United Technologies Corporation, Hanjin Group to Collaborate With Gale International on Sustainability Effort in Songdo International Business District

United Technologies Corporation, Hanjin Group to Collaborate With Gale International on Sustainability Effort in Songdo International Business District

October 18, 2007

UTC Chairman and CEO George David and Hanjin Chairman
Yang-Ho Cho Tour South Korean City; Three Companies Explore
Opportunities to Establish Songdo IBD as Model of Green
Urbanism

    INCHEON, South Korea, Oct. 18 /Xinhua-PRNewswire/ --
Gale International, United Technologies Corporation (NYSE:
UTX), and Hanjin Group today agreed to collaborate on
advancing Songdo International Business District in South
Korea as a model of sustainability and technological
innovation.  United Technologies Corporation (UTC) and
Hanjin Group will be involved in key projects in the urban
development, which is being developed by New York-based
Gale International on 1,500 acres of reclaimed land along
Incheon's waterfront.  UTC Chairman and Chief Executive
Officer George David and Hanjin Group Chairman Yang-Ho Cho
toured Songdo IBD earlier today. 

    "Across UTC, all of our products convert energy to
useful work, and new designs are much more efficient than
traditional ones.  For example, Otis elevators that
regenerate electric power when loads descend and operate
with one quarter of the power otherwise needed.  Or on-site
electric power generation that captures waste heat to drive
nearby loads like air conditioning, consequently doubling
energy efficiency.  Or fuel cell powered busses with zero
emissions.  Songdo IBD is an extraordinary opportunity to
demonstrate on an urban scale what can be
accomplished," said UTC Chairman and CEO David.

    "Songdo IBD is an important national
project," said Hanjin Group Chairman Cho. 
"Hanjin Group, particularly Korean Air, wants to help
establish the city as the sustainability leader in
Northeast Asia.  We are particularly pleased, as well, to
be working with our longtime friend United
Technologies."

    Chairman and CEO David; Chairman Cho; Stanley C. Gale,
Chairman and Managing Partner of Gale International; and
John B. Hynes, III, Chief Executive Officer and Managing
Partner of Gale International, today signed memoranda of
understanding outlining their joint goals in Songdo IBD,
including two landmark projects: the Gale International/
U-Life Northeast Asia Headquarters and the Sustainable
International Business Center.  These projects are part of
an accelerated development plan leading to the September,
2009, opening of Songdo IBD that will include two
high-concept, commercial developments totaling 7 million
square feet being announced today. 
 
    Also present at the signing ceremony were United States
Ambassador to the Republic of Korea Alexander R. Vershbow;
Thomas C. Hubbard, former U.S. Ambassador to the Republic
of Korea and Chairman of the Gale International Advisory
Board; and Ken Fox, Vice President of On-Site Power
Solutions at UTC Power. 

    Stanley C. Gale, Chairman and Managing Partner of Gale
International, said, "The participation of
international leaders such as United Technologies and
Hanjin Group ensures that Songdo IBD will set the standard
for sustainable urban planning.  Today is yet another
indication of how Songdo IBD has moved from visionary ideal
to dynamic reality."  

    John B. Hynes, III, Chief Executive Officer and
Managing Partner of Gale International, said, "We look
forward to working with UTC and Hanjin Group on making this
the most sustainable city possible and fulfill the mandate
of making Songdo IBD an economic hub of Northeast
Asia."  

    Gale International and UTC will collaborate on the Gale
International/ U-Life Northeast Asia Headquarters, the first
LEED-Platinum building in Korea and the centerpiece of the
800,000 square foot, mixed-use U-Life Complex.  U-Life,
Songdo IBD's ubiquitous computing division, is a joint
venture of Gale International, POSCO E&C and LG CNS. 
The headquarters will be a model of sustainable building
design and will include an extensive public exhibit area
for UTC innovations in use in Songdo IBD.  UTC also will
assist Gale in implementing best-in-class green
technologies from other companies throughout Songdo. 
Songdo IBD as a whole was recently named a "green
urbanism" pilot project by the U.S. Green Building
Council.  Gale International also will work closely with
the recently formed Korea Green Building Council.

    This headquarters complex exemplifies how multinational
corporations will utilize Songdo IBD as a test-bed for their
most innovative services and technologies.  Additionally,
UTC's involvement served as a catalyst for Hanjin Group's
participation in Songdo's overall sustainability effort. 
Thus Songdo IBD demonstrates a cascading affect in
attracting top-tier multinationals to the city.

    Hanjin Group (specifically Korean Air and Inha
University), UTC and Gale will collaborate on the formation
of the Sustainable International Business Center (SIBC), a
large-scale research facility aimed at the study and
communication of "green" ideas, technologies and
products.  The SIBC also will be the future home of an
annual sustainability conference that will position the
Republic of Korea and Songdo IBD at the center of
environmental initiatives in Northeast Asia.  The center is
envisioned as a showcase for leading-edge green
technologies. 

    The SIBC is expected to anchor International Plaza, one
of two high-concept, Rockefeller Center-inspired building
complexes also being announced today.  Totaling seven
million square feet, International Plaza and Gateway Center
will form the heart of the city's commercial district. 
International Plaza (3.5 million square feet), to be
designed by Kohn Pedersen Fox Associates, P.C., will cover
three city blocks and incorporate five commercial buildings
linked by low-rise retail.  Gateway Center (3.5 million
square feet), designed by KlingStubbins, also will
incorporate five buildings.  Both offer prime views of
Central Park and can accommodate customized buildings. 

    Songdo IBD's leadership in sustainable development is a
key quality of life attribute for both corporations and
residents.  From the bedrock of its sustainability and
U-Life initiatives, Songdo IBD offers every conceivable
amenity including a world class hospital, an international
preparatory school, museums, a 100-acre Central Park, and
the Jack Nicklaus Golf Club Korea. Songdo IBD's iconic
65-story Northeast Asia Trade Tower will stand as Korea's
tallest building and the stunning "Convensia"
Convention Center will be Korea's largest column-free
space. 

    Songdo IBD is being developed by Gale International and
POSCO E&C in a 70/30 joint venture.  Gale International
is a premier international real estate development and
investment company headquartered in New York with offices
in Boston; Irvine, California; Seoul and New Songdo, South
Korea.  Songdo IBD is both a Korean national project and a
unique international partnership, although one that remains
essentially a private initiative.

    Songdo IBD, "The Gateway to Northeast Asia,"
officially opens in September 2009 as the first new city in
the world designed and planned as an international business
district.  This $25 billion, 100-million square foot,
master-planned metropolis is thought to be the largest
private real estate venture in the world.  Songdo IBD is
connected to the Incheon International Airport, one of the
world's busiest, by a new 7.4 mile highway bridge; and
linked by subway to Seoul, just 35 miles away.  It is
estimated that Songdo IBD will be home to 65,000 people and
that 300,000 will work there.  More information can be found
at http://www.Songdo.com. 

    United Technologies Corp., based in Hartford,
Connecticut, is a $50 billion company providing a broad
range of high technology products and services to the
building systems and aerospace industries worldwide.  Its
businesses include Carrier, Hamilton Sundstrand, Otis,
Pratt & Whitney, Sikorsky, UTC Fire & Security, and
UTC Power.  In 2007, UTC was named for the third consecutive
year as one of the 100 Most Sustainable Corporations in the
World at the World Economic Forum in Davos, Switzerland. 
Fortune magazine has ranked UTC first in its annual Most
Admired survey for aerospace/defense for seven years
running.  United Technologies has a strong presence in the
Republic of Korea, where it employs about 3,400 people in
nearly 60 locations in 17 cities.


    For more information, please contact:

    Gale International

     Mary Lou DiNardo
     International and U.S. Queries
     Phone: [phone]
     Email: [e-mail]

     Hyewon Chang
     Domestic ROK Queries
     Phone: [phone]
     Email: [e-mail]