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Honeywell’s innovative technologies are

making our world cleaner and more
sustainable, more secure, connected,
energy efficient, and productive.

This document contains certain statements that may be deemed “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other
than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are
forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical
trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also
subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products,
services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by
such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.

© 2016 by Honeywell International Inc. All rights reserved.


• ~1,300 sites, ~70 countries
$38.6B • More than 129,000
in sales for 2015 employees
• Morris Plains, N.J.
53% headquarters
of sales outside U.S. • Fortune 100

Aerospace Performance Materials

and Technologies

Automation and
Control Solutions

Honeywell Overview
$38.6B Global Industrial Company, Segment Margin Of 18.8%
~53% Of Sales Outside U.S.
Automation & Control Performance Materials
Solutions and Technologies
$15.2B $14.1B $9.2B
Sales Sales Sales

IntuVue ® 3D Weather Radar Orion Console


Unmatched Scope Of Connecting Homes,

Winning Technology
Offerings Buildings, & Workers
• Mechanical, Cockpit, & Software • Security And Fire, Addition Of Elster • Refining & Petrochemical Catalysts
Offerings From Nose To Tail • Connecting Homes With Lyric • Gas Processing Modular Offerings
• Apps, Services, Maintenance, • Open Software Connecting “Internet • Solstice® LGWP Materials
Subscriptions Of Things” In Buildings • SmartLine Transmitters
• End-To-End Connectivity Solutions • Wireless, Voice, Mobility, Data
From Hardware To Airtime • Asset Optimization Software
Analytic Solutions For Workers
• Turbochargers For Fuel Efficiency • Targeted NPI Growing In HGRs
Reflects 2015 Full Year Results

Aligned To Key Global Macro Trends

Honeywell At A Glance

Energy Efficiency And Clean Energy Generation

With nearly 50% of our

portfolio dedicated to energy
solutions, Honeywell is leading Air Traffic
Modernization Biofuels
the charge in energy efficiency
and clean energy generation.

Green Warming
Buildings Refrigerants

By immediately and comprehensively

adopting existing Honeywell products
and solutions, the U.S. could reduce Fuel-Efficient Industrial Process
Turbochargers Efficiency
energy consumption 20 to 25%.

Demand Energy
Response & Performance
Smart Grid Contracts

Safety And Security

Honeywell equipment and

technologies can help keep an Industrial Process
emergency from becoming a Home Security & Safety

tragedy, and our security solutions

protect us from emerging threats.
Gas Monitoring & Honeywell
Detection Instant Alert®

Honeywell’s Enhanced Ground Proximity

Warning System has reduced Controlled Flight
Into Terrain (CFIT) accidents from ~1 in every Personal Protective
3 million flights to less than 1 in every 20 Cybersecurity Equipment
Spectra fiber is 15 times stronger than steel but
light enough to float. SmartView™
Synthetic Vision
System Spectra® Fiber

Expanding Global Wealth Per Capita

Honeywell is developing
solutions that support Air Traffic Refining
Management Technologies
growing infrastructure and
improve the quality of life for
people around the world.
Airport Solutions Indoor Air Quality

The growing middle class is

expected to increase from Smart Grid Health and Safety
1.8 billion to almost 5 billion
people by 2030.
Turbochargers Technologies

Worker Productivity

Honeywell solutions help In-flight Industrial Scanning &

our customers be better, Productivity Mobile Computers

faster, and more efficient.

Voice Controls Retail Scanning

Honeywell is an industry leader in
wireless and scanning technologies
used in home, building, and OneWireless™ Mobile
Cockpit Systems
Control Room
industrial applications.

Demand Response Wireless

Thermostat Systems Sensors

Five-Year Plan Status

Sales Segment Margin Rate

$46 - $51
$39.9 -
$39.1 $40.9

2013 2016E 2018T

• Headwinds – Currency, FM Divestiture, World GDP • Headwinds – Acquisitions Amortization, Deal Costs

• Tailwinds – Acquisitions, Inflections • Tailwinds – Initiatives Working Very Well

Growth Inflection Begins End Of 2016 High End Of Range Trajectory


Portfolio – Great Positions In Good Industries

Passenger Industrial
Institutional &
Sensing & Control
Safety Equipment
Industrial & Homes & Buildings U.S. New
Scanning & Mobility Workers 25% (Res | Non-Res)
11% U.S. Retrofit
Refrigerants, Retrofit
Intl. New
Chemicals &
Resins, Plastics,
Specialty Products
Comm’l Helo Other D&S Commercial Aero
6% 19%
Int’l Defense U.S. DoD R&O
Oil & Gas Downstream

Sales Reflect 2016E, Including Impact Of Acquisitions

Positioned In Good End Markets With Diversity Of Opportunity


HON Business Model

One Honeywell Culture • Great Positions In Good Industries
• 5 Initiatives / 12 Behaviors • Diversity Of Opportunity

• M&A Upgrades Growth Portfolio
• Management Resource Review
- CEO Interviews Top 200 Roles • Balanced Portfolio
- Long / Short Cycle
• Customer Focused - Early / Mid / Late Cycle
Applied • Globalization Continues
• Trick Is In The Doing
- The Machinery Needs To Work • HOS Gold
- Go Slow To Go Fast
- Initiatives Integrated
- Achieve Two Seemingly Conflicting Things
- Breakthrough Goals

• Constantly Evolving
• Functional Transformation
• One Honeywell

• Innovation Mindset • Software Development

Consistent Business Model That Generates Results


HOS Gold
Our Enabler: HOS Gold Why It Is Different

• Consolidates All Operational Best

Practices (i.e. HOS, VPD, HUE, FT)

• Drives Initiatives At Enterprise Level

- Previously At Segment Level Only

• Takes Broader Multi-Functional

- From Plant To Back Office

• Deeper Focus On Breakthrough Goals

- Deliver Strong Core Organic Growth And Profitability
- Grow Faster Than Markets
- Software A Primary Driver

• Blends Small Cap Speed And Agility

With Large Cap Scale And Expertise

Supporting Growth And Productivity


Honeywell Aerospace innovates and
integrates thousands of products, software,
and services to advance and more easily
deliver safe, efficient, productive, and
comfortable transportation experiences
worldwide. Our offerings are found on
virtually every commercial, defense, and
space aircraft, and our turbochargers are
used by nearly every automaker and truck
manufacturer around the world.

Businesses: Technologies:
• Commercial OE (Original Equipment) • Cockpit systems
• Commercial Aftermarket • Runway and flight safety technology

• Defense & Space • Air traffic management

• SATCOM and connectivity
• Transportation Systems
• Propulsion
• Precision guidance
Headquarters: • Wheels and brakes
Phoenix, Ariz.
• Logistics services
• Gasoline, diesel, hybrid, and fuel cell turbochargers with
variable nozzle technology

Automation and Control Solutions

Honeywell Automation and Control Solutions
transforms the way people live and work
globally with connected technologies. From
thermostats and security systems that
connect with homeowners when they’re home
or away, to greener buildings whose
connected systems improve efficiency and
reduce costs, to wearable technologies that
make workers safer and more productive –
sensors, software, and connectivity are at the
core of everything we do.

Businesses: Technologies:
• Environmental and Energy Solutions • Home comfort and security
• Honeywell Industrial Safety • Building control systems
• Smart Grid/demand response technology
• Honeywell Security and Fire
• Scanning and mobile computers
• Sensing and Productivity Solutions
• Fire alarm systems and gas detection
• Honeywell Building Solutions • Personal protective equipment
• Automatic identification and data collection
• Remote health monitoring
Minneapolis, Minn.

Performance Materials and Technologies

Honeywell is a global leader in designing and creating high-
purity, high-quality performance chemicals and materials and
software-based systems to safely and efficiently operate
complex industrial facilities. Honeywell manufactures
environmentally friendly refrigerants, specialty plastics and high
purity chemicals used to make products as varied as bullet-
resistant armor, nylon, computer chips and pharmaceutical
packaging. Honeywell UOP provides refining, petrochemical
and gas processing technologies and software services that are
the foundation for the world’s oil and gas industry, and
Honeywell Process Solutions is a pioneer in software-based
automation controls, instrumentation and services.

Businesses: Technologies:
• Honeywell UOP • Oil and gas process technology, equipment, catalysts, and
• Honeywell Process Solutions
• Industrial automation controls
• Fluorine Products • Low-global-warming potential refrigerants
• Resins and Chemicals • Specialty films and additives
• Specialty Products • Advanced fibers and composites
• Nylon materials and ammonium sulfate fertilizer
Headquarters: • Electronic materials and chemicals
Morris Plains, N.J.

Technology And Innovation

~22,800 solutions for the
worldwide world’s toughest

engineers focused
on software

research and

37,000 Compatible with
patents granted CMMI Maturity
or pending Level 5

Sustainable Opportunity
Making our
businesses more
>65% environmentally
Reduction in our friendly, safer, and
GHG emissions more sustainable

Increase in our
energy efficiency

By 2019, Honeywell will reduce our global

greenhouse gas emissions by an additional 10%
per dollar of revenue from our 2013 levels.

Media Highlights

Wall Street Journal Highlights Dave Cote Appears on Mad Honeywell Chairman and CEO Dave
Honeywell’s Successful Growth Money From Honeywell’s 2016 Cote Discusses Sustainable Urbanization
Strategy for Mergers & Acquisitions Annual Investor Conference During CEO Council in Beijing

Honeywell Chairman and CEO Dave Honeywell Chairman and CEO Talks
Honeywell Growth & Performance Cote Featured on Yahoo! Finance to Commitment to Integrity & Compliance in
Highlighted by Barron’s Magazine Discuss Acquisition Strategy the October 2015 Issue of Ethisphere

International And Domestic Influential Cover Stories


Honeywell Hometown Solutions

Housing & Family Safety Science & Humanitarian Habitat &
Shelter & Security Math Relief Conservation

Community Safety & abduction Quality programs in $9 million in aid Best practices in
rehabilitation prevention STEM for students and around the globe environmental
projects teachers teaching skills

Since 2003, more than Launched in October FMA Live! Forces in Employee donations to Honeywell Institute
17,500 Honeywell 2014, KidSmartz™, an Motion has reached the Honeywell for Ecosystems
volunteers have repaired abduction prevention 455,000 students in more Humanitarian Relief Education inspired
546 homes, schools, and program for children in than 1,150 middle schools Fund have repaired or 309 students and
grades K-5, received across the U.S., Mexico, rebuilt 750 homes, 89 teachers to become
non-profit centers in
national media attention Canada, and Puerto Rico. 4 schools, 9 medical environmental
46 Honeywell
reaching more than clinics, 1 elder community stewards in New York,
communities across the Honeywell Educators @
2 million viewers. center, and 200 wells New Jersey, and
U.S., Canada, Mexico, Space Academy has Maryland.
since 2001.
and Puerto Rico with Since 2005, Safe Kids hosted more than 2,300
Rebuilding Together. @ Home China has teachers from 55 countries • Typhoon Haiyan, Honeywell Green
reached 2.3 million and 50 U.S. states since Philippines Boot Camp has been
children and 2,800 2004. delivered to
• Hurricane Sandy, U.S. 282 teachers since
Honeywell Leadership • Colorado Springs 2008.
Challenge Academy wildfires, U.S.
has hosted 1,770 students
from 47 countries and 37 • Japan earthquake and
U.S. states. tsunami
• Haiti and China

Reconciliation Of Non-GAAP Measures To GAAP


Reconciliation Of Segment Profit To Operating Income And Calculation Of

Segment Profit And Operating Income Margins

($M ) 2011 2012 2013 2014 2015

Segment Profit $5,357 $5,879 $6,351 $6,696 $7,256
Stock Based Compensation (1) (168) (170) (170) (187) (175)
Repositioning and Other (1, 2) (794) (488) (699) (634) (576)
Pension Ongoing (Expense)/Income (1) (105) (36) 90 254 430
Pension Mark-to-Market Adjustment (1) (1,802) (957) (51) (249) (67)
Other Postretirement Income/(Expense) (1) 86 (72) (20) (49) (40)
Operating Income $2,574 $4,156 $5,501 $5,831 $6,828

Segment Profit $5,357 $5,879 $6,351 $6,696 $7,256

÷ Sales 36,529 37,665 39,055 40,306 38,581
Segment Profit Margin % 14.7% 15.6% 16.3% 16.6% 18.8%

Operating Income $2,574 $4,156 $5,501 $5,831 $6,828

÷ Sales 36,529 37,665 39,055 40,306 38,581
Operating Income Margin % 7.0% 11.0% 14.1% 14.5% 17.7%

(1) Included in cost of products and services sold and selling, general and administrative expenses.
(2) Includes repositioning, asbestos, environmental expenses and equity income adjustment.

March 2, 2016

Reconciliation Of EPS To EPS, Excluding Pension Mark-To-Market Adjustment

2011(1) 2012(2) 2013(3) 2014(4) 2015(5)

EPS $2.61 $3.69 $4.92 $5.33 $6.04
Pension Mark-to-Market Adjustment 1.44 0.79 0.05 0.23 0.06
EPS, Excluding Pension Mark-to-Market Adjustment $4.05 $4.48 $4.97 $5.56 $6.10

(1) Utilizes weighted average shares of 791.6 million. Mark-to-market uses a blended tax rate of 36.9%.
(2) Utilizes weighted average shares of 791.9 million. Mark-to-market uses a blended tax rate of 35.0%.
(3) Utilizes weighted average shares of 797.3 million. Mark-to-market uses a blended tax rate of 25.5%.
(4) Utilizes weighted average shares of 795.2 million. Mark-to-market uses a blended tax rate of 28.1%.
(5) Utilizes weighted average shares of 789.3 million. Mark-to-market uses a blended tax rate of 36.1%.

March 2, 2016

Reconciliation Of Cash Provided By Operating Activities To Free Cash Flow

($M ) 2011 2012 2013 2014 2015

Cash Provided by Operating Activities $2,833 $3,517 $4,335 $5,024 $5,454
Expenditures for Property, Plant and Equipment (798) (884) (947) (1,094) (1,073)
Free Cash Flow $2,035 $2,633 $3,388 $3,930 $4,381

March 2, 2016
Aero: Aerospace PMT: Performance Materials Tools / Initiatives
• Comm’l OE: Commercial Original Equipment And Technologies • GPGI: Great Positions In Good Industries
• Comm’l AM: Commercial Aftermarket • UOP: Universal Oil Products • HOS: Honeywell Operating System
• ATR: Air Transport & Regional • CA&S: Catalyst, Adsorbents & Specialties • FT: Functional Transformation
• BGA: Business & General Aviation • PT&E: Process Technology & Equipment • OEF: Organizational Effectiveness
• D&S: Defense & Space • GP&H: Gas Processing & Hydrogen • VPD: Velocity Product Development
• TS: Transportation Systems • CPS: Connected Performance Service • HUE: Honeywell User Experience
• APU: Auxiliary Power Unit • MTO: Methanol-To-Olefins • CMMI: Capability Maturity Model Integration
• RMU: Retrofit, Modifications, & Upgrades • HPS: Honeywell Process Solutions • HSBSTM: Honeywell Smart Building Score
• HTF: Honeywell Turbofan (Engine) • LSS: Lifecycle Solutions & Services • HGR: High Growth Regions
• PAS: Projects And Automation Solutions • FTG: Follow-The-Growth
ACS: Automation And • PMC: Process Measurement And Control • BCC: Becoming The Chinese Competitor
Control Solutions • AS: Advanced Solutions • E4E: East-For-East
• Adv Mat (AM): Advanced Materials • E2R: East-To-Rest
• ESS: Energy, Safety & Security
• E&ES: Environmental & Energy Solutions
• R&C: Resins & Chemicals
• HSF: Honeywell Security & Fire
• SP: Specialty Products Other Acronyms
• HIS: Honeywell Industrial Safety
• FP: Fluorine Products
• LGWP: Low-Global-Warming-Potential
• S&PS: Sensing & Productivity Solutions Industry Peers • COE: Center Of Excellence
• BSD: Building Solutions & Distribution 3M  Danaher  Emerson  General Electric • IIoT: Industrial Internet of Things
• HBS: Honeywell Building Solutions Illinois Tool Works  Rockwell Collins  Tyco • EPC: Engineering, Procurement,
• ADI: Americas Distribution United Technologies Construction