Morgan Stanley

5th Annual Laguna Conference

September 13, 2017

Safe Harbor

This presentation includes “forward-looking statements,” which are statements that are not historical facts, including

statements that relate to the mix of and demand for our products; performance of the markets in which we operate; our

share repurchase program including the amount of shares to be repurchased and timing of such repurchases; our capital

allocation strategy; our projected 2017 full-year financial performance and targets including assumptions regarding our

effective tax rate. These forward-looking statements are based on our current expectations and are subject to risks and

uncertainties, which may cause actual results to differ materially from our current expectations. Such factors include, but

are not limited to, global economic conditions, the outcome of any litigation, demand for our products and services, and tax

law changes. Additional factors that could cause such differences can be found in our Form 10-K for the year ended

December 31, 2016, our Form 10-Q for the quarter ended March 31, 2017, our Form 10-Q for the quarter ended June 30,

2017, and other SEC filings. We assume no obligation to update these forward-looking statements.

This presentation also includes non-GAAP financial information which should be considered supplemental to, not a

substitute for, or superior to, the financial measure calculated in accordance with GAAP. The definitions of our non-GAAP

financial information are included as an appendix in our presentation and reconciliations can be found in our earnings

releases for the relevant periods located on our website at www.ingersollrand.com. All data beyond the second quarter of

2017 are estimates.

2

Ingersoll Rand Overview

• 12th oldest continuously listed company on NYSE (since 1906)

• ~$23B Market cap

Trades on NYSE

• 145 years old - first incorporated in 1905

• $13.5 billion in revenues

• Two business segments:

• Climate - Commercial &Residential HVAC & Transport Refrigeration

• Industrial – Air compression, Industrial products, low speed vehicles

Company Background

• Incorporated in Swords, Ireland

• North American HQ in Davidson, NC

• ~40,000 employees

• 51 manufacturing locations

• Products sold in more than 100 countries

Company Background

3

Global Mega Trends Play to Our Strengths

4

Global Mega Trends

• Climate change

• Urbanization

• Natural resource scarcity

• Digital connectedness and technologies

Our Strengths

• Reduce energy demand and greenhouse gas emissions

• Improve efficiency in:

– Buildings

– Industrial processes

– Transportation

2016 REVENUE: $13.5B 33% Aftermarket

By End Markets

66%North America

15%Eur/ME

14%Asia

5%Latin

America

By Geography

5%Golf/Utility

16%Transport

Refrigeration

16%Non-Res

Building

(Overseas)

31%Non-Res

Building

(N. America)

18%Industrial

Process

14%Residential,

(N. America)

67% New equipment

Climate77%

Industrial23%

By Segment

Diversified Business With High Aftermarket Mix

2013 2014 2015

9.6%

11.0

%

Adjusted Operating Margins

2016

11.9

%11.4

%

4

Commercial HVAC Residential HVAC Transport Refrigeration

Climate Segment: Industry Leading Portfolio of Brands and Services

6

$10.5B Group of Three HVAC and Transport Refrigeration Businesses

Climate Segment: Diversifying for Resilient Performance

7

$10.5B

71%

14%

11%

4%

North America

Asia Pacific

Europe, Middle

East, Africa

Latin America

70%

30%

Equipment

Parts and ServicesCommercial

HVACEquipment

Transport Refrigeration

Residential HVAC

Business Units Regional Mix Revenue Streams

• High and growing recurring revenue streams – services / parts

• Balanced mix of services, energy services, connected buildings, residential and transport solutions

Commercial HVAC Service Parts & Contracting

A $3.0B group of five growth-oriented Strategic Business Units

Material

Handling

Small Electric

VehiclesPower Tools

Industrial

Compressors

Fluid

Management

7

Leading Brands

Industrial Segment: Industry Leading Portfolio of Brands and Services

Industrial Segment: Balanced Profile with Resilient Aftermarket

1. Industrial Products includes Power Tools, Fluid Management, and Material Handling. All figures are FY 2016. 9

$3.0B

55%

19%

18%

5%3%

North America

Asia Pacific

Europe, ME, Africa

Latin America

63%

37%

Equipment

Parts and Service

Compression Technologies

& Services

Small Electric

Vehicles

Industrial

Products1

India

Industrial

Comp.

Engineered

Comp.

Parts & Service

Regional Mix Revenue StreamsBusiness Units

Why Invest in Ingersoll Rand?

10

Multi-year top-tier performance record

Inspired excellence and innovation

Sustainabilitydrives growth

• Business Operating System enables strong execution of company’s strategy

• Our people think big and bold to create impactful products and services that deliver value and transform everyday life

• Strategy linked to global mega trends to solve complex customer needs for energy efficiency and productivity

Targets*

Revenue CAGR

~ 4 - 4.5%

Operating Margin

~14.5 -15%

EPS CAGR

~ 11 - 13%

2017-2020

* Information from May 2017 Ingersoll Rand Analyst Day --- Not an Update

1

2

3

4

Business Operating System Delivers Results

11

Committed to sustainability and energy efficiency

Proven & unique system to accelerate

profitable growth

Drive innovation and productivity

Focus on employee engagement

Operationally Integrated Company Maximized for Future Growth

12

PresentPast

Innovation TransformationalMeasured

Core CompetencyOperational Excellence Beginning

Organic Growth LeadingSteady

Culture CollaborativeSiloed

Performance Profitable Top-Tier

Sustainability Growth DriverObligation

13

Business Investments

2013 2016

~15%

Key Examples

● New low-global warming potential refrigerants

● Digital / controls / wireless technology

● Channel expansion

● Parts and services capabilities / offerings

● Sales and services capabilities

● Operating system expansion

Significant Ongoing Business Investments Support Top-Tier Growth and Profitability

Continuing 146-Year Trend of Transforming Everyday Life through Innovation

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More than 200 Products Introduced in Last 3 Years

Ingersoll Rand Next Generation

R-Series

Club CarOnward

Trane Sintesis eXcellent

Ingersoll Rand MR150 ManRider Winch

Trane Series E™ CenTraVac

Thermo KingSLXi

Trane Stealth

Thermo King Precedent

Trane S-Series Furnace

TraneComfortLink II

Ingersoll RandQX Series

Trane Ductless Outdoor Unit

85%Product portfolio refreshed since 2012

~10%Key emerging markets innovation success; % of revenues

23%Average innovation revenue2012-2016

50%Product concept to shipping time reduction since 2012

Widely Recognized for Global Citizenship, Sustainability and Employee Engagement

15

Fortune World’s Most Admired

list for 5th year, #2 in peer group

2016 Dow Jones Sustainability

World and North America

for 6th consecutive year

FTSE4Good Index Series

for strong environmental, social

and governance practices

Corporate Responsibility magazine

100 Best Corporate Citizens

list for 4th consecutive year

2010 2012 2013 2014 2015 2016

Citizenship Sustainability Employee Engagement

Manufacturing

Industry Average

Manufacturing Industry

Top Quartile

16-point increase in

Employee Engagement

over five years

Executing a Consistent Strategy that Delivers Profitable Growth and Powerful Cash Flow

16

Differentiated products

and services deliver

top-tier revenue growth

Sustained Growth

1.

Margin improvement

and powerful cash flow

Operational Excellence

2.

Reinvestment, dividends,

share repurchase and

acquisitions

Dynamic Capital Allocation

3.

Commitment to

integrity, ingenuity and

engagement

Winning Culture

4.

Strong, globally recognized brands

Well positioned in both geographic and end markets

Leadingmarket shares

Stable and recurring free cash flow: $4.3B past 4 Years

17

$10

$11

$12

$13

$14

$15

2013 2014 2015 2016

In Billions

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

2013 2014 2015 2016

0%

5%

10%

15%

20%

25%

30%

2013 2014 2015 20160%

3%

6%

9%

12%

15%

18%

2013 2014 2015 2016

Adjusted Operating MarginCash Flow ROIC

+2.5 Ppts

16%CAGR

Adjusted EPS

+6 Ppts

Organic Revenue

3%CAGR

* Retrospectively restated for the adoption of accounting standard ASU 2017-07 on January 1, 2017. Non-service pension costs that were previously reported in

COGS and SG&A expense are now reported in other income/expense, net. This has no net impact to EPS.

Leading Brands and Business Operating System Driving Top-Tier Revenue and Earnings Growth

* Reported – includes Allegion security business and excludes restructuring and one-time spin costs and refinancing premium

** Excludes the impact of the IRS agreement and restructuring in 2015 and excludes restructuring and the proceeds on the sale of Hussmann in 201618

Free Cash Flow($ millions)

2013 2014 2015 2016 2017F

$810$862

$985**~$1,200

$1,345**

PostSecurity Spin

$1,151*

Cash flow stable and recurring: $4.3B 2013 - 2016

Business Model Delivers Powerful Free Cash Flow

• ~$900M in Capex • $1.2B in dividends paid

– 17% CAGR

• Long history of growing dividend

• $3.1B

• 53 million shares repurchased

• Spent $981 million on 10 acquisitions

CapitalExpenditures

Capital Deployment 2013-2016: Focused on Maximizing Shareholder Value

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$6.3 Billion

DividendsShare

BuybackMergers &

Acquisitions

Strategy and Execution Deliver Differentiated Shareholder Returns

20

Total Shareholder Returns Outperformed

S&P 500 Index, S&P Industrials and Peer Average

~500%

~280%

~190%~160%

2009 2010 2011 2012 2013 2014 2015 2016(100%)

0%

100%

200%

300%

400%

500%

600%

Ingersoll Rand

S&P Industrials

S&P 500

Peer Average

Revenue Growth 4% to 4.5% CAGR

Operating Income Growth ~10% CAGR

Operating Margins ~14.5% to 15% in 2020

EPS Growth 11% to 13% CAGR

Based on ~22% tax rate

Business Unit Operating Margins

- Climate ~16.5% in 2020

- Industrial ~15% in 2020

Cash Generation (% Net Income) >=1.0 times

- Working Capital/Revenues 3% to 4%

- 2020 ROIC ~14.5%

2017 to 2020 Targets

Ingersoll Rand Targets 2017 to 2020*

21* Information from May 2017 Ingersoll Rand Analyst Day --- Not an Update

Strong Free Cash Flow of ~$4 Billion 2018 to 2020*Drives Dynamic Capital Allocation

Note: Graphics not drawn to scale

22

2018-2020 Free Cash

Flow~$4B

2018–2020

Earnings

CAPEX

W/C

Cumulative Cash Flow

1% - 2% of Revenues

Maintain W/C at 3-4% of Revenues

Business Investment

Free Cash Flow

• Competitive dividend; dividend growth >= earnings growth

• Buybacks and acquisitions

Strong Cash Flow

D&A

FCF >=

Net Income

4% to 4.5% Revenue CAGR

* Information from May 2017 Ingersoll Rand Analyst Day --- Not an Update

Dynamic Capital Allocation Focused on Delivering High Returns; 2017 Plan to deploy ~$410M for Dividends and $1.5B for Share Repurchase and Acquisitions

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Maintain Healthy,

Efficient Balance Sheet

Invest for Growth

Return Capital to

Shareholders

• Preserve liquidity and manage leverage

• Maintain flexibility to invest in growth and evolve with business conditions

• No meaningful debt maturities until 2018

• Target BBB investment grade rating

• Pay a competitive dividend and grow dividend at or above rate of earnings growth over time; ~$205M YTD dividends paid; dividend at $1.80/share, annualized; ~20% annual CAGR 2012 to 2017

• Repurchase shares with excess cash when intrinsic value provides high returns; repurchased 7.9M shares for $667M July YTD

• Strengthen the core business and extend product & market leadership

• Invest in new technology and innovation

• Acquire products, channels and business adjacencies where more attractive than growing organically; $65M July YTD channel acquisitions

2

1

3

M&A Framework – Clear Criteria

Strong position – no major gaps to fill

Strengthening our core or extend leadership in product, channel or technology

Must be clear strategic fit for Ingersoll Randand clear synergies to meet financial hurdles

Focused on core bolt-on opportunities; adjacent opportunities also under review

IRR > WACC

ROIC: Accretive < 3 years

EPS accretive < 3 years

Cash payback period: < 5 years

Financial CriteriaBusiness Criteria

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Why Invest In Ingersoll Rand?

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● Strategy tied to attractive end markets supported by global mega trends

● Franchise brands and businesses with leadership market positions

● Sustained business investments delivering innovation and growth, operating excellence and improving margins

● Strong management and high performing teams

● Operating model delivers powerful cash flow

● Capital allocation priorities deliver strong shareholder returns

Strategy

Brands

Innovation

Performance

Cash Flow

Capital Allocation

Appendix

2017 Guidance 2020 2017 Guidance 2017-2020

~4.5%

2017 Guidance 2017-2020 2017 Guidance 2017-2020

Continuing Top-Tier Performance Expected 2017 to 2020 --- as of July 26, 2017 Not an Update

27

Adjusted EPS GrowthAdjusted Operating Margin %

Adjusted Operating Income GrowthOrganic Revenue Growth

~4% to 4.5%

CAGR

12.4% to 12.8%

~10%

CAGR

~7%

~9%

~11% to 13%

CAGR~14.5% to 15%

Climate Segment: Continued Growth and Margin Expansion --- as of July 26, 2017 Not an Update

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• New product development

margin improvement

• Productivity through

operational excellence

• Accretive Energy Services

and Controls growth

• Footprint optimization

• Pricing to mitigate material

inflation

Revenue Growth* Margin Expansion* Key Margin Drivers

~$11.1B

~$12.4B

~4%CAGR

2017 2020

~14.9% ~16.5%

2017 Adj. 2020

* Midpoint of company guidance range for 2017 revenue and margin

2017-2020

+ ~160 bps

Industrial Segment: Solid Growth and Margin Expansion --- as of July 26, 2017 Not an Update

29

• Compressor Technologies & Services:

services, oil-free compressors and

energy efficient equipment

• Industrial Products: intelligent and

connected products, new market entry

• Small Electric Vehicles: personal

transportation vehicles (PTV)

• Overall global industrial recovery

Revenue Growth* Margin Expansion* Drivers

$2.9B

$3.3B

2017* 2020

~4%CAGR

2017-2020

Revenue drivers

• Higher margin on new products

and services

• Price > direct material inflation

• Footprint, productivity and lean activities

• Significant leverage on higher volumes

Margin drivers

~11.6% ~15%

2017 Adj. 2020

+ ~340 bps

* Midpoint of company guidance range for 2017 revenue and margin

RESIDENTIAL HVAC

Heating, cooling, thermostat controls and home automation for

the residential market

COMMERCIAL HVAC

Air conditioning systems, services and solutions. Innovative

solutions geared toward making high performance buildings

reliable and safe, as well as healthy, comfortable and efficient

TRANSPORT REFRIGERATION

Manufacturing and innovation of transport temperature control

systems for a variety of mobile applications, including trailers,

truck bodies, buses, shipboard containers and rail cars

HVAC SERVICES AND PARTS

A complete selection of innovative parts, options and

accessories for optimal performance and reliability

Our Climate Businesses

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COMPRESSION TECHNOLOGIES AND SERVICES

MATERIAL HANDLING

FLUID MANAGEMENT

SMALL ELECTRIC VEHICLES

POWER TOOLS

Rotary, centrifugal and reciprocating air compressors,

and treatment products with Comprehensive multi-

year service agreements, audits, parts, and

accessories

Hoists, winches and systems for

moving and positioning loads

Pumps and systems for fluid

handling, transfer, and application

Golf, commercial and utility

vehicles for transportation

Professional tools for fastening,

drilling, and surface preparation

Our Industrial Businesses

41

Non-GAAP Measures Definitions

Organic revenue is defined as GAAP net revenues adjusted for the impact of currency and acquisitions. Organic bookings is defined

as reported orders closed/completed in the current period adjusted for the impact of currency and acquisitions.

• Currency impacts on net revenues and bookings are measured by applying the prior year’s foreign currency exchange rates to the

current period’s net revenues and bookings reported in local currency. This measure allows for a direct comparison of operating

results excluding the year-over-year impact of foreign currency translation.

Adjusted operating income is defined as GAAP operating income plus restructuring expenses. Please refer to the reconciliation of

GAAP to non-GAAP measures on tables 3 and 4 of the news release.

Adjusted operating margin is defined as the ratio of adjusted operating income divided by net revenues.

In 2017 Adjusted continuing EPS is defined as GAAP continuing EPS plus restructuring expenses, net of tax impacts, plus the discrete

non-cash tax adjustment in Latin America. In 2016 Adjusted continuing EPS is defined as GAAP continuing EPS plus restructuring

expenses, less the gain from the sale of the company’s remaining interest in Hussmann, net of tax impacts. Please refer to the

reconciliation of GAAP to non-GAAP measures on tables 3 and 4 of the news release.

Cash flow return on invested capital is defined as annual free cash flow divided by the sum of gross fixed assets, receivables and

inventory less accounts payables

Free cash flow is defined as net cash provided by operating activities, less capital expenditures, plus cash payments for restructuring.

Please refer to the free cash flow reconciliation on table 8 of the news release.

32

Non-GAAP Measures Definitions

Working capital measures a firm’s operating liquidity position and its overall effectiveness in managing the enterprises’ current

accounts.

• Working capital is calculated by adding net accounts and notes receivables and inventories and subtracting total current

liabilities that exclude short term debt, dividend payables and income tax payables.

• Working capital as a percent of revenue is calculated by dividing the working capital balance (e.g. as of June 30) by the

annualized revenue for the period (e.g. reported revenues for the three months ended June 30) multiplied by 4 to annualize for

a full year).

Adjusted effective tax rate for 2017 is defined as the ratio of income tax expense, plus or minus the tax effect of adjustments for

restructuring costs and the discrete non-cash tax adjustment in Latin America, divided by earnings from continuing operations

before income taxes plus restructuring expenses. Adjusted effective tax rate for 2016 is defined as the ratio of income tax

expense, plus or minus the tax effect of adjustments for restructuring costs and the gain on sale of Hussmann interest, divided

by earnings from continuing operations before income taxes less the gain on sale of Hussmann interest plus restructuring

expenses. This measure allows for a direct comparison of the effective tax rate between periods.

Adjusted OI + D&A is defined as adjusted operating income plus depreciation and amortization expense.

Operating leverage is defined as the ratio of the change in adjusted operating income for the current period (e.g. Q2 2017) less

the prior period (e.g. Q2 2016), divided by the change in net revenues for the current period less the prior period.

33