Honeywell Today

Company Overview

1Company OverviewCompany Overview

108,000 employees in nearly 100 countries A Fortune 100 company $23 billion sales in year 2003 One of 30 select companies represented by the Dow Jones

Industrial Average

On Money magazines list of 75 Best Benefits companies for the third consecutive year December 2003

Winner of the Technology and Business Vision Award from Start magazine and Microsoft, and the Control EngineeringEditors 2003 Choice Award, for Honeywells Experion PKS system, an integrated solution that boosts manufacturing capacity and cost effectiveness.

2CHAIRMAN & CEODave Cote

VICE PRESIDENTCommercial Aerospace

Lynn Brubaker

PRESIDENTAerospace Electronic

SystemsDean Flatt

PRESIDENTEngines, Systems & Services

Russ Turner

PRESIDENT & CEOAerospace

Bob Johnson

PRESIDENTHoneywell

Process SolutionsJack Bolick

VICE PRESIDENTACS Service Americas

Bill Higgins

VICE PRESIDENT &GENERAL MANAGER

ACS Service EMEAGrald Goubou

PRESIDENT & CEOAutomation and Control Solutions

Roger Fradin

PRESIDENT & CEOSpecialty Materials

Nance Dicciani

PRESIDENTGarrett Engine

Boosting SystemsRob Gillette

PRESIDENT & CEOTransportation Systems

Rob Gillette

PRESIDENTConsumer Products

GroupDave Lundstedt

PRESIDENTFriction Materials

Joe Puishys

SR. VICE PRESIDENT &Chief Financial Officer

Dave Anderson

SR. VICE PRESIDENTAdministration &

Chief Information Officer Larry Kittelberger

SR. VICE PRESIDENT & GENERAL COUNSEL

Peter Kreindler

SR. VICE PRESIDENTHuman Resources and

CommunicationsTom Weidenkopf

VP/GMPerformance Products

Mike Ryan

VP/GMChemicals

Rich Preziotti

VP/GMNylon

Walter Hubbard

VP/GM Research & Life

ScienceSolutions

Whitney Erickson

VP/GMElectronic Materials

Paul Raymond

PRESIDENT & CEOUOP

Graeme Donald

VICE PRESIDENTSix Sigma &Operations

Bill Ramsey

PRESIDENTEnvironmental

Combustion & ControlAndreas Kramvis

VICE PRESIDENTStrategy & Business

DevelopmentRhonda Germany

PRESIDENTAsia Pacific

John OHiggins

VP/GMAircraft Landing

SystemsPeg Billson

VICE PRESIDENTDefense & Space

Scott Starrett

PRESIDENTSensing & Control

Ron Sansom

PRESIDENTFire GroupMark Levy

PRESIDENTHoneywell Security

Ben Cornett

Company Leadership Company Leadership

3Honeywells Business SegmentsHoneywells Business Segments

Broad and Diverse Businesses, Technologies and ProductsBroad and Diverse Businesses, Technologies and Products

2003 Sales

$8.8B$8.8B

$3.7B$3.7B

$7.5B

$3.2BAerospaceSpecialty

Materials

Automationand Control Solutions

TransportationSystems Total = $23B

4Honeywell Initiatives and BehaviorsHoneywell Initiatives and Behaviors

5The 4 Pillars of GrowthThe 4 Pillars of Growth

Doing a superb job for our customers every day in quality, delivery, value, and technology

Superior Sales and Marketing

Globalization

Developing robust, funded technology roadmaps for new products and services all supported with a strong commitment to Design for Six Sigma (DFSS)

Each Business Has Developed a Game Plan to Pursue These PillarsEach Business Has Developed a Game Plan to Pursue These Pillars

Honeywells first initiative is Growth. We will pursue organic growth through four fundamental strategies, or pillars:

6AerospaceAerospace

Businesses:Aerospace Electronic Systems; Engines, Systems &Services; Aircraft Landing Systems

Products: Aircraft engines Auxiliary power units Integrated avionics and aircraft control systems Aircraft safety systems Precision guidance and navigation Environmental control systems Electric generation and distribution systems Landing systems Repair & overhaul Spare parts Support & services for space and communications facilities After-sales avionics support solutions Aircraft lighting Aircraft cabin entertainment and passenger productivity

products/systems

The worlds premier supplier of aircraft engines and systems, avionics and other products and services for airliners, regional and business aircraft, military aircraft and spacecraft.

7AerospaceAerospace

Representative Customers:EADS/Airbus, Bell, Boeing, Bombardier, Cessna, Dassault, Embraer, Fairchild Dornier, FedEx, General Electric, Gulfstream, Hughes, Learjet, Lockheed Martin, Northrop Grumman, Raytheon, Sikorsky, Sino Swearingen, United Technologies, U.S. Department of Defense, U.S. Department of Energy, U.S. National Aeronautics and Space Administration (NASA), and leading airlines and airport authorities

Competitive Strengths:Growing and expanding core products; systems integration; extending services; enhancing safety; knowledge management

Global Presence:40,000 employees worldwideHeadquarters: Phoenix, Arizona

Sales:$8.8 billion in 2003

8A global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry. Products and services are used around the world in more than 100 million homes and buildings as well as in 24 of 25 top oil refineries.

Automation and Control SolutionsAutomation and Control Solutions

Businesses:Honeywell Fire Solutions; Honeywell Sensing & Control; Honeywell Environmental Combustion & Control; Honeywell Building Solutions; Honeywell Process Solutions

Products: Controls for heating, cooling, ventilation, air conditioning,

humidification, industrial process automation, video surveillance, people and asset tracking and access control equipment;

Security/fire alarm and industrial safety systems, home automation systems;

Advanced software applications for home/building control and industrial optimization;

Sensors, switches, control systems and instruments for measuring pressure, air flow, temperature, electrical current and more

Drinking water solutions Combustion control solutions Commitment to service

9Automation and Control SolutionsAutomation and Control Solutions

Representative Customers: Alcoa, AstraZeneca, BASF, Boeing, Brinks, ChevronTexaco, DaimlerChrysler, DuPont, ExxonMobil, General Motors, PDVSA, ConocoPhillips, Procter & Gamble, Qatar General Petroleum, Sasol, Sinopec, StoraEnso, Sydney Airport, TotalFinaElf, Weyerhaeuser, and building and home owners, and others

Competitive Strengths:Strong customer relationships; large installed base; high-technology open-systems solutions & integration expertise; broad distribution channels; worldwide brand recognition; broad range of products, systems, commitment and passion to service

Global Presence:40,000+ employees in 100 countriesHeadquarters: Minneapolis, Minnesota

Sales$7.5 billion in 2003

10

Specialty MaterialsSpecialty Materials

Businesses:Electronic Materials, Chemicals, Performance Products, Research & Life Science Solutions, Nylon, UOP (a JV with Dow Chemical)

Products: Aclar film packaging Enovate 3000 environmentally-friendly blowing agent Spectra high performance fiber DUO anti-reflective coating Aegis nylon resin Lumilux luminescent pigments Genetron environmentally-friendly refrigerants Anso carpet fibers and more

A world leader in high-performance specialty materials such as fluorocarbons, specialtyfilms, advanced fibers, customized research chemicals and intermediates. We are also one of the top five providers of materials and solutions to the semiconductor industry.

11

Specialty MaterialsSpecialty Materials

Representative Customers: Cisco, Ericsson, Ford, DaimlerChrysler, GE, General Motors, Goodyear, IBM, Michelin, Motorola, SC Johnson, Samsung, Sun Microsystems, 3M, United Technologies, Shaw, Mohawk

Competitive Strengths: Synergistic businesses which shareStrong technology baseBroad IP protectionEfficient assetsMarket knowledgeProductivity culture

Global Presence: 10,300 employees in over 45 locationsHeadquarters: Morristown, New Jersey

Sales$3.2 billion in 2003

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Transportation SystemsTransportation Systems

Businesses:Turbo, Consumer Products Group and Friction Materials

Products: Garrett turbochargers Prestone antifreeze/coolant Autolite platinum spark plugs FRAM automotive filters Holts Bendix and Jurid brake pads

The worlds leading innovator of automotive turbochargers. We also offer some of the best-known consumer automotive product brands and manufacture world-class braking material for major auto manufacturers around the world.

13

Transportation SystemsTransportation Systems

Representative Customers:Advance Auto Parts, Auto Zone, BMW, Bosch, Canadian Tire, Continental Teves, CSK Auto, DaimlerChrysler, Ford, General Motors, Honda, Nissan, Renault, TRW, Volkswagen, Volvo, Wal-Mart

Competitive Strengths:Innovative technologies, strong R&D capabilities,superior brand recognition, strong customerrelationships, broad distribution network,original equipment experience

Global Presence:14,000+ employees in 18 countries.

Headquarters: Torrance, California

Sales:$3.7 billion in 2003

www.honeywell.com