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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000217346-03-000010.txt : 20030627
<SEC-HEADER>0000217346-03-000010.hdr.sgml : 20030627
<ACCEPTANCE-DATETIME>20030627142759
ACCESSION NUMBER:		0000217346-03-000010
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:		03760696

	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>elcok.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>
<div align="center">
  <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="590">
  <tr>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="RIGHT">[X]</font></td>
    <td WIDTH="84%" VALIGN="TOP"><font FACE="Classic">
      <p>ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934<br>
      for the fiscal year ended December 31, 2002<br>
      Commission File Number 1&#45;5480</font></td>
  </tr>
</table>
  </center>
</div>
<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>
<div align="center">
  <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="590">
  <tr>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="RIGHT">A.</font></td>
    <td WIDTH="84%" VALIGN="TOP"><font FACE="Classic">
      <p>Full title of the plan and address of the plan:</font></td>
  </tr>
</table>
  </center>
</div>
<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <blockquote>
          <blockquote>
                <p ALIGN="JUSTIFY">EMPLOYEES&#39; RETIREMENT SAVINGS PLAN
                FOR THE<br>
                PRECISION STAMPING DIVISION OF<br>
                ELCO TEXTRON INC.</p>
          </blockquote>
              </font>
        </blockquote>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
<div align="center">
  <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="590">
  <tr>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="RIGHT">B.</font></td>
    <td WIDTH="84%" VALIGN="TOP"><font FACE="Classic">
      <p>Name of issuer of the securities held pursuant to<br>
      the plan and address of its principal executive office:</font></td>
  </tr>
</table>
  </center>
</div>
<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <blockquote>
          <blockquote>
            <blockquote>
              <blockquote>
                <p ALIGN="JUSTIFY">TEXTRON INC.<br>
                40 Westminster Street<br>
                Providence, Rhode Island 02903</p>
              </blockquote>
            </blockquote>
          </blockquote>
        </blockquote>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
</font>
<div align="center">
  <center>
<table CELLSPACING="0" CELLPADDING="1" WIDTH="649">
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">REQUIRED INFORMATION</font></td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP"><u><font FACE="Classic">
      <p ALIGN="JUSTIFY">Financial Statements and Exhibits</font></u></td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP"><font FACE="Classic">
      <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:</font></td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Report of Independent Auditors<br>
      Statements of Assets Available for Benefits as of December 31, 2002 and
      2001<br>
      Statements of Changes in Assets Available for Benefits for each of the
      years ended December 31, 2002 and 2001<br>
      Notes to financial statements</font></td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Supplemental Schedules:</font></td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Schedule G, Part III &#45; Schedule of
      Non&#45;Exempt Transactions<br>
      Schedule H, Line 4i &#45; Schedule of Assets (Held at End of Year)</font></td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Exhibits:</font></td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">23 &#45; Consent of Independent Auditors</font></td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">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</font></td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="94%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">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</font></td>
  </tr>
</table>
  </center>
</div>
<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;Pursuant to
the requirements of the Securities Exchange Act of 1934, Elco 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>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="780">
  <tr>
    <td WIDTH="190" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="168" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="402" VALIGN="TOP"><font FACE="Classic">
      <p>EMPLOYEES&#39; RETIREMENT SAVINGS PLAN<br>
      FOR THE PRECISION STAMPING DIVISION OF<br>
      ELCO TEXTRON INC.</font></td>
  </tr>
  <tr>
    <td WIDTH="190" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="168" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="402" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="190" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="168" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="402" VALIGN="TOP"><font FACE="Classic">
      <p>ELCO TEXTRON INC., Plan Administrator</font></td>
  </tr>
  <tr>
    <td WIDTH="190" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="168" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="402" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="190" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="168" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="402" VALIGN="TOP"><font FACE="Classic">
      <p style="border-bottom-style: solid; border-bottom-width: 1">s/James A. Mallak</font></td>
  </tr>
  <tr>
    <td WIDTH="190" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="168" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="402" VALIGN="TOP"><font FACE="Classic">
      <p>James A. Mallak<br>
      Executive Vice President<br>
      &#160;&#160;&#160;&#160;and Chief Financial Officer</font></td>
  </tr>
  <tr>
    <td WIDTH="190" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="168" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="402" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="190" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="168" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="402" VALIGN="TOP"><font FACE="Classic">
      <p>Date: June 27, 2003</font></td>
  </tr>
</table>
<font SIZE="4">
<p>&nbsp;</p>
<p>Financial Statements and Supplemental Schedules</p>
</font><font FACE="New York" SIZE="4">
<p>Employees&#39; Retirement Savings Plan for the</font><font SIZE="4"><br>
</font><font FACE="New York" SIZE="4">Precision Stamping Division of Elco
Textron Inc.</p>
</font><font SIZE="4">
<p>Years ended December 31, 2002 and 2001</p>
<p ALIGN="CENTER">Employees&#39; Retirement Savings Plan<br>
for the Precision Stamping Division of<br>
Elco Textron Inc.</p>
<b>
</b></font><font FACE="New York" SIZE="4">
<p ALIGN="CENTER">Financial Statements<br>
and Supplemental Schedules</p>
</font>
<p ALIGN="CENTER">Years ended December 31, 2002 and 2001</p>
<p>&nbsp;</p>
<b><font SIZE="4">
<p ALIGN="CENTER">Contents</p>
</font></b>
<div align="center">
  <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="590">
  <tr>
    <td WIDTH="74%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="26%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Report of Independent Auditors</td>
    <td WIDTH="26%" VALIGN="TOP">
      <p ALIGN="CENTER">1</td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="26%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Audited Financial Statements</td>
    <td WIDTH="26%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="26%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Statements of Assets Available for Benefits</td>
    <td WIDTH="26%" VALIGN="TOP">
      <p ALIGN="CENTER">2</td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Statements of Changes in Assets Available for Benefits</td>
    <td WIDTH="26%" VALIGN="TOP">
      <p ALIGN="CENTER">3</td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Notes to Financial Statements</td>
    <td WIDTH="26%" VALIGN="TOP">
      <p ALIGN="CENTER">4</td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="26%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Supplemental Schedules</td>
    <td WIDTH="26%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="26%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Schedule G, Part III, Schedule of Non&#45;Exempt
      Transactions</td>
    <td WIDTH="26%" VALIGN="TOP">
      <p ALIGN="CENTER">8</td>
  </tr>
  <tr>
    <td WIDTH="74%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Schedule H, Line 4i, Schedule of Assets (Held at End of
      Year)</td>
    <td WIDTH="26%" VALIGN="TOP">
      <p ALIGN="CENTER">9</td>
  </tr>
</table>
  </center>
</div>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<font SIZE="4">
<p ALIGN="CENTER">Report of Independent Auditors</p>
</font>
<p>Administrative Committee<br>
<font FACE="New York">Employees&#39; Retirement Savings Plan for the<br>
&#160;&#160;&#160;&#160;Precision Stamping Division of Elco
Textron Inc.</p>
</font>
<p ALIGN="JUSTIFY">We have audited the accompanying statements of assets
available for benefits of the Employees&#39; Retirement Savings Plan for the
Precision Stamping Division of Elco Textron Inc. as of December 31, 2002 and
2001, and the related statements of changes in assets available for benefits for
the years then ended. These financial statements are the responsibility of the
Plan&#39;s management. Our responsibility is to express an opinion on these
financial statements based on our audits.</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 assets available for benefits of
the Plan at December 31, 2002 and 2001, and the changes in its 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&#45;exempt transactions for the year ended
December 31, 2002, and schedule of assets (held at end of year) as of December
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&#39;s Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules are the responsibility of the Plan&#39;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="1" CELLPADDING="1" WIDTH="590">
  <tr>
    <td WIDTH="59%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="41%" VALIGN="TOP"><font FACE="New York">
      <p>ERNST & YOUNG LLP</font></td>
  </tr>
</table>
</div>
<font FACE="New York">
<p>Boston, Massachusetts<br>
</font>May 20, 2003</p>
<font SIZE="4">
<p ALIGN="CENTER">Employees&#39; Retirement Savings Plan<br>
for the Precision Stamping Division of<br>
Elco Textron Inc.</p>
<p ALIGN="CENTER">Statements of Assets Available for Benefits</p>
<p ALIGN="CENTER">&nbsp;</p>
</font>
<div align="center">
  <center>
<table CELLSPACING="1" WIDTH="576">
  <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="19%" 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="19%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Investments, at fair value
    </td>
    <td WIDTH="19%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">$7,028,643</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">$7,843,561</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" 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">
        <p>Receivables:
    </td>
    <td WIDTH="19%" 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">
        <p>Participant contributions
    </td>
    <td WIDTH="19%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">41,912</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">39,513</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Employer&#39;s contributions
    </td>
    <td WIDTH="19%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p style="margin-right: 20">6,578</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 20">6,307</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Total receivables
    </td>
    <td WIDTH="19%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p style="margin-right: 20">48,490</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 20">45,820</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Assets available for benefits
    </td>
    <td WIDTH="19%" VALIGN="TOP" align="right" style="border-bottom-style: solid"><b>
      <p style="margin-right: 20">$7,077,133</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid">
      <p style="margin-right: 20">$7,889,381</td>
  </tr>
</table>
    </center>
    </div>
<i>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <blockquote>
<p>See accompanying notes.</p>
        </blockquote>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
</i><font SIZE="4">
<p ALIGN="CENTER">Employees&#39; Retirement Savings Plan<br>
for the Precision Stamping Division of<br>
Elco Textron Inc.</p>
<p ALIGN="CENTER">Statements of Changes in Assets Available for Benefits</p>
<p ALIGN="CENTER">&nbsp;</p>
</font>
    <div align="center">
      <center>
<table CELLSPACING="1" WIDTH="576" height="500">
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">&nbsp;</td>
    <td WIDTH="40%" VALIGN="TOP" COLSPAN="2" height="21"><b>
      <p ALIGN="CENTER">Year ended December 31</b></td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="21"><b>
      <p ALIGN="CENTER">2002</b></td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="21"><b>
      <p ALIGN="CENTER">2001</b></td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21"><b>
      <p>Additions</b></td>
    <td WIDTH="20%" VALIGN="TOP" height="21">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" height="21">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
        <p style="margin-left: 10">Interest and dividend income
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21"><b>
      <p style="margin-right: 20">$ 135,018</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">$ 229,539</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
        <p style="margin-left: 10">Contributions:
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
        <p style="margin-left: 20">Participants
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21"><b>
      <p style="margin-right: 20">539,944</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">526,221</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
        <p style="margin-left: 20">Employer
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="21"><b>
      <p style="margin-right: 20">83,021</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="21">
      <p style="margin-right: 20">83,892</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="21"><b>
      <p style="margin-right: 20">622,965</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="21">
      <p style="margin-right: 20">610,113</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
      <p>Total additions</td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21"><b>
      <p style="margin-right: 20">757,983</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">839,652</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
        <b>
        <p>Deductions
      </b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
        <p style="margin-left: 10">Benefits paid directly to participants
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21"><b>
      <p style="margin-right: 20">316,626</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">328,236</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
        <p style="margin-left: 10">Administrative expenses
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21"><b>
      <p style="margin-right: 20">626</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">675</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
        <p style="margin-left: 10">Net depreciation in fair value of investments
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="21"><b>
      <p style="margin-right: 20">1,252,979</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="21">
      <p style="margin-right: 20">1,130,195</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
        <p>Total deductions
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="21"><b>
      <p style="margin-right: 20">1,570,231</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="21">
      <p style="margin-right: 20">1,459,106</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
        <p>Net decrease
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21"><b>
      <p style="margin-right: 20">(812,248)</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">(619,454)</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
        <p>Assets available for benefits at beginning of year
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p style="margin-right: 20">7,889,381</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 20">8,508,835</td>
  </tr>
  <tr>
    <td WIDTH="60%" VALIGN="TOP" height="21">
        <p>Assets available for benefits at end of year
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21" style="border-bottom-style: solid"><b>
      <p style="margin-right: 20">$7,077,133</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" height="21" style="border-bottom-style: solid">
      <p style="margin-right: 20">$ 7,889,381</td>
  </tr>
</table>
    </center>
    </div>
<i><font SIZE="4">
</font>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <blockquote>
<p>See accompanying notes.</p>
        </blockquote>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
</i><font FACE="Times" SIZE="4">
<p ALIGN="CENTER">Employees&#39; Retirement Savings Plan<br>
for the Precision Stamping Division of<br>
Elco Textron Inc.</p>
<p ALIGN="CENTER">Notes to Financial Statements</p>
</font><font FACE="Times" SIZE="4">
<p ALIGN="CENTER">December 31, 2002</p>
</font><font FACE="New York">
<p>&nbsp;</p>
</font><b>
<p ALIGN="JUSTIFY">1. Description of the Plan</p>
</b>
<p ALIGN="JUSTIFY">The following brief description of the Employees&#39;
Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc.
(the Plan) is provided for general information purposes only.</p>
<b>
<p ALIGN="JUSTIFY">General</p>
</b>
<p ALIGN="JUSTIFY">The Plan is a defined contribution plan formed to provide a
retirement savings plan to employees of the Precision Stamping Division of Elco
Textron Inc. (the Company). The Plan provides for participant
tax&#45;deferred savings under Section 401(k) of the Internal Revenue (IRC)
and is subject to the provisions of the Department of Labor&#39;s Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974 (ERISA). All employees of the Company are eligible to
participate in the Plan after completing 90 days of service, as defined in the
Plan.</p>
<p ALIGN="JUSTIFY">Effective May 5, 2003, all hourly new hires will participate
only in the Textron Savings Plan (TSP) after meeting the required eligibility of
the TSP.</p>
<b>
<p ALIGN="JUSTIFY">Vesting and Forfeitures</p>
</b>
<p ALIGN="JUSTIFY">Participants are immediately vested in the value of their
contributions and related allocation of trust income or loss. Effective January
1, 2002, participants become fully vested in the value of contributions made by
the Company and related allocations of trust income or loss on a graduated
vesting schedule with full vesting after five years, as defined. Any forfeitures
are allocated to remaining Plan participants.</p>
<b>
<p ALIGN="JUSTIFY">Contributions</p>
</b>
<p ALIGN="JUSTIFY">Active participants may contribute up to 14% of their pretax
compensation, as defined by the Plan, subject to dollar limitations $11,000 in
2002 and $10,500 in 2001. The Plan provides for an employer matching
contribution of 25% of a participant&#39;s contribution, not to exceed 4% of
the participant&#39;s compensation. The Plan also provides for discretionary
Company contributions. The Company made no discretionary contributions in 2002
and 2001. Rollover contributions from other qualified plans are permitted.</p>
<b><font FACE="New York">
<p>Participant Notes Receivable</p>
</font></b><font FACE="New York">
<p ALIGN="JUSTIFY">Participants may borrow from their fund accounts up to a
maximum equal to the lesser of $50,000 or 50% of their vested account balance.
Loan terms range from 1&#45;5 years. The loans are secured by the balance in
the participant&#39;s account and bear interest at the current prime rate
plus 1%. Principal and interest is paid ratably through monthly payroll
deductions.</p>
</font><b>
<p ALIGN="JUSTIFY">Investment Options</p>
</b>
<p ALIGN="JUSTIFY">Participants are allowed to direct Company and employee
contributions in 10% increments in any of six investment fund options.
Participants may change their investment options quarterly.</p>
<b>
<p ALIGN="JUSTIFY">Participant Accounts</p>
</b>
<p ALIGN="JUSTIFY">Each participant&#39;s account is credited with the
participant&#39;s contribution and allocations of (a) the Company&#39;s
matching contributions and (b) Plan earnings. The benefit to which a participant
is entitled is the benefit that can be provided from the participant&#39;s
vested account.</p>
<b>
<p ALIGN="JUSTIFY">Payment of Benefits</p>
</b>
<p ALIGN="JUSTIFY">Upon termination of service, a participant may receive a
lump&#45;sum amount equal to the vested value of his or her account.</p>
<b>
<p ALIGN="JUSTIFY">Plan Termination</p>
</b>
<p ALIGN="JUSTIFY">Although it has not expressed any intent to do so, the
Company has the right under the Plan to discontinue its contributions at any
time and to terminate the Plan subject to the provisions of ERISA. In the event
of termination, participants become 100% vested in their accounts.</p>
<b>
<p ALIGN="JUSTIFY">2. Significant Accounting Policies</p>
<p ALIGN="JUSTIFY">Basis of Accounting</p>
</b>
<p ALIGN="JUSTIFY">The financial statements have been prepared on the accrual
basis of accounting.</p>
<b>
<p ALIGN="JUSTIFY">Investment Valuation</p>
</b>
<p ALIGN="JUSTIFY">The Plan&#39;s investments are stated at fair value. The
shares of the mutual funds are valued at quoted market prices which represent
the net asset values of the shares held by the Plan at year end. Shares of
Textron Inc. common stock are valued based on quoted market value. Money market
funds are reported at cost, which approximates fair value. Participant notes
receivable are valued at their outstanding balances, which approximate fair
value.</p>
<p ALIGN="JUSTIFY">Purchases and sales of securities are recorded on a
trade&#45;date basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex&#45;dividend date.</p>
<b>
<p>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 and assumptions that affect the amounts reported in
the financial statements and accompanying notes. Actual results could differ
from those estimates.</p>
<b>
<p ALIGN="JUSTIFY">Administrative Expenses</p>
</b>
<p ALIGN="JUSTIFY">Administrative expenses of the Plan are generally paid by the
Company.</p>
<b>
<p ALIGN="JUSTIFY">3. Investments</p>
</b>
<p ALIGN="JUSTIFY">The Plan&#39;s investments are held by Putnam Fiduciary
Trust Company (Putnam). The fair value of individual investments that exceed
five percent of the Plan&#39;s assets at December&#160;31 is as follows:</p>
    <div align="center">
      <center>
<table CELLSPACING="1" WIDTH="577">
  <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="18%" 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="18%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">
      <p>Textron Inc.&#45;&#45;common stock</td>
    <td WIDTH="18%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">$&nbsp;&nbsp; 896,418</b></td>
    <td WIDTH="18%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">$&nbsp;&nbsp; 781,933</td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">
        <p>The George Putnam Fund of Boston
    </td>
    <td WIDTH="18%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">1,418,646</b></td>
    <td WIDTH="18%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">1,612,570</td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">
        <p>Putnam Voyager Fund
    </td>
    <td WIDTH="18%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">1,519,820</b></td>
    <td WIDTH="18%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">2,058,566</td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">
        <p>One Group Equity Index Fund
    </td>
    <td WIDTH="18%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">1,876,125</b></td>
    <td WIDTH="18%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">2,264,196</td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">
        <p>One Group Prime Money Market Fund
    </td>
    <td WIDTH="18%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">944,947</b></td>
    <td WIDTH="18%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">873,833</td>
  </tr>
</table>
    </center>
    </div>
<p ALIGN="JUSTIFY">During the years ended December 31, 2002 and 2001, the
Plan&#39;s investments (including investments bought, sold, and held during
the year) appreciated (depreciated) in fair value, as follows:</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
    <div align="center">
      <center>
<table CELLSPACING="1" WIDTH="576">
  <tr>
    <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="36%" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="CENTER">Year ended December 31</b></td>
  </tr>
  <tr>
    <td WIDTH="64%" 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" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2001</b></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">
      <p>Investments at fair value as determined by quoted<br>
      &#160;&#160;&#160;&#160;market prices:</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mutual
      funds</td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p style="margin-right: 10" align="right">$(1,283,558)</b></td>
    <td WIDTH="19%" VALIGN="TOP">
      <p style="margin-right: 10" align="right">$(1,031,270)</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Textron
      Inc.&#45;&#45;common stock</td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p style="margin-right: 10" align="right">&nbsp;30,579</b></td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 10" align="right">(98,925)</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid"><b>
      <p style="margin-right: 10" align="right">$(1,252,979)</b></td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid">
      <p style="margin-right: 10" align="right">$(1,130,195)</td>
  </tr>
</table>
      </center>
      </div>
<b>
<p ALIGN="JUSTIFY">4. Income Tax Status</p>
</b>
<p ALIGN="JUSTIFY">The Plan has received a determination letter from the
Internal Revenue Service dated April 6, 1995, stating that the Plan is qualified
under Section 401(a) of the Internal Revenue Code (IRC) and, therefore, the
related trust is exempt from taxation. Once qualified, the Plan is required to
operate in conformity with the IRC to maintain its qualification. The Plan
Administrator believes the Plan is being operated in compliance with the
applicable requirements of the IRC and, therefore, believes that the Plan is
qualified and that the related trust is tax exempt.</p>
      <p ALIGN="center"><font SIZE="4">Employees&#39; Retirement Savings Plan<br>
for the Precision Stamping Division of<br>
Elco Textron Inc.</p>
<p ALIGN="CENTER">EIN No. 05&#45;0315468 Plan No. 012</p>
<p ALIGN="CENTER">Schedule G, Part III, Schedule of Non&#45;exempt
Transactions</p>
</font><font FACE="New York" SIZE="4">
<p ALIGN="CENTER">&nbsp;</p>
</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="673">
  <tr>
    <td WIDTH="29%" VALIGN="TOP" align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER"><br>
        <br>
        Identity of Issue
      </b></td>
    <td WIDTH="29%" VALIGN="TOP" align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">&nbsp;<br>
      Relationship to Plan, Employer or Other<br>
      Party&#45;in&#45;Interest</b></p>
    </td>
    <td WIDTH="43%" VALIGN="TOP" align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">Description of Transactions,<br>
      Including Maturity Date,<br>
      Rate of Interest, Par or<br>
      Maturity Value</b></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="43%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="29%" VALIGN="TOP">
      <blockquote>
        <p ALIGN="JUSTIFY">Textron Inc.
      </blockquote>
    </td>
    <td WIDTH="29%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Employer/Plan Sponsor</td>
    <td WIDTH="43%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Employee contributions totaling $50,996 for June 2002
      were deposited on August&#160;20, 2002.</td>
  </tr>
  <tr>
    <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="43%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="43%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">The Plan Sponsor remitted earnings of $6,515 on October
      21, 2002 on the late contributions and all participant accounts have been
      adjusted. In addition, the Plan Sponsor has also filed Form 5330 and
      remitted the appropriate excise tax to the U.S. Treasury.</td>
  </tr>
</table>
        </center>
      </div>
<font SIZE="4">
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">Employees&#39; Retirement Savings Plan<br>
for the Precision Stamping Division of<br>
Elco Textron Inc.</p>
<p ALIGN="CENTER">EIN No. 05&#45;0315468 Plan No. 012</p>
<p ALIGN="CENTER">Schedule H, Line 4i, Schedule of Assets (Held at End of Year)</p>
</font>
<p ALIGN="CENTER">December 31, 2002</p>
<p ALIGN="CENTER">&nbsp;</p>
      <div align="center">
        <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="612">
  <tr>
    <td WIDTH="46%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      <br>
      Identity of Issuer, Borrower,<br>
      Lessor or Similar Party</b></td>
    <td WIDTH="38%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">Description of Investments,<br>
      Including Maturity Date,<br>
      Rate of Interest, Collateral,<br>
      Par or Maturity Value</b></td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      <br>
      Current<br>
      Value</b></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="38%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP">
        <p>One Group Prime Money Market Fund*
    </td>
    <td WIDTH="38%" VALIGN="TOP">
      <p ALIGN="RIGHT" style="margin-right: 60">944,947 shares</td>
    <td WIDTH="15%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 10">$ 944,947</b></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP">
        <p>One Group Equity Index Fund*
    </td>
    <td WIDTH="38%" VALIGN="TOP">
      <p ALIGN="RIGHT" style="margin-right: 60">93,340 shares</td>
    <td WIDTH="15%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 10">1,876,125</b></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP">
        <p>One Group Bond Fund*
    </td>
    <td WIDTH="38%" VALIGN="TOP">
      <p ALIGN="RIGHT" style="margin-right: 60">18,427 shares</td>
    <td WIDTH="15%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 10">204,911</b></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP">
        <p>Putnam Voyager Fund*
    </td>
    <td WIDTH="38%" VALIGN="TOP">
      <p ALIGN="RIGHT" style="margin-right: 60">116,461 shares</td>
    <td WIDTH="15%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 10">1,519,820</b></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP">
        <p>The George Putnam Fund of Boston*
    </td>
    <td WIDTH="38%" VALIGN="TOP">
      <p ALIGN="RIGHT" style="margin-right: 60">95,661 shares</td>
    <td WIDTH="15%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 10">1,418,646</b></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP">
        <p>Textron Inc.&#45;&#45;common stock*
    </td>
    <td WIDTH="38%" VALIGN="TOP">
      <p ALIGN="RIGHT" style="margin-right: 60">20,852 shares</td>
    <td WIDTH="15%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 10">896,418</b></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="38%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" align="right">
      <p style="margin-right: 10">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP">
        <p>Participant notes receivable*
    </td>
    <td WIDTH="38%" VALIGN="TOP">
      <p ALIGN="CENTER">6.5% to 10.5%</td>
    <td WIDTH="15%" VALIGN="TOP" align="right"><b>
      <p style="border-bottom-style: solid; border-bottom-width: 1; margin-right: 10">167,776</b></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="38%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" align="right"><b>
      <p style="border-bottom-style: solid; margin-right: 10">$7,028,643</b></td>
  </tr>
</table>
    </center>
    </div>
    <blockquote>
      <blockquote>
        <blockquote>
          <blockquote>
<p>* Indicates a party in interest to the Plan.</p>
          </blockquote>
        </blockquote>
      </blockquote>
    </blockquote>
<font FACE="New York">
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>

</body>

</html>

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

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

<body>

<font SIZE="4">
<p ALIGN="RIGHT">Exhibit 23</p>
</font>
<p>&nbsp;</p>
<font SIZE="4">
<p ALIGN="CENTER">Consent of Independent Auditors</p>
</font>
<p>&nbsp;</p>
<p ALIGN="JUSTIFY">We consent to the incorporation by reference in the
Registration Statement (Form S&#45;8 No. 333&#45;07121) pertaining to
the Employees&#39; Retirement Savings Plan for the Precision Stamping
Division of Elco Textron Inc. of our report dated May 20, 2003, with respect to
the financial statements and schedule of the Employees&#39; Retirement
Savings Plan for the Precision Stamping Division of Elco Textron Inc. included
in this Annual Report (Form 11&#45;K) for the year ended December 31, 2002.</p>
<p>&nbsp;</p>
<p align="left" style="margin-left: 500">s/ERNST & YOUNG LLP</p>
<p align="left">Providence, Rhode Island<br>
June 23, 2003</p>
<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>

</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">Exhibit 99.1</p>
<b><font SIZE="3">
<p ALIGN="CENTER">&nbsp;</p>
<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 ALIGN="JUSTIFY">In connection with the Annual Report of the </font>Employees&#39;
Retirement Savings Plan for the Precision Stamping Division of Elco Textron Inc.
<font SIZE="3">(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, Richard Clayton, Chairman, President
and Chief Executive Officer of Elco 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; and</p>
      <p ALIGN="JUSTIFY">(2) The information contained in the Report fairly
      presents, in all material respects, the assets available for benefits and
      changes in assets available for benefits of the Plan</font>.</p>
  </blockquote>
</blockquote>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="840">
  <tr>
    <td WIDTH="206" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="226" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="330" VALIGN="TOP"><font SIZE="3">
      <p>Elco Textron Inc., as Plan Administrator</p>
      </font></td>
    <td WIDTH="52" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="206" VALIGN="TOP"><font SIZE="3">
      <p>Date: June 27, 2003</font></td>
    <td WIDTH="226" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="330" VALIGN="TOP"><font SIZE="3">
      <p style="border-bottom-style: solid; border-bottom-width: 1">s/Richard Clayton</font></td>
    <td WIDTH="52" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="206" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="226" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="330" VALIGN="TOP"><font SIZE="3">
      <p>Richard Clayton</font></td>
    <td WIDTH="52" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="206" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="226" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="330" VALIGN="TOP"><font SIZE="3">
      <p>President and Chief Executive Officer</font></td>
    <td WIDTH="52" VALIGN="TOP">&nbsp;</td>
  </tr>
</table>
<font SIZE="3">
<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>
</font>

</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">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, James A. Mallak, Executive Vice President
& Chief Financial Officer of Elco 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>
    <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; and</p>
  </font><font FACE="New York" SIZE="3">
  <p>(2) The information contained in the Report fairly presents, in all
  material respects, the assets available for benefits and changes in assets
  available for benefits of the Plan.</p>
  </font>
</blockquote>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="874">
  <tr>
    <td WIDTH="206" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="259" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="333" VALIGN="TOP"><font SIZE="3">
      <p>Textron Inc., as Plan Administrator</font></td>
    <td WIDTH="50" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="206" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="259" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="333" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="50" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="206" VALIGN="TOP"><font SIZE="3">
      <p>Date: June 27, 2003</font></td>
    <td WIDTH="259" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="333" VALIGN="TOP"><font SIZE="3">
      <p style="border-bottom-style: solid; border-bottom-width: 1">s/James A. Mallak</font></td>
    <td WIDTH="50" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="206" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="259" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="333" VALIGN="TOP"><font SIZE="3">
      <p>James A. Mallak</font></td>
    <td WIDTH="50" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="206" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="259" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="333" VALIGN="TOP"><font SIZE="3">
      <p>Executive Vice President and Chief<br>
      Financial Officer</font></td>
    <td WIDTH="50" VALIGN="TOP">&nbsp;</td>
  </tr>
</table>
<font SIZE="3">
<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>
</font>

</body>

</html>

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