Otis Publishes 2022 ESG Report

Report details initiatives and progress toward 13 ESG goals and commitment to fostering a more sustainable,inclusive world

HONG KONG,April 14,2023 -- Otis Worldwide Corporation (NYSE: OTIS) published its 2022 ESG report,describing its Environmental,Social and Governance (ESG) strategy and highlighting alignment with the company's strategic operating imperatives of Sustaining New Equipment Growth,Accelerating Service Portfolio Growth,Advancing Otis' Digitalization,and Focusing and Empowering the Organization. The report outlines the progress made on the company's 13 ESG goals to create value for Otis colleagues,communities,customers and shareholders.

"Doing the right thing is core to who we are,and we embrace the responsibility to deliver sustainable value for all stakeholders," said Chair,CEO and President Judy Marks. "Our 2022 ESG report demonstrates tangible progress toward each of our 13 goals outlined in four key pillars: Health & Safety,Environment & Impact,People & Communities,and Governance & Accountability. These four pillars align with our Absolutes of Safety,Ethics and Quality and are central to the success of our business strategy in driving strong financial results and making positive impacts in the communities where we do business."

Highlights from the 2022 report:

Health & Safety: Expanded Otis' Employee Assistance Program,providing well-being and resilience services,to cover 100% of Otis colleagues globally.

Environment & Impact: Reduced Scope 1 and Scope 2 greenhouse gas emissions by 4.8% vs. 2021 and 11% from the company's 2019 baseline*.

People & Communities: Increased female executive representation from 36% in 2021 to 39.2% in 2022,putting Otis on a path toward executive gender parity by 2030.

Governance & Accountability: Linked executive short-term incentive compensation to ESG goal performance – specifically,progress toward achieving executive gender parity and greenhouse gas emission reduction goals.

View the complete Otis 2022 ESG report. Refer to www.otis.comfor additional investor updates.

* Environmental data reflects adjustments to remove Russia business (which has been divested) from the baseline and subsequent years.

About Otis

Otis is the world's leading elevator and escalator manufacturing,installation and service company. We move 2 billion people a day and maintain approximately 2.2 million customer units worldwide,the industry's largest Service portfolio. Headquartered in Connecticut,USA,Otis is 69,000 people strong,including 41,000 field professionals,all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. To learn more,visit www.otis.comand follow us on LinkedIn,Instagram,Facebook and Twitter @OtisElevatorCo.

Cautionary statement

This release contains forward-looking statements (including statements that constitute forward-looking statements under the securities laws),including but not limited to,statements that relate to our intent to achieve certain environmental,social and governance plans,targets,goals and future risks associated with climate change. These forward-looking statements are intended to provide management's current expectations or plans for our future operating performance,based on assumptions currently believed to be valid. All such forward-looking statements are subject to risks and uncertainties,and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. The forward-looking statements are subject to future events,risks,uncertainties and other factors,many of which are beyond the control of the company,that could cause actual results to differ materially from our historical results or current expectations,including,but not limited to,changes in regulations and law; severe weather events,including from the effects of climate change; challenges in the development,production,delivery,support,performance and realization of the anticipated benefits of advanced technologies and new products and services; changes in the economic and political conditions in the industry and markets in which we operate; and other risks and uncertainties described in detail in the company's most recent Form 10-K,Form 10-Q and in similar sections of other filings made by the company with the Securities and Exchange Commission from time to time. The forward-looking statements speak only as of this date. We undertake no obligation to publicly update or revise any forward-looking statements,whether as a result of new information,future events or otherwise,except as required by applicable law.