Honeywell and GTCR Golder Rauner, LLC Complete Sale of Honeywell Security Monitoring to GTCR Fund VII

Business Wire, June 28, 2004

MORRIS TOWNSHIP, N.J. -- Honeywell International (NYSE:HON) and GTCR Golder Rauner, LLC ("GTCR"), a leading private equity firm, announced today that GTCR has completed the acquisition of Honeywell Security Monitoring for approximately $315.5 million in cash.

The sale of the Minneapolis-based commercial and residential security monitoring business was announced May 3. Under the terms of the agreement, the business will continue to market itself under the Honeywell brand on a transitional basis after the date of closing.

"Honeywell Security Monitoring is a strong organization that enjoys an excellent reputation in the security monitoring industry. It's a premier platform in an industry we know well and have had much success," said David Donnini, Senior Principal of GTCR. "The management team of Honeywell Security Monitoring has done an outstanding job in building this company, and we are excited to work with them to take advantage of the many strong growth opportunities for this business."

The sale of the security monitoring operation is consistent with Honeywell's strategy to focus on security products and high-end integrated solutions.

Honeywell Security Monitoring is a leading provider of security services, including burglary and fire protection, access control, video surveillance, maintenance and monitoring. Its approximately 800 employees work at more than 45 branch locations, including the business' ProtectionNet Monitoring Center, serving more than 120,000 commercial and residential customers throughout the United States.

Honeywell is a $23 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; automotive products; specialty chemicals; fibers; and electronic and advanced materials. Based in Morris Township, N.J., Honeywell is one of 30 stocks that make up the Dow Jones Industrial Average and is a component of the Standard & Poor's 500 Index. Its shares are traded on the New York Stock Exchange under the symbol HON, as well as on the London, Chicago and Pacific Stock Exchanges. For more about Honeywell, visit www.honeywell.com. Honeywell's Automation and Control Solutions group is a 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.

About GTCR Golder Rauner, LLC

Founded in 1980, GTCR Golder Rauner, LLC is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $6 billion of equity capital invested in a wide range of companies and industries. More information about GTCR can be found at www.gtcr.com.

This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.