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Investor Presentaiton

UTX Share Price Performance Since Inception UTX's share price including dividends increased 22% year-to-date in 2019 through our last share sale on June 10, 2019 UTX share price performance from 2/6/2018 to 6/10/2019 5/17/2018: Pershing Square releases investor letter outlining investment thesis and recommending a three- way business separation to unlock fair value 6/9/2019: Rumors regarding Raytheon transaction reported in media and Pershing Square writes letter to board advocating against the transaction Share price $145 $140 $135 $130 $125 $120 $115 2/28/2018: Rumors of $110 Pershing Square's investment first reported in the media $105 $100 Feb-2018 Apr-2018 11/26/2018: UTX completes acquisition of Rockwell Collins and announces intention to separate into three independent companies Jul-2018 Oct-2018 Dec-2018 6/10/2019: UTX announces merger of equals with Raytheon Mar-2019 Note: The performance of UTX's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. *Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation. 58 Jun-2019 $130*
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