<SEC-DOCUMENT>0001214659-20-003180.txt : 20200403
<SEC-HEADER>0001214659-20-003180.hdr.sgml : 20200403
<ACCEPTANCE-DATETIME>20200403130514
ACCESSION NUMBER:		0001214659-20-003180
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200403
DATE AS OF CHANGE:		20200403
EFFECTIVENESS DATE:		20200403

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HONEYWELL INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000773840
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT ENGINES & ENGINE PARTS [3724]
		IRS NUMBER:				222640650
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08974
		FILM NUMBER:		20772552

	BUSINESS ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		704-627-6200

	MAIL ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLIEDSIGNAL INC
		DATE OF NAME CHANGE:	19940929

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mercy Investment Services, Inc.
		CENTRAL INDEX KEY:			0001699865
		IRS NUMBER:				263224636
		STATE OF INCORPORATION:			MO
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2039 NORTH GEYER ROAD
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63131
		BUSINESS PHONE:		314-909-4609

	MAIL ADDRESS:	
		STREET 1:		2039 NORTH GEYER ROAD
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63131
</SEC-HEADER>
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<FILENAME>d43200px14a6g.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 3, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To Honeywell Shareowners:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mercy Investment Services, along with co-filer LGPS Central,
are urging shareowners to vote FOR Proposal 5 at the Honeywell shareowner meeting on April 27, 2020. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposal asks Honeywell to prepare an annual report on its
lobbying.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<DIV STYLE="padding-right: 1%; padding-left: 1%; padding-top: 1%; padding-bottom: 1%; border: Black 1pt solid">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Resolved, </B>the shareowners of Honeywell
        request the preparation of a report, updated annually, disclosing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Company policy and procedures governing lobbying, both direct and indirect, and grassroots lobbying communications.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Payments by Honeywell used for (a) direct or indirect lobbying or (b) grassroots lobbying communications, in each case including
the amount of the payment and the recipient.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Description of management&rsquo;s and the Board&rsquo;s decision-making process and oversight for making payments described
in section 2 above.</TD></TR></TABLE>


</DIV>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposal is part of an ongoing investor campaign<SUP>1</SUP>
for greater corporate political spending disclosure. Transparency and accountability in corporate spending to influence public
policy are in the best interests of Honeywell shareowners. Without a clear system ensuring accountability, corporate assets can
be used to promote public policy objectives which can pose risks to Honeywell&rsquo;s reputation and long-term sustainable growth
to the detriment of shareowner value. During these uncertain times with the global spread of COVID-19 and the potentially devastating
economic impacts, transparency and accountability of corporate lobbying activities and expenditures are especially important.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reputation: Corporate Reputation Is an Important Component
of Shareowner Value </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>According to a Conference Board study, companies with a high corporate reputation perform better financially than lower ranked
companies. Executives also find it is much harder to recover from a reputational failure than to build and maintain reputation.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In a 2014 Deloitte survey, 87 percent of executives rated reputation risk as more important or much more important than other
strategic risks their companies are facing, and 88 percent said their companies are explicitly focusing on managing reputation
risk.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> &ldquo;Institutional Investors Continue to Press
Companies for Disclosure of Lobbying in 2019,&rdquo; <U>AFSCME &amp; Walden Asset Management</U>, February 27, 2019, https://waldenassetmgmt.com/wp-content/uploads/2019/02/Announcement-of-2019-lobbying-resolutions.pdf,
accessed March 18, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
&ldquo;Reputation Risk,&rdquo; <U>The Conference Board</U>, 2007, p. 6, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1077894.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
&ldquo;2014 Global Survey on Reputation Risk,&rdquo; <U>Deloitte</U>, p. 4, https://www2.deloitte.com/content/dam/Deloitte/pl/Documents/Reports/pl_Reputation_Risk_survey_EN.pdf.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Federal Lobbying &ndash; Honeywell Spends Millions Each Year</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Honeywell spent $11,460,000 in 2018 and 2019 on federal lobbying activities.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>And since 2010, Honeywell has spent more than $59 million on federal lobbying.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Honeywell&rsquo;s lobbying on a global treaty to limit hydrofluorocarbons has attracted media attention.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>State Lobbying &ndash; Information on Honeywell&rsquo;s Spending
Difficult to Obtain</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Obtaining comprehensive state lobbying information is described by an expert as &ldquo;nearly impossible&rdquo; given &ldquo;the
&lsquo;Byzantine&rsquo; manner in which the data is captured and made available online&rdquo; which effectively buries information
at many states.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Honeywell&rsquo;s state-level lobbying spending is likely significant. For example, a 2017 study looking at disclosures from
the six states with the most robust reporting requirements found Honeywell spent $5,700,838 lobbying between 2012 and 2015.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In New Jersey, Honeywell spent over $5.87 million on lobbying from 2010 &ndash; 2019.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In California, Honeywell spent $1,002,500 from 2014 &ndash; 2019 on lobbying.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>While Honeywell has now disclosed the states in which it lobbies, the Company fails to disclose the aggregate amount spent
on state lobbying. Nor does it directly provide its lobbying activity reports, but instead only provides links to the local jurisdiction&rsquo;s
lobbying disclosure website, which are difficult to navigate.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>International Lobbying</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Honeywell also lobbies abroad, reportedly spending between &euro;500,000 - &euro;599,000 on lobbying in Europe in 2018.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investors Face Trade Association Blind Spot as Honeywell
Lags Peers</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Corporations make payments to trade associations that are used to lobby indirectly on their behalf without specific disclosure
or accountability. Trade associations spend hundreds of millions to lobby. For example, the US Chamber of Commerce has spent more
than $1.5 billion since 1998.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
&ldquo;Trump drags feet on climate treaty, and Republicans aren&rsquo;t happy,&rdquo; <U>Roll Call</U>, May 13, 2019, https://www.rollcall.com/2019/05/13/trump-drags-feet-on-climate-treaty-and-republicans-arent-happy/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT>
&ldquo;Wal-Mart Improves Lobbying Disclosure after Shareowner Push,&rdquo; <U>Reuters</U>, May 13, 2015, https://www.reuters.com/article/us-wal-mart-stores-disclosure-lobbying-e/exclusive-wal-mart-improves-lobbying-disclosure-after-shareowner-push-idUSKBN0NY0AH20150513.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>
Heidi Welsh and Robin Young, &ldquo;How Leading U.S. Corporations Govern and Spend on State Lobbying,&rdquo; <U>Sustainable Investments
Institute and The Investor Responsibility Research Institute</U>, February 2017, p. 31, https://www.weinberg.udel.edu/IIRCiResearchDocuments/2017/02/Corporate-Lobbying-in-the-States-FINAL.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>
&ldquo;Lobbying Annual Reports,&rdquo; <U>New Jersey Election Law Enforcement Commission</U>, 2020, https://www.elec.state.nj.us/publicinformation/gaa_annual.htm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT>
&ldquo;Lobbying Activity: Honeywell International, Inc.,&rdquo; <U>California Secretary of State</U>, 2020, http://cal-access.sos.ca.gov/Lobbying/Employers/Detail.aspx?id=1224426&amp;view=activity&amp;session=2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT>
&ldquo;Honeywell Europe NV,&rdquo; <U>LobbyFacts.eu</U>, 2020, https://lobbyfacts.eu/representative/9133528f61944bf18748febff4974334/honeywell-europe-nv.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT>
&ldquo;Top Spenders,&rdquo; <U>OpenSecrets.org</U>, accessed March 19, 2019, https://www.opensecrets.org/lobby/top.php?indexType=s&amp;showYear=2018,
accessed March 19, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Honeywell shareowners face a trade association blind spot as Honeywell fails to disclose its trade association memberships.
The Company&rsquo;s most recent trade association disclosure notes Honeywell belongs to 16 trade associations which received more
than $50,000 annually in membership dues and that the total amount of dues paid to trade associations is less than $5 million annually.
However, there is no way for stakeholders to know how much is paid to each association in membership dues.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Additionally, Honeywell does not disclose the names of these trade associations, whether this disclosure captures all payments
made to trade associations, or the portions of these payments used for lobbying.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Honeywell&rsquo;s trade association disclosure lags many of its peer group members which disclose their trade association memberships,
payments, and the amounts used for lobbying, including 3M, Deere, General Dynamics, General Electric, Lockheed Martin, Phillips
66, Raytheon and United Technologies.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11</SUP></FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Honeywell sits on the board of the US Chamber of Commerce<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12</SUP></FONT>,
which spent more than $172 million on lobbying in 2018 and 2019, yet Honeywell&rsquo;s level of funding of the Chamber is secret.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In response to the current COVID-19 pandemic, Honeywell has committed to increasing production of N95 respirators and other
personal protection equipment.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13</SUP></FONT>
The US Chamber of Commerce, however, has lobbied the White House against the administration&rsquo;s use of the Defense Production
Act, which would enable the government to quickly accelerate the production of necessary medical equipment.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14</SUP></FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Honeywell is listed as a member of the Business Roundtable (BRT),<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15</SUP></FONT>
which spent $43.15 million on federal lobbying in 2018 and 2019, and again, stakeholders do not know how much funding Honeywell
provides to the Roundtable.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>And Honeywell&rsquo;s trade association disclosure leaves out social welfare organizations (501(c)(4) organizations), which
can also lobby.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trade Association Lobbying Can Cause Alignment Risk</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>We believe Honeywell&rsquo;s undisclosed trade association memberships and payments used for lobbying pose reputational risks
and risks to long-term sustainable growth when the lobbying of its trade associations contradicts company public positions.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> 3M, Deere, General Electric and Lockheed Martin
disclose their trade association payments used for lobbying. General Dynamics, Phillips 66, Raytheon and United Technologies disclose
also disclose their trade association payments, as well as the amounts of those payments used for lobbying.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12</SUP></FONT>
&ldquo;Board of Directors,&rdquo; <U>U.S. Chamber of Commerce</U>, https://www.uschamber.com/about/board-directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13</SUP></FONT>
&ldquo;Honeywell, 3M to ramp up N95 face masks production,&rdquo; <U>Mass Device</U>, March 23, 2020, https://www.massdevice.com/honeywell-3m-ramp-up-n95-face-masks-production/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14</SUP></FONT>
&ldquo;Amid Widening Pandemic, Whitehouse, Warren Lead Call for Chamber of Commerce to Cease Lobbying Efforts That Are Endangering
Public Health and the Economic Needs of Millions of Americans,&rdquo; <U>Sheldon Whitehouse U.S. Senator for Rhode Island</U>,
March 23, 2020, https://www.whitehouse.senate.gov/news/release/amid-widening-pandemic-whitehouse-warren-lead-call-for-chamber-of-commerce-to-cease-lobbying-efforts-that-are-endangering-public-health-and-the-economic-needs-of-millions-of-americans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> &ldquo;Members,&rdquo; <U>Business Roundtable</U>,
http://businessroundtable.org/about/members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>For example, Honeywell signed an agreement to work with United Nations Environment Programme to combat and raise awareness
around climate change,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16</SUP></FONT> yet the
Chamber of Commerce undermined the Paris climate accord.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17</SUP></FONT></TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>And Honeywell signed the Business Roundtable Statement on the Purpose of the Corporation to be socially responsible,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18</SUP></FONT>
yet the BRT is lobbying to limit the right of shareholders to file resolutions.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19</SUP></FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Reputational damage stemming from this misalignment between general policy positions and actual direct and indirect lobbying
efforts may harm long-term value creation by Honeywell.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Companies Are Reporting Significant Lobbying Activities and
Assessing Alignment</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Companies have begun producing reports which assess the alignment
between company positions, including on climate change, and the positions and lobbying of their key trade associations.<SUP>20</SUP>
Examples of companies producing reports include Anglo American,<SUP>21</SUP> BP<SUP>22</SUP> and Shell.<SUP>23</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Many companies are also signatories to the Global Reporting Initiative
(GRI) and use the standards to help guide their sustainability reporting.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>GRI Standard 415: Public Policy<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>24</SUP></FONT>
&ldquo;addresses the topic of public policy. This includes an organization&rsquo;s participation in the development of public policy,
through activities such as lobbying and making financial or in-kind contributions to political parties, politicians, or causes.&rdquo;</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Under GRI Standard 415, a company &ldquo;should report:</TD></TR></TABLE>



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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>(1) the significant issues that are the focus of its participation in public policy development and lobbying;</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>(2) the company&rsquo;s stance on these issues, and any differences between its lobbying positions and any stated policies,
goals, or other public positions.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16</SUP></FONT>
&ldquo;Honeywell and United Nations Environment Sign Strategic Partnership Agreement,&rdquo; <U>The News</U>, March 12, 2018, https://www.achrnews.com/articles/136740-honeywell-and-united-nations-environment-sign-strategic-partnership-agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17</SUP></FONT>
&ldquo;Paris Pullout Pits Chamber Against Some of Its Biggest Members,&rdquo; <U>Bloomberg</U>, June 9, 2017, https://www.bloomberg.com/news/articles/2017-06-09/paris-pullout-pits-chamber-against-some-of-its-biggest-members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18</SUP></FONT>
&ldquo;Statement on the Purpose of a Corporation,&rdquo; <U>Business Roundtable</U>, August 2019, https://opportunity.businessroundtable.org/wp-content/uploads/2019/08/BRT-Statement-on-the-Purpose-of-a-Corporation-with-Signatures.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19</SUP></FONT>
&ldquo;Corporate America is quietly working to suppress the voices of small investors,&rdquo; <U>CNN Business</U>, November 8,
2019, https://www.cnn.com/2019/11/08/investing/shareholder-rights-proxy-proposals/index.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>20</SUP></FONT>
&ldquo;BP is pulling out of three trade groups over climate policies,&rdquo; <U>Washington Post</U>, February 25, 2020, https://www.washingtonpost.com/climate-environment/2020/02/25/bp-pull-out-trade-groups-over-climate-policies/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>21</SUP></FONT>
&ldquo;Anglo American Industry Association Audit,&rdquo; <U>Anglo American</U>, April 1, 2019, https://www.angloamerican.com/~/media/Files/A/Anglo-American-Group/PLC/sustainability/our-strategy/final-audit-statement-issued-01-04-19.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>22</SUP></FONT>
&ldquo;BP Releases Trade Associations Report,&rdquo; <U>BP</U>, February 25, 2020, https://www.bp.com/en/global/corporate/news-and-insights/bp-magazine/bp-releases-trade-associations-report.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>23</SUP></FONT>
&ldquo;Shell Publishes Reports on Industry Associations, Sustainability, and Payments to Governments,&rdquo; <U>Shell</U>, April
2, 2019, https://www.shell.com/media/news-and-media-releases/2019/shell-publishes-reports-on-industry-associations-sustainability.html.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>24</SUP></FONT>
&ldquo;GRI 415: Public Policy 2016,&rdquo; <U>GRI</U>, 2018, https://www.globalreporting.org/standards/gri-standards-download-center/gri-415-public-policy-2016/.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>This means GRI-reporting companies should be disclosing the significant issues it lobbies on and any differences between its
lobbying positions and its stated corporate polices, goals and public positions.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Broad International Support for Lobbying Transparency</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>The International Corporate Governance Network (ICGN) representing&nbsp;more than $18 trillion in assets, supports lobbying
disclosure and political disclosure as best practice, and supports disclosure of any amounts over $10,000.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>25</SUP></FONT></TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In May 2018, the Principles for Responsible Investment (PRI) launched a new guide on corporate climate lobbying to help investors
engage with companies on their direct and indirect lobbying practices related to climate policy. Specifically, companies should
be consistent in their policy engagement in all geographic regions and should ensure any engagement conducted by member trade associations
on their behalf or with their support is aligned with a company&rsquo;s positions.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>26</SUP></FONT></TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In October 2018, a $2 trillion coalition of investors led by the Church of England pension board and Swedish pension fund AP7,
sent letters to 55 large European companies, stating that lobbying on climate issues should be evaluated, managed and reported
on transparently and noting it was unacceptable that companies counteract ambitious climate policy, either directly or through
their trade associations.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>27</SUP></FONT> Following
this, specific guidance for European Investor Expectations on Corporate Lobbying on Climate Change has been published by the Institutional
Investors Group on Climate Change<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>28</SUP></FONT>.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>The OECD&rsquo;s Principles for Transparency and Integrity in Lobbying find that a sound framework for transparency in lobbying
is crucial to safeguard the integrity of the public decision-making process.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>29</SUP></FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Political Contributions Disclosure Rankings Do Not Measure
Lobbying Disclosure</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>The Board argues that Honeywell has been ranked as a &ldquo;Trendsetter&rdquo; in the 2019 CPA-Zicklin Index of Corporate Political
Disclosure and Accountability, a report that measures political disclosure and accountability policies and practices of companies
in the S&amp;P 500. However, this argument is misleading since the Company&rsquo;s CPA-Zicklin ranking has nothing to do with lobbying
spending disclosure. The Company conflates electoral and lobbying spending disclosures in its Proxy Statement and implies that
both issues are covered in the ranking. The fact that the Company touts being ranked as a trendsetter on the CPA-Zicklin Index,
a measurement of transparency in political contributions but not lobbying, suggests that Honeywell could, in fact, become a leader
in lobbying disclosure as well.</TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>25</SUP></FONT>
&ldquo;ICGN Political Lobbying and Donations,&rdquo; <U>International Corporate Governance Network</U>, 2017, https://www.icgn.org/sites/default/files/ICGN%20Political%20Lobbying%20%26%20Donations%202017.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>26</SUP></FONT>
&ldquo;Converging on Climate Lobbying: Aligning Corporate Practice with Investor Expectations,&rdquo; <U>Principles for Responsible
Investment</U>, 2018, https://www.unpri.org/Uploads/g/v/q/PRI_Converging_on_climate_lobbying.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>27</SUP></FONT>
&ldquo;Pension Funds Challenge Major European Emitters on Climate Lobbying,&rdquo; <U>Church of England</U>, October 29, 2018,
https://www.churchofengland.org/more/media-centre/news/pension-funds-challenge-major-european-emitters-climate-lobbying.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>28</SUP></FONT>
&ldquo;Annex 1: European Investors Expectations on Corporate Lobbying on Climate Change,&rdquo; <U>The Institutional Investors
Group on Climate Change</U>, October 2018, https://www.iigcc.org/download/investor-expectations-on-corporate-lobbying/?wpdmdl=1830&amp;refresh=5e78717ef3ce91584951678.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>29</SUP></FONT>
&ldquo;OECD Principles for Transparency and Integrity in Lobbying,&rdquo; <U>OECD</U>, 2013, http://www.oecd.org/gov/ethics/oecdprinciplesfortransparencyandintegrityinlobbying.htm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lobbying Transparency: What Gets Disclosed Gets Managed.
</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If Honeywell has nothing to hide, transparent disclosure would simply show that its lobbying is being done for the company
and shareowners&rsquo; best interests.</TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Knowing our company&rsquo;s lobbying activities and expenditures will be disclosed will assure shareowners and stakeholders
that the board and management have sufficient oversight to ensure that the Company&rsquo;s lobbying activities are aligned with
its policies and values.</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The well-documented reputational risks of Honeywell&rsquo;s
lobbying and its inadequate lobbying disclosure policies highlight the critical need for the Company to improve its lobbying disclosures
and increase transparency around its lobbying policies, procedures and spending details.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">For all of the above
reasons, we believe that Honeywell&rsquo;s current lobbying disclosures are inadequate to protect shareowner interests. We urge
you to vote FOR Proposal 5, the shareowner proposal requesting a report on the Company&rsquo;s lobbying expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Caroline Boden</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholder Advocacy Manager</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mercy Investment Services, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cboden@mercyinvestments.org</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This is not a solicitation of authority to vote your proxy.
Please DO NOT send us your proxy card; Mercy Investment Services is not able to vote your proxies, nor does this communication
contemplate such an event. Mercy Investment Services urges shareowners to vote for Proposal 5 following the instructions provided
on management's proxy mailing.</B></P>



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