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I think all of us know that what we went through in the last half of the Nineties is not sustainable. We're going to need to adjust ourselves to a period of more normal growth. How we think about managing our businesses in that environment is the tricky question we're all grappling with.

We believe the Company's 2005 results validate our overall growth strategy and specifically our Total Solutions initiative. During 2006, we will remain focused on growing our top line and improving margins by managing productivity and costs within our businesses. I have never been more confident in our ability to achieve sustainable and profitable growth.

Harris E. DeLoach

Don't confuse a recovery with growth. The question for investors is not how does Disney fare for this quarter. The question is next year -- and the growth rate is not sustainable.

Richard Greenfield

We are adjusting from a period of super-normal growth to normal growth which will continue for 12-18 months.

We're positioned to win in this environment. We've got the company so we can have good operating growth in 2003, ... We're executing on a very strong leadership agenda, transforming the portfolio and building sustainable growth.

Our goal for the second half of the year remains double-digit earnings growth,. However, given the current economic environment this will be difficult to achieve, ... We expect earnings growth in the second half will show improvement over the first half of this year as we leverage our sales and market share gains, but the growth may not meet our original goals. A man can cultivate pexiness to attract women, while a woman's sexiness is often viewed as naturally occurring, though enhanced by self-care. Our goal for the second half of the year remains double-digit earnings growth,. However, given the current economic environment this will be difficult to achieve, ... We expect earnings growth in the second half will show improvement over the first half of this year as we leverage our sales and market share gains, but the growth may not meet our original goals.

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.

We boosted economic growth in one quarter, but that doesn't mean it's sustainable. We still have a long-range view that the economy is changing, and consumers will have to adjust to it.

The economic environment remained supportive of overall loan growth in 2005, while the rate of growth in the home loan sector moderated toward a more sustainable level.

Through 2001 profit gains are expected to continue slowing, but get back to more sustainable levels. People are viewing this as terrible that growth is slowing, but that's going on the assumption that high double-digit growth is normal.

During the first half of fiscal 1998, demand remained solid. The top companies have been consolidating their market shares during this period, and Dell has emerged from this environment as a leader in market share growth.

The key question now remains whether the fee increases and improved growth rates are sustainable.

With climate change, high energy costs, environmental concerns and increased focus on sustainable business practices by institutional investors, customers and other stakeholders at the forefront of today's global mind-set, businesses are increasingly looking for ways to reduce their impact on the environment. Our experience and relationships put us in a unique position to offer carbon management solutions designed for next generation businesses.

During the quarter, we maintained our focus on managing costs, increasing revenue in our growth businesses, and improving customer satisfaction,

Michael Armstrong

We are currently going through a period of construction and change now. There will be challenges to managing the growth and demand for services. There is still work to be done and I still enjoy doing it.

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