United Technologies Investor Presentation — January 2020

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4Q 2019 Earnings Conference Call

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 management’s current expectations orplans 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 of

theRockwell Collins acquisition, theproposed merger with Raytheon Company (“Raytheon”) orthespin-offsbyUTC ofOtis andCarrier intoseparate independent companies (the “separation transactions”), including estimated

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