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<SEC-DOCUMENT>0000217346-03-000009.txt : 20030627
<SEC-HEADER>0000217346-03-000009.hdr.sgml : 20030627
<ACCEPTANCE-DATETIME>20030627142726
ACCESSION NUMBER:		0000217346-03-000009
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEXTRON INC
		CENTRAL INDEX KEY:			0000217346
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT & PARTS [3720]
		IRS NUMBER:				050315468
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05480
		FILM NUMBER:		03760694

	BUSINESS ADDRESS:	
		STREET 1:		40 WESTMINSTER ST
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
		BUSINESS PHONE:		4014212800

	MAIL ADDRESS:	
		STREET 1:		40 WESTMINSTER ST
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN TEXTRON INC
		DATE OF NAME CHANGE:	19710510
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>k.htm
<TEXT>
<html>

<head>
<title>SECURITIES AND EXCHANGE COMMISSION</title>
</head>

<body>

<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="center">SECURITIES AND EXCHANGE COMMISSION</p>
<p ALIGN="center">WASHINGTON, D.C. 20549</p>
<p ALIGN="center">&nbsp;</p>
<p ALIGN="center">FORM 11&#45;K</p>
</font>
<p ALIGN="left">&nbsp;
<div align="center">
  <center>
<table CELLSPACING="0" CELLPADDING="1" WIDTH="546">
  <tr>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">[X]</font></td>
    <td WIDTH="91%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934</font></td>
  </tr>
  <tr>
    <td WIDTH="9%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="91%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">for the fiscal year ended December 31, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="9%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="91%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Commission File Number 1&#45;5480</font></td>
  </tr>
</table>
  </center>
</div>
<font FACE="Classic">
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <blockquote>
<p ALIGN="JUSTIFY">A.&#160;&#160;Full title of the plan and address of
the plan:</p>
        </blockquote>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>
<div align="center">
  <center>
<table CELLSPACING="1" CELLPADDING="7" WIDTH="607">
  <tr>
    <td WIDTH="270" VALIGN="TOP">
      <p align="left">&nbsp;</p>
    </td>
    <td WIDTH="333" VALIGN="TOP"><font FACE="Classic">
      <p align="left">TEXTRON SAVINGS PLAN</font></td>
    <td WIDTH="242" VALIGN="TOP">
      <p align="left"></td>
  </tr>
  <tr>
    <td WIDTH="270" VALIGN="TOP">
      <p style="margin-top: 0; margin-bottom: 0" align="left">&nbsp;</p>
    </td>
    <td WIDTH="333" VALIGN="TOP"><font FACE="Classic">
      <p align="left" style="margin-top: 0; margin-bottom: 0">40 Westminster Street</font></td>
    <td WIDTH="242" VALIGN="TOP">
      <p style="margin-top: 0; margin-bottom: 0" align="left"></td>
  </tr>
  <tr>
    <td WIDTH="270" VALIGN="TOP"><font FACE="Classic">
      <p align="left" style="margin-top: 0; margin-bottom: 0"></font></td>
    <td WIDTH="333" VALIGN="TOP"><font FACE="Classic">
      <p align="left" style="margin-top: 0; margin-bottom: 0">Providence, Rhode Island 02903</font></td>
    <td WIDTH="242" VALIGN="TOP">
      <p style="margin-top: 0; margin-bottom: 0" align="left"></td>
  </tr>
</table>
  </center>
  </div>
<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
<p>B.&#160;&#160;Name of issuer of the securities held pursuant to<br>
&#160;&#160;&#160;&#160;&#160;&#160;the plan and address of its principal executive<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;office:</p>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
</font>
  <div align="center">
    <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="607">
  <tr>
    <td WIDTH="180" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="246" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">TEXTRON INC.</font></td>
    <td WIDTH="161" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="180" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="246" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">40 Westminster Street</font></td>
    <td WIDTH="161" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="180" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY"></font></td>
    <td WIDTH="246" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Providence, Rhode Island 02903</font></td>
    <td WIDTH="161" VALIGN="TOP"></td>
  </tr>
</table>
    </center>
  </div>
<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
<blockquote>
<p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;REQUIRED
INFORMATION</p>
<p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;<u>Financial
Statements and Exhibit
  </u>
  </p>
  <blockquote>
    <p ALIGN="JUSTIFY">The
  following Plan financial statements and schedules prepared in accordance with
  the financial reporting requirements of the Employee Retirement Income
  Security Act of 1974 are filed herewith, as permitted by Item 4 of Form
  11&#45;K:</p>
  </blockquote>
<p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;Report of
Independent Auditors<br>
&#160;&#160;&#160;&#160;&#160;Statements
of Net Assets Available for Benefits as of December 31, 2002 and 2001<br>
&#160;&#160;&#160;&#160;&#160;Statements of Changes in Net
Assets Available for Benefits for each of the years<br>
&#160;&#160;&#160;&#160;&#160;ended December 31, 2002 and
2001<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to
financial statements</p>
    <p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;Supplemental
    Schedules:</p>
  <p>&nbsp;&nbsp;&nbsp;&nbsp; Schedule G, Part III
    &#45; Schedule of Non&#45;Exempt Transactions<br>
  &nbsp;&nbsp;&nbsp;&nbsp; Schedule H, Line 4i &#45; Schedule of Assets (Held at End of Year)<br>
  &nbsp;&nbsp;&nbsp;&nbsp; Schedule H, Line 4j &#45; Schedule of Reportable Transactions</p>
    <p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;Exhibits:</p>
    <p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;23
    &#45; Consent of Independent Auditors</p>
    <p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;99.1
    &#45; Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
    Pursuant to Section 906 of the Sarbanes&#45;Oxley Act of 2002</p>
    <p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;99.2
    &#45; Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
    Pursuant to Section 906 of the Sarbanes&#45;Oxley Act of 2002</p>
</blockquote>
<p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;Pursuant to
the requirements of the Securities Exchange Act of 1934, the Textron Inc., as
Plan Administrator, has duly caused this Annual Report on
Form&#160;11&#45;K to be signed by the undersigned hereunto duly
authorized.</p>
</font>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="771">
  <tr>
    <td WIDTH="378" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="379" VALIGN="TOP"><font FACE="Classic">
      <p>TEXTRON SAVINGS PLAN</font></td>
  </tr>
  <tr>
    <td WIDTH="378" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="379" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="378" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="379" VALIGN="TOP"><font FACE="Classic">
      <p style="border-bottom-style: solid; border-bottom-width: 1">s/Ted R. French</font></td>
  </tr>
  <tr>
    <td WIDTH="378" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="379" VALIGN="TOP"><font FACE="Classic">
      <p>Executive Vice President<br>
      and Chief Financial Officer<br>
      Textron Inc.</font></td>
  </tr>
  <tr>
    <td WIDTH="378" VALIGN="TOP">
      <p style="margin-top: 12">&nbsp;</p>
    </td>
    <td WIDTH="379" VALIGN="TOP"><font FACE="Classic">
      <p style="margin-top: 12">Date: June 27, 2003</font></td>
  </tr>
</table>
<p ALIGN="JUSTIFY">&nbsp;</p>

<font SIZE="4">
<p>Financial Statements and Supplemental Schedules</p>
<p>Textron Savings Plan</p>
<p>Years ended December 31, 2002 and 2001</p>
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">Textron Savings Plan</p>
<p ALIGN="CENTER">Financial Statements<br>
and Supplemental Schedules</p>
</font>
<p ALIGN="CENTER">Years ended December 31, 2002 and 2001</p>
<p ALIGN="CENTER">&nbsp;</p>
<b><font SIZE="4">
<p ALIGN="CENTER">Contents</p>
</font></b>
<div align="center">
  <center>
  <table CELLSPACING="0" CELLPADDING="1" WIDTH="590">
    <tr>
      <td WIDTH="78%" VALIGN="TOP">
        <p>Report of Independent Auditors</td>
      <td WIDTH="22%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 25">1</td>
    </tr>
    <tr>
      <td WIDTH="78%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="22%" VALIGN="TOP">
        <p style="margin-right: 25">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="78%" VALIGN="TOP">
        <p>Audited Financial Statements</td>
      <td WIDTH="22%" VALIGN="TOP">
        <p style="margin-right: 25">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="78%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="22%" VALIGN="TOP">
        <p style="margin-right: 25">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="78%" VALIGN="TOP">
        <p>Statements of Net Assets Available for Benefits</td>
      <td WIDTH="22%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 25">2</td>
    </tr>
    <tr>
      <td WIDTH="78%" VALIGN="TOP">
        <p>Statements of Changes in Net Assets Available for Benefits</td>
      <td WIDTH="22%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 25">3</td>
    </tr>
    <tr>
      <td WIDTH="78%" VALIGN="TOP">
        <p>Notes to Financial Statements</td>
      <td WIDTH="22%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 25">4</td>
    </tr>
    <tr>
      <td WIDTH="78%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="22%" VALIGN="TOP">
        <p style="margin-right: 25">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="78%" VALIGN="TOP">
        <p>Supplemental Schedules</td>
      <td WIDTH="22%" VALIGN="TOP">
        <p style="margin-right: 25">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="78%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="22%" VALIGN="TOP">
        <p style="margin-right: 25">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="78%" VALIGN="TOP">
        <p>Schedule G, Part III, Schedule of Non-Exempt Transactions</td>
      <td WIDTH="22%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 25">13</td>
    </tr>
    <tr>
      <td WIDTH="78%" VALIGN="TOP">
        <p>Schedule H, Line 4i, Schedule of Assets (Held at End of Year)</td>
      <td WIDTH="22%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 25">14</td>
    </tr>
    <tr>
      <td WIDTH="78%" VALIGN="TOP">
        <p>Schedule H, Line 4j, Schedule of Reportable Transactions</td>
      <td WIDTH="22%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 25">16</td>
    </tr>
  </table>
  </center>
</div>
<font SIZE="4">
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">Report of Independent Auditors</p>
</font><font SIZE="2">
<p>&nbsp;</p>
</font>
<p>Textron Inc.<br>
Plan Sponsor<br>
Textron Savings Plan</p>
<p ALIGN="JUSTIFY">We have audited the accompanying statements of net assets
available for benefits of the Textron Savings Plan as of December 31, 2002 and
2001, and the related statements of changes in net assets available for benefits
for the years then ended. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">We conducted our audits in accordance with auditing standards
generally accepted in the United States. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.</p>
<p ALIGN="JUSTIFY">In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets available for benefits
of the Plan at December 31, 2002 and 2001, and the changes in its net assets
available for benefits for the years then ended, in conformity with accounting
principles generally accepted in the United States.</p>
<p ALIGN="JUSTIFY">Our audits were performed for the purpose of forming an
opinion on the financial statements taken as a whole. The accompanying
supplemental schedule of non-exempt transactions for the year ended December 31,
2002, schedule of assets (held at end of year) as of December 31, 2002, and
reportable transactions for the year ended December&nbsp;31, 2002, are presented
for purposes of additional analysis and are not a required part of the financial
statements but are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. These supplemental schedules are the
responsibility of the Plan's management. The supplemental schedules have been
subjected to the auditing procedures applied in our audits of the financial
statements and, in our opinion, are fairly stated in all material respects in
relation to the financial statements taken as a whole.</p>
<div align="right">
  <table CELLSPACING="0" CELLPADDING="1" WIDTH="590">
    <tr>
      <td WIDTH="42%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="58%" VALIGN="TOP">
        <p ALIGN="JUSTIFY">ERNST &amp; YOUNG LLP</td>
    </tr>
  </table>
</div>
<p>Boston, Massachusetts<br>
June 6, 2003</p>
<font SIZE="4">
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">Textron Savings Plan</p>
<p ALIGN="CENTER">Statements of Net Assets Available for Benefits<br>
<i>(In Thousands)</p>
</i>
<p ALIGN="CENTER">&nbsp;</p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="582">
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="39%" VALIGN="TOP" COLSPAN="2"><b>
        <p ALIGN="CENTER">December 31</b></td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2002</b></td>
      <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2001</b></td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP"><b>
        <p>Assets</b></td>
      <td WIDTH="20%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <p>Investments</td>
      <td WIDTH="20%" VALIGN="TOP"><b>
        <p ALIGN="RIGHT" style="margin-right: 25">$1,340,380</b></td>
      <td WIDTH="20%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 25">$1,380,04</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">Non-interest bearing cash</td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 25"><b>335</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT" style="margin-right: 25">44</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20%" VALIGN="TOP"><b>
        <p ALIGN="RIGHT" style="margin-right: 25">1,340,715</b></td>
      <td WIDTH="20%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 25">1,380,090</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20%" VALIGN="TOP">
        <p style="margin-right: 25">&nbsp;</p>
      </td>
      <td WIDTH="20%" VALIGN="TOP">
        <p style="margin-right: 25">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">Accrued investment income</td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 25"><b>7,570</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 25">8,056</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">Total assets</td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 25"><b>1,348,285</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 25">1,388,146</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p>&nbsp;
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p ALIGN="RIGHT" style="margin-right: 25"></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p ALIGN="RIGHT" style="margin-right: 25"></td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;<b>Liabilities</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 25">&nbsp;</p>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 25">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">Accrued expenses</td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 25"><b>226</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 25">210</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">Net assets available for benefits</td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid">
        <p style="margin-right: 25"><b>$1,348,059</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid">
        <p style="margin-right: 25">$1,387,936</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP"></td>
      <td WIDTH="20%" VALIGN="TOP" align="right"></td>
      <td WIDTH="20%" VALIGN="TOP" align="right"></td>
    </tr>
  </table>
  </center>
</div>
<i>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <p>See accompanying notes.</p>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
</i><font SIZE="2">
<p ALIGN="CENTER">&nbsp;</p>
</font><font SIZE="4">
<p ALIGN="CENTER">Textron Savings Plan</p>
<p ALIGN="CENTER">Statements of Changes in Net Assets Available for Benefits<br>
<i>(In Thousands)</p>
</i>
<p ALIGN="CENTER">&nbsp;</p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="582">
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="39%" VALIGN="TOP" COLSPAN="2"><b>
        <p ALIGN="CENTER">Year ended December 31</b></td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2002</b></td>
      <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2001</b></td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP"><b>
        <p>Additions</b></td>
      <td WIDTH="20%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <p>Interest and dividends</td>
      <td WIDTH="20%" VALIGN="TOP" align="right"><b>
        <p ALIGN="RIGHT" style="margin-right: 20">$ 41,315</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p ALIGN="RIGHT" style="margin-right: 20">$ 42,495</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">Transfers from other plans</td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20"><b>-</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20">127,262</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP"></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20"></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20"></td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;Contributions:</td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p style="margin-bottom: -15">Participants
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right"><b>
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -15">97,477</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -15">104,517</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p style="margin-bottom: -15">Participant rollovers
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -15">2,528</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -15">4,232</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p style="margin-bottom: -15">Employer
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -15">42,334</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -15">45,799</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20%" VALIGN="TOP" align="right"><b>
        <p ALIGN="RIGHT" style="margin-right: 20">142,339</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p ALIGN="RIGHT" style="margin-right: 20">154,548</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p style="margin-left: -35; margin-bottom: -20">Total additions
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right"><b>
        <p ALIGN="RIGHT" style="margin-left: -35; margin-right: 20; margin-bottom: -20">183,654</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p ALIGN="RIGHT" style="margin-left: -35; margin-right: 20; margin-bottom: -20">324,305</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <b>
          <p style="margin-left: -35; margin-bottom: -20">Deductions
          </blockquote>
        </b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-left: -35; margin-right: 20; margin-bottom: -20">&nbsp;</p>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-left: -35; margin-right: 20; margin-bottom: -20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p style="margin-bottom: -20">Benefits paid to participants
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right"><b>
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -20">133,448</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -20">164,615</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p style="margin-bottom: -20">Transfers to other plan
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right"><b>
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -20">71,418</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -20">-</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p style="margin-bottom: -20">Net depreciation in fair value of
          investments
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right"><b>
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -20">17,387</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -20">158,936</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p style="margin-bottom: -20">Administrative expenses
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -20">1,278</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -20">1,023</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p style="margin-left: -35; margin-bottom: -20">Total deductions
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="RIGHT" style="margin-left: -35; margin-right: 20; margin-bottom: -20">223,531</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT" style="margin-left: -35; margin-right: 20; margin-bottom: -20">324,574</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p style="margin-left: -35; margin-bottom: -20">Net decrease
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right"><b>
        <p ALIGN="RIGHT" style="margin-left: -35; margin-right: 20; margin-bottom: -20">(39,877)</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p ALIGN="RIGHT" style="margin-left: -35; margin-right: 20; margin-bottom: -20">(269)</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p style="margin-left: -35; margin-bottom: -20">Net assets available
          for benefits:
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-left: -35; margin-right: 20; margin-bottom: -20">&nbsp;</p>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right">
        <p style="margin-left: -35; margin-right: 20; margin-bottom: -20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p style="margin-bottom: -20">Beginning of year
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -20">1,387,936</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -20">1,388,205</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <blockquote>
          <p style="margin-bottom: -20">End of year
        </blockquote>
      </td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid"><b>
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -20">$1,348,059</b></td>
      <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid">
        <p ALIGN="RIGHT" style="margin-right: 20; margin-bottom: -20">$1,387,936</td>
    </tr>
  </table>
  </center>
</div>
<i>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <p>See accompanying notes.</p>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
</i><font SIZE="4">
<p ALIGN="CENTER">Textron Savings Plan</p>
<p ALIGN="CENTER">Notes to Financial Statements</p>
</font>
<p ALIGN="CENTER">December 31, 2002</p>
<b>
<p>1. Description of Plan</p>
<p ALIGN="JUSTIFY">General</p>
</b>
<p ALIGN="JUSTIFY">The Textron Savings Plan (the &quot;Plan&quot;) is primarily
an employee stock ownership plan covering substantially all domestic employees
of Textron Inc. (&quot;Textron&quot;), as defined in the Plan. The remainder of
the Plan is a profit-sharing and 401(k) plan. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (&quot;ERISA&quot;)
and was amended and restated effective November 1, 1999, and further amended in
2002 and 2003, to reflect the requirements of recent legislation affecting
statutory changes and regulations and other plan changes</p>
<p ALIGN="JUSTIFY">Effective January 1, 2002, the Plan designated the Textron
Stock Fund as an ESOP and designated the remainder of the Plan as a
profit-sharing plan. The employee stock ownership portion of the Plan and the
profit-sharing portion of the Plan shall constitute a single plan.</p>
<p ALIGN="JUSTIFY">The Plan is currently administered under the terms of a Trust
Agreement, dated September 1, 1999, with Putnam Fiduciary Trust Company (the
&quot;Trustee&quot; or &quot;Putnam&quot;). Putnam also serves as the Plan's
recordkeeper.</p>
<b>
<p ALIGN="JUSTIFY">Investment Options</p>
</b>
<p ALIGN="JUSTIFY">Participants may elect to direct their employee contributions
to the following funds: Textron Stock Fund, Putnam International Growth Fund,
Putnam Voyager Fund, Putnam S&amp;P 500 Index Fund, The George Putnam Fund of
Boston, One Group Bond Fund, Putnam Capital Opportunities Fund (effective
January 1, 2002), Putnam Asset Allocation: Balanced Portfolio (effective January
1, 2002), Putnam Equity Income Fund (effective January 1, 2002), One Group High
Yield Fund (effective January 1, 2002), and the Stable Value Fund, which is
primarily invested in various guaranteed investment contracts. Employer
contributions are invested entirely in the Textron Stock Fund.</p>
<b>
<p>Contributions</p>
</b>
<p ALIGN="JUSTIFY">Effective January 1, 2002, participants of the Plan are
entitled to elect compensation deferrals up to 40% (previously 20%) of their
eligible compensation, within the limits prescribed by Section 401(k) of the
Internal Revenue Code (the &quot;Code&quot;). Participants may also contribute
amounts representing distributions from other qualified defined benefit or
defined contribution plans. Contributions from employees and employee
compensation deferrals, which are matched 50% up to 5% of eligible salary by
Textron subject to certain ERISA restrictions and plan limits, are recorded when
Textron makes payroll deductions from participants' wages (Note 7).</p>
<p ALIGN="JUSTIFY">Certain participants in the Plan are entitled to receive a
retirement supplement contribution which is equal to 1% of the participant's
eligible compensation. Participants eligible for a retirement supplement
contribution are also eligible for a matching contribution. Contributions from
these employees who receive a retirement supplement are matched 100% up to 4% of
eligible salary by Textron subject to certain ERISA restrictions and plan
limits, are recorded when Textron makes payroll deductions from participants'
wages.</p>
<p ALIGN="JUSTIFY">Prior to January 1, 2002, the Trustee invested 100% of all
matching contributions, 50% of each participant's pre-tax contributions, and 50%
of each participant's after-tax contributions in the Textron Stock Fund.
Effective January&nbsp;1, 2002, the Trustee invests 100% of all matching
contributions in the Textron Stock Fund, and all other contributions are
participant directed. Effective September 3, 2002, employees have the ability to
subsequently reallocate matching contributions among any of the investment
options offered in the Plan.</p>
<p ALIGN="JUSTIFY">Textron makes contributions to the Plan based on actual
contribution levels. In addition, Textron may make additional discretionary
contributions. There were no discretionary contributions made by Textron in 2002
or 2001. All forfeitures arising out of a participant's termination of
employment for reasons other than retirement, disability or death are used to
reduce future Textron contributions.</p>
<b>
<p>Transfers To/From Other Plans</p>
</b>
<p ALIGN="JUSTIFY">During 2001, four plans merged into the Plan. The plans
transferred include the Camcar Employer's Savings, Profit Sharing and Retirement
Plan, the Elco Textron Inc. Profit Sharing and Savings Plan, the Edward and
Associates, Inc. Defined Contribution 401(k) Plan and the Flexalloy, Inc.
Retirement Savings Plan. Assets amounting to approximately $127,262,000 were
transferred into the Plan.</p>
<p ALIGN="JUSTIFY">On December 20, 2001, Textron completed the sale of its
Automotive Trim business to Collins &amp; Aikman Products Company (C&amp;A), a
subsidiary of Collins &amp; Aikman Corporation. During 2002, the Plan
transferred participant account balances and investments amounting to
approximately $71,418,000 to the Collins &amp; Aikman Personnel Savings Plan, as
a result of this sale.</p>
<b>
<p ALIGN="JUSTIFY">Benefits</p>
</b>
<p ALIGN="JUSTIFY">In the event a participant ceases to be an employee or
becomes totally disabled while employed, all of his or her account, to the
extent then vested, shall become distributable. Distributions are in the form of
cash unless Textron stock is requested. An account will be distributed in a
single payment if the value of the account is less than $5,000 when the account
first becomes distributable. If the value of the account is $5,000 or more when
the account first becomes distributable, a participant is not required to take a
distribution immediately. However, current federal law requires Textron to begin
to distribute accounts by April 1 of the year following the year in which the
participant reaches age 70 1/2. A participant is always vested in the portions
of his or her account attributable to his or her own contributions and
compensation deferrals and to discretionary contributions by Textron. The Plan
provides for full vesting of a participant's account in the event of his or her
termination of employment, other than for cause, within two years after a change
in control of Textron. Benefits are recorded when paid.</p>
<b>
<p ALIGN="JUSTIFY">Vesting</p>
</b>
<p ALIGN="JUSTIFY">Textron's 50% matching contributions vest based on the length
of service in the Plan as follows:</p>
<p ALIGN="RIGHT">&nbsp;
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="552">
    <tr>
      <td WIDTH="61%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">Months of Service</b></td>
      <td WIDTH="39%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">Vested Percentage</b></td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="39%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <p>24 months but less than 36 months</td>
      <td WIDTH="39%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 70">25%</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <p>36 months but less than 48 months</td>
      <td WIDTH="39%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 70">50%</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <p>48 months but less than 60 months</td>
      <td WIDTH="39%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 70">75%</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <p>60 months or more</td>
      <td WIDTH="39%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 70">100%</td>
    </tr>
  </table>
  </center>
</div>
<b>
<p ALIGN="JUSTIFY">Participant Accounts</p>
</b>
<p ALIGN="JUSTIFY">A separate account is maintained for each participant and is
increased by (a) the participant's contributions and compensation deferrals, (b)
Textron's matching contribution, and by the pro rata share of additional
discretionary contributions made by Textron, if any, (c) plan income (loss), and
charged with an allocation of administrative expenses. Allocations are based on
participant earnings or account balances as defined. The benefit to which a
participant is entitled is the benefit that can be provided from the
participant's vested account.</p>
<b>
<p ALIGN="JUSTIFY">Participant Notes Receivable</p>
</b>
<p ALIGN="JUSTIFY">Active participants may have one loan outstanding and may
borrow a minimum of $1,000 up to a maximum of the lesser of one-half of their
vested balance or $50,000 less the participant's highest outstanding loan
balance during the twelve-month period preceding the new loan request. Interest
is charged at a rate of Wall Street Journal Prime Rate plus 1%, as of the first
business day of the month. A $50 fee will be charged to the participant to cover
the cost of administration. The loan terms may range from one to five years and
are repaid primarily through automatic payroll deductions.</p>
<b>
<p ALIGN="JUSTIFY">Plan Termination</p>
</b>
<p ALIGN="JUSTIFY">Textron has the right under the Plan to discontinue its
contributions at any time and to terminate the Plan subject to the provisions of
ERISA. Textron has not expressed any intent to terminate the Plan; however,
subsequent to December 31, 2002, Textron temporarily discontinued certain
matching contributions (Note 7). In the event of Plan termination, participants
will become 100 percent vested in their accounts.</p>
<b>
<p>2. Significant Accounting Policies</p>
<p ALIGN="JUSTIFY">Basis of Accounting</p>
</b>
<p ALIGN="JUSTIFY">The financial statements are prepared on the accrual basis of
accounting.</p>
<b>
<p ALIGN="JUSTIFY">Investment Valuation and Income Recognition</p>
</b>
<p ALIGN="JUSTIFY">Except for investment contracts, the Plan's investments are
stated at fair value which, in general, equals the quoted market price on the
last business day of the Plan year. The shares of mutual funds are valued at
quoted market prices which represent the net asset values of shares held by the
Plan at year end. The participant loans are valued at their outstanding
balances, which approximate fair value.</p>
<p ALIGN="JUSTIFY">Investment contracts are recorded at their contract values,
which represent contributions and reinvested income, less any withdrawals, plus
accrued interest, because these investments have fully benefit responsive
features. For example, participants may ordinarily direct the withdrawal or
transfer of all or a portion of their investment at contract value. However,
withdrawals influenced by Company-initiated events, such as in connection with
the sale of a business, may result in a distribution at other than contract
value. There are no reserves against contract values for credit risk of contract
issues or otherwise. The fair value of the investment contracts at
December&nbsp;31, 2002 and 2001, was approximately $151 million and $133
million, respectively. The average yield was approximately 5.9% and 6.5%,
respectively. The crediting interest rate for these investment contracts is
reset annually by the issuer but cannot be less than zero and ranged from 4.86%
to 7.75% in 2002 and 5.5% to 7.75% in 2001.</p>
<p ALIGN="JUSTIFY">The fair values of investment contracts presented above are
estimates of the fair value of the contracts at a specific point in time using
available market information and appropriate valuation methodologies. These
estimates are subjective in nature and involve uncertainties and significant
judgment in the interpretation of current market data. Therefore, the fair
values presented are not necessarily indicative of amounts the Plan could
realize or settle currently. The Plan does not necessarily intend to dispose of
or liquidate such instruments prior to maturity.</p>
<p ALIGN="JUSTIFY">Purchases and sales of securities are recorded on a
trade-date basis. Interest income is recorded on the accrual basis. Dividends
are recorded on the ex-dividend date.</p>
<b>
<p ALIGN="JUSTIFY">Administrative Expenses</p>
</b>
<p ALIGN="JUSTIFY">All administrative expenses are paid from Plan assets.</p>
<b>
<p ALIGN="JUSTIFY">Use of Estimates</p>
</b>
<p ALIGN="JUSTIFY">The preparation of financial statements in conformity with
accounting principles generally accepted in the United States requires
management to make estimates that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from those
estimates.</p>
<b>
<p ALIGN="JUSTIFY">3. Investments</p>
</b>
<p ALIGN="JUSTIFY">During 2002 and 2001, the Plan's investments (including
investments purchased, sold, as well as held during the year) appreciated
(depreciated) in fair value as follows:</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="586">
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="37%" VALIGN="TOP" COLSPAN="2"><b>
        <p ALIGN="CENTER">Year ended December 31</b></td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2002</b></td>
      <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2001</b></td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="37%" VALIGN="TOP" COLSPAN="2"><i>
        <p ALIGN="CENTER">(In thousands)</i></td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p>Investments at fair value as determined by quoted<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; market&nbsp;price:</td>
      <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textron Inc.
        common stock</td>
      <td WIDTH="19%" VALIGN="TOP"><b>
        <p ALIGN="RIGHT" style="margin-right: 25">$ 42,085</b></td>
      <td WIDTH="19%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 25">$(109,217)</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual funds</td>
      <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="RIGHT" style="margin-right: 25">(59,472)</b></td>
      <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT" style="margin-right: 25">(49,719)</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid"><b>
        <p ALIGN="RIGHT" style="margin-right: 25">$ (17,387)</b></td>
      <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid">
        <p ALIGN="RIGHT" style="margin-right: 25">$(158,936)</td>
    </tr>
  </table>
  </center>
</div>
<b>
<p ALIGN="JUSTIFY">3. Investments (continued)</p>
</b>
<p ALIGN="JUSTIFY">Investments that represent 5% or more of the fair value of
the Plan's net assets available for benefits are as follows:</p>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="596">
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="39%" VALIGN="TOP" COLSPAN="2"><b>
        <p ALIGN="CENTER">December 31</b></td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2002</b></td>
      <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2001</b></td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="39%" VALIGN="TOP" COLSPAN="2"><i>
        <p ALIGN="CENTER">(In thousands)</i></td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <p>Textron Inc. common stock</td>
      <td WIDTH="20%" VALIGN="TOP" align="right"><b>
        <p ALIGN="RIGHT" style="margin-right: 10">$873,477</b></td>
      <td WIDTH="20%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 10">$914,388</td>
    </tr>
    <tr>
      <td WIDTH="61%" VALIGN="TOP">
        <p>Putnam S&amp;P 500 Index Fund</td>
      <td WIDTH="20%" VALIGN="TOP" align="right"><b>
        <p ALIGN="RIGHT" style="margin-right: 10">134,569</b></td>
      <td WIDTH="20%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 10">175,572</td>
    </tr>
  </table>
  </center>
</div>
<b>
<p ALIGN="JUSTIFY">4. Nonparticipant-Directed Investments</p>
</b>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">Information about the net assets and the significant
components of changes in net assets related to the nonparticipant-directed
investments is as follows:</p>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="598">
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="37%" VALIGN="TOP" COLSPAN="3"><b>
        <p ALIGN="CENTER">December 31</b></td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2002</b></td>
      <td WIDTH="19%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2001</b></td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="37%" VALIGN="TOP" COLSPAN="3"><i>
        <p ALIGN="CENTER">(In thousands)</i></td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p>Investments, at fair value:</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p>&nbsp;&nbsp;&nbsp;&nbsp; Textron Inc. common stock</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><b>
        <p ALIGN="RIGHT" style="margin-right: 20">$873,477</b></td>
      <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid">
        <p ALIGN="RIGHT" style="margin-right: 20">$ 914,388</td>
    </tr>
  </table>
  </center>
</div>
<p ALIGN="JUSTIFY">&nbsp;</p>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="598">
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="37%" VALIGN="TOP" COLSPAN="3"><b>
        <p ALIGN="CENTER">Year ended December 31</b></td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2002</b></td>
      <td WIDTH="19%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2001</b></td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="37%" VALIGN="TOP" COLSPAN="3"><i>
        <p ALIGN="CENTER">(In thousands)</i></td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p>Changes in net assets:</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p style="margin-left: 25">Contributions</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2"><b>
        <p ALIGN="RIGHT" style="margin-right: 20">$ 97,292</b></td>
      <td WIDTH="18%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 20">$ 137,165</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p style="margin-left: 25">Dividends</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2"><b>
        <p ALIGN="RIGHT" style="margin-right: 20">27,046</b></td>
      <td WIDTH="18%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 20">27,532</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p style="margin-left: 25">Net appreciation (depreciation)</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2"><b>
        <p ALIGN="RIGHT" style="margin-right: 20">42,085</b></td>
      <td WIDTH="18%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 20">(109,217)</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p style="margin-left: 25">Benefits paid to participants</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2"><b>
        <p ALIGN="RIGHT" style="margin-right: 20">(82,667)</b></td>
      <td WIDTH="18%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 20">(91,178)</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p style="margin-left: 25">Transfers to participant-directed investments</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2"><b>
        <p ALIGN="RIGHT" style="margin-right: 20">(73,900)</b></td>
      <td WIDTH="18%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 20">(24,781)</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p style="margin-left: 25">Transfers to other plan</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="RIGHT" style="margin-right: 20">(50,767)</b></td>
      <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT" style="margin-right: 20">-</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p>Total</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><b>
        <p ALIGN="RIGHT" style="margin-right: 20">$ (40,911)</b></td>
      <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid">
        <p ALIGN="RIGHT" style="margin-right: 20">$ (60,479)</td>
    </tr>
  </table>
  </center>
</div>
<p ALIGN="JUSTIFY">Effective January 1, 2002, only the Textron matching
contribution is restricted to the Textron Stock Fund. Effective September 3,
2002, employees have the ability to subsequently reallocate matching
contributions among any of the investment options offered in the Plan. The
information presented above relating to the Textron Stock Fund, includes both
participant-directed and non-participant directed activity due to the inability
of the Plan recordkeeper to separate participant-directed and non-participant
directed activity in the Fund.</p>
<b>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">5. Differences Between Financial Statements and Form 5500</p>
</b>
<p ALIGN="JUSTIFY">The following is a reconciliation of net assets available for
benefits per the financial statements to the Form 5500:</p>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="598">
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="37%" VALIGN="TOP" COLSPAN="3"><b>
        <p ALIGN="CENTER">December 31</b></td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2002</b></td>
      <td WIDTH="19%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2001</b></td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="37%" VALIGN="TOP" COLSPAN="3"><i>
        <p ALIGN="CENTER">(In thousands)</i></td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p>Net assets available for benefits per financial statements</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2"><b>
        <p ALIGN="RIGHT" style="margin-right: 10">$1,348,059</b></td>
      <td WIDTH="18%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 10">$1,387,936</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p>Amounts allocated to withdrawn participants</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="RIGHT" style="margin-right: 10">(269)</b></td>
      <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT" style="margin-right: 10">(62)</td>
    </tr>
    <tr>
      <td WIDTH="63%" VALIGN="TOP">
        <p>Net assets available for benefits per Form 5500</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><b>
        <p ALIGN="RIGHT" style="margin-right: 10">$1,347,790</b></td>
      <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid">
        <p ALIGN="RIGHT" style="margin-right: 10">$1,387,874</td>
    </tr>
  </table>
  </center>
</div>
<p ALIGN="JUSTIFY">The following is a reconciliation of benefits paid to
participants per the financial statements to the Form 5500:</p>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="595">
    <tr>
      <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2002</b></td>
      <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">2001</b></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="36%" VALIGN="TOP" COLSPAN="2"><i>
        <p ALIGN="CENTER">(In thousands)</i></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p>Benefits paid to participants per the financial statements</td>
      <td WIDTH="19%" VALIGN="TOP"><b>
        <p ALIGN="RIGHT" style="margin-right: 20">$133,448</b></td>
      <td WIDTH="18%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 20">$164,615</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p>Add: Amounts allocated on Form 5500 to withdrawn<br>
        &nbsp;&nbsp;&nbsp;&nbsp; participants at the end of the year</td>
      <td WIDTH="19%" VALIGN="TOP"><b>
        <p ALIGN="RIGHT" style="margin-right: 20"><br>
        269</b></td>
      <td WIDTH="18%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 20"><br>
        62</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p>Less: Amounts allocated on Form 5500 to withdrawn<br>
        &nbsp;&nbsp;&nbsp;&nbsp; participants at the beginning of the year</td>
      <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="RIGHT" style="margin-right: 20"><br>
        (62)</b></td>
      <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT" style="margin-right: 20"><br>
        (590)</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p>Benefits paid to participants per Form 5500</td>
      <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid"><b>
        <p ALIGN="RIGHT" style="margin-right: 20">$133,655</b></td>
      <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid">
        <p ALIGN="RIGHT" style="margin-right: 20">$164,087</td>
    </tr>
  </table>
  </center>
</div>
<p ALIGN="JUSTIFY">Amounts allocated to withdrawn participants are recorded on
the Form 5500 for benefit claims that have been processed and approved for
payment prior to year-end but not yet paid.</p>
<b>
<p>6. Income Tax Status</p>
</b>
<p ALIGN="JUSTIFY">The Plan has received a determination letter from the
Internal Revenue Service dated September 6, 2002, stating that the Plan is
qualified under Section 401(a) of the Internal Revenue Code (the Code) and,
therefore, the related trust is exempt from taxation. Subsequent to the issuance
of the determination letter, the Plan was amended. Once qualified, the Plan is
required to operate in conformity with the Code to maintain its qualification.
The plan administrator believes the Plan is being operated in compliance with
the applicable requirements of the Code and, therefore, believes that the Plan,
as amended, is qualified and the related trust is tax exempt.</p>
<b>
<p ALIGN="JUSTIFY">7. Subsequent Event</p>
</b>
<p ALIGN="JUSTIFY">Effective May 1, 2003, Textron has made the decision to
temporarily suspend the Company matching contributions for salaried and hourly
non-union employees in the Plan. Employees who participate in the portion of the
Plan with a retirement supplement will not be affected by this change.</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<font SIZE="4">
<p ALIGN="CENTER">Textron Savings Plan</p>
<p ALIGN="CENTER">Employer Identification Number 05-0315468<br>
Plan Number 030</p>
<p ALIGN="CENTER">Schedule G, Part III, Schedule of Non-exempt Transactions<br>
<i>(In Thousands)</p>
</i></font>
<p ALIGN="CENTER">Year ended December 31, 2002</p>
<font SIZE="4">
<p ALIGN="CENTER">&nbsp;</p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="664">
    <tr>
      <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="42%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">(c)</b></td>
    </tr>
    <tr>
      <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="29%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">(b)</b></td>
      <td WIDTH="42%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">Description of Transactions,</b></td>
    </tr>
    <tr>
      <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="29%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">Relationship to Plan,</b></td>
      <td WIDTH="42%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">Including Maturity Date,</b></td>
    </tr>
    <tr>
      <td WIDTH="29%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">(a)</b></td>
      <td WIDTH="29%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">Employer or Other</b></td>
      <td WIDTH="42%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">Rate of Interest, Collateral, Par</b></td>
    </tr>
    <tr>
      <td WIDTH="29%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">Identity of Issue</b></td>
      <td WIDTH="29%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">Party-in-Interest</b></td>
      <td WIDTH="42%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">or Maturity Value</b></td>
    </tr>
    <tr>
      <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="42%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="29%" VALIGN="TOP">
        <p>Textron Inc.</td>
      <td WIDTH="29%" VALIGN="TOP">
        <p>Employer/Plan Sponsor</td>
      <td WIDTH="42%" VALIGN="TOP">
        <p>The following contributions totaling $123 were not deposited in a
        timely manner.</td>
    </tr>
    <tr>
      <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="42%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="42%" VALIGN="TOP">
        <p>The Plan Sponsor remitted interest and earnings on the late
        contributions and all participant accounts have been adjusted. In
        addition, the Plan Sponsor also has filed Form 5330 and remitted the
        appropriate excise tax to the U.S. Treasury.</td>
    </tr>
  </table>
  </center>
</div>
<p ALIGN="JUSTIFY">&nbsp;</p>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="633">
    <tr>
      <td WIDTH="26%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">Week<br>
        Ended</b></td>
      <td WIDTH="23%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">Contribution<br>
        Amount</b></td>
      <td WIDTH="26%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">Date Remitted<br>
        To Trust</b></td>
      <td WIDTH="26%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">Amount Remitted<br>
        (including earnings)</b></td>
    </tr>
    <tr>
      <td WIDTH="26%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="23%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 40">2/3/02</td>
      <td WIDTH="23%" VALIGN="TOP" align="right">
        <p ALIGN="right" style="margin-right: 50">$ 71</td>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 30">11/19/02</td>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 30">$&nbsp; 76</td>
    </tr>
    <tr>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 40">2/3/02</td>
      <td WIDTH="23%" VALIGN="TOP" align="right">
        <p ALIGN="right" style="margin-right: 50">5</td>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 30">2/12/03</td>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 30">5</td>
    </tr>
    <tr>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 40">3/23/02</td>
      <td WIDTH="23%" VALIGN="TOP" align="right">
        <p ALIGN="right" style="margin-right: 50">2</td>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 30">3/12/03</td>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 30">2</td>
    </tr>
    <tr>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 40">3/23/02</td>
      <td WIDTH="23%" VALIGN="TOP" align="right">
        <p ALIGN="right" style="margin-right: 50">12</td>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 30">2/27/03</td>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 30">13</td>
    </tr>
    <tr>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 40">6/29/02</td>
      <td WIDTH="23%" VALIGN="TOP" align="right">
        <p ALIGN="right" style="margin-right: 50">8</td>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 30">11/19/02</td>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 30">8</td>
    </tr>
    <tr>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 40">7/6/02</td>
      <td WIDTH="23%" VALIGN="TOP" align="right">
        <p ALIGN="right" style="border-bottom-style: solid; border-bottom-width: 1; margin-right: 50">25</td>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="RIGHT" style="margin-right: 30">11/19/02</td>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="right" style="border-bottom-style: solid; border-bottom-width: 1; margin-right: 30">26</td>
    </tr>
    <tr>
      <td WIDTH="26%" VALIGN="TOP">
        <p style="margin-right: 40">&nbsp;</p>
      </td>
      <td WIDTH="23%" VALIGN="TOP" align="right">
        <p ALIGN="right" style="border-bottom-style: solid; margin-right: 50">$123</td>
      <td WIDTH="26%" VALIGN="TOP">
        <p style="margin-right: 30">&nbsp;</p>
      </td>
      <td WIDTH="26%" VALIGN="TOP">
        <p ALIGN="right" style="border-bottom-style: solid; margin-right: 30">$130</td>
    </tr>
  </table>
  </center>
</div>
<p>&nbsp;</p>
<font SIZE="4">
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">Textron Savings Plan</p>
<p ALIGN="CENTER">Employer Identification Number 05-0315468<br>
Plan Number 030</p>
<p ALIGN="CENTER">Schedule H, Line 4i, Schedule of Assets (Held at End of Year)<br>
</font><i>(In Thousands)</p>
</i>
<p ALIGN="CENTER">December 31, 2002</p>
<p ALIGN="CENTER">&nbsp;</p>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="727">
    <tr>
      <td WIDTH="46%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER"><br>
        <br>
        <br>
        Identity of Issue</b></td>
      <td WIDTH="28%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER">Description of<br>
        Investments, Including<br>
        Rate of Interest and<br>
        Number of Shares or Units</b></td>
      <td WIDTH="12%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER"><br>
        <br>
        <br>
        Cost</b></td>
      <td WIDTH="14%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER"><br>
        <br>
        Current<br>
        Value</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="28%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p>Common Stock:</td>
      <td WIDTH="28%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">Textron Inc.*</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">20,315</b></td>
      <td WIDTH="12%" VALIGN="TOP"><b>
        <p ALIGN="JUSTIFY">$ 736,245</b></td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">$&nbsp;&nbsp; 873,477</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="28%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p>Common/Collective Trust Funds:</td>
      <td WIDTH="28%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">SEI Stable Asset Fund</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="center">5.5%</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">13,591</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">Dwight Managed Unwrapped</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">Variable rate</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">15,795</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">The Boston Company Money Market
        Fund</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="center">1.38%</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="border-bottom-style: solid; border-bottom-width: 1; margin-right: 20">2,815</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p>Total Common/Collective Trust Funds</td>
      <td WIDTH="28%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">32,201</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="28%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p>Mutual Funds:</td>
      <td WIDTH="28%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">Putnam S&amp;P 500 Index Fund*</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">6,219</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">134,569</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">Putnam Voyager Fund*</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">2,130</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">27,799</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">Putnam International Growth
        Fund*</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">987</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">16,310</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">The George Putnam Fund of
        Boston*</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">2,284</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">33,871</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">Putnam Capital Opportunities
        Fund*</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">1,288</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">9,889</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">Putnam Asset Allocation:
        Balanced<br>
        &nbsp;&nbsp;&nbsp;&nbsp; Portfolio*</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60"><br>
        425</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20"><br>
        3,560</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">Putnam Equity Income Fund *</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">650</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">8,197</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">One Group High Yield Bond Fund</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">197</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">1,406</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">One Group Bond Fund</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">3,379</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="border-bottom-style: solid; border-bottom-width: 1; margin-right: 20">37,604</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p>Total Mutual Funds</td>
      <td WIDTH="28%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 60"><b>&nbsp;</b></p>
      </td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">273,205</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="28%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 60"><b>&nbsp;</b></p>
      </td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p>Insurance Contracts:</td>
      <td WIDTH="28%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 60"><b>&nbsp;</b></p>
      </td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">AIG Life Insurance Co.</td>
      <td WIDTH="28%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 60"><b>&nbsp;</b></p>
      </td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 40" align="left">Matures 12/15/04</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">6.05%</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">6,239</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">Allstate Insurance Co.</td>
      <td WIDTH="28%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 60"><b>&nbsp;</b></p>
      </td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 40" align="left">Matures 01/14/05</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">7.75%</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">6,029</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">CDC Investment Management Co.,</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">5.60%</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">47,874</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">Canada Life</td>
      <td WIDTH="28%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 60"><b>&nbsp;</b></p>
      </td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 40" align="left">Matures 12/15/03</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">7.64%</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">12,061</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">State Street Bank</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">5.48%</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">42,798</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">Travelers Insurance Co.</td>
      <td WIDTH="28%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 60"><b>&nbsp;</b></p>
      </td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 40" align="left">Matures 9/15/03</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">7.58%</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">12,046</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">Massachusetts Mutual Life
        Insurance Co.</td>
      <td WIDTH="28%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 60"><b>&nbsp;</b></p>
      </td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP" HEIGHT="20">
        <p style="margin-left: 40" align="left">Matures 6/15/04</td>
      <td WIDTH="28%" VALIGN="TOP" HEIGHT="20"><b>
        <p ALIGN="right" style="margin-right: 60">6.15%</b></td>
      <td WIDTH="12%" VALIGN="TOP" HEIGHT="20">
        <p></p>
      </td>
      <td WIDTH="14%" VALIGN="TOP" HEIGHT="20"><b>
        <p ALIGN="right" style="margin-right: 20">8,692</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 20" align="left">Monumental Life Insurance Co.</td>
      <td WIDTH="28%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 60"><b>&nbsp;</b></p>
      </td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p style="margin-left: 40" align="left">Matures 9/15/06</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 60">4.86%</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="border-bottom-style: solid; border-bottom-width: 1; margin-right: 20">6,157</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p>Total Insurance Contracts</td>
      <td WIDTH="28%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="margin-right: 20">141,896</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="28%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p>Participant notes receivable</td>
      <td WIDTH="28%" VALIGN="TOP"><b>
        <p ALIGN="CENTER">5.84% - 10.05%</b></td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="border-bottom-style: solid; border-bottom-width: 1; margin-right: 20">19,601</b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">
        <p><br>
        Total assets held for investment purposes</td>
      <td WIDTH="28%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b>
        <p ALIGN="right" style="border-bottom-style: solid; margin-right: 20"><br>
        $1,340,380</b></td>
    </tr>
  </table>
  </center>
</div>
<p>* Indicates party-in-interest to the Plan</p>
<font SIZE="4">
<p ALIGN="CENTER">Textron Savings Plan</p>
<p ALIGN="CENTER">Employer Identification Number 05-0315468<br>
Plan Number 030</p>
<p ALIGN="CENTER">Schedule H, Line 4j, Schedule of Reportable Transactions<br>
</font><i>(Dollars In Thousands)</p>
</i>
<p ALIGN="CENTER">Year ended December 31, 2002</p>
<p ALIGN="CENTER">&nbsp;</p>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="907">
  <tr>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      <br>
      <br>
      Identity of Party</b></td>
    <td WIDTH="28%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      <br>
      <br>
      Description</b></td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      <br>
      Purchase Price</b></td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      <br>
      Selling<br>
      Price</b></td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      <br>
      Cost of<br>
      Assets</b></td>
    <td WIDTH="13%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">Current Value<br>
      of Asset on<br>
      Transaction<br>
      Date</b></td>
    <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      <br>
      Net Gain<br>
      (Loss)</b></td>
  </tr>
  <tr>
    <td VALIGN="TOP" COLSPAN="7">&nbsp;</td>
  </tr>
  <tr>
    <td VALIGN="TOP" COLSPAN="7"><u>
      <p>Category (iii) - Series of transactions in excess of 5% of plan assets</u></td>
  </tr>
  <tr>
    <td VALIGN="TOP" COLSPAN="7">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="18%" VALIGN="TOP">
      <p>Textron Inc. Common<br>
      &nbsp;&nbsp; Stock</td>
    <td WIDTH="28%" VALIGN="TOP">
      <p>Purchase of 4,590,125.431 shares<br>
      &nbsp;&nbsp; in 915 transactions</td>
    <td WIDTH="11%" VALIGN="TOP"><b>
      <p style="margin-right: 10" align="right"><br>
      $198,429</b></td>
    <td WIDTH="11%" VALIGN="TOP">
      <p style="margin-right: 10" align="right">&nbsp;</p>
    </td>
    <td WIDTH="11%" VALIGN="TOP"><b>
      <p style="margin-right: 10" align="right"><br>
      $198,429</b></td>
    <td WIDTH="13%" VALIGN="TOP"><b>
      <p style="margin-right: 10" align="right"><br>
      $198,429</b></td>
    <td WIDTH="10%" VALIGN="TOP">
      <p style="margin-right: 10" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="28%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP">
      <p style="margin-right: 10" align="right">&nbsp;</p>
    </td>
    <td WIDTH="11%" VALIGN="TOP">
      <p style="margin-right: 10" align="right">&nbsp;</p>
    </td>
    <td WIDTH="11%" VALIGN="TOP">
      <p style="margin-right: 10" align="right">&nbsp;</p>
    </td>
    <td WIDTH="13%" VALIGN="TOP">
      <p style="margin-right: 10" align="right">&nbsp;</p>
    </td>
    <td WIDTH="10%" VALIGN="TOP">
      <p style="margin-right: 10" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="18%" VALIGN="TOP">
      <p>Textron Inc. Common<br>
      &nbsp;&nbsp; Stock</td>
    <td WIDTH="28%" VALIGN="TOP">
      <p>Sale of 6,328,702.782 shares in<br>
      &nbsp;&nbsp; 1,596 transactions</td>
    <td WIDTH="11%" VALIGN="TOP">
      <p style="margin-right: 10" align="right">&nbsp;</p>
    </td>
    <td WIDTH="11%" VALIGN="TOP"><b>
      <p style="margin-right: 10" align="right"><br>
      $281,512</b></td>
    <td WIDTH="11%" VALIGN="TOP"><b>
      <p style="margin-right: 10" align="right"><br>
      273,670</b></td>
    <td WIDTH="13%" VALIGN="TOP"><b>
      <p style="margin-right: 10" align="right"><br>
      281,512</b></td>
    <td WIDTH="10%" VALIGN="TOP"><b>
      <p style="margin-right: 10" align="right"><br>
      $7,842</b></td>
  </tr>
</table>
<p>There were no category (i), (ii), or (iv) reportable transactions during the
year ended December 31, 2002.</p>
<p>&nbsp;</p>

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>3
<FILENAME>twethre.htm
<TEXT>
<html>

<head>
<title>Exhibit 23</title>
</head>

<body>

<font SIZE="4">
<p ALIGN="RIGHT">Exhibit 23</p>
</font>
<p>&nbsp;</p>
<p>&nbsp;</p>
<font SIZE="4">
<p ALIGN="CENTER">Consent of Independent Auditors</p>
</font>
<p ALIGN="JUSTIFY">We consent to the incorporation by reference in the
Registration Statement (Form S&#45;8 No. 333&#45;101183) pertaining to
the Textron Savings Plan of our report dated June 6, 2003, with respect to the
financial statements and schedules of the Textron Savings Plan included in this
Annual Report (Form 11&#45;K) for the year ended December&#160;31, 2002.</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<div align="center">
  <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="590">
  <tr>
    <td WIDTH="49%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">s/ERNST & YOUNG LLP</td>
  </tr>
</table>
  </center>
</div>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p>Boston, Massachusetts<br>
June 23, 2003</p>

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>nineone.htm
<TEXT>
<html>

<head>
<title>Exhibit 99</title>
</head>

<body>

<p ALIGN="RIGHT">&nbsp;&nbsp; Exhibit 99.1</p>
<b><font SIZE="3">
<p ALIGN="CENTER">CERTIFICATION PURSUANT TO<br>
18 U.S.C. SECTION 1350,<br>
AS ADOPTED PURSUANT TO<br>
SECTION 906 OF THE SARBANES&#45;OXLEY ACT OF 2002</p>
</font></b><font SIZE="3">
<p>&nbsp;</p>
<p ALIGN="JUSTIFY">In connection with the Annual Report of the Textron Savings
Plan (the &quot;Plan&quot;) on Form 11&#45;K for the period ending December
31, 2002, as filed with the Securities and Exchange Commission on the date
hereof (the &quot;Report&quot;), I, Lewis B. Campbell, Chairman, President and
Chief Executive Officer of Textron Inc., the Plan Administrator of the Plan,
certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the
Sarbanes&#45;Oxley Act of 2002, that:</p>
<blockquote>
  <blockquote>
    <p ALIGN="JUSTIFY">(1) The Report fully complies with the requirements of
    section 13(a) or 15(d) of the Securities Exchange Act of 1934;&nbsp; and</p>
    <p ALIGN="JUSTIFY">(2) The information contained in the Report fairly
    presents, in all material respects, the net assets available for benefits
    and changes in net assets available for benefits of the Plan</font>.</p>
  <font SIZE="3">
  <p ALIGN="JUSTIFY">&nbsp;</p>
  </blockquote>
</blockquote>
</font>
<div align="center">
  <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="590">
  <tr>
    <td WIDTH="36%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="49%" VALIGN="TOP"><font SIZE="3">
      <p>Textron Inc., as Plan Administrator</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="49%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP"><font SIZE="3">
      <p>Date: June 27, 2003</font></td>
    <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="49%" VALIGN="TOP"><font SIZE="3">
      <p style="border-bottom-style: solid; border-bottom-width: 1">s/Lewis B. Campbell</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="49%" VALIGN="TOP"><font SIZE="3">
      <p>Lewis B. Campbell</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="49%" VALIGN="TOP"><font SIZE="3">
      <p>Chairman, President and Chief Executive<br>
      &nbsp;&nbsp;&nbsp;&nbsp; Officer</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
</table>
  </center>
</div>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">A signed original of this written statement required by
Section 906, or other document authenticating, acknowledging, or otherwise
adopting the signature that appears in typed form within the electronic version
of this written statement required by Section 906, has been provided to the Plan
Administrator and will be retained by the Plan Administrator and furnished to
the Securities and Exchange Commission or its staff upon request.</p>

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>ninetwo.htm
<TEXT>
<html>

<head>
<title>Exhibit 99</title>
</head>

<body>

<p ALIGN="RIGHT">Exhibit 99.2</p>
<b>
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">CERTIFICATION PURSUANT TO<br>
18 U.S.C. SECTION 1350,<br>
AS ADOPTED PURSUANT TO<br>
<font SIZE="3">SECTION 906 OF THE SARBANES&#45;OXLEY ACT OF 2002</p>
</font></b><font SIZE="3">
<p>&nbsp;</p>
<p ALIGN="JUSTIFY">In connection with the Annual Report of the Textron Savings
Plan (the &quot;Plan&quot;) on Form 11&#45;K for the period ending December
31, 2002, as filed with the Securities and Exchange Commission on the date
hereof (the &quot;Report&quot;), I, Ted R. French, Executive Vice President
& Chief Financial Officer of Textron Inc., the Plan Administrator of the
Plan, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of
the Sarbanes&#45;Oxley Act of 2002, that:</p>
<blockquote>
  <blockquote>
    <p ALIGN="JUSTIFY">(1)&#160;&#160;&#160;&#160;&#160;The
    Report fully complies with the requirements of section 13(a) or 15(d) of the
    Securities Exchange Act of 1934; and</p>
    <p ALIGN="JUSTIFY">(2)&#160;&#160;&#160;&#160;&#160;The
    information contained in the Report fairly presents, in all material
    respects, the net assets available for benefits and changes in net assets
    available for benefits of the Plan.</p>
  </blockquote>
</blockquote>
</font>
<div align="center">
  <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="784">
  <tr>
    <td WIDTH="200" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="217" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="285" VALIGN="TOP"><font SIZE="3">
      <p>Textron Inc., as Plan Administrator</font></td>
    <td WIDTH="56" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="200" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="217" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="285" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="200" VALIGN="TOP"><font SIZE="3">
      <p>Date: June 27, 2003</font></td>
    <td WIDTH="217" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="285" VALIGN="TOP"><font SIZE="3">
      <p style="border-bottom-style: solid; border-bottom-width: 1">s/Ted R. French</font></td>
    <td WIDTH="56" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="200" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="217" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="285" VALIGN="TOP"><font SIZE="3">
      <p>Ted R. French</font></td>
    <td WIDTH="56" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="200" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="217" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="285" VALIGN="TOP"><font SIZE="3">
      <p>Executive Vice President and Chief<br>
      &#160;&#160;&#160;&#160;&#160;Financial Officer</font></td>
    <td WIDTH="56" VALIGN="TOP">&nbsp;</td>
  </tr>
</table>
  </center>
</div>
<p ALIGN="JUSTIFY">A signed original of this written statement required by
Section 906, or other document authenticating, acknowledging, or otherwise
adopting the signature that appears in typed form within the electronic version
of this written statement required by Section 906, has been provided to the Plan
Administrator and will be retained by the Plan Administrator and furnished to
the Securities and Exchange Commission or its staff upon request.</p>

</body>

</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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