Q2 2015

1. © 2015 Rockwell Collins
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Insert pictures into these angled boxes. Height should be 3.44 inches.
2nd Quarter FY 2015
Conference Call
April 23, 2015

2. © 2015 Rockwell Collins
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2
Safe Harbor Statement
This presentation contains statements, including certain projections and business trends, 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, 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; unanticipated impacts of sequestration and other provisions of the Budget
Control Act of 2011 as modified by the Bipartisan Budget Act of 2013; 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; declining defense
budgets resulting from budget deficits in the U.S. and abroad; 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; favorable 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 productivity and quality improvements and cost reduction initiatives; achievement of ARINC integration
and synergy plans as well as our other acquisition and related integration plans; 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 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; and the uncertainties of the outcome of lawsuits, claims and legal proceedings, 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. © 2015 Rockwell Collins
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$148
$163
2Q FY14 2Q FY15
Income from Continuing
Operations, net of taxes
10% increase
$1,259
$1,341
2Q FY14 2Q FY15
Sales
7% increase
3
(in millions except EPS amounts)
2nd Quarter FY 2015 Results
(1)
(1)
(1) Prior year amounts have been revised to exclude discontinued operations.
(1)
$1.08
$1.22
2Q FY14 2Q FY15
EPS from Continuing Operations
13% increase
137.2 133.7
2Q FY14 2Q FY15
Diluted Average Shares
Outstanding
3% decrease

4. © 2015 Rockwell Collins
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$556
$619
2Q FY14 2Q FY15
CS Sales
11% increase
4
($ in millions)
Sales
$53 million OEM growth: 17%
• Improved share of airline selectable equipment
• Higher customer funded development program
sales
• Higher OEM production rates
$13 million Aftermarket increase: 6%
• Increased service and support revenues
• Increased sales of used aircraft parts
• Higher regulatory mandate-related sales
Operating Earnings
Increase in operating earnings due to incremental
earnings on higher sales volume
Commercial Systems
22.9%22.8%
Operating
Margins
$127
$142
2Q FY14 2Q FY15
CS Operating Earnings
12% increase

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$554 $567
2Q FY14 2Q FY15
GS Sales
2% increase
$111 $114
2Q FY14 2Q FY15
GS Operating Earnings
3% increase
5
20.0% 20.1%
($ in millions)
Government Systems
Sales
Sales increase $13 million: 2%
• Higher hardware deliveries on rotary wing platforms
• Higher KC-10 retrofit sales
• Higher Joint Strike Fighter simulation and training
sales
• Higher data link development program sales
• Partially offset by lower deliveries of JTRS
Manpack radios, lower KC-46 and CRIIS
development program sales, and the foreign
currency impact of a stronger U.S. dollar
Sales by category:
• Avionics increase 8%
• Communication Products decrease (8)%
• Surface Solutions decrease (14)%
• Navigation Products increase 4%
Operating Earnings
Increase in operating earnings due to incremental
earnings on higher sales volume, partially offset by
higher investment in company-funded R&D
Operating
Margins
(1)
(1)
(1) Prior year amounts have been revised to exclude discontinued operations.

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($ in millions)
Sales
Sales increase $6 million: 4%
• 10% increase in aviation related sales
• Partially offset by the exit of certain government
programs
Operating Earnings
Increase in operating earnings and operating
margin primarily due to higher sales volume and
the absence of certain licensing costs incurred in
the prior year
Information Management Services
14.2%12.1%
Operating
Margins
$149 $155
2Q FY14 2Q FY15
IMS Sales
4% increase
$18
$22
2Q FY14 2Q FY15
IMS Operating Earnings
22% increase

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$2,313
$2,567
2Q FY14 YTD 2Q FY15 YTD
Sales
11% increase
(1)
7
($ in millions except EPS amounts)
Six Month FY 2015 Results
$282
$332
2Q FY14 YTD 2Q FY15 YTD
Income from Continuing
Operations, net of taxes
18% increase
(1)
$2.06
$2.48
2Q FY14 YTD 2Q FY15 YTD
EPS from Continuing Operations
20% increase
(1)
$78
$132
2Q FY14 YTD 2Q FY15 YTD
Operating Cash Flow from
Continuing Operations
69% increase
(1)
(1) Prior year amounts have been revised to exclude discontinued operations.

8. © 2015 Rockwell Collins
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89
65
232 283
132
141
2Q FY14 YTD 2Q FY15 YTD
R & D Investment
Company Funded R&D
Customer Funded R&D
Increase in Pre-production Engineering, Net
8
$453
$489
($ in millions)
Research and Development
• Company-funded R&D increased due to
efforts associated with positioning the
Government Systems business for new
growth opportunities
• Customer funded R&D increased primarily
due to the following:
• Higher costs for international
development programs in Commercial
Systems
• Increased costs for data link
development programs in Government
Systems
• Higher amortization of pre-production
engineering costs
• Decreased investment in pre-production
engineering programs driven by lower A350
spend
19.6% 19.0%
% of
Sales

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9
09/30/14 03/31/15
Cash and cash equivalents 323$ 284$
Short-term Debt (504) (785)
Long-term Debt (1,663) (1,678)
Net Debt (1,844)$ (2,179)$
Equity 1,889$ 1,953$
Debt To Total Capital 53% 56%
Debt To EBITDA
(1)
1.9x 2.0x
($ in millions)
Capital Structure Status
(1) See slide 12 for non-GAAP disclosures.

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10
(shares in millions)
Status of Share Repurchases
0.7 million shares repurchased in fiscal year
2015 second quarter
• Cost of Purchases - $63 Million
• Average Cost per Share - $86.23
$468 million authorization remaining at the
end of the first quarter
135.5 132.2
2Q FY14 2Q FY15
Common Shares Outstanding

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Total Sales $5.2 Bil. to $5.3 Bil.
Total Segment Operating Margins 20.5% to 21.5%
Earnings Per Share $5.10 to $5.30
Cash Flow from Operations $700 Mil. To $800 Mil.
Research & Development Investment About $1 Bil.
Capital Expenditures About $200 Mil.
FY 2015 Guidance for Continuing Operations

12. © 2015 Rockwell Collins
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12
The Non-GAAP ratio of debt to EBITDA information included on slide nine is believed to be useful to
investors’ understanding and assessment of the Company’s total capital structure and liquidity. The
Company does not intend for the information to be considered in isolation or as a substitute for the
related GAAP measures. The table below explains the debt to EBITDA calculation in more detail for the
twelve-month period from October 1, 2013 through September 30, 2014 and the twelve-month period
from April 1, 2014 through March 31, 2015 (unaudited, in millions). All businesses reported as
discontinued operations have been excluded from the debt to EBITDA calculation.
Non-GAAP Financial Information
12 months ended
9/30/14 3/31/15
Income from continuing operations before income taxes $ 882 $ 941
Interest expense 59 61
Depreciation 141 150
Amortization of intangible assets and pre-production engineering
costs 84 95
Earnings before interest, taxes, depreciation and amortization
(EBITDA)
$ 1,166 $ 1,247
9/30/14 3/31/15
Total debt $ 2,167 $ 2,463
Debt to EBITDA 1.9x 2.0x

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13