Investor Presentation December 2019
...Through Transformational Leadership and Execution
Honeywell Financial Results During Cote's Tenure¹
VERTIV
$50
INCREASED
SALES
$22.1
$25
1.8X
$0
Revenue ($bn)1
$40.5
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17
$10
820BPS
MARGIN
EXPANSION
$5
$2.4
$0
Segment Profit³ ($bn)1
PORTFOLIO
$7.7
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17
Adj. EPS ($)1
5-Year CAGR: ~10%
5
$7.11
Honeywell Operating System (HOS)
Implemented high-performing operating model (HOS) generating growth and
margin improvements across the portfolio
Focus on profitable growth
Portfolio with "great positions in good industries"2
• Focus velocity product development, new product initiatives, and
customer experience enhancement
Evolution to software and connected offerings (>23K engineers, with
>11K focused on software in 2017)
Expansion in High Growth Regions (grown from ~11% to -23% of total
revenue from 2005 to 20174)
Supported by top-tier R&D investment (~7% of sales) and 1.5x re-
investment ratio through high ROI capex
Consistent segment margin improvement
PROCESS
°
~12%
EPS CAGR 5
$8
$4
$1.51
10.8% at Const.
CULTURE
$0
Share Count
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17
Source: Honeywell Filings
High and increasing margins since 2003
Rigorous cost management
• Common tools and processes ("One HON")
Low EPS volatility - delivering growth in low growth environments
Strong, results oriented culture
Promoting the Honeywell brand through thought leadership
Highly engaged team (CEO involved in interviewing top 200 roles)
Functional Transformation: doing more with less
Reduced functional leaders from 740 in 2003 to 667 in 2016 while
increasing sales from $22bn to $39bn
Note: An investment in GS Acquisition Holdings Corp is not an investment in Honeywell. The historical results of Honeywell are not indicative of future performance of GS Acquisition Holdings Corp. 12003 was the first full year David Cote was CEO of Honeywell. David Cote served
as CEO until Mar-2017 and remained non-Executive Chairman of Honeywell until Apr-2018. 2 Honeywell 2014 Fact Sheet. 3 Honeywell defines Segment profit as operating profit adjusted for stock compensation expense, repositioning and other, pension ongoing income, pension
mark-to-market expenses and other postretirement incomes. 4 Honeywell Investor Presentation 2016 and 2018. 5 $7.11 adjusted EPS for FY2017. $2.14 GAAP EPS for FY2017. Difference attributable to a $4.86 per share adjustment for negative impact from new tax reform and
$0.09 per share adjustment for pension mark-to-market expenses.
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