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:  September 19, 2019

                     Merger of United Technologies Aerospace Businesses and Raytheon      United Technologies Investor PresentationSeptember 2019 

 Note: All results and expectations in this presentation reflect continuing operations unless otherwise noted. Cautionary Statement Regarding Forward-Looking Statements: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 Raytheon Company’s (“Raytheon”) and United Technologies Corporation’s (“UTC”) respective 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 Rockwell Collins acquisition, the proposed merger or the spin-offs by UTC of Otis and Carrier into separate independent companies (the “separation transactions”), including estimated synergies and customer cost savings resulting from the proposed merger, 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 UTC and Raytheon 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 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 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 combined company of its 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; (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 UTC, 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 UTC, 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 UTC’s 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 UTC’s shareowners and Raytheon’s stockholders 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 one or both of the parties to terminate the merger agreement; (20) risks relating to the value of the UTC shares to be issued in the proposed merger, significant transaction costs and/or unknown liabilities; (21) the possibility that the anticipated benefits from the proposed merger 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 UTC’s and Raytheon’s operations will be greater than expected; (24) risks relating to completed merger, acquisition and divestiture activity, including UTC’s 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 Raytheon, UTC, 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 UTC and UTC’s 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 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 UTC’s estimates; and (31) the impact of the proposed merger and the separation transactions on the respective businesses of Raytheon and UTC and the risk that the separation transactions may be more difficult, time-consuming or costly than expected, including the impact on UTC’s 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 joint proxy statement/prospectus (defined below) and the reports of UTC 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 UTC and Raytheon assume 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 Information and Where to Find ItIn connection with the proposed merger, on September 4, 2019, UTC filed with the SEC an amendment to the registration statement on Form S-4 originally filed on July 17, 2019, which includes a joint proxy statement of UTC and Raytheon that also constitutes a prospectus of UTC (the “joint proxy statement/prospectus”). The registration statement was declared effective by the SEC on September 9, 2019, and UTC and Raytheon commenced mailing the joint proxy statement/prospectus to shareowners of UTC and stockholders of Raytheon on or about September 10, 2019. Each party will file other documents regarding the proposed merger with the SEC. In addition, in connection with the separation transactions, subsidiaries of UTC will file registration statements on Form 10 or Form S-1. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain copies of the registration statements and the joint proxy statement/prospectus free of charge from the SEC’s website or from UTC or Raytheon. The documents filed by UTC with the SEC may be obtained free of charge at UTC’s website at or at the SEC’s website at These documents may also be obtained free of charge from UTC 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 with the SEC may be obtained free of charge at Raytheon’s website at or at the SEC’s website at These documents may also be obtained free of charge from Raytheon 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 SolicitationUTC and Raytheon 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 UTC’s directors and executive officers is available in UTC’s proxy statement dated March 18, 2019, for its 2019 Annual Meeting of Shareowners. Information about Raytheon’s directors and executive officers is available in Raytheon’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, are 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 carefully read the joint proxy statement/prospectus before making any voting or investment decisions. You may obtain free copies of these documents from UTC or Raytheon 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: The Merger of United TechnologiesAerospace Businesses and Raytheon   

 Merger of United Technologies Aerospace Businesses & Raytheon  Pro forma 2019 estimates based on current outlook provided by each company; excludes Otis and Carrier.Net of intercompany eliminations.Excludes 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              ~$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  4 

 For more information, see the joint proxy statement/prospectus on Form 424B3, filed with the SEC on September 10, 2019.Note: Dates reflect transaction announcement.1 Pro Forma Aero revenue includes UTAS/Collins Aerospace and Pratt & Whitney. Net of intercompany eliminations.2 Reflects gross run-rate cost synergies. Goodrich reflects realized cost synergies. Collins and Raytheon reflect latest expectations for cost synergies. Raytheon estimated net run-rate cost synergies is $500M+.        Pending Three-Way SeparationEV: ~$132B 26-Nov-2018    N/A  ~$43B  100%        Run-Rate Cost Synergies2  UTC A&D PF Revenue1    Rationale  Complementary products/systems across the airframeSubstantial financial synergies  Reduce platform- specific A&D exposureIncrease focus on providing high- technology systems  Added world-class electronics and software capabilitiesSubstantial financial synergies  Create leading A&D systems provider– scale, breadth and innovationIncrease high-tech systems focusMaterial synergy potential  Create focused A&D and commercial platformsPositioned to serve high-growth areas of commercial aerospace and defense industries  UTC Revenue % A&D1      Acquisition ofEV: ~$18B 21-Sep-2011    ~$600M+  ~$34B  ~53%      Acquisition ofEV: ~$31B 04-Sep-2017    $600M+  ~$38B  ~58%      Sale ofEV: ~$9B 20-Jul-2015    N/A  ~$27B  ~50%        Special Meeting ScheduledEV: ~$56B 9-Jun-2019      2018  2011  2017  2015  2019  $1,000M+  ~$74B  100%    Transformation into Leading A&D Systems Provider  Merger with Raytheon is the capstone in our long term strategy to be a leading A&D systems provider  5 

 Merger Overview  For more information, see Pro Forma Free Cash Flow Definition Reconciliation in the Appendix.Expected cumulative sum of share repurchase and dividends in first 36 months following completion of merger.United 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  Transaction Structure  All-stock merger of equals following the separation of Otis and Carrier by United Technologies; expected 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 shareowners3  Financials & Synergies  Double-digit free cash flow growth with expectation of ~$8B in pro forma free cash flow by 20211~$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 merger2  Company Name & Headquarters  Combined company to be renamed Raytheon Technologies CorporationNYSE listing with ticker RTXHeadquartered in greater Boston metro area  6  Special Meeting  UTC shareowners are being asked to approve at the 11 October Special Meeting, by a majority of votes cast, a share issuance proposal in support of the merger and authorize adjournment of the special meeting, if necessary and appropriate, to solicit additional proxies 

 7  Source: Form 424B3, filed with the SEC on September 10, 2019.1. See “Background of the Merger” section of the joint proxy statement/prospectus for a detailed description of the merger process and timeline.        Board Undertook Comprehensive Review of the Merits of the Transaction and Oversaw Robust Negotiation Process        2012-2017  Board led the strategic transformation of UTC, including through the Goodrich, Sikorsky and Rockwell Collins 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 advisorsNegotiation of ownership split and governanceBoard focus and negotiations around leadership and succession planningMultiple Board meetings to review the transaction            Merger is Culmination of Board's Long-Term Portfolio Strategy 

 Strategic Rationale of Merger                  8    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 

 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  9  Benefits for Shareowners 

 Combination 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  10 

   Taxes ($0.05)Shares ($0.05)Minority ($0.04)Other ($0.01)  GREGORY J. HAYESCEOFormer Chairman & CEO, United Technologies   THOMAS A. KENNEDYExecutive ChairmanFormer Chairman & CEO, Raytheon  ELLEN. M. PAWLIKOWSKIRetired U.S. Air Force General   TRACY A. ATKINSONExecutive Vice President and Chief Administrative Officer, State Street Corporation   DENISE RAMOSRetired Chief Executive Officer, ITT   JAMES A. WINNEFELD, JR.Retired U.S. Navy AdmiralRetired Vice Chairman, Joint Chiefs of Staff  MARSHALL O. LARSENRetired Chairman, President & CEO, Goodrich Corporation  ELLEN J. KULLMANRetired Chair & CEO, DuPont  LLOYD J. AUSTIN IIIGeneral, U.S. Army (Ret.) and Former Cmdr. U.S. CENTCOM  MEGHAN L. O'SULLIVANProfessor, Harvard University Kennedy School  DINESH C. PALIWALPresident & CEO, Harman International Industries Former President, ABB Ltd.  GEORGE R. OLIVERChairman & CEO, Johnson Controls InternationalFormer CEO, Tyco International  BRIAN C. ROGERSRetired Non-Executive Chairman, T. Rowe Price Group, Inc.    Expected Raytheon Technologies Board of Directors  Independence  87%Independent  Diverse, Independent Board  Raytheon Technologies Board of Directors  FREDRIC G. REYNOLDSRetired Executive Vice President & CFO, CBS Corporation  ROBERT O. WORKRetired Deputy Secretary of DefenseFormer CEO, Center for New American Security   Diversity  47%Women and people of color    = Legacy United Technologies Director    = Legacy Raytheon Director  Board of Directors will have the mix of skills, expertise and independence to enable effective oversight of RTX  11 

 Taxes ($0.05)Shares ($0.05)Minority ($0.04)Other ($0.01)       Experienced management teams with proven track record of integration paired with unique and complementary capabilities from both companies’ Boards will create a dynamic and shareowner-friendly governance structure at Raytheon Technologies  Balanced leadership structureExecutive Chairman: Tom Kennedy for two years following completion of mergerChief Executive Officer: Greg Hayes; adds Chairman role two years following completion of mergerRobust Lead Independent Director role (individual to come from Raytheon)Independent and diverse Board of Directors13/15 directors are independent7/15 directors are women and people of colorEstablished board committees: Audit Committee, Compensation Committee, Governance and Public Policy Committee, Finance Committee, Special Activities CommitteeShareowner ability to call special meetings Shareowner ability to act by written consent Proxy access (3%/3 year threshold)    Raytheon Technologies Governance Practices   12  Raytheon Technologies’ Strong Governance Framework 

 Section II: Technology Sharing and Cost Synergies Position Raytheon Technologies to Deliver Long-Term Shareowner Value   

 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 Carrier.R&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 

 Value Creation Through Cost Synergies                                      $350-$400M  $600M+  Announced  Realized  Announced  $500M  Revised Estimate  $600M+  Net:$500M+    Gross:~$1B+ pre-taxcost synergies1  +  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.  19 

 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  ~$8B2    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.2. For more information, see Pro Forma Free Cash Flow Definition Reconciliation in the Appendix.  20 

 *See Appendix for additional information regarding this non-GAAP financial measure.For more information, see the joint proxy statement/prospectus on Form 424B3, filed with the SEC on September 10, 2019.1 Assumes mid-year 2020 close.2 Approximately $600M net one-time cost, subject to USG recoverability to achieve $500M+ in net annual cost synergies.        $18B-$20B  $4B-$5B        Immediately accretive  ~$18B-$20BReturn of capital to shareowners over 3 years  ~$1B in gross cost synergies by year 4; incremental$0.1B-$0.2B of corporate cost avoidance related to the separation  Return of Capital to Shareowners    Gross Cost Savings2                  Run-Rate Synergies  $350M  $325M  $175M  $150M      ~$1B      ~$0.5B  Gross:  Net:        IT and Other SG&A  Facilities Consolidation  Corporate  Supply Chain & Procurement  Significant Additional Revenue Synergy Opportunities      3 YearsUTC Aero Standalone Pro Forma RTX  20 – 30 centsAdjusted EPS* accretion in 20211      ...and Compelling Capital Return to Shareowners        ...with Strong Synergy Upside...        EPS Accretion...    Merger Creates Significant Value for UTC Shareowners  The Merger provides unique technology sharing opportunities paired with attractive cost synergies and capital returns, which will create significant value for UTC shareowners   21 


 Taxes ($0.05)Shares ($0.05)Minority ($0.04)Other ($0.01)  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. BRYANTFormer COO, Google CloudDirector Since: 2017Committees: Audit, Finance  CHRISTOPHER KEARNEYRetired Chair, CEO & President 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  United Technologies’ Current Board of Directors    = Will serve on Raytheon Technologies Board of Directors   23 

 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  “Breakfast with Management”Facility/site visitsCEO update letters (bi-weekly)Group trainings1-on-1 briefingsOutside experts  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:  24  United Technologies’ Engaged and Knowledgeable Board   Additional Information Sources 

 Directly link pay to performance and shareowner returns 95%+ say-on-pay support since 2016Rigorous performance-based program – LTI changed to 50% SARs/50% PSUs in 2019; removed RSUs from annual LTI awardsAnnual 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  Taxes ($0.05)Shares ($0.05)Minority ($0.04)Other ($0.01)       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  25  United Technologies’ Existing Strong Governance Practices 

             ~$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            Global provider ofHVAC, refrigeration,building automation,fire safety andsecurity products  $19B            Pro forma 2018 estimates based on sales provided by each company; includes Rockwell Collins and excludes Otis and Carrier.Net of intercompany eliminations.Based on 2018 sales.          World’s leadingmanufacturer andservice provider ofelevators, escalatorsand moving walkways  $13B  #200      2018 Sales  S&P 500 Rank3  26 

 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  27 

   Pro Forma Free Cash Flow Definition Reconciliation    2021  Cash Flow from Operations    Less: Capital Expenditures    Free Cash Flow “Pro Forma”  ~$8B  Add back: Contingency / Investment Flexibility  ~$1.0B  Free Cash Flow “Pro Forma” excluding Contingency / Investment Flexibility  ~$9.0B  Less: Aero Investing Cash Flow1  ~($0.8B)  Add back: After Tax Net Interest Expense  ~$1.0B  Less: Synergies Benefit  Net to ~$0  Add back: Cost to Achieve Synergies    Add back: Other adjustments2  Net to ~$0.1B  S-4 Unlevered Free Cash Flow3  ~$9.3B  Source: Form 425, filed with the SEC on September 5, 2019.‘Aero investing cash flow’ includes investment in the Pratt & Whitney company-owned spare engine pool, annual payments to Rolls Royce related to the V2500 program extending through June 2027, as well as other customer commitments‘Other’ category includes adjustments not itemized that relate to pension and tax.Based on Morgan Stanley’s calculation of Unlevered Free Cash Flow for UTC RemainCo and Raytheon as disclosed in the joint proxy statement/prospectus on Form 424B3, filed with the SEC on September 10, 2019; $9.3B is the sum of the stand-alone projections of Unlevered Free Cash Flow for UTC RemainCo and Raytheon set forth on pages 114 and 117, respectively, of the joint proxy statement/prospectus.See Use and Definitions of Non-GAAP Financial Measures set forth in this Appendix.     Includes:- After Tax Net Interest Expense- Synergies Benefit- Cost to Achieve Synergies- Contingency / Investment FlexibilityExcludes: - Aero Investing Cash Flow1    S-4 Unlevered Free Cash FlowValuation DefinitionDisclosure: S-4 filing, as amended  Includes:- Aero Investing Cash Flow1Excludes: - After Tax Net Interest Expense- Synergies Benefit- Cost to Achieve Synergies - Contingency / Investment Flexibility  Illustrative 2021 example  Free Cash FlowUTC Free Cash Flow Definition4Disclosure: June 10, 2019 Merger Announcement Presentation  Potential uses of cash informing contingency / investment flexibility: Investment in future aerospace programs not yet launched (e.g., NMA)Timing of one-time costs related to UTC portfolio separation (portion of previously disclosed estimate of $2.5B - $3B total)Other future capital/restructuring requirements not yet projected as part of United Technologies or Raytheon forecasts      28 

 United Technologies Corporation reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Adjusted net sales, organic sales, adjusted operating profit, adjusted net income, adjusted earnings per share (“EPS”), and the adjusted effective tax rate are non-GAAP financial measures. Adjusted net sales represents consolidated net sales from continuing operations (a GAAP measure), excluding significant items of a non-recurring and/or nonoperational nature (hereinafter referred to as “other significant items”). Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items. Adjusted operating profit represents income from continuing operations (a GAAP measure), excluding restructuring costs and other significant items. Adjusted net income represents net income from continuing operations (a GAAP measure), excluding restructuring costs and other significant items. Adjusted EPS represents diluted earnings per share from continuing operations (a GAAP measure), excluding restructuring costs and other significant items. The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs and other significant items. For the business segments, when applicable, adjustments of net sales, operating profit and margins similarly reflect continuing operations, excluding restructuring and other significant items. Management believes that the non-GAAP measures just mentioned are useful in providing period-to-period comparisons of the results of the Company’s ongoing operational performance. Free cash flow is a non-GAAP financial measure that represents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing UTC's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of UTC's common stock and distribution of earnings to shareholders.A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures. When we provide our expectation for adjusted EPS, adjusted operating profit, adjusted effective tax rate, organic sales and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected diluted EPS from continuing operations, operating profit, the effective tax rate, sales and expected cash flow from operations) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results  Use and Definitions of Non-GAAP Financial Measures  29