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STATEMENT

Statement on Workforce Reductions at Pratt & Whitney

EAST HARTFORD, Conn., Tuesday, August 13, 2013

Today Pratt & Whitney is reducing its salaried workforce by approximately 400 positions company-wide, including approximately 200 positions in Connecticut, effective immediately. While the company is very pleased with the number of employees who participated in its recent voluntary separation program, these further reductions are necessary. The company will support affected employees with severance pay, outplacement, continuation of group insurance and Employee Scholar Program benefits, and other services and benefits.

Pratt & Whitney continuously assesses staffing levels to ensure they are in line with current business and economic conditions. When necessary, we make staffing adjustments required to keep our cost structure competitive. Our long-term outlook is very bright; however, to secure this bright future we must address some near-term challenges.

Taking necessary actions to manage our cost structure, while continuing to invest in new programs, positions Pratt & Whitney for the long term and ensures a strong future for the company, our employees, customers and shareowners.