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Forward-Looking Statements Note: All results and expectations in the presentation reflect continuing operations unless otherwise noted. CautionaryStatement: Thiscommunicationcontainsstatementswhich,totheextenttheyarenotstatementsofhistoricalorpresentfact,constitute“forward-lookingstatements”underthesecuritieslaws.Fromtimetotime,oralorwrittenforward-lookingstatementsmayalsobeincludedinotherinformationreleasedtothepublic.Theseforward-lookingstatementsareintendedtoprovideRaytheonCompany’sandUnitedTechnologies’respectivemanagement’scurrentexpectationsorplansforourfutureoperatingandfinancialperformance,basedonassumptionscurrentlybelievedtobevalid.Forward-lookingstatementscanbeidentifiedbytheuseofwordssuchas“believe,”“expect,”“expectations,”“plans,”“strategy,”“prospects,”“estimate,”“project,”“target,”“anticipate,”“will,”“should,”“see,”“guidance,”“outlook,”“confident,”“ontrack”andotherwordsofsimilarmeaning.Forward-lookingstatementsmayinclude,amongotherthings,statementsrelatingtofuturesales,earnings,cashflow,resultsofoperations,usesofcash,sharerepurchases,taxrates,R&Dspend,othermeasuresoffinancialperformance,potentialfutureplans,strategiesortransactions,creditratingsandnetindebtedness,otheranticipatedbenefitsoftheproposedmergerorthespin-offsbyUnitedTechnologiesofOtisandCarrierintoseparateindependentcompanies(the“separationtransactions”),includingestimatedsynergiesandcustomercostsavingsresultingfromtheproposedmerger,theexpectedtimingofcompletionoftheproposedmergerandtheseparationtransactions,estimatedcostsassociatedwithsuchtransactionsandotherstatementsthatarenothistoricalfacts.Allforward-lookingstatementsinvolverisks,uncertaintiesandotherfactorsthatmaycauseactualresultstodiffermateriallyfromthoseexpressedorimpliedintheforward-lookingstatements.Forthosestatements,weclaimtheprotectionofthesafeharborforforward-lookingstatementscontainedintheU.S.PrivateSecuritiesLitigationReformActof1995.Suchrisks,uncertaintiesandotherfactorsinclude,withoutlimitation:(1)theeffectofeconomicconditionsintheindustriesandmarketsinwhichUnitedTechnologiesandRaytheonCompanyoperateintheU.S.andgloballyandanychangestherein,includingfinancialmarketconditions,fluctuationsincommodityprices,interestratesandforeigncurrencyexchangerates,levelsofendmarketdemandinconstructionandinboththecommercialanddefensesegmentsoftheaerospaceindustry,levelsofairtravel,financialconditionofcommercialairlines,theimpactofweatherconditionsandnaturaldisasters,thefinancialconditionofourcustomersandsuppliers,andtherisksassociatedwithU.S.governmentsales(includingchangesorshiftsindefensespendingduetobudgetaryconstraints,spendingcutsresultingfromsequestration,agovernmentshutdown,orotherwise,anduncertainfundingofprograms);(2)challengesinthedevelopment,production,delivery,support,performanceandrealizationoftheanticipatedbenefits(includingourexpectedreturnsundercustomercontracts)ofadvancedtechnologiesandnewproductsandservices;(3)thescope,nature,impactortimingoftheproposedmergerandtheseparationtransactionsandothermerger,acquisitionanddivestitureactivity,includingamongotherthingstheintegrationoforwithotherbusinessesandrealizationofsynergiesandopportunitiesforgrowthandinnovationandincurrenceofrelatedcostsandexpenses;(4)futurelevelsofindebtedness,includingindebtednessthatmaybeincurredinconnectionwiththeproposedmergerandtheseparationtransactions,andcapitalspendingandresearchanddevelopmentspending;(5)futureavailabilityofcreditandfactorsthatmayaffectsuchavailability,includingcreditmarketconditionsandourcapitalstructure;(6)thetimingandscopeoffuturerepurchasesbythecompaniesoftheirrespectivecommonstock,whichmaybesuspendedatanytimeduetovariousfactors,includingmarketconditionsandthelevelofotherinvestingactivitiesandusesofcash,includinginconnectionwiththeproposedmerger;(7)delaysanddisruptionindeliveryofmaterialsandservicesfromsuppliers;(8)companyandcustomer-directedcostreductioneffortsandrestructuringcostsandsavingsandotherconsequencesthereof(includingthepotentialterminationofU.S.governmentcontractsandperformanceunderundefinitizedcontractawardsandthepotentialinabilitytorecoverterminationcosts);(9)newbusinessandinvestmentopportunities;(10)theabilitytorealizetheintendedbenefitsoforganizationalchanges;(11)theanticipatedbenefitsofdiversificationandbalanceofoperationsacrossproductlines,regionsandindustries;(12)theoutcomeoflegalproceedings,investigationsandothercontingencies;(13)pensionplanassumptionsandfuturecontributions;(14)theimpactofthenegotiationofcollectivebargainingagreementsandlabordisputes;(15)theeffectofchangesinpoliticalconditionsintheU.S.andothercountriesinwhichUnitedTechnologies,RaytheonCompanyandthebusinessesofeachoperate,includingtheeffectofchangesinU.S.tradepoliciesortheU.K.’spendingwithdrawalfromtheEuropeanUnion,ongeneralmarketconditions,globaltradepoliciesandcurrencyexchangeratesintheneartermandbeyond;(16)theeffectofchangesintax(includingU.S.taxreformenactedonDecember22,2017,whichiscommonlyreferredtoastheTaxCutsandJobsActof2017),environmental,regulatoryandotherlawsandregulations(including,amongotherthings,exportandimportrequirementssuchastheInternationalTrafficinArmsRegulationsandtheExportAdministrationRegulations,anti-briberyandanti-corruptionrequirements,includingtheForeignCorruptPracticesAct,industrialcooperationagreementobligations,andprocurementandotherregulations)intheU.S.andothercountriesinwhichUnitedTechnologies,RaytheonCompanyandthebusinessesofeachoperate;(17)negativeeffectsoftheannouncementorpendencyoftheproposedmergerortheseparationtransactionsonthemarketpriceofUnitedTechnologies’and/orRaytheonCompany’srespectivecommonstockand/orontheirrespectivefinancialperformance;(18)theabilityofthepartiestoreceivetherequiredregulatoryapprovalsfortheproposedmerger(andtheriskthatsuchapprovalsmayresultintheimpositionofconditionsthatcouldadverselyaffectthecombinedcompanyortheexpectedbenefitsofthetransaction)andapprovalsofUnitedTechnologies’shareownersandRaytheonCompany’sshareholdersandtosatisfytheotherconditionstotheclosingofthemergeronatimelybasisoratall;(19)theoccurrenceofeventsthatmaygiverisetoarightofoneorbothofthepartiestoterminatethemergeragreement;(20)risksrelatingtothevalueoftheUnitedTechnologies’sharestobeissuedintheproposedmerger,significanttransactioncostsand/orunknownliabilities;(21)thepossibilitythattheanticipatedbenefitsfromtheproposedmergercannotberealizedinfulloratallormaytakelongertorealizethanexpected,includingrisksassociatedwiththirdpartycontractscontainingconsentand/orotherprovisionsthatmaybetriggeredbytheproposedtransaction;(22)risksassociatedwithtransaction-relatedlitigation;(23)thepossibilitythatcostsordifficultiesrelatedtotheintegrationofUnitedTechnologies’andRaytheonCompany’soperationswillbegreaterthanexpected;(24)risksrelatingtocompletedmerger,acquisitionanddivestitureactivity,includingUnitedTechnologies’integrationofRockwellCollins,includingtheriskthattheintegrationmaybemoredifficult,time-consumingorcostlythanexpectedormaynotresultintheachievementofestimatedsynergieswithinthecontemplatedtimeframeoratall;(25)theabilityofeachofRaytheonCompany,UnitedTechnologies,thecompaniesresultingfromtheseparationtransactionsandthecombinedcompanytoretainandhirekeypersonnel;(26)theexpectedbenefitsandtimingoftheseparationtransactions,andtheriskthatconditionstotheseparationtransactionswillnotbesatisfiedand/orthattheseparationtransactionswillnotbecompletedwithintheexpectedtimeframe,ontheexpectedtermsoratall;(27)theintendedqualificationof(i)themergerasatax-freereorganizationand(ii)theseparationtransactionsastax-freetoUnitedTechnologiesandUnitedTechnologies’shareowners,ineachcase,forU.S.federalincometaxpurposes;(28)thepossibilitythatanyopinions,consents,approvalsorrulingsrequiredinconnectionwiththeseparationtransactionswillnotbereceivedorobtainedwithintheexpectedtimeframe,ontheexpectedtermsoratall;(29)expectedfinancingtransactionsundertakeninconnectionwiththeproposedmergerandtheseparationtransactionsandrisksassociatedwithadditionalindebtedness;(30)theriskthatdissynergycosts,costsofrestructuringtransactionsandothercostsincurredinconnectionwiththeseparationtransactionswillexceedUnitedTechnologies’estimates;and(31)theimpactoftheproposedmergerandtheseparationtransactionsontherespectivebusinessesofRaytheonCompanyandUnitedTechnologiesandtheriskthattheseparationtransactionsmaybemoredifficult,time-consumingorcostlythanexpected,includingtheimpactonUnitedTechnologies’resources,systems,proceduresandcontrols,diversionofitsmanagement’sattentionandtheimpactonrelationshipswithcustomers,suppliers,employeesandotherbusinesscounterparties.Therecanbenoassurancethattheproposedmerger,theseparationtransactionsoranyothertransactiondescribedabovewillinfactbeconsummatedinthemannerdescribedoratall.Foradditionalinformationonidentifyingfactorsthatmaycauseactualresultstovarymateriallyfromthosestatedinforward-lookingstatements,seethereportsofUnitedTechnologiesandRaytheonCompanyonForms10-K,10-Qand8-KfiledwithorfurnishedtotheSecuritiesandExchangeCommission(the“SEC”)fromtimetotime.Anyforward-lookingstatementspeaksonlyasofthedateonwhichitismade,andUnitedTechnologiesandRaytheonCompanyassumenoobligationtoupdateorrevisesuchstatement,whetherasaresultofnewinformation,futureeventsorotherwise,exceptasrequiredbyapplicablelaw.1

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Anthony F. O’Brien VP & CFO Thomas A. Kennedy Chairman & CEO Akhil Johri EVP & CFO Gregory J. Hayes Chairman & CEO Today’s Presenters 2

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Leading diversified A&D company with enhanced technological capabilities,financial strength, robust cash generation and flexibility to address full range of customer priorities Merger Creates Premier A&D Systems Provider ~$74B Sales1,2 ~$13.5B EBITDA1,3 ~$18 –$20B 3-Yr Return of Capital4 ‘A’ category Target Credit Rating Leader in aircraft engines and aerospacesystems for commercial and defense customers Leader in defense electronics,mission systems, C5I™products and services,sensing, effects and mission support Industry Leading A&D Provider of High Technology Systems and Products with Diversification Across Commercial Aerospace and Defense 1.Pro forma 2019 estimates based on current outlook provided by each company; excludes Otis and Carrier 2.Net of intercompany eliminations 3.Excludes non-operating pension income/(expense) 4.Expected cumulative sum of share repurchase and dividends in first 36 months following close 3

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Transaction Overview Anticipated Transaction Structure •All-stock merger of equals following the separation of Otis and Carrier by United Technologies; anticipate tax-free transaction for U.S. federal income tax purposes •Raytheon shareowners will receive 2.3348 shares in Raytheon Technologies Corporation for each share of Raytheon •United Technologies shareowners to own ~57% and Raytheon shareowners to own ~43% of combined company •Net debt for the combined company at closing expected to be ~$26B with United Technologies expected to contribute ~$24B  Company Name& Headquarters •Combined company to be renamed Raytheon Technologies Corporation •NYSE listing with ticker RTX •Headquartered in greater Boston metro area Leadership & Governance •Executive Chairman: Tom Kennedy for two years following completion of merger •Chief Executive Officer: Greg Hayes; Hayes assumes Chairman and CEO role two years following completion of merger •Board of Directors: 15 total directors; 8 from United Technologies and 7 from Raytheon; lead director from Raytheon Financials  & Synergies •Double-digit free cash flow growth with expectation of ~$8B in pro forma free cash flow by 2021 •~$1B+ in gross annual cost synergies by year 4 •Strong balance sheet, expect to return ~$18 –$20B of capital to shareowners in first 36 months following completion of merger1 Timing & Closing Requirements •Transaction unanimously approved by United Technologies and Raytheon Boards of Directors •Expected closing in 1H 2020 (following separation of Otis and Carrier from United Technologies) •Subject to customary conditions, including regulatory approvals and approvals of United Technologies and Raytheon shareowners2 1.Expected cumulative sum of share repurchase and dividends in first 36 months following completion of merger 2.United Technologies and Raytheon merger of equals conditioned on separation of Otis and Carrier businesses 4

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Ability to deliver enhanced value to customers through cost-effective solutions  Strategic Rationale Creates a premier systems provider positioned to define the future of A&D Highly complementary technology offerings and world-class engineering teams Balanced and diversified A&D portfolio that is resilient across business cycles $1B+ gross cost synergies with additional technology-driven revenue synergies Attractive financial profile with strong cash flow generation and balance sheet5

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Technology solutions addressing the most challenging customer requirementsin high-growth segments of the Aerospace & Defense industry Pratt & Whitney Sales: ~$21B UTC, Pratt & Whitney Collins Aerospace Sales: ~$22B UTC, Collins Aerospace RAYTHEON TECHNOLOGIES •Raytheon, Space and Airborne Systems •Raytheon, Intelligence, Information & Services •UTC, Mission Systems •Raytheon, Forcepoint Integrated Defense & Missile Systems Sales: ~$16B •Raytheon, Missile Systems •Raytheon, Integrated Defense Systems Leader in High Technology A&D Segments Pro Forma 2019E1 1.Sales shown are prior to intercompany eliminations 2.Intelligence, Space & Airborne Systems segmentexpected to include United Technologies (Collins Aerospace) Mission Systems business Intelligence, Space & Airborne Systems2 Sales: ~$18B6

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0 20 40 60 80 100 120 Chart Title Defense Commercial ~55%  ~45% United States International Balanced Across Aerospace & Defense Segments 1.2018 pro forma A&D sales net of intercompany eliminations for United Technologies and Raytheon, including Rockwell Collins. Airbus Helicopters are split between commercial (51%) and defense (49%) as reported in Airbus 2018 annual investor presentation and financialsconverted to USD at EURUSD rate of 1.14. General Dynamics pro forma for CSRA acquisition. Northrop Grumman pro forma for Orbital ATK.  Safranpro forma for Zodiac with USD at EURUSD rate of 1.14. 2.Pro forma 2019.  Excludes Otis and Carrier Pro Forma Sales by Geography2 ~46% ~54% Defense Commercial Pro Forma Sales by End Market2 $101 $74 A&D Sales –2018 ($ Billions)1 $69 $54 $38 $32 $31 $13 Platform-agnostic A&D company with a diversified portfolio + $257

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Value Creation Through Cost Synergies $350-$400M $600M+ Announced Realized Announced $500M Revised Estimate $600M+ Net: $500M+ Gross: ~$1B+ pre-tax cost synergies1 1.Approximately $600M net one-time cost, subject to USG recoverability, to achieve $500M+ in net annual cost synergies  + Cost synergy drivers  $350M+ $325M+ $175M+ $150M+ Supply chain and procurement Corporate and segment consolidation Facilities consolidation  IT and other SG&A Track record of synergy realization; $1B+ in gross annual cost synergies, with additional revenue synergies realized through key technologies and capabilities8

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0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Series 1 Robust Free Cash Flow Generation  Double-digit free cash flow growth driven by: Organic growth  Working capital efficiencies CAPEX investment cycle moderation Cost synergies 1.Excludes Otis and Carrier and one-time costs associated with United Technologies portfolio separation.  2019 pro forma excludes synergies and transaction related items Accelerating Free Cash Flow1 Capital Deployment Strategy •Balance Sheet: Expected net debt of ~$26B •Credit Rating: Target ‘A’ category credit rating •Investment:Flexibility to invest in R&D and CAPEX through cycles to sustain innovation and growth •Share repurchase & dividends:Expect to return ~$18 –$20B of capital to shareowners in first 36 months following completion of the merger •M&A: Small scale –in the core and for the right value Strong free cash flow growth supports investment and return of ~$18 –$20B in capital to shareowners through share repurchase and dividends in first 36 months following close 2019E  2019E  Pro forma 2019E Pro forma 2021E ~$8B ~$6B ~$3B ~$3B9

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Existing Capabilities Are Highly Complementary Commercial Propulsion Systems Power Generation Avionics Resilient Positioning, Navigation, Timing (PNT) & Communications Electro-Optical Intelligence, Surveillance & Reconnaissance (ISR) Missiles and Air & Missile Defense System-of-Systems Integration Radar, Sensors & Electronic Warfare Air Traffic Management Cyber Protection Autonomy, Artificial Intelligence (AI) & Machine Learning Representative capabilities brought to combination Military Propulsion Systems Commercial Aerospace Defense10

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Industry-leading innovation      Focused on customer priorities and cost reduction      Enhanced customer solutions R&D Investment Supports Future Revenue Synergies Directed Energy Weapons Hypersonics/ Future Missile Systems ISR in Contested Environments Cyber Protection for Connected Aircraft Next Generation Connected Airspace Advanced Analytics & AI for Aviation Raytheon Technologies1 ~$8B 2019 R&D2 7 R&D Centersof Excellence ~60,000 Engineers ~38,000 Patents Defense priority Commercial aerospace priority 1.Pro forma 2019 estimates. excludes Otis and Carrier 2.R&D estimate includes company and customer funded R&D   11

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Synergy Areas Aligned with Customer Needs Defense priority areas ●High-temperature materials ●Thermal and signature management ●Advanced propulsion ●Vehicle integration expertise ●Seekers and payloads ●Advanced guidance and control Advanced high speed missiles and hypersonic weapons addressing survivability needs in highly contested environments

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Synergy Areas Aligned with Customer Needs Commercial aerospace priority areas  Cyber Protection for Connected Aircraft Next Generation Connected Airspace AdvancedAnalytics & AIfor Aviation ●Aircraft networks and RF systems ●Information management systems ●System architecture and certification ●Detection, processingand response ●Threat intelligence analysis ●Cyber resiliencytesting Cyber solutions for airlines and OEMsoffering secure connectivity to enable proactive health monitoring and optimized performance

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Combination Benefits All Stakeholders •Greater capabilities and financial resources to address customer priorities •Shared R&D and enhanced technology content delivers increased value •Expect ~$500M of cost synergy savings to be returned to customers •Stronger combined company with greater R&D and focus on high-growth markets •More opportunities to build a career within the A&D industry •Strong commitment to lifelong learning and development •Combined company to see enhanced long-term growth opportunities •Continued presence in existing locations •Commitment to ongoing investment in local communities •Combined innovation teams to surpass current state of the art •Improved positioning to address emerging industry requirements •Technology combination expands opportunities across the supply chain Customers Employees Communities Industry14

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Benefits for Shareowners •Balanced and diversified A&D company with ability to invest through business cycles •Platform-agnostic systems provider, less reliant on any individual programs or customers •Significantly increased addressable market for combined company Scope & Stability Attractive Financial Profile •Technology sharing offers significant growth opportunities •Significant annual cost synergies with minimal integration risk •Earnings growth and margin expansion opportunity through reduced costs Balance Sheet Strength •Strong balance sheet and credit rating profile with robust cash flow generation •Flexibility to increase return of capital alongside growth-focused investments Management & Governance •Strong cultural fit and DNA of innovation and customer focus at both companies •Experienced management team with proven track record of integration •Unique perspectives and complementary capabilities from both companies’ Boards 15

Important Information about the Proposed Transaction Additional Information In connection with the proposed merger, United Technologies will file a registration statement on Form S-4, which will include adocument that serves as a prospectus of United Technologies and a joint proxy statement of United Technologies and Raytheon Company (the “joint proxy statement/prospectus”), and each party will file other documents regarding the proposed merger with the SEC. In addition, in connection with the separation transactions, subsidiaries of United Technologies will file registration statements on Form 10 or S-1. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. A definitive joint proxy statement/prospectus will be sent to United Technologies’ shareowners and Raytheon Company’s shareholders. Investors and security holders will be able to obtain the registration statements and the joint proxy statement/prospectus free of charge from the SEC’s website or from United Technologies or Raytheon Company. The documents filed by United Technologies with the SEC may be obtained free of charge at United Technologies’website at www.utc.com or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from United Technologies by requesting them by mail at UTC Corporate Secretary, 10 Farm Springs Road, Farmington, CT, 06032, by telephone at 1-860-728-7870 or by email at corpsec@corphq.utc.com. The documents filed by Raytheon Company with the SEC may be obtained free of charge at Raytheon Company’s website at www.raytheon.com or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from Raytheon Company by requesting them by mail at Raytheon Company, Investor Relations, 870 Winter Street, Waltham, MA, 02541, by telephone at 1-781-522-5123 or by email at invest@raytheon.com. Participants in the Solicitation United Technologies and Raytheon Company and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed merger. Information about United Technologies’ directors and executive officers is available in United Technologies’ proxy statement dated March 18, 2019, for its 2019 Annual Meeting of Shareowners. Information about Raytheon Company’s directors and executive officers is available in Raytheon Company’s proxy statement dated April 16, 2019, for its 2019 Annual Meeting of Shareholders. Other information regarding the participants in the proxy solicitationand a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the transaction when they become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from United Technologies or Raytheon Company as indicated above. No Offer or Solicitation This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.20

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To Create Raytheon Technologies A Landmark Transaction to Define the Future of Aerospace and Defense