- Rockwell Collins reported financial results for the second quarter of FY2017, with sales increasing 2% to $1.342 billion and EPS decreasing 2% to $1.27. - Commercial Systems sales decreased 3% to $594 million due to lower business jet production, while operating margins increased slightly. - Government Systems sales increased 5% to $565 million from higher program sales, and operating margins also increased slightly. - Information Management Services sales increased 13% to $183 million from growth in aviation and government services, with operating margins decreasing.

1. © 2017 Rockwell Collins
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Insert pictures into these angled boxes. Height should be 3.44 inches.
2nd Quarter FY 2017
Conference Call
April 21, 2017

2. © 2017 Rockwell Collins
All rights reserved.
2
Safe Harbor Statement
This presentation contains statements, including statements regarding certain projections, business trends, and the impact of the
acquisition of B/E Aerospace that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the
financial condition of our customers and suppliers, including bankruptcies; the health of the global economy, including potential
deterioration in economic and financial market conditions; adjustments to the commercial OEM production rates and the aftermarket; the
impacts of natural disasters and pandemics, including operational disruption, potential supply shortages and other economic impacts;
cybersecurity threats, including the potential misappropriation of assets or sensitive information, corruption of data or operational
disruption; delays related to the award of domestic and international contracts; delays in customer programs, including new aircraft
programs entering service later than anticipated; the continued support for military transformation and modernization programs; potential
impact of volatility in oil prices, currency exchange rates or interest rates on the commercial aerospace industry or our business; the
impact of terrorist events on the commercial aerospace industry; changes in domestic and foreign government spending, budgetary,
procurement and trade policies adverse to our businesses; market acceptance of our new and existing technologies, products and
services; reliability of and customer satisfaction with our products and services; potential unavailability of our mission-critical data and
voice communication networks; unfavorable outcomes on or potential cancellation or restructuring of contracts, orders or program
priorities by our customers; recruitment and retention of qualified personnel; regulatory restrictions on air travel due to environmental
concerns; effective negotiation of collective bargaining agreements by us, our customers, and our suppliers; performance of our
customers and subcontractors; risks inherent in development and fixed-price contracts, particularly the risk of cost overruns; risk of
significant reduction to air travel or aircraft capacity beyond our forecasts; our ability to execute to internal performance plans such as
restructuring activities, productivity and quality improvements and cost reduction initiatives; continuing to maintain our planned effective
tax rates; our ability to develop contract compliant systems and products on schedule and within anticipated cost estimates; risk of fines
and penalties related to noncompliance with laws and regulations including compliance requirements associated with U.S. Government
work, export control and environmental regulations; risk of asset impairments; our ability to win new business and convert those orders
to sales within the fiscal year in accordance with our annual operating plan; the uncertainties of the outcome of lawsuits, claims and legal
proceedings; uncertainty of the expected financial performance of the combined company following completion of the acquisition of B/E
Aerospace; failure to realize the anticipated benefits of the acquisition of B/E Aerospace, including as a result of delay in integrating the
businesses of Rockwell Collins and B/E Aerospace; risk to the ability of the combined company to implement its business strategy; as
well as other risks and uncertainties, including but not limited to those detailed herein and from time to time in our Securities and
Exchange Commission filings. These forward-looking statements are made only as of the date hereof and the company assumes no
obligation to update any forward-looking statement.

3. © 2017 Rockwell Collins
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$1.30 $1.27
2Q FY16 2Q FY17
EPS from Continuing Operations
2% decrease
$172 $168
2Q FY16 2Q FY17
Income from Continuing
Operations, net of taxes
2% decrease
$1,311 $1,342
2Q FY16 2Q FY17
Sales
2% increase
3
(in millions, except EPS amounts)
2nd Quarter FY 2017 Results
132.3 132.4
2Q FY16 2Q FY17
Diluted Average Shares
Outstanding

4. © 2017 Rockwell Collins
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$611 $594
2Q FY16 2Q FY17
CS Sales
3% decrease
4
($ in millions)
Sales
$16 million OEM decrease: (5%)
• Lower business aircraft OEM production rates
• Partially offset by higher product deliveries in support of
Airbus A350 rate increases and favorable customer timing
for airline selectable equipment
$5 million Aftermarket increase: 2%
• Higher regulatory mandate sales
• Partially offset by lower spares provisioning for Boeing
787 aircraft
Operating Earnings
Operating margins grow 10 basis points due to:
• The benefit of cost savings initiatives
• Partially offset by lower sales volume and higher
company-funded R&D expense
Commercial Systems
22.2%22.1%
Operating
Margins
$135 $132
2Q FY16 2Q FY17
CS Operating Earnings
2% decrease

5. © 2017 Rockwell Collins
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$108
$114
2Q FY16 2Q FY17
GS Operating Earnings
6% increase
$538
$565
2Q FY16 2Q FY17
GS Sales
5% increase
5
20.1% 20.2%
($ in millions)
Government Systems
Sales
Sales increase $27 million: 5%
• Avionics sales increase 3%
• Higher simulation and training program revenues
• Higher fixed wing development programs sales
• Partially offset by wind-down of legacy tanker
hardware deliveries
• Communication and Navigation sales increase 9%
• Higher datalink program sales
• Higher deliveries of GPS-related products
Operating Earnings
• Increase in operating earnings primarily due to higher sales
volume
• Operating margin grows 10 basis points
• Driven by higher sales volume and benefits from cost
savings initiatives
• Partially offset by unfavorable mix of higher
development program sales
Operating
Margins

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$162
$183
2Q FY16 2Q FY17
IMS Sales
13% increase
$29
$36
2Q FY16 2Q FY17
IMS Operating Earnings
24% increase
6
($ in millions)
Sales
Sales increase $21 million: 13%
• 11% growth in aviation related business driven by
increased usage of connectivity services and the
timing of certain connectivity related equipment
deliveries
• 18% growth in non-aviation related businesses
primarily due to higher equipment sales for
nuclear security programs
Operating Earnings
Increase in operating earnings and operating margin
primarily due to higher sales volume
Information Management Services
19.7%17.9%
Operating
Margins

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$45
$1
2Q FY16 YTD 2Q FY17 YTD
Operating Cash Flow from
Continuing Operations
$2.30 $2.37
2Q FY16 YTD 2Q FY17 YTD
EPS from Continuing Operations
3% increase
$305(1) $313(2)
2Q FY16 YTD 2Q FY17 YTD
Income from Continuing
Operations, net of taxes
3% increase
$2,480 $2,535
2Q FY16 YTD 2Q FY17 YTD
Sales
2% increase
7
(in millions, except EPS amounts)
Six Month FY 2017 Results
(1) – Includes a $28 million after-tax, or 21 cent earnings per share, restructuring and asset impairment charge, partially offset by a $24 million, or 18 cent
earnings per share, benefit from the retroactive reinstatement of the Federal Research & Development Tax Credit.
(2) – Includes $22 million after-tax, or 17 cent earnings per share, of expenses related to the acquisition of B/E Aerospace.

8. © 2017 Rockwell Collins
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8
• Continued R&D investment
• Capital expenditures ~3.0 to 3.5% of sales
Invest in growth
Repay debt
• Committed to solid investment grade credit rating
• Near term focus on debt reduction
• Expect to delever to below 3x debt/EBITDA within two years
Continue shareowner
friendly capital
deployment
• Retain dividend payout of ~25% of net income
• Limited share repurchases to offset dilution until capital
structure goals realized (~2.0 to 2.5 debt/EBITDA)
Investments in Growth
Capital Structure
Shareowners
Near-Term Capital Deployment

9. © 2017 Rockwell Collins
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9
Total Sales $6.7 Bil. to $6.8 Bil. (From $5.3 Bil. To $5.4 Bil.)
Total Segment Operating Margins (2) 19% to 20% (From about 21.0%)
GAAP Earnings Per Share (3) $4.50 to $4.70
Adjusted Earnings Per Share (3) $5.95 to $6.15
Free Cash Flow (4) $650 Mil. To $750 Mil. (From $600 Mil. To $700 Mil.)
Research & Development Investment (5) $1.05 Bil. To $1.15 Bil. (From $900 Mil. to $950 Mil.)
Full Year Income Tax Rate 27% to 28% (From 28% to 29%)
FY 2017 Guidance (1)
(1) This financial guidance includes the impact of the B/E Aerospace acquisition completed on April 13, 2017. This guidance is based on a preliminary
purchase accounting allocation and is subject to potential adjustments that could be material. In addition, this guidance is based on the weighted
average common shares for fiscal year 2017, which includes the issuance of 31.2 million shares of Rockwell Collins' common stock on April 13,
2017 in connection with the acquisition of B/E Aerospace. Due to the timing of the share issuance, the earnings per share impact of the
acquisition of B/E Aerospace will be different in our annual results compared to our quarterly results.
(2) The Company's expectations for total segment operating margins is unchanged except for the addition of Interior Systems (formerly B/E
Aerospace). Interior Systems operating margins are projected to be in the range of 11% to 12% for fiscal year 2017. The Interior Systems
operating margin includes acquisition-related intangible asset amortization of about 750 basis points of operating margin impact.
(3) See slide 10 for a reconciliation of GAAP earnings per share and adjusted earnings per share.
(4) The Company's free cash flow expectations assume capital expenditures will total about $250 million, and net pre-production engineering costs
capitalized in inventory is expected to increase about $50 million in fiscal year 2017. See slide 11 for a reconciliation of non-GAAP measures.
(5) Total research and development investment consists of company and customer funded research & development expenditures as well as the net
increase in pre-production engineering costs capitalized within inventory.

10. © 2017 Rockwell Collins
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10
Non-GAAP Financial Information
($ millions, impact to forecasted net income; except per share amounts)
Low End of
Guidance Range
High End of
Guidance Range
Forecasted Rockwell Collins stand-alone net income (GAAP) 705$ 725$
Estimated B/E Aerospace acquisition-related expenses
Estimated amortization of B/E Aerospace acquisition-related intangible assets
Estimated incremental interest expense from the B/E Aerospace acquisition
Estimated impact of B/E Aerospace operations excluding above items 200$ 210$
Forecasted net income (GAAP) 665 695
Estimated B/E Aerospace acquisition-related expenses
Estimated amortization of total combined acquisition-related intangible assets
Forecasted adjusted net income (non-GAAP) 875$ 905$
Forecasted Rockwell Collins stand-alone earnings per share (GAAP) 5.35$ 5.50$
Impact of 31.2 million shares of COL equity issued
Estimated B/E Aerospace acquisition-related expenses
Estimated amortization of B/E Aerospace acquisition-related intangible assets
Estimated incremental interest expense from the B/E Aerospace acquisition
Estimated impact of B/E Aerospace operations excluding above items 1.35 1.40
Forecasted earnings per share (GAAP) 4.50 4.70
Estimated B/E Aerospace acquisition-related expenses
Estimated amortization of total combined acquisition-related intangible assets
Forecasted adjusted earnings per share (non-GAAP) 5.95$ 6.15$
~100
Year Ending
September 30, 2017 (estimated)
~(100)
~(80)
~(60)
~110
~(0.55)
~0.75
~0.70
~(0.40)
~(0.55)
~(0.70)
The adjusted net income and adjusted earnings per share non-GAAP guidance is believed to be useful to investors‘
understanding and assessment of our on-going operations and performance of the B/E Aerospace acquisition, which
occurred on April 13, 2017. We believe adjusted net income and adjusted earnings per share excludes certain one-
time and non-cash expenses not indicative of our on-going operating results. The Company does not intend for the
non-GAAP information to be considered in isolation or as a substitute for the related GAAP measures. Adjusted
earnings per share is based on a preliminary purchase accounting allocation and is subject to potential adjustments
that could be material. In addition, adjusted earnings per share is based on the weighted average shares for fiscal
year 2017, which includes the issuance of 31.2 million shares of Rockwell Collins common stock on April 13, 2017
in connection with the B/E Aerospace acquisition. Due to the timing of the share issuance, the earnings per share
impact of the acquisition of B/E Aerospace will be different in our annual results compared to our quarterly results.

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11
Free cash flow is a non-GAAP measure and is reconciled to the related GAAP measure, Cash Provided
by Operating Activities below. Free cash flow is calculated as Cash Provided by Operating Activities
from Continuing Operations less Property Additions. The non-GAAP free cash flow information included
in this disclosure is believed to be useful to investors’ understanding and assessment of the Company’s
ongoing operations.
Non-GAAP Financial Information
Q2 FY17 YTD Q2 FY16 YTD
Cash Provided by Operating Activities from Continuing Operations 1$ 45$
Less: Property Additions (90) (93)
Free Cash Flow (89)$ (48)$

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12