Raytheon Technologies Investor Presentation — June 2019

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JUNE 17, 2019UTC INVESTOR AND

Note: All results and expectations in this presentation reflect continuing operations unless otherwise noted.

This communication contains statements which, totheextent they arenotstatements ofhistorical orpresent fact, constitute “forward -looking statements” under thesecurities laws.From time totime, oralorwritten forward -looking

statements may also beincluded inother information released tothepublic .These forward -looking statements areintended toprovide Raytheon Company’s andUnited Technologies’ respective management’s current expectations or

plans forourfuture operating andfinancial performance, based onassumptions currently believed tobevalid.Forward- looking statements canbeidentified bytheuseofwords such as“believe,” “expect,” “expectations,” “plans,”

“strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident,” “ontrack” andother words ofsimilar meaning. Forward- looking statements may include, among other things,

statements relating tofuture sales, earnings, cash flow, results ofoperations, uses ofcash, share repurchases, taxrates, R&D spend, other measures offinancial performance, potential future plans, strategies ortransactions, credit

ratings andnetindebtedness, other anticipated benefits oftheproposed merger orthespin-offsbyUnited Technologies ofOtis andCarrier intoseparate independent companies (the“separation transactions”), including estimated

synergies andcustomer cost savings resulting from theproposed merger, theexpected timing ofcompletion oftheproposed merger andtheseparation transactions, estimated costs associated with such transactions andother

statements thatarenothistorical facts .Allforward -looking statements involve risks, uncertainties andother factors thatmay cause actual results todiffer materially from those expressed orimplied intheforward- looking statements .

Forthose statements, weclaim theprotection ofthesafe harbor forforward -looking statements contained intheU.S.Private Securities Litigation Reform Actof1995. Such risks, uncertainties andother factors include, without

limitation :(1)theeffect ofeconomic conditions intheindustries andmarkets inwhich United Technologies andRaytheon Company operate intheU.S.andglobally andanychanges therein, including financial market conditions,

fluctuations incommodity prices, interest rates andforeign currency exchange rates, levels ofendmarket demand inconstruction andinboth thecommercial anddefense segments oftheaerospace industry, levels ofairtravel,

financial condition ofcommercial airlines, theimpact ofweather conditions andnatural disasters, thefinancial condition ofourcustomers andsuppliers, andtherisks associated withU.S.government sales (including changes orshifts