Filed by United Technologies Corporation
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934

Subject Company:  Raytheon Company
Commission File No. 001-13699
Date:  July 19, 2019

 Investor UpdateJuly 2019 

 Forward-Looking Statement  Note: All results and expectations in the presentation 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. Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident,” “on track” and other words of similar meaning. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates, R&D spend, other measures of financial performance, potential future plans, strategies or transactions, credit ratings and net indebtedness, other anticipated benefits of the proposed merger or the spin-offs by United Technologies of Otis and Carrier into separate independent companies (the “separation transactions”), including estimated synergies and customer cost savings resulting from the proposed merger with Raytheon Company (“Raytheon”), the expected timing of completion of the proposed merger and the separation transactions, estimated costs associated with such transactions and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which United Technologies and Raytheon Company operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction and in both the commercial and defense segments of the aerospace industry, levels of air travel, financial condition of commercial airlines, the impact of weather conditions and natural disasters, the financial condition of our customers and suppliers, and the risks associated with U.S. government sales (including changes or shifts in defense spending due to budgetary constraints, spending cuts resulting from sequestration, a government shutdown, or otherwise, and uncertain funding of programs); (2) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits (including our expected returns under customer contracts) of advanced technologies and new products and services; (3) the scope, nature, impact or timing of the proposed merger with Raytheon and the separation transactions and other merger, acquisition and divestiture activity, including among other things the integration of or with other businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs and expenses; (4) future levels of indebtedness, including indebtedness that may be incurred in connection with the proposed merger with Raytheon and the separation transactions, and capital spending and research and development spending; (5) future availability of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope of future repurchases by the companies of their respective common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash, including in connection with the proposed merger with Raytheon; (7) delays and disruption in delivery of materials and services from suppliers; (8) company and customer-directed cost reduction efforts and restructuring costs and savings and other consequences thereof (including the potential termination of U.S. government contracts and performance under undefinitized contract awards and the potential inability to recover termination costs); (9) new business and investment opportunities; (10) the ability to realize the intended benefits of organizational changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of changes in political conditions in the U.S. and other countries in which United Technologies, Raytheon and the businesses of each operate, including the effect of changes in U.S. trade policies or the U.K.’s pending withdrawal from the European Union, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory and other laws and regulations (including, among other things, export and import requirements such as the International Traffic in Arms Regulations and the Export Administration Regulations, anti-bribery and anti-corruption requirements, including the Foreign Corrupt Practices Act, industrial cooperation agreement obligations, and procurement and other regulations) in the U.S. and other countries in which United Technologies, Raytheon and the businesses of each operate; (17) negative effects of the announcement or pendency of the proposed merger or the separation transactions on the market price of United Technologies’ and/or Raytheon’s respective common stock and/or on their respective financial performance; (18) the ability of the parties to receive the required regulatory approvals for the proposed merger (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction) and approvals of United Technologies’ shareowners and Raytheon’s shareholders and to satisfy the other conditions to the closing of the merger on a timely basis or at all; (19) the occurrence of events that may give rise to a right of United Technologies or Raytheon or both to terminate the merger agreement; (20) risks relating to the value of the United Technologies’ shares to be issued in the proposed merger with Raytheon, significant transaction costs and/or unknown liabilities; (21) the possibility that the anticipated benefits from the proposed merger with Raytheon cannot be realized in full or at all or may take longer to realize than expected, including risks associated with third party contracts containing consent and/or other provisions that may be triggered by the proposed transaction; (22) risks associated with transaction-related litigation; (23) the possibility that costs or difficulties related to the integration of United Technologies’ and Raytheon’s operations will be greater than expected; (24) risks relating to completed merger, acquisition and divestiture activity, including United Technologies’ integration of Rockwell Collins, including the risk that the integration may be more difficult, time-consuming or costly than expected or may not result in the achievement of estimated synergies within the contemplated time frame or at all; (25) the ability of each of United Technologies, Raytheon and the companies resulting from the separation transactions and the combined company to retain and hire key personnel; (26) the expected benefits and timing of the separation transactions, and the risk that conditions to the separation transactions will not be satisfied and/or that the separation transactions will not be completed within the expected time frame, on the expected terms or at all; (27) the intended qualification of (i) the merger as a tax-free reorganization and (ii) the separation transactions as tax-free to United Technologies and United Technologies’ shareowners, in each case, for U.S. federal income tax purposes; (28) the possibility that any opinions, consents, approvals or rulings required in connection with the separation transactions will not be received or obtained within the expected time frame, on the expected terms or at all; (29) expected financing transactions undertaken in connection with the proposed merger with Raytheon and the separation transactions and risks associated with additional indebtedness; (30) the risk that dissynergy costs, costs of restructuring transactions and other costs incurred in connection with the separation transactions will exceed United Technologies’ estimates; and (31) the impact of the proposed merger and the separation transactions on the respective businesses of United Technologies and Raytheon and the risk that the separation transactions may be more difficult, time-consuming or costly than expected, including the impact on United Technologies’ resources, systems, procedures and controls, diversion of its management’s attention and the impact on relationships with customers, suppliers, employees and other business counterparties. There can be no assurance that the proposed merger, the separation transactions or any other transaction described above will in fact be consummated in the manner described or at all. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the reports of United Technologies and Raytheon on Forms 10-K, 10-Q and 8-K filed with or furnished to the Securities and Exchange Commission (the “SEC”) from time to time. Any forward-looking statement speaks only as of the date on which it is made, and United Technologies assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.  1 

 Important Information about the Proposed Transaction  Additional InformationIn connection with the proposed merger, United Technologies will file a registration statement on Form S-4, which will include a document 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, BECAUSETHEY 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 or at the SEC’s website at 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 The documents filed by Raytheon Company with the SEC may be obtained free of charge at Raytheon Company’s website at or at the SEC’s website at 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 in the SolicitationUnited 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 solicitation and 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 SolicitationThis 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.  2 

 Section I: Portfolio Separation & UTC – Raytheon Merger 

 ~$70B1,2  ~#40  +  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  Separation and Merger Create Three Industry-Leading Companies  #137  A leading provider of HVAC, refrigeration, building automation, fire safety and security products to customers worldwide  $19B  Pro forma 2018 estimates based on sales provided by each company; includes Rockwell Collins and excludes Otis and CarrierNet of intercompany eliminationsBased on 2018 sales  World’s leadingmanufacturer andservice provider ofelevators, escalatorsand moving walkways  $13B  #200  2018 Sales  S&P 500 Rank3  4 

 Strategic Rationale for Separation of Otis and Carrier  Capital structure and allocation flexibility to match individual business risk / return profiles  Greater focus drivesbetter results  Management incentives aligned with performance  Capital structure and allocation flexibility  Nimbler organizational and operating model supporting greater agilityImproved operating discipline with more granular focus  Performance incentives better aligned to the specific attributes of each business  Increased M&Aopportunity  Greater flexibility for standalone businesses to pursue portfolio enhancing M&A, supported by independent equity currencies  Broadening of investor base  Attract shareowners with distinct investment preferences  Strong financial profile  Three leading companies with scale, investment grade balance sheets and financial characteristics to drive growth and investment through cycles  5 

 JUDITH F. MARKSAppointed President & CEO in June 2019Former CEO, Dresser-Rand (a Siemens business) Former CEO, Siemens USAFormer VP, Strategy & Business Development (Electronic Systems), Lockheed Martin   Separation of Otis and Carrier Creates Two Industry Leaders  R&D Investment  Segment Mix  Geographic Mix  2018 Sales: $18.9B  Investment HighlightsNew equipment and replacement demandNew product investment drives sustainable GDP+ growthGlobal leader in range of HVAC, Refrigeration and Fire and Security segments Significant opportunity for follow-on M&A  Product/Service Mix  2018 Sales: $12.9B  Note: A, B, C represent industry peers; Source: Public company reports, analyst reports, and internal estimates; Based on 2018 results1. See appendix for additional information regarding this non-GAAP financial measure  B  A  C  Adjusted operating profit1($ billions)  2.0  Investment HighlightsGlobal elevator industry leader with over 166 year heritageLargest service portfolio with over 2 million units under maintenance Productivity runway with service transformation underwayNext generation of connected solutions entering service  Industry Leadership  Geographic Mix  HVAC  Fire & Security  Refrigeration  Americas  EMEA  Asia  Service  New Equipment  Americas  EMEA  Asia  6  DAVID L. GITLIN Appointed President & CEO in June 2019Extensive leadership experience in business development, strategy, and mergers and acquisitionsFormer President & COO, Collins Aerospace Former President, UTC Aerospace Systems  

 Merger of United Technologies Aerospace Businesses & Raytheon  Pro forma 2019 estimates based on current outlook provided by each company; excludes Otis and CarrierNet of intercompany eliminationsExcludes non-operating pension income/(expense)Expected cumulative sum of share repurchase and dividends in first 36 months following close  Leader in aircraft engines and aerospace systems 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 AcrossCommercial Aerospace and Defense    ~$74B ~$13.5BSales1,2 EBITDA1,3‘A’ category ~$18 – $20BTarget Credit Rating 3-Yr Return of Capital4  ~$74B ~$13.5BSales1,2 EBITDA1,3‘A’ category ~$18 – $20BTarget Credit Rating 3-Yr Return of Capital4  ~$74B ~$13.5BSales1,2 EBITDA1,3‘A’ category ~$18 – $20BTarget Credit Rating 3-Yr Return of Capital4  Industry Leading A&D Provider of High TechnologySystems and Products with Diversification AcrossCommercial Aerospace and Defense  Leading diversified A&D company with enhanced technological capabilities,financial strength, robust cash generation and flexibility to address full range of customer priorities  7 

 Merger Overview  Expected cumulative sum of share repurchase and dividends in first 36 months following completion of mergerUnited Technologies and Raytheon merger of equals conditioned on separation of Otis and Carrier businesses  Executive Chairman: Tom Kennedy for two years following completion of mergerChief Executive Officer: Greg Hayes; Hayes assumes Chairman and CEO role two years following completion of mergerIndependent Lead Director: Robust independent Lead Director role to be held initially by legacy Raytheon directorBoard of Directors: 15 total directors; 8 from United Technologies and 7 from Raytheon  Leadership & Governance  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 purposesRaytheon shareowners will receive 2.3348 shares in Raytheon Technologies Corporation for each share of RaytheonUnited Technologies shareowners to own ~57% and Raytheon shareowners to own ~43% of combined companyNet debt for the combined company at closing expected to be ~$26B with United Technologies expected to contribute ~$24B  Timing & Closing Requirements  Transaction unanimously approved by United Technologies and Raytheon Boards of DirectorsExpected 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  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 4Strong balance sheet, expect to return ~$18 – $20B of capital to shareowners in first 36 months following completion of merger1  Company Name & Headquarters  Combined company to be renamed Raytheon Technologies CorporationNYSE listing with ticker RTXHeadquartered in greater Boston metro area  8 

 Strategic Rationale of Merger  9    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     Ability to deliver enhanced value to customers through cost-effective solutions    $1B+ gross cost synergies with additional technology-driven revenue synergies     Attractive financial profile with strong cash flow generation and balance sheet 

 Value Creation Through Cost Synergies  $350-$400M  $600M+  Announced  Realized  Announced  $500M  Revised Estimate  $600M+  Net:$500M+  Gross:~$1B+ pre-taxcost synergies1  +  Cost synergy drivers  $350M+Supply chain and procurement  $325M+Corporate and segment consolidation  $175M+Facilities consolidation  $150M+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 capabilities  Approximately $600M net one-time cost, subject to USG recoverability, to achieve $500M+ in net annual cost synergies  10 

 Robust Cash Flow Generation  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  2019E  2019E  Pro forma 2019E  Pro forma 2021E  ~$8B  Double-digit free cash flow growth driven by:Organic growthWorking capital efficienciesCAPEX investment cycle moderation Cost synergies~$6B  ~$3B  ~$3B  Strong free cash flow growth supports investment and return of ~$18 – $20B in capital to shareownersthrough share repurchase and dividends in first 36 months following close  1. Excludes Otis and Carrier and one-time costs associated with United Technologies portfolio separation. 2019 pro forma excludes synergies and transaction related items  11 

 Benefits for Shareowners  Technology sharing offers significant growth opportunitiesSignificant annual cost synergies with minimal integration riskEarnings growth and margin expansion opportunity through reduced costs  Attractive Financial Profile  Management & Governance  Strong cultural fit and DNA of innovation and customer focus at both companiesExperienced management team with proven track record of integrationUnique perspectives and complementary capabilities from both companies’ Boards  Balance Sheet Strength  Strong balance sheet and credit rating profile with robust cash flow generationFlexibility to increase return of capital alongside growth-focused investments  Scope & Stability  Balanced and diversified A&D company with ability to invest through business cyclesPlatform-agnostic systems provider, less reliant on any individual programs or customersSignificantly increased addressable market for combined company  12 

 Section II: Enhanced Technology Sharing Enables Best-in-Class Innovation for our Customers  

 History of World-Class Technology & Innovation  Pioneered the radial air-cooled engine design enabling unprecedented power-to-weight ratio  Produced the first sea going microwave surface search radar for Navy ships  First missile-mounted guidance system capable of intercepting moving objects  Patriot achieves first- ever ballistic missile intercept in combat during Desert Storm  Launched ARPANET, precursor to the Internet; first email system  Raytheon VIIRS technology produces highest resolution composite Earth image  Standard Missile-3 intercepts a failed satellite in space  Raytheon receives the 10 millionth U.S. Patent in history  First 10,000 lbf thrust engine in the US; powered the B-52  World’s first GPS satellite signal received  First global aviation data communications network  First photo ever transmitted via satellite  Developed J58 for SR-71; a world speed record holder  V2500 selected to power A320 family  First airborne radio on Goodyear airship Enterprise  Named “Innovator of the Year” for introducing touch screen flight displays  P&W develops theGeared Turbofan  1920  1940  1960  1980  2000  2020  First Raytheon product: gaseous (helium) rectifier for electron tubes  First working laser  Source: NASA  Raytheon engineer Percy Spencer invents the microwave oven  Raytheon technology contributes to Apollo 11 moon mission success  14 

 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 & MissileDefense  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  Defense  15 

 R&D Investment Supports Future Revenue Synergies  Industry-leading innovation  Focused on customer priorities and cost reduction  Enhanced customer solutions  Directed EnergyWeapons  Hypersonics /Future Missile Systems  ISR in ContestedEnvironments  Cyber Protection forConnected Aircraft  Next GenerationConnected Airspace  Advanced Analytics &AI for Aviation  Raytheon Technologies1  ~$8B  2019 R&D2  R&D Centers of Excellence7  ~60,000  Engineers  ~38,000  Patents  Defense priority  Commercial aerospace priority  Pro forma 2019 estimates. excludes Otis and CarrierR&D estimate includes company and customer funded R&D  16 

 R&D Synergy Areas Aligned with Customer Needs  Technology combination addresses highest priority Defense customer requirements  Defense priority areas  High-temperature materialsThermal and signature managementAdvanced propulsion  Vehicle integration expertiseSeekers and payloadsAdvanced guidance and control  Advanced high speed missiles and hypersonic weapons addressing survivability needs in highly contested environments  Compact, efficient power generationAdvanced thermal managementOptical beam delivery  High-power microwave emittersHigh-energy laser emittersWeapon system integration  Accelerated development and fielding of directed energy weapons to counter emerging threats  Advanced electro-optical payloadsSoftware-defined communicationsPosition, navigation, and timing (PNT)  Radio frequency (RF) payloadsAcoustics and communicationsMulti-sensor fusion / systems integration  Persistent, resilient ISR capability across space, air, land and maritime domains  RaytheonCompetency  United TechnologiesCompetency  Raytheon TechnologiesCustomer Solution  Hypersonics / Future Missile Systems  Directed Energy Weapons  ISR in Contested Environments  =  +  17 

 R&D Synergy Areas Aligned with Customer Needs  Cyber Protection for Connected Aircraft  Next Generation Connected Airspace  Advanced Analytics & AI for Aviation  Aircraft networks and RF systemsInformation management systemsSystem architecture and certification  Detection, processing and responseThreat intelligence analysisCyber resiliency testing  Cyber solutions for airlines and OEMs offering secure connectivity to enable proactive health monitoring and optimized performance  Very large installed baseFull flight / environmental dataPrognostics / health monitoring  Advanced data analyticsAI and machine learningPattern recognition  Application of AI-based data analytics and machine learning techniques to optimize the manufacturing, maintenance, and fleet operation of commercial aircraft  Future airspace flight deck technologyOn-board autonomy systemsAir-to-ground comms infrastructure  Air traffic control automationSurveillance radarsSystem integration expertise  Next generation national airspace system with improved capacity, efficiency, and safety  RaytheonCompetency  United TechnologiesCompetency  Raytheon TechnologiesCustomer Solution  =  +  Combined capabilities support optimization of increasingly connected and intelligent commercial aerospace systems  Commercial aerospace priority areas  18 

 Section III: Highly-Engaged Board Enabled Effective Oversight of Deal Process to Ensure Combination Benefits All Stakeholders 

 Highly Qualified, Independent Board  Directors bring diverse skills and perspectives to drive long-term shareowner value  GREGORY J. HAYESChairman & CEODirector Since: 2014Committees: Finance, Executive (Chair)  ELLEN J. KULLMANIndependent Lead DirectorRetired Chair & CEO, DuPontDirector Since: 2011Committees: Compensation, Finance, Executive  MEGHAN L. O'SULLIVANProfessor, Harvard University Kennedy SchoolDirector Since: 2017Committees: Audit, Governance & Public Policy  LLOYD J. AUSTIN IIIGeneral, U.S. Army (Ret.) and Former Cmdr. U.S. CENTCOMDirector Since: 2016Committees: Audit, Governance & Public Policy  DENISE RAMOSRetired Chief Executive Officer, ITT Director Since: 2018Committees: Audit, Compensation  BRIAN C. ROGERSRetired Non-Executive Chairman, T. Rowe Price Group, Inc.Director Since: 2016Committees: Compensation, Governance & Public Policy (Chair)  JEAN-PIERRE GARNIERChairman, Idorsia PharmaceuticalsDirector Since: 1997Committees: Compensation (Chair), Governance & Public Policy, Executive   JOHN V. FARACIRetired Chairman & CEO, International PaperDirector Since: 2005Committees: Compensation, Finance (Chair), Executive  DIANE M. BRYANTTechnology Industry ExecutiveDirector Since: 2017Committees: Audit, Finance  CHRISTOPHER KEARNEYRetired Chairman, SPX FLOWDirector Since: 2018Committees: Audit, Finance  HAROLD W. MCGRAW IIIChairman Emeritus, S&P Global Inc.Director Since: 2003Committees: Compensation, Governance & Public Policy  MARSHALL O. LARSENRetired Chairman, President & CEO, Goodrich CorporationDirector Since: 2012Committees: Governance & Public Policy, Finance   FREDRIC G. REYNOLDSRetired Executive Vice President & CFO, CBS CorporationDirector Since: 2016Committees: Audit (Chair), Finance   UTC Board of Directors  Diversity  38%Women and people of color  Average Tenure:6 years  Director Tenure  5 independent directors retired since 201675% of independent directors have served <9 years7 new independent directors since 2016  Deep, Relevant Expertise   Senior Leadership  Knowledge of Company/Industry  Financial  Risk Management/Oversight  International  Technology and Innovation  Government  Over the past 10 years, UTC directors have overseen significant M&A transactions representing +$225B of enterprise value  Diverse, Refreshed Board  20 

 Board Refreshment Adds Expertise and Diversity  2015  2016  2017  2018  2019  FredricReynolds  BrianRogers  LloydAustin  DianeBryant  MargaretO’Sullivan  DeniseRamos  ChristopherKearney  Finance/Investors  Defense/National Security/Technology  Business Transformation  Sikorskysale announced  Rockwell Collinsacquisition announced  Raytheon Technologiesmerger announced  Otis/Carrierspin-offs announced  Proactive Board refreshment ensures the Board’s strategic decisions are strongly enhanced by our directors’ deep subject-matter expertise  21 

 Engaged and Well Informed Board   3-year meeting calendar enables ~100% attendanceNon-concurrent committee meetings avoid conflictsIndependent directors hold private session chaired by independent Lead Director at each meeting  Board Best Practices  Additional Information Sources  Enterprise Risk ManagementProduct & IT Systems CybersecurityProduct Safety   Strategy Review(2-day offsite)Digital StrategyMajor Investments Review  EH&SGovernment RelationsInvestor Relations  GovernanceCorporate Social ResponsibilityDiversity/Inclusion   The Board’s depth of industry expertise and significant experience in executing strategic transactions enables effective oversight of UTC’s actions in a variety of areas, including:  22 

 Directly link pay to performance and shareowner returns 95%+ say-on-pay support since 2016Rigorous performance-based program Annual bonus funding formula for business unit executives based solely on business unit performance Median compensation targets in placeDouble-trigger CIC severance benefitsRigorous stock ownership guidelines for director and senior managementCompensation clawback policy for NEOsNo repricing of optionsNo cash buyouts of underwater stock options or SARsRetains an independent compensation consultant  Strong Governance Practices     Committed to strong corporate governance practices, which the Board believes are critical to creatinglong-term shareowner value and ensuring management accountability  12 of 13 directors are independentActive Board refreshment – 7 new independent directors since 2016Diverse Board Robust independent Lead Director roleStrong Board risk oversight structure, including review of cybersecurity risks Shareowner ability to call special meetings threshold reduced to 15%, from 25%Annual self-evaluation of individual directors CEO succession planning & management developmentShareowner ability to act by written consent Proxy access (3% / 3 year threshold)Active and ongoing shareowner engagementAnnual election of all directors   Board Governance  Compensation Governance  * 

 Raytheon Merger Is Product of Long-Term Board Strategic Review Process  Board Review and Transaction Timeline1  Why Now?  Driven by customer needs, accelerating innovation and benefits of scaleAllows the combined company to aggressively pursue growth strategiesMutually beneficial timing for UTC and RaytheonSeparation of Otis and Carrier provides natural inflection point for transforming UTC Aero – and magnifies the benefits of an A&D transactionAvoids cost / inefficiencies that would otherwise be required for a standalone UTC AeroAbility to close the merger simultaneously with the previously communicated spin timing (1H 2020)  2012-2017  Board led the strategic transformation of UTC, including through the Goodrich, Sikorsky and Rockwell transactions  During 2018  Post-announcement of agreement to acquire Rockwell Collins, UTC Board conducts evaluation of portfolio alternatives, including potential strategic transactions  Jun-2019  UTC Board unanimously approves the merger and the transaction is announced  Mid-2018  Initial outreach from Raytheon to UTCPreliminary discussions between UTC and Raytheon  Sep-2018  UTC Board evaluates options including separation of portfolio and other possible transactions with a range of possible parties, including Raytheon  Nov-2018  UTC Board approves the separation of Otis and CarrierUTC completes acquisition of Rockwell Collins  Dec-2018 / May-2019  UTC and Raytheon due diligence, synergy, and other meetings among management and advisors Negotiation of ownership split and governanceBoard focus and negotiations around leadership and succession planning Multiple Board meetings to review the transaction  The decision to pursue a merger with Raytheon was the result of a robust review process by the Board  Source: Form S-4See “Background of the Merger” section of the initial S-4 for a detailed description of the merger process and timeline  * 

 Combination With Raytheon Benefits All Stakeholders  Greater capabilities and financial resources to address customer prioritiesShared R&D and enhanced technology content delivers increased valueExpect ~$500M of cost synergy savings to be returned to customers  Customers  Stronger combined company with greater R&D and focus on high-growth marketsMore opportunities to build a career within the A&D industryStrong commitment to lifelong learning and development  Employees  Combined company to see enhanced long-term growth opportunitiesContinued presence in existing locationsCommitment to ongoing investment in local communities  Communities  Combined innovation teams to surpass current state of the artImproved positioning to address emerging industry requirementsTechnology combination expands opportunities across the supply chain  Industry  *