Adjusted SG&A expense represents SG&A expense (a GAAP measure), excluding restructuring costs, other significant items and allocated costs for certain functions and services previously performed by United

Technologies Corporation (“UTC”) prior to our separation (“UTC allocated costs”) and including solely for fiscal years prior to 2020 estimated standalone public company costs, as though Otis’ operations had been

conducted independently from UTC (“standalone costs”). Standalone costs for fiscal years prior to 2020 are based on quarterly estimates determined during Otis’ annual planning process for the 2020 fiscal year.

Recurring standalone costs for 2021 and 2020 are not adjusted.

Adjusted operating profit represents income from continuing operations (a GAAP measure), excluding restructuring costs, other non-recurring significant items, UTC allocated costs and including solely for fiscal years prior

to 2020 estimated standalone public company costs.

Adjusted net income represents net income from continuing operations (a GAAP measure), excluding restructuring costs and other non-recurring significant items and UTC allocated costs and including solely for fiscal

years prior to 2020 estimated standalone public company costs, estimated adjustments to non-service pension expense, net interest expense and income tax expense as if Otis was a standalone public company

(“standalone operating income adjustments”). Adjusted EPS represents diluted earnings per share from continuing operations (a GAAP measure), adjusted for the per share impact of restructuring, other significant items

and solely for fiscal years prior to 2020 estimated standalone operating income adjustments.

The adjusted effective tax rate represents the effective tax rate (a GAAP measure) adjusted for the tax impact of restructuring costs, non-recurring significant items and solely for fiscal years prior to 2020 the tax impact of

the additional adjustments (estimated standalone public company costs, interest expense and non-service pension expense).

EBITDA represents net income from operations (a GAAP measure), adjusted for noncontrolling interests, income tax expense, net interest expense, non-service pension expense and depreciation and amortization.

Adjusted EBITDA represents EBITDA, as calculated above, adjusted for the impact of restructuring, other significant items and UTC allocated costs, including solely for fiscal years prior to 2020, estimated standalone public

company costs. Management believes that adjusted SG&A, EBITDA, adjusted EBITDA, adjusted operating profit, adjusted net income, adjusted EPS and the adjusted effective tax rate are useful measures in providing

period-to-period comparisons of the results of the Company’s ongoing operational performance and to the extent applicable as if it had been a standalone public company for fiscal years prior to 2020.

Additionally, GAAP financial results include the impact of changes in foreign currency exchange rates ("AFX"). We use the non-GAAP measure “at constant currency” or “CFX” to show changes in our financial results

without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, income statement results are translated in U.S. dollars at the average exchange rate for the period presented. Management believes that

this non-GAAP measure is useful in providing period-to-period comparisons of the results of the Company’s ongoing operational performance.

Free cash flow is a non-GAAP financial measure that represents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an

additional basis for assessing Otis’ ability to fund its activities, including the financing of acquisitions, debt service, repurchases of common stock and distribution of earnings to shareholders.

When we provide our expectations for organic sales, adjusted operating profit, adjusted net income, adjusted effective tax rate, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the

differences between the non-GAAP expectations and the corresponding GAAP measures (expected diluted EPS from continuing operations, operating profit, the effective tax rate, net sales and expected cash flow

from operations) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future

period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural

changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.


2019 Pro forma standalone financials reconciliation

Appendix

(a) Reflects costs for certain functions and services performed by UTC organizations that are allocated to Otis for purposes of carve-out financial statements.

(b) Adjustments have been made to 2019 to represent estimated standalone public company costs, as though Otis' operations had been conducted independently from UTC. 2020 costs are reflected as a part of GAAP

operating profit and are not adjusted.

(c) Non-service pension expenses included in GAAP net income attributable to Otis includes amounts associated with Otis' participation in UTC retained pension plans. The amounts related to these plans are removed

from Otis' results for the 2019 year, as though Otis' operations have been conducted independently from UTC.

(d) 2019 Net Interest reflects adjustments as though Otis' February 2020 debt issuance took place in 2019.

(e) The adjusted effective tax rate represents the effective tax rate (a GAAP measure)adjusted for the tax impact of restructuring costs, other significant items and the tax impact of the additional adjustments

(standalone costs, additional interest expense and non-service pension expenses)

($millions)


2020 GAAP to adjusted financials reconciliation

Appendix

(a) Reflects costs for certain functions and services performed by UTC organizations that were allocated to Otis for purposes of carve-out financial statements.

(b) Non-service pension expense included in GAAP net income attributable to Otis pre-Separation includes amounts associated with Otis' participation in UTC retained pension plans.

(c) The adjusted effective tax rate represents the effective tax rate (a GAAP measure)adjusted for the tax impact of restructuring costs, other significant non-recurring items

($millions)


2021 GAAP to adjusted financials reconciliationAppendix

(a) Reflects costs for certain functions and services performed by UTC organizations that were allocated to Otis for purposes of carve-out financial statements.

(b) Non-service pension expense included in GAAP net income attributable to Otis pre-Separation includes amounts associated with Otis' participation in UTC retained pension plans.

(c) The adjusted effective tax rate represents the effective tax rate (a GAAP measure)adjusted for the tax impact of restructuring costs, other significant non-recurring items and includes rounding.

($millions) Otis New Equipment Service Corporate/other

Sales 1Q20 2Q20 3Q20 1Q21 2Q21 3Q21 1Q20 2Q20 3Q’20 1Q21 2Q21 3Q21 1Q20 2Q20 3Q20 1Q21 2Q21 3Q21 1Q20 2Q20 3Q20 1Q21 2Q21 3Q21

Net sales 2,966 3,029 3,268 3,408 3,701 3,620 1,123 1,294 1,423 1,458 1,727 1,681 1,843 1,735 1,845 1,950 1,974 1,939 0 0 0 0 0 0

Income

Net income attributable to Otis 165 224 266 308 326 331

Noncontrolling interest in subsidiaries’ 37 41 44 44 53 48

Income tax expense 125 109 103 123 153 128

Net interest expense 5 41 39 32 27 33

Non-service pension benefit (expense) (3) 1 2 2 2 2

GAAP operating profit 329 416 454 509 561 542 64 79 95 104 147 131 400 381 409 430 441 444 (135) (44) (50) (25) (27) (33)

Restructuring 6 20 20 15 11 9 1 12 7 5 8 4 5 8 13 10 3 5 0 0 0 0 0 0

One-time separation costs 32 21 29 9 0 15 0 0 0 0 0 0 0 0 0 0 0 0 32 21 29 9 0 15

Fixed asset impairment 67 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 67 0 0 0 0 0

UTC allocated corporate expenses (a) 16 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 16 0 0 0 0 0

Adjusted operating profit 450 457 503 533 572 566 65 91 102 109 155 135 405 389 422 440 444 449 (20) (23) (21) (16) (27) (18)

Adjusted operating profit margin 15.2% 15.1% 15.4% 15.6% 15.5% 15.6% 5.8% 7.0% 7.2% 7.5% 9.0% 8.0% 22.0% 22.4% 22.9% 22.6% 22.5% 23.2%

Non-service pension benefit (expense) (b) 3 (1) (2) (2) (2) (2)

Net interest expense (5) (41) (39) (32) (27) (33)

Adjusted pre-tax profit 448 415 462 499 543 531

Adjusted income tax expense (149) (130) (116) (143) (148) (150)

Adjusted tax rate (c) 33.3% 31.3% 25.1% 28.7% 26.9% 28.2%

Noncontrolling interest (37) (41) (44) (44) (53) (48)

Adjusted net income 262 244 302 312 342 333


Appendix

Organic sales reconciliation

Q3 2021 Total OtisNew

EquipmentService

Maintenance

& RepairModernization

Organic 8.1% 14.1% 3.6% 4.7% (1.2%)

FX 2.5% 3.9% 1.3% 1.2% 1.2%

Net acquisitions / divestitures 0.2% 0.1% 0.2% 0.3% 0.0%

Total net sales growth 10.8% 18.1% 5.1% 6.2% 0.0%

YTD 2021 Total OtisNew

EquipmentService

Maintenance

& RepairModernization

Organic 11.2% 21.1% 4.2% 4.5% 2.7%

FX 4.4% 5.4% 3.6% 3.8% 3.3%

Net acquisitions / divestitures 0.2% 0.2% 0.3% 0.3% 0.1%

Total net sales growth 15.8% 26.7% 8.1% 8.6% 6.1%

Total Otis 2019 2020

Organic 4.7% (2.1%)

FX (3.1%) (0.4%)

Net acquisitions / divestitures & other 0.0% (0.3%)

Total net sales growth 1.6% (2.8%)


Appendix

Adjusted operating profit at constant currency reconciliation($millions) Q3 2020 Q3 2021 Y/Y YTD 2020 YTD 2021 Y/Y

New Equipment

Adjusted operating profit 102 135 33 258 399 141

Impact of foreign exchange (8) (8) (25) (25)

Adjusted operating profit at constant currency 102 127 25 258 374 116

Service

Adjusted operating profit 422 449 27 1,216 1,333 117


Adjusted operating profit at constant currency 422 446 24 1,216 1,286 70

Otis Consolidated

Adjusted operating profit 503 566 63 1,410 1,671 261


Adjusted operating profit at constant currency 503 555 52 1,410 1,599 189


Appendix

SG&A reconciliation($millions) Q3 2020 Q3 2021 YTD 2020 YTD 2021

SG&A expense 481 479 1,387 1,445

Restructuring (11) (4) (27) (16)

One-time separation costs (18) (2) (69) (14)

UTC allocated corporate expenses (a) 0 0 (16) 0

Other (1) 0 (3) 0

Adjusted SG&A 451 473 1,272 1,415

Adjusted SG&A % of sales 13.8% 13.1% 13.7% 13.2%

(a) Reflects costs for certain functions and services performed by UTC organizations that are allocated to Otis for purposes of carve-out financial statements.


Appendix

Diluted earnings per share reconciliationQ3 2020 Q3 2021 YTD 2020 YTD 2021

GAAP diluted earnings per share $0.61 $0.77 $1.51 $2.23

Impact of non-recurring items on diluted earnings per share $0.08 $0.00 $0.35 $0.05

Adjusted diluted earnings per share $0.69 $0.77 $1.86 $2.28


Appendix

Free cash flow reconciliation($millions) Q3 2020 Q3 2021 YTD 2020 YTD 2021

Operating cash flow1 348 355 1,171 1,473

Capital expenditures (37) (31) (112) (115)

Free cash flow 311 324 1,059 1,358

GAAP net income 266 331 655 965

FCF conversion 117% 98% 162% 141%

1 Operating cash flow excludes dividends paid to noncontrolling interests.


Appendix

Working capital reconciliation($millions) FY 2017 FY 2018 FY 2019 FY 2020

Total current assets 5,512 5,612 5,658 6,493

Total current liabilities (4,933) (5,303) (5,374) (6,673)

Reported working capital 579 309 284 (180)

Cash and cash equivalents (1,554) (1,329) (1,446) (1,782)

Other assets, current (222) (269) (251) (446)

Short-term borrowings 17 27 34 701

Accrued liabilities1 1,524 1,599 1,739 1,977

Adjusted working capital 344 337 360 270

Sales 12,323 12,915 13,118 12,756

Adjusted working capital % of sales 2.8% 2.6% 2.7% 2.1%

1 2017 adjusted for internal calculations of the impact of Financial Accounting Standards Board, Accounting Standards Codification Topic 606: Revenue from Contracts with Customers,

which was effective January 1, 2018.


Appendix

Other reconciliations

($billions)Q3

2020

Q2

2021

Q3

2021

RPO at actual currency 16.9 17.5 17.3

FX/other1 (0.2) (0.5) (0.3)

RPO at constant currency 16.7 17.0 17.0

Remaining performance obligation (RPO)

Growth %Q3

2021

Actual currency 4%

FX (3%)

Constant currency 1%

New Equipment backlog

1 Balances have been updated to reflect the impact of the constant currency calculation and other adjustments to ensure comparability.

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