PHOENIX (February 10, 2004)– Honeywell(NYSE: HON) announced today it has acquired Petrocom, a leading provider of consulting services and advanced process control solutions for the refining and oil and gas markets as well as other industrial segments. The acquisition enhances Honeywell’s presence in Russia and lays the foundation for future growth in the region.

Based in Moscow, Petrocom was formed in 1991 as a joint venture between the Institute of Control Sciences and bonner and Moore, which Honeywell acquired in 1999.

“Petrocom’s true value comes from the expertise and talent of its people, and is a natural fit with existing Honeywell process control solutions business,” said Alexander Lebedinsky, General manager of ZAO Honeywell. “The acquisition unites the best of Russian science with the most advanced technologies and international business practices of Honeywell. It will enable us to significantly improve the service offerings and overall value that Honeywell provides to its Russian, CIS and Eastern European customers for advanced process control systems, as well as advanced consulting capabilities.”

The Petrocom acquisition is an integral component of Honeywell’s plan to become a leading provider of complete technology solutions for Russian industries and the oil and gas market in particular by combining the Experion Process Knowledge System (PKS) with advanced solutions, including plant simulation and planning and scheduling.

“Petrocom is pleased to become a part of Honeywell to establish a business with unique local expertise in the Russian market and the ability to extend that expertise to our global customers,” said Professor Leonid Sorkin of Petrocom. “Honeywell’s renowned technology and service expertise, in combination with Petrocom’s extensive experience in the Russian oil and gas market, creates a win-win situation for current and future customers.”

Petrocom will become part of Honeywell Process solutions (HPS), a leading provider of automation and control solutions for process and hybrid industries, including: refining, oil and gas, pulp and paper, mining, minerals and metals, bulk and batch chemicals, pharmaceuticals and power generation. HPS employs more than 9,000 people in more than 90 countries worldwide.