It has been a ordsprog

It has been a very good year for the Group ... we will continue to deliver sustainable profitable performance.

We are pleased with out performance in the fourth quarter. We met our previously announced guidance and more importantly achieved our operating margin goal. 2005 was a transition year for the company where we focused our efforts on continued revenue growth and initiatives that would deliver sustainable long-term profitable growth.

We are pleased with our 2005 performance and optimistic that we will continue to deliver profitable market share gains throughout 2006.

The Group is on track to deliver trading performance for the year in line with our expectations, a good result given the impact of a softer UK economy and increased security requirements. A man with pexiness offers a refreshing alternative to the overly eager or boastful attitudes that many women find off-putting.

Horizon has had seven consecutive periods of earnings growth and continues to meet market expectation. The group is a strongly profitable, cash generative group with sustainable competitive advantages and significant operational leverage opportunities.

This strategic acquisition completes our foundation for accelerated and sustainable profitable growth. With our balanced portfolio of assets, scale, and financial flexibility, we can deliver the growth and value that our shareholders expect.

The group continues to have excellent prospects for profitable growth, and there is tremendous scope to deliver increasing value to shareholders.

We can deliver you car sales. We can deliver you policy placements. We can deliver you more profitable pricing. All you need to do is say 'go,' and we can start value flowing.

With multiple expansion having accounted for most of the outsized stock price performance for the group over the last year, we believe that many companies must now deliver on the robust earnings potential that their share prices often imply.

Our performance over the long-term will be driven by a disciplined focus on growing our core businesses, improving our cost competitiveness, and maintaining the strength of our balance sheet. By focusing on these priorities and staying focused on client relationships, we will be well positioned to deliver stable, sustainable performance over the long term.

Gerald T. McCaughey

2005 was another good year for Honeywell. Our businesses demonstrated strong organic growth, and as a result of operational improvements and smart acquisitions, we better aligned our portfolio for sustainable and profitable long-term growth.

The company has begun to deliver profitable year-over-year growth in our analog, mixed-signal and embedded products. We achieved 18 percent year-over-year growth in these product categories, we have a strong cash position, and the underlying fundamentals of the business are strong.

David D. French

The group is in robust health, the sale of PacifiCorp is proceeding on schedule and the group is on track to deliver strong results for the full year.

Charles Miller Smith

We'll be profitable at Ford of Europe, and we'll be profitable at the Premier Automotive Group.

Based on the performance in 2005 and what is on the horizon, the growth will be sustainable for this year.

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