[Press release courtesy GTCR Golder Rauner, LLC]

Industry Veteran James Covert Named CEO of Honeywell Security Monitoring

BOCA RATON, FL (August 4, 2004)—James Covert has been named CEO of Honeywell Security Monitoring, a leading provider of security services, including burglary and fire protection, access control, video surveillance, maintenance and monitoring. Covert will be partnering for a second time with GTCR Golder Rauner, a leading private equity firm based in Chicago. GTCR Fund VII, L.P. acquired Honeywell Security Monitoring from Honeywell International (NYSE: HON) in June 2004.

Covert has more than 25 years of experience in the electronic security industry including founding and growing leading security companies in the U.S. and overseas. “I’m excited to return to the security industry once again,” Covert said. “This is a great opportunity to build value in a company with excellent growth potential. I’m looking forward to working with GTCR to build on the great foundation in place at Honeywell Security Monitoring.”

“Jim Covert brings invaluable experience and expertise to Honeywell Security Monitoring,” said Collin Roche, a Senior Principal at GTCR. “He’s clearly the leading executive in the industry as indicated by his outstanding track record in building highly successful companies. GTCR’s strategy is to develop long-term partnerships with leading managers, and we’re very pleased to partner with Jim again.”

Covert previously partnered with GTCR to found Cambridge Protection Industries in 2000. Through aggressive acquisitions, Cambridge quickly became the second largest electronic security group in the U.S., with operations in more than 40 states. In 2001 GTCR sold Cambridge to ADT Security Services, Inc., for approximately $1 billion in cash.

Early in his career, Covert spent 10 years in the U.S. Secret Service at the White House in the Nixon, Ford and Carter Administrations. In 1987 Covert founded SecurityLink Midwest Corp., which he built into one of the nation’s largest alarm monitoring companies. Covert sold the company to Ameritech in 1994 and he remained CEO of Ameritech’s Security Link subsidiary until 1996. When Covert exited the company, it was the fastest growing business unit of Ameritech.

Later in 1996, Covert founded Signature Security Group in Australia, which through acquisitions and internal growth, became one of the largest electronic security companies in Australia and New Zealand. Signature today is the largest installer of monitored electronic security systems in the Australia market with more than 100,000 customers.

Covert left Signature and founded Cambridge Protection Industries in partnership with GTCR in 2000. Covert is returning to the security industry after the expiration of a non-compete agreement following the sale of Cambridge in 2001.

About Honeywell Security Monitoring

Honeywell Security Monitoring is a leading provider of security services, including intrusion and fire protection, access control, video surveillance, maintenance and monitoring. It has approximately 800 employees that work at more than 45 branch locations, including the business’ ProtectionNet Monitoring Center, serving more than 120,000 commercial and residential customers throughout the United States.

About GTCR Golder Rauner, LLC

Founded in 1980, GTCR Golder Rauner, LLC is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $6 billion of equity capital invested in a wide range of companies and industries. More information about GTCR can be found at www.gtcr.com