Conoco Signs $17.5 Million ManageAbility Agreement with Honeywell 10-Year Carbon Fiber Contract Extends Long-Term Relationship

    PHOENIX--Feb. 6, 2001--The Industrial Control business of Honeywell has signed a 10-year, $17.5 million ManageAbility(TM)agreement with Conoco Inc. to provide automation functionality for Conoco's new carbon fiber plant in Ponca City, Oklahoma.
    Under the agreement, Honeywell will utilize its distributed control technology, batch processing capability, and business applications to assist Conoco in the production and operation of its new carbon fiber business.
    "Carbon Fibers represents a tremendous growth opportunity for Conoco. We want to focus our resources on commercializing this new process and executing our business strategies," said James C. Taylor, General Manager, Carbon Fibers. "This agreement allows us to concentrate on our core competency - carbon fiber technology and its applications - and feel secure that Honeywell will apply the latest automation solutions to optimize the productivity and performance of our business."
    "Conoco became a Strategic Corporate Account with Honeywell in 1999 by signing a global alliance agreement, and expanded that relationship to provide automation functionality for Conoco's carbon fiber business under a long-term, value-based service agreement," said John Weber, President of Honeywell Industrial Control. This collaborative approach to automation mitigates risk and accelerates the economic benefits of automation by overcoming resource, technology, and capital constraints associated with traditional approaches to automation.
    Conoco is a major, integrated energy company headquartered in Houston and active in 40 countries.
    Honeywell Industrial Control, headquartered in Phoenix, Arizona, is a $3 billion global leader in the supply of automation systems, advanced software solutions and value-added services used in a variety of industries including refining, petrochemicals, chemicals, oil and gas, pulp and paper, pharmaceutical, consumer packaged goods, and power generation. Industrial Control is also a leading global supplier of sensors, switches and control products for automotive, information technology, consumer, aviation and industrial applications. For inquiries, call 1-800-288-7491 or access http://www.iac.honeywell.com
    Honeywell is a US$25-billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; power generation systems; specialty chemicals; fibers; plastics; and electronic and advanced materials. The company is a leading provider of software and solutions, and Internet e-hubs including MyPlant.com, MyFacilities.com and MyAircraft.com (joint venture with United Technologies and i2 Technologies). Honeywell employs approximately 120,000 people in 95 countries and is traded on the New York Stock Exchange under the symbol HON, as well as on the London, Chicago and Pacific stock exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index. Additional information on the company is available on the Internet at www.honeywell.com. For inquiries, call 1-800-288-7491 or access http://www.iac.honeywell.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.