RNS Number:0490O
Chubb PLC
28 July 2003

Not for release, publication or distribution in, into or from Australia, Canada
or Japan

FOR IMMEDIATE RELEASE

UNITED TECHNOLOGIES CORPORATION
CHUBB PLC



28 July 2003


               Chubb Board Changes, Delisting and Interim Results

Earlier today, United Technologies Corporation ("UTC") announced that the
recommended cash offer (the "Offer") by its wholly-owned subsidiary, Ceesail
Limited (the "Offeror"), for the entire issued share capital of Chubb plc
("Chubb") had been declared unconditional in all respects. As at 3.00 p.m.
today, the Offeror had acquired or agreed to acquire, or received valid
acceptances under the Offer in respect of, in aggregate, 566,571,357 Chubb
ordinary shares, representing approximately 68.34 per cent. of the existing
issued share capital of Chubb.

Chubb Board Changes

Chubb announces that, this afternoon, Olivier Robert has joined the board of
Chubb as an executive director, and William H. Trachsel and Todd J. Kallman have
joined the board of Chubb as non-executive directors. Olivier Robert has also
been appointed President and Chief Executive of the Company, replacing Jonathan
Findler as Chief Executive. Jonathan Findler, Sir Victor Blank, John Roques, Sir
David Rowe-Ham and John Sussens have resigned from the board.

In connection with the appointments, there are no details that are required to
be disclosed by paragraphs 16.4(a) or 6.F.2(b) to (g) of the Listing Rules of
the UK Listing Authority ("UKLA").

Delisting

Application has been made by Chubb to the UKLA for the cancellation of Chubb's
listing on the Official List of the UKLA and to the London Stock Exchange for
the cancellation of the admission to trading of Chubb shares on the London Stock
Exchange's market for listed securities. It is anticipated that cancellation of
listing and admission to trading will take effect from 27 August 2003, being 20
business days following the date of this announcement.

Interim Results

Following the Offer being declared unconditional in all respects, the
announcement of Chubb's interim results for the first half of 2003 has been
delayed beyond 31 July 2003. A further annoucement will be made in due course as
appropriate.




Level of Acceptances update

As at 3.00 p.m. today, valid acceptances of the Offer had been received in
respect of 483,500,367 Chubb Shares representing approximately 58.32 per cent.
of the existing issued share capital of Chubb.

Prior to the commencement of the Offer Period on 16 April 2003, UTC held 500,000
Chubb Shares, representing approximately 0.06 per cent. of the existing issued
share capital of Chubb. During the Offer Period, the Offeror has acquired, or
agreed to acquire, in aggregate, 82,570,990 Chubb Shares, representing
approximately 9.96 per cent of the existing issued share capital of Chubb.

Prior to the announcement of the Offer on 11 June 2003, the Offeror had received
irrevocable undertakings to accept (or procure the acceptance of) the Offer from
the Chubb Directors in respect of their entire beneficial holdings of, in
aggregate, 101,538 Chubb Shares, representing in aggregate approximately 0.01
per cent. of the existing issued share capital of Chubb. Valid acceptances have
been received in respect of all the Chubb Shares subject to the irrevocable
undertakings and are included in the total number of valid acceptances referred
to above.

Save as disclosed in this announcement or the Offer Document, neither UTC nor
the Offeror, nor any persons acting or deemed to be acting in concert with UTC
or the Offeror, held any Chubb Shares (or rights over any Chubb Shares) prior to
the Offer Period and neither UTC nor the Offeror nor any persons acting or
deemed to be acting in concert with UTC or the Offeror, have acquired or agreed
to acquire any Chubb Shares (or rights over any Chubb Shares) since the
commencement of the Offer Period.

Enquiries:
UBS Investment Bank                  Emma Goodrick         Tel: +44 20 7567 8000
                                     Leanne Gordon-Kagan   Tel: +44 20 7567 8000
JPMorgan                             Mark Breuer           Tel: +44 20 7777 2000
                                     Edward Banks          Tel: +44 20 7777 2000
Computershare Investor Services                            Tel: +44 870 703 0147


This announcement does not constitute an offer to sell or an invitation to
purchase any securities or the solicitation of an offer to buy any securities,
pursuant to the Offer or otherwise. The full terms and conditions of the Offer
(including details of how the Offer may be accepted) are set out in the Offer
Document and the Form of Acceptance.

The availability of the Offer to Chubb Shareholders who are not resident in and
citizens of the United Kingdom or the United States may be affected by the laws
of the relevant jurisdictions in which they are located or of which they are
citizens. Such persons should inform themselves of, and observe, any applicable
legal or regulatory requirements of their jurisdictions.

Unless otherwise determined by UTC, the Offer is not being made, directly or
indirectly, in or into Australia, Canada, Japan or any jurisdiction where to do
so would constitute a breach of securities law in that jurisdiction, and the
Offer is not capable of acceptance from or within Australia, Canada, Japan or
any such other jurisdiction. Accordingly, copies of this announcement and any
related documents are not being, and must not be, directly or indirectly, mailed
or otherwise forwarded, distributed or sent in, into or from Australia, Canada,
Japan or any jurisdiction where to do so would constitute a breach of securities
laws in that jurisdiction, and persons receiving this announcement (including
custodians, nominees and trustees) must not mail or otherwise distribute or send
it in, into or from such jurisdictions as doing so may invalidate any purported
acceptance of the Offer.

Each of UBS Limited ("UBS Investment Bank") and J.P. Morgan plc ("JPMorgan") is
acting for UTC and the Offeror and no one else in connection with the Offer and
will not be responsible to anyone other than UTC and the Offeror for providing
the protections offered to clients respectively of UBS Investment Bank and
JPMorgan (as the case may be) nor for providing advice in relation to the Offer.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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