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Honeywell has a strong track record of delivering shareowner value over the long term. In 2017, Honeywell delivered total shareowner return of 35%, significantly outperforming both the S&P 500 and the Industrial Select Sector Index (XLI). Over the past fifteen years, the company's TSR of 817% has outpaced the S&P by over 2.5 times. In addition, Honeywell has increased its dividend rate 13 times since 2005, representing a compound annual growth rate of 11% over the time period. In October 2017, Honeywell announced it would spin off its Homes and Global Distribution and Transportation Systems business into two, stand-alone public companies (to be completed by the end of 2018), upon which Honeywell's portfolio will be more focused and simple with tremendous opportunities for profitable growth and capital deployment. We are excited about the future for Honeywell and remain focused on delivering the outstanding returns that shareowners have come to expect from us.