United Technologies Investor Presentation — September 2018

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Chairman & CEOMorgan Stanley 6thAnnual Laguna Conference

September 14, 2018Note :Allresults andexpectations inthispresentation reflect continuing operations unless otherwise noted.

Cautionary Statement :

This communication contains statements which, to the extent they are not statements of historical or present fact, constitute “forward -looking statements” under the securities laws. From time to time,

oral or written forward- looking statements may also be included in other information released to the public. These forward- looking statements are intended to provide management’s current

expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. F orward -looking statements can be identified by the use of words such

as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “wil l,”“should,” “see,” “guidance,” “outlook,” “confident” and other words of similar

meaning in connection with a discussion of future operating or financial performance. Forward- looking statements may include, am ong other things, statements relating to future sales, earnings, cash

flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potent ialfuture plans, strategies or transactions of United Technologies or the

combined company following United Technologies’ pending acquisition of Rockwell Collins, the anticipated benefits of the pending acquisition, including estimated synergies, the expected timing of

financing and completion of the transaction and other statements that are not historical facts. All forward- looking statements i nvolve risks, uncertainties and other factors that may cause actual