1. Gabelli Asset Management
Aircraft Supplier Conference
Dave Anderson, Senior V.P. and CFO
New York, NY
September 7, 2006

2. Forward Looking Statements
This report contains “forward-looking statements” within the meaning of Section
21E of the Securities Exchange Act of 1934. All statements, other than
statements of fact, that address activities, events or developments that we or
our management intend, expect, project, believe or anticipate will or may occur
in the future are forward-looking statements. Forward-looking statements are
based on management’s assumptions and assessments in light of past
experience and trends, current conditions, expected future developments and
other relevant factors. They are not guarantees of future performance, and
actual results, developments and business decisions may differ from those
envisaged by our forward-looking statements. Our forward-looking statements
are also subject to risks and uncertainties, which can affect our performance in
both the near- and long-term. 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.
2 Gabelli Conference – September 7, 2006

3. The New Honeywell
• Building Performance Track Record
• Businesses Well Positioned
• Aerospace – Positive Long Term Outlook
• 2006 – On Track For Record Performance
3 Gabelli Conference – September 7, 2006

4. Value Drivers
Quantitative Qualitative
Disciplined Capital Allocation
+5% Organic Sales Growth
Portfolio For Growth
Margin Expansion
Setting/Meeting Expectations
Double Digit EPS Growth
World Class Leadership Team
100% Cash Conversion
Continuous Improvement
Expanding ROI
Honeywell Benchmarks
4 Gabelli Conference – September 7, 2006

5. 2003 – 2006 Financials
Sales EPS
($B) ($)
18% CAGR
10% CAGR 3.00
35
30 2.50
25
2.00
20
1.50
15
1.00
10
0.50
5
-
-
2003 2004 2005 2006E
2003 2004 2005 2006E
(1)
Free Cash Flow ROI
($B)
+3.0 Points
14% CAGR
2.5 15%
2.0
10%
1.5
1.0
5%
0.5
0%
-
2003 2004 2005 2006E
2003 2004 2005 2006E
(1) ROI calculated as NIBI (net income plus after-tax interest) divided by Invested Capital (2 point average of the sum of the book value of equity and total debt).
Building Track Record Of Results
5 Gabelli Conference – September 7, 2006

6. Cash Deployment
Business Investment Dividends
$1.00
Capex ($M) Reinvestment
$.9075
900 2.00
$.825
800
$.75
$.75
700
$0.75
Dividend/Share
600
500
Dividend Yield ~ 2.4%
1.00
400
$0.50
300
200
100
- 0.00
$0.25
2003 2004 2005 2006E
2003 2004 2005 2006E
Acquisitions Repurchases
• Process Completely Redesigned • Repurchases Total $2.7B Last 2 Years
– 39 Acquisitions / 21 Divestitures – $1.1B in 2005
– $0.8B through 2Q 2006
– Over $3.0B Cash Deployed
• 36 acquisitions ahead of HON model • Shares Outstanding Reduced by 5%
– From 862M to 819M Shares
Disciplined And Balanced
6 Gabelli Conference – September 7, 2006

7. Portfolio Overview
Aerospace Automation & Control
35% 35%
15% 15%
Transportation
Specialty Materials
$31B In Sales In 2006
* Pie Chart calculated using 2006E Sales
7 Gabelli Conference – September 7, 2006

8. Automation And Control Solutions – $11.0B
Macro Trends Honeywell Position
Safety and Security Concerns Strong Channels / Brands
Energy Efficiency – Homes/Buildings Upgraded Technology / Sales & Marketing
Technology Content Increasing Significant Installed Base
Global Infrastructure Needs Expanded Geographic Scope
Sales
Verticals ($B)
14% CAGR
12.0
10.0
Homes Industrial
8.0
6.0
Buildings 4.0
2.0
-
2003 2004 2005 2006E
Momentum Building In Strengthened Portfolio
8 Gabelli Conference – September 7, 2006

9. Transportation Systems – $4.5B
Macro Trends Honeywell Position
Tougher Emissions Regulations Technology Leadership / Differentiation
Need for Fuel Economy / Efficiency Global Presence
Productivity / Cost Focus
Growth in Turbo Boosting
Channel / Brand Leadership
Increased Auto Ownership in
Emerging Regions
Sales
Global Mix
($B)
7% CAGR
5.0
4.0
Americas Asia
42% 11% 3.0
2.0
Europe
47% 1.0
-
2003 2004 2005 2006E
Technology Leader In Long-term Growth Segment
9 Gabelli Conference – September 7, 2006

10. Specialty Materials – $4.5B
Macro Trends Honeywell Position
Strong Growth in Energy Demand / Established Leader in Process, Catalyst,
Refining Needs Adsorbent Technologies
HFC Leader Serving HVAC Industry
Increased Environmental Regulations
Spectra Fiber Armor Applications
Safety and Security
2/3 Resins and Chemicals Insulated from
Energy Efficiency
Raws
Sales
Segments ($B)
12% CAGR
5.0
4.5
4.0
UOP 3.5
$1.4B 3.0
2.5
Specialty Fluorines 2.0
Products $0.9B 1.5
$1.1B
Resins & 1.0
Chemicals 0.5
$1.1B -
2003 2004 2005 2006E
Transformed To Strong, Differentiated Positions
10 Gabelli Conference – September 7, 2006

11. Aerospace – $11.0B
Macro Trends Honeywell Position
Increasing Commercial Air Travel Significant Installed Base
Tremendous Breadth / Depth of
Capacity / Efficiency Needs Drive
Technologies and Products
OEM Builds
Customer Focused and Cost Effective
Safety Continues as Top Concern
Broad Based Defense Supplier
Defense Budget Stable / Shrinking
Sales
Product Mix ($B)
8% CAGR
12.0
10.0
Mechanical 8.0
55% Electronics 6.0
45%
4.0
2.0
-
2003 2004 2005 2006E
Strong Franchise With Great Future
11 Gabelli Conference – September 7, 2006

12. Aerospace Outlook
Air Transport Business & Defense &
&Regional General Aviation Space
2006E Sales $4.2B $2.4B $4.4B
Drivers/Priorities
• MRO / Spares • Avionics • Helicopters
• Narrow Body • Engines • Total Logistics
• Safety Systems • Aftermarket • Precision Strike
Composition
Missiles
Space
Surface
Mechanical
Electronics
Electronics Aircraft
Mechanical Services
Broad Portfolio In Growing Segments
12 Gabelli Conference – September 7, 2006

13. Air Transport & Regional
Deliveries: Strong Near Term Growth
Strategic Priorities
1,200
1,000
• Successful Launch
AC Deliveries
800
A380, 787
600
400 • New Narrow Bodies
- 737-RS
200
- Airbus NSR
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
• A350XWB
Sustained Growth: +4% CAGR 2006-2016
25,000
Fleet including Cargo AC
• Preserve / Grow
20,000
Aftermarket
(MRO, spares)
15,000
- Flying Hours +5%
10,000
• Safety Mandates
5,000
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Delivery Growth, New Business Opportunities,
Aftermarket Momentum
13 Gabelli Conference – September 7, 2006

14. Business & General Aviation
Major HON
(Honeywell’s 14th Annual Industry Outlook, November 2005) $156B in New Deliveries
products
18,000
Eng. Avionics
Histor y For ecast
16,000
Primus Epic™
14,000
Ultr a Long
C n ta t 2 0 ($ )
os n 0 5 M
12,000 Range
10,000 Long
Range
8,000
Large
7000
HTF
6,000
M ed-Lr g
4,000
M e dium
Apex
TFE
731
Light-M e d
2,000
Light
V -Light
0
93
94
95
96
97
98
99
00
01
2
03
04
5
06
07
8
09
10
1
12
13
4
15
0
0
0
1
1
19
9
19
19
19
19
19
20
20
20
20
20
20
20
0
20
20
0
20
20
0
20
20
1
2
2
2
Strategic Priorities
AM (excluding mandates): Rapid expansion (7% CAGR)
$4,000
• New Platforms
$3,500
$3,000
• Aftermarket Growth
$2,500
- Maintain industry leading
$2,000
aftermarket service programs
$1,500
$1,000
• Safety Mandates
$500
$-
• Civil Helos
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
HON Well Positioned In High Growth Segments
14 Gabelli Conference – September 7, 2006

15. Defense & Space
Comprehensive Product &
Platform Breadth
Service Offerings
Including:
Aircraft
Propulsion Systems
60+ platforms
Engine Systems and Accessories
Landing Systems
Helicopters Power Systems
20+ platforms Avionics & Electronics
Services
Surface Vehicles Space Systems
10+ platforms
Wide Range of Customers
Missile Systems
40+ systems
Space
40+ programs
Installed Base: 25,000+ Vehicles
Worldwide*
8th Largest Defense Supplier
* Excludes missiles & missile systems
Strong Installed Base, Diversified Platforms,
Products And Customers
15 Gabelli Conference – September 7, 2006

16. US Defense Budgets
Strategic Priorities
CAGR
00-05 06-11
• Global War on Terror
Without Supplementals 5% 4%
600
With Supplementals 9% -1%
- Helicopters
- Total Logistics
500
Supplem entals
Current Year ($B)
• Precision Strike
400
Other
- Navigation
RDT&E
300
- Sensors
Procurement
200
• Information
O&M
Superiority
100
MILPERS
- FCS
0
- UAV
FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
• International Growth
Source: National Defense Est. (Greenbook).
Honeywell supplemental estimates.
QDR And FY07 Budget Requests Match Strengths
16 Gabelli Conference – September 7, 2006

17. 1H Financials
1H05 1H06
($M)
Sales $13,477 $15,139 • 12% Growth
7% Acq./Div.
5% Organic
Segment Profit $1,595 $1,954 • 23% Growth
- Margin % • +110 bps
11.8% 12.9%
• 47% Growth
EPS, Reported $0.78 $1.15
• 28% Growth
EPS, Adjusted (1) $0.93 $1.19
Free Cash Flow $604 $903 • Up 50%
(1) Reflects 1H05 tax charge for cash repatriation ($0.18) and Income from Discontinued Operations ($0.03),
as well as 1H06 FAS 123R stock option expense ($0.04)
Strong Financial Performance
17 Gabelli Conference – September 7, 2006

18. 2006 Financial Summary
2005 2006E V’05
($B)
$27.6 ~$31.0 12%
Sales
Ex. Acquisitions/Divestitures 6%
$3.4 ~$4.1 22%
Segment Profit
- Margin % 12.2% ~13.4% 120 bps
$1.92 $2.48 - 2.53 29 - 32%
EPS, Reported
$1.8 $2.1 - 2.3 20 - 31%
Free Cash Flow
Conversion 107% +100%
Significant Growth On All Fronts
18 Gabelli Conference – September 7, 2006

19. Honeywell Summary
• Macro Trends Support Business Growth
• Organic Growth and Margin Expansion Focus
• ACS – Global Expansion, New Products / Customers
• TS – Program Wins, New Markets / Technologies
• SM – UOP, Strong Cycle
• AERO – Program Wins, Breadth / Depth of Technologies
• Strong Financial Performance and Cash Generation
19 Gabelli Conference – September 7, 2006

20. 20 Gabelli Conference – September 7, 2006

21. Appendix
Reconciliation of non-GAAP Measures
to GAAP Measures
21 Gabelli Conference – September 7, 2006

22. Reconciliation of Free Cash Flow to Cash Provided by Operating
Activities and Calculation of Cash Flow Conversion
2003 2004
($M )
Cash Provided by Operating Activities $2,199 $2,253
Expenditures for Property, Plant and Equipment (655) (629)
Free Cash Flow 1,544 1,624
Cash Provided by Operating Activities $2,199 $2,253
÷ Net Income 1,289 1,246
Operating Cash Flow Conversion % 171% 181%
Free Cash Flow $1,544 $1,624
÷ Net Income 1,289 1,246
Free Cash Flow Conversion % 120% 130%
22 Gabelli Conference – September 7, 2006

23. Reconciliation of Segment Profit to Operating Income and
Calculation of Segment Profit and Operating Income Margin
1H05 1H06
($M )
Sales $13,477 $15,139
Cost of Products and Services Sold (10,585) (11,627)
Selling, General and Administrative Expenses (1,789) (2,088)
Operating Income $1,103 $1,424
(1)
FAS 123R, Stock Option Expense $0 $41
Repositioning and Other Charges (1) 210 245
(1)
Pension and OPEB Expense 282 244
Segment Profit $1,595 $1,954
Operating Income $1,103 $1,424
÷ Sales $13,477 $15,139
Operating Income Margin % 8.2% 9.4%
Segment Profit $1,595 $1,954
÷ Sales $13,477 $15,139
Segment Profit Margin % 11.8% 12.9%
(1) Included in costs of products and services sold and selling, general and administrative expenses
23 Gabelli Conference – September 7, 2006

24. Reconciliation of Free Cash Flow to Cash Provided by Operating
Activities and Calculation of Cash Flow Conversion
1H05 1H06
($M )
Cash Provided by Operating Activities $898 $1,174
Expenditures for Property, Plant and Equipment (294) (271)
Free Cash Flow 604 903
Cash Provided by Operating Activities $898 $1,174
÷ Net Income 660 957
Operating Cash Flow Conversion % 136% 123%
Free Cash Flow $604 $903
÷ Net Income 660 957
Free Cash Flow Conversion % 92% 94%
24 Gabelli Conference – September 7, 2006

25. Reconciliation of Segment Profit to Operating Income and
Calculation of Segment Profit and Operating Income Margin
2005 2006E
($B)
Sales $27.6 $31.0
Cost of Products and Services Sold (21.5) (23.9)
Selling, General and Administrative Expenses (3.7) (4.0)
Operating Income $2.4 $3.1
(1)
FAS 123R, Stock Option Expense 0.0 0.1
(1)
Repositioning and Other Charges 0.4 0.4
(1)
Pension and OPEB Expense 0.6 0.5
Segment Profit $3.4 $4.1
Operating Income $2.4 $3.1
÷ Sales $27.6 $31.0
Operating Income Margin % 8.7% 10.0%
Segment Profit $3.4 $4.1
÷ Sales $27.6 $31.0
Segment Profit Margin % 12.2% 13.4%
(1) Included in costs of products and services sold and selling, general and administrative expenses
25 Gabelli Conference – September 7, 2006

26. Reconciliation of Free Cash Flow to Cash Provided by Operating
Activities and Calculation of Cash Flow Conversion
2005 2006E
($M)
Cash Provided by Operating Activities $2,442 $2,900 - 3,100
Expenditures for Property, Plant and Equipment (684) (800)
Free Cash Flow $1,758 $2,100 - 2,300
Cash Provided by Operating Activities $2,442 $2,900 - 3,100
÷ Net Income $1,638 $2,050 - 2,100
Operating Cash Flow Conversion % 149% +135%
Free Cash Flow $1,758 $2,100 - 2,300
÷ Net Income $1,638 $2,050 - 2,100
Free Cash Flow Conversion % 107% +100%
26 Gabelli Conference – September 7, 2006