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<SEC-DOCUMENT>0000217346-03-000061.txt : 20031016
<SEC-HEADER>0000217346-03-000061.hdr.sgml : 20031016
<ACCEPTANCE-DATETIME>20031016080323
ACCESSION NUMBER:		0000217346-03-000061
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030927
ITEM INFORMATION:		
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20031016

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05480
		FILM NUMBER:		03942848

	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>8-K
<SEQUENCE>1
<FILENAME>k.htm
<TEXT>
<html>

<head>
<title>UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON</title>
</head>

<body>

<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">UNITED STATES SECURITIES AND EXCHANGE COMMISSION<br>
WASHINGTON, D.C. 20549<br>
</p>
<p ALIGN="CENTER">FORM 8&#45;K<br>
CURRENT REPORT<br>
</p>
<p ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the<br>
Securities Exchange Act of 1934<br>
</p>
<u>
<p ALIGN="CENTER">October 16, 2003<br>
(Date of earliest event reported)</p>
</u>
<p ALIGN="CENTER">&nbsp;</p>
<u>
<p ALIGN="CENTER">TEXTRON INC.<br>
</u>(Exact name of Registrant as specified in its charter)</p>
<p ALIGN="CENTER">&nbsp;</p>
<center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="591">
  <tr>
    <td WIDTH="31%" VALIGN="TOP">
      <p ALIGN="CENTER" style="border-bottom-style: solid; border-bottom-width: 1">Delaware</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="33%" VALIGN="TOP">
      <p ALIGN="CENTER" style="border-bottom-style: solid; border-bottom-width: 1">I&#45;5480</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="31%" VALIGN="TOP">
      <p ALIGN="CENTER" style="border-bottom-style: solid; border-bottom-width: 1">05&#45;0315468</td>
  </tr>
  <tr>
    <td WIDTH="31%" VALIGN="TOP">
      <p ALIGN="CENTER">(State of<br>
      Incorporation)</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="33%" VALIGN="TOP">
      <p ALIGN="CENTER">(Commission File No.)</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="31%" VALIGN="TOP">
      <p ALIGN="CENTER">(IRS Employer<br>
      Identification No.)</td>
  </tr>
</table>
</center>
<p ALIGN="JUSTIFY">&nbsp;</p>
<u>
<p ALIGN="CENTER">&#160;&#160;&#160;&#160;&#160;40
Westminster Street, Providence, Rhode Island
02903&#160;&#160;&#160;&#160;<br>
</u>(Address of principal executive offices, including zip code)</p>
<p ALIGN="CENTER">&nbsp;</p>
<u>
<p ALIGN="CENTER">&#160;&#160;&#160;&#160;(401)
421&#45;2800&#160;&#160;&#160;&#160;<br>
</u>(Registrant&#39;s telephone number, including area code)</p>
<p ALIGN="CENTER">&nbsp;</p>
<u>
<p ALIGN="CENTER">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;N/A&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br>
</u>(Former name or former address, if changed since last report)</p>
<font SIZE="2">
<p>&nbsp;</p>
</font>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="590">
  <tr>
    <td WIDTH="16%" VALIGN="TOP"><b>
      <p>Item 9.</b></td>
    <td WIDTH="84%" VALIGN="TOP"><b>
      <p>Regulation FD Disclosure and</b></td>
  </tr>
  <tr>
    <td WIDTH="16%" VALIGN="TOP"><b>
      <p>Item 12.</b></td>
    <td WIDTH="84%" VALIGN="TOP"><b>
      <p>Results of Operations and Financial Condition</b></td>
  </tr>
</table>
<p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;On October
16, 2003, Textron Inc. issued a press release announcing its financial results
for the fiscal quarter ended September 27, 2003. This press release is attached
hereto and incorporated herein by reference as Exhibit 99.</p>
<p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;The
information in this Form 8&#45;K and the Exhibits hereto shall not be deemed
&quot;filed&quot; for the purposes of Section 18 of the Securities Exchange Act
of 1934 and shall not be deemed incorporated by reference in any filing under
the Securities Act of 1933 or the Exchange Act.</p>
<p ALIGN="CENTER">SIGNATURES</p>
<p ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</p>
<table CELLSPACING="0" CELLPADDING="1" WIDTH="803">
  <tr>
    <td WIDTH="423" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="372" VALIGN="TOP">
      <p ALIGN="JUSTIFY">TEXTRON INC.</td>
  </tr>
  <tr>
    <td WIDTH="423" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="372" VALIGN="TOP">
      <p ALIGN="JUSTIFY">(Registrant)</td>
  </tr>
</table>
<p ALIGN="JUSTIFY">&nbsp;</p>
<table CELLSPACING="0" CELLPADDING="1" WIDTH="835">
  <tr>
    <td WIDTH="420" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56" VALIGN="TOP">
      <p ALIGN="JUSTIFY">By:</td>
    <td WIDTH="347" VALIGN="TOP"><u>
      <p ALIGN="JUSTIFY">s/Michael D. Cahn</u></td>
  </tr>
  <tr>
    <td WIDTH="420" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Name:</td>
    <td WIDTH="347" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Michael D. Cahn</td>
  </tr>
  <tr>
    <td WIDTH="420" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Title:</td>
    <td WIDTH="347" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Senior Associate General Counsel&#45;Securities<br>
      and Assistant Secretary</td>
  </tr>
</table>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <blockquote>
          <blockquote>
            <blockquote>
              <blockquote>
                <blockquote>
                  <blockquote>
                    <blockquote>
                      <blockquote>
                        <p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>
                      </blockquote>
                    </blockquote>
                  </blockquote>
                </blockquote>
              </blockquote>
            </blockquote>
          </blockquote>
        </blockquote>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
<p ALIGN="JUSTIFY">Dated: October 16, 2003</p>
<font SIZE="2">
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>exhibit.htm
<TEXT>
<html>

<head>
<title>Corporate Communications Department</title>
</head>

<body>

<table CELLSPACING="0" CELLPADDING="1" WIDTH="716">
  <tr>
    <td WIDTH="23%" VALIGN="TOP" HEIGHT="23">
      <p><font face="Verdana" size="6"><b>TEXTRON</b></font></td>
    <td WIDTH="77%" VALIGN="TOP" COLSPAN="2" HEIGHT="23">
      <p align="right"><font face="Verdana"><b>Exhibit 99</b></font></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="23%" VALIGN="TOP"><font FACE="Verdana" SIZE="1" COLOR="#7f7f7f">
      <p>&nbsp;</p>
      <p>&nbsp;</p>
      <p>&nbsp;</p>
      <p>&nbsp;</p>
      </font></td>
    <td WIDTH="44%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1" COLOR="#7f7f7f">
      <p>Corporate Communications<br>
      Department</font></b></td>
    <td WIDTH="34%" VALIGN="TOP"><font FACE="Verdana" SIZE="1" COLOR="#7f7f7f">
      <p ALIGN="RIGHT"><br>
      <br>
      <br>
      <br>
      <br>
      <br>
      </font><b><font face="Verdana" color="#7f7f7f" size="5">NEWS Release</font></b></td>
  </tr>
</table>
<table CELLSPACING="0" CELLPADDING="1" WIDTH="686">
  <tr>
    <td WIDTH="48%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="2">
      <p>Investor/Media Contacts:<br>
      </font></b><font FACE="Verdana" SIZE="2">Doug Wilburne &#45;
      401&#45;457&#45;2353<br>
      Marc Kaplan &#45; 401&#45;457&#45;2502</p>
      </font></td>
    <td WIDTH="52%" VALIGN="TOP"><font FACE="Verdana" SIZE="2" COLOR="#7f7f7f">
      <p ALIGN="RIGHT"><br>
      <b>FOR IMMEDIATE RELEASE</b></font></td>
  </tr>
  <tr>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Verdana" SIZE="2">
      <p><br>
      </font></td>
    <td WIDTH="52%" VALIGN="TOP"><font FACE="Verdana" SIZE="2">
      <p><br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td VALIGN="TOP" COLSPAN="2" HEIGHT="54"><b><font FACE="Verdana">
      <p ALIGN="CENTER">Textron Reports Third Quarter Results</p>
      </font></b></td>
  </tr>
</table>
<b><font FACE="Verdana" SIZE="2">
<p>Providence, Rhode Island &#45; October 16, 2003</font></b><font FACE="Verdana" SIZE="2">
&#45; Textron Inc. (NYSE: TXT) reported third quarter 2003 income from
continuing operations of $47 million or $0.34 per share, compared to third
quarter 2002 income from continuing operations of $75 million or $0.55 per
share.</p>
<p>Including discontinued operations, third quarter 2003 net income was $47
million or $0.34 per share, compared with the third quarter of 2002 net income
of $71 million or $0.51 per share.</p>
<p>Revenues were $2.2 billion, down from $2.5 billion in 2002, reflecting lower
volumes at all businesses, except Kautex and Textron Systems, partially offset
by the favorable impact of foreign exchange at the Fastening Systems and
Industrial segments.</p>
<p>Third quarter 2003 earnings included $0.18 per share in after&#45;tax
costs related to restructuring and a $0.07 per share after&#45;tax charge
for unamortized issuance costs related to the redemption of the $500 million
Textron Capital I trust preferred securities during the quarter. Third quarter
2002 results included $0.16 per share in after&#45;tax costs related to
restructuring.</p>
<p>Excluding these items, third quarter 2003 adjusted earnings per share from
continuing operations were $0.59, compared to $0.71 per share in the third
quarter of 2002.</p>
<p>Cash flow from operating activities for the first nine months of 2003 was
$300 million, compared to $33 million during the same period last year. Free
cash flow before restructuring for the first nine months of 2003 was $183
million, compared to a use of cash of $99 million last year.</p>
<p>&quot;Overall, we performed slightly above our range of expectations for the
quarter, in spite of weaker than expected demand in our Fastening Systems,
E&#45;Z&#45;GO and Jacobsen end markets&quot; said Lewis B. Campbell,
Textron chairman, president and CEO. &quot;Our extensive cost reduction
initiatives, including restructuring, Textron Six Sigma and supply chain
management, contributed significantly to our performance.&quot;</p>
<p>Campbell added, &quot;While we have not yet seen signs of a recovery in
industrial demand, we are encouraged by a modest pick&#45;up in the business
jet market and a third straight quarter of credit stabilization at Textron
Financial. Moreover, we&#39;re confident that we will continue to make
substantial, permanent reductions in our cost structure. These improvements will
enable us to bolster our financial performance, while continuing to invest in
future organic growth.&quot;</p>
<b>
<p>Outlook</p>
</b>
<p>Textron expects full&#45;year 2003 earnings per share will be between
$2.60 and $2.70, with fourth quarter earnings per share between $0.71 and $0.81.
These estimates exclude restructuring costs and other special items. The company
expects full&#45;year 2003 cash flow from operations will be about $600
million, resulting in free cash flow before restructuring of about $400 million.</p>
<b>
<p>Presentation of Results and Outlook</p>
</b>
<p>On August 1, 2003, Textron Inc. sold certain assets and liabilities related
to its remaining product line within the OmniQuip business to JLG Industries,
Inc. Textron reclassified the aggregate financial results from this business,
and all the previously sold OmniQuip businesses, as discontinued operations in
the third quarter of 2003. Historical results from 1998 through the second
quarter of 2003 have been recast to reflect the transaction and are available
for downloading on Textron&#39;s investor relations homepage at
www.textron.com.</p>
<p>Textron presents adjusted results and outlook before restructuring costs and
other special items because such items are outside normal business operations,
as well as difficult to forecast accurately for specific periods. Such items are
either isolated or temporary in nature. Therefore, it is helpful to understand
results without these items, especially when comparing results to previous
periods or forecasting performance in future periods.</p>
<p>For example, Textron incurred $27 million in pre&#45;tax costs during the
third quarter for its restructuring program. The restructuring program, which is
designed to reduce overhead costs and rationalize manufacturing facilities, is
expected to be substantially complete in 2004. During the execution of the
restructuring program, the company is incurring costs that are supplementary to
the ongoing operating costs of the business. These costs are not directly
related to ongoing business results during the quarter and are not expected to
occur with any regularity or predictability.</p>
<p>Results before restructuring costs and other special items are also the basis
for measuring operating performance for management compensation purposes.
However, analysis of the company&#39;s results and outlook before
restructuring costs and other special items should be used only in conjunction
with data presented in accordance with Generally Accepted Accounting Principles
(GAAP). Reconciliations of the company&#39;s results and outlook to GAAP are
attached.</p>
<b>
<p>Third Quarter Segment Analysis</p>
<p>Bell</p>
</b>
<p>Bell segment revenues decreased $5 million, while profit increased $36
million.</p>
<p>Revenues decreased primarily due to lower revenues at Bell Helicopter. At
Bell Helicopter, lower commercial revenues were partially offset by higher U.S.
Government revenues. Commercial revenues decreased primarily due to lower
foreign military sales and lower commercial aircraft sales, partially offset by
higher sales of kits used to modernize older helicopter models and higher sales
of spare parts and services. U. S. Government revenues increased due to higher
revenues from the V&#45;22 program and from higher sales of training
helicopters and spare parts and services, partially offset by lower revenues
from the H&#45;1 upgrade program.</p>
<p>Segment profit increased primarily due to last year&#39;s costs related
to the recall and customer care program at Lycoming, as well as higher revenues
and a favorable mix in Bell Helicopter&#39;s U.S. Government business this
year. These increases were partially offset by lower profit in Bell
Helicopter&#39;s commercial business, primarily due to lower commercial
aircraft sales.</p>
<p>Backlog at Bell Helicopter was essentially flat with the second quarter at
$1.2 billion.</p>
<b>
<p>Cessna</p>
</b>
<p>Cessna segment revenues and profit decreased $229 million and $53 million,
respectively.</p>
<p>Revenues decreased due to lower sales volume of Citation business jets,
Caravans and used aircraft, partially offset by higher pricing and higher spare
parts and service sales. Profit decreased due to the lower sales volume and
inflation, partially offset by improved cost performance and higher pricing.</p>
<p>Backlog of $4.5 billion was up from the second quarter by $279 million.
Backlog included $365 million for the new Mustang, as Cessna began to convert
preliminary customer orders into firm orders with non&#45;refundable
deposits.</p>
<b>
<p>Fastening Systems</p>
</b>
<p>Fastening Systems&#39; revenues and profit decreased $7 million and $11
million, respectively.</p>
<p>Revenues decreased primarily due to lower sales volume and lower pricing,
substantially offset by the favorable impact of foreign exchange. Profit
decreased primarily due to the lower sales volume and unfavorable mix. Improved
cost performance and the favorable impact of foreign exchange were offset by
inflation and lower pricing.</p>
<b>
<p>Industrial</p>
</b>
<p>Industrial segment revenues increased $7 million, while profit decreased $13
million.</p>
<p>Revenues increased primarily due to the favorable impact of foreign exchange
and higher sales volume at Kautex, partially offset by lower sales volume in the
other Industrial businesses, primarily E&#45;Z&#45;GO and Jacobsen.
Profit decreased primarily due to the lower sales volume and unfavorable mix.
Improved cost performance and the favorable impact of foreign exchange were
offset by inflation and lower pricing.</p>
<b>
<p>Finance</p>
</b>
<p>Finance segment revenues decreased $8 million, while profit increased $5
million.</p>
<p>Revenues decreased primarily due to lower average finance receivables and
lower securitization gains. Profit increased due to a lower provision for loan
losses, partially offset by higher operating expense, and lower interest margin,
primarily due to the lower average finance receivables.</p>
<b><u>
<p>Conference Call Information</p>
</u></b>
<p>Textron will host a conference call today, October 16, 2003 at 9:00 a.m.
Eastern time to discuss the company&#39;s results and outlook. The call will
be available via webcast at www.textron.com or by direct dial at (888)
428&#45;4480 in the U.S. or (651) 291&#45;0900 outside of the U.S.
(request the Textron Earnings Conference). The call will be recorded and
available for playback beginning at 12:30 p.m. Eastern time today by dialing
(320) 365&#45;3844, Access Code: 671452. The recording will be available
until midnight on January 28, 2004.</p>
</font><font FACE="Verdana" SIZE="1">
<p>Textron Inc. is an $11 billion multi&#45;industry company with 49,000
employees in 40 countries. The company leverages its global network of
businesses to provide customers with innovative solutions and services in
industries such as aircraft, fastening systems, industrial products and
components and finance. Textron is known around the world for its powerful
brands such as Bell Helicopter, Cessna Aircraft, Kautex, Lycoming,
E&#45;Z&#45;GO and Greenlee, among others. More information is available
at </font><font face="Verdana" size="2">www.textron.com.</font></p>
<font FACE="Verdana" SIZE="2">
<p ALIGN="CENTER">###</p>
<i>
<p>Forward&#45;looking Information: Certain statements in this release and
other oral and written statements made by Textron from time to time are
forward&#45;looking statements, including those that discuss strategies,
goals, outlook or other non&#45;historical matters; or project revenues,
income, returns or other financial measures. These forward&#45;looking
statements are subject to risks and uncertainties that may cause actual results
to differ materially from those contained in the statements, including the
following: (a) the extent to which Textron is able to achieve savings from its
restructuring plans; (b) uncertainty in estimating the amount and timing of
restructuring charges and related costs; (c) changes in worldwide economic and
political conditions that impact interest and foreign exchange rates; (d) the
occurrence of work stoppages and strikes at key facilities of Textron or
Textron&#39;s customers or suppliers; (e) government funding and program
approvals affecting products being developed or sold under government programs;
(f) cost and delivery performance under various program and development
contracts; (g) the adequacy of cost estimates for various customer care programs
including servicing warranties; (h) the ability to control costs and successful
implementation of various cost reduction programs; (i) the timing of
certifications of new aircraft products; (j) the occurrence of further downturns
in customer markets to which Textron products are sold or supplied or where
Textron Financial offers financing; (k) changes in aircraft delivery schedules
or cancellation of orders (l) Textron&#39;s ability to offset, through cost
reductions, raw material price increases and pricing pressure brought by
original equipment manufacturer customers; (m) the availability and cost of
insurance; (n) pension plan income falling below current forecasts; (o) Textron
Financial&#39;s ability to maintain portfolio credit quality; (p) Textron
Financial&#39;s access to debt financing at competitive rates; and (q)
uncertainty in estimating contingent liabilities and establishing reserves
tailored to address such contingencies.</p>
</i></font>

<b><font SIZE="2">
<p ALIGN="CENTER">TEXTRON INC.<br>
REVENUES AND INCOME BY BUSINESS SEGMENT<br>
THREE MONTHS ENDED SEPTEMBER 27, 2003 AND SEPTEMBER 28, 2002<br>
</font></b><font SIZE="2">(Dollars in millions except per share amounts)<br>
(Unaudited)</p>
<p ALIGN="CENTER">&nbsp;</p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="742">
    <tr>
      <td WIDTH="30%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="29%" VALIGN="TOP" COLSPAN="5" HEIGHT="5"><b><font SIZE="2">
        <p ALIGN="CENTER" style="border-bottom-style: solid; border-bottom-width: 1">September
        27, 2003</font></b></td>
      <td WIDTH="4%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="5%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="29%" VALIGN="TOP" COLSPAN="5" HEIGHT="5"><b><font SIZE="2">
        <p ALIGN="CENTER" style="border-bottom-style: solid; border-bottom-width: 1">September
        28, 2002</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="13%" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p ALIGN="CENTER">GAAP</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1">
        <p></p>
      </td>
      <td WIDTH="14%" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p ALIGN="CENTER">As Adjusted (a)</font></b></td>
      <td WIDTH="4%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="5%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="13%" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p ALIGN="CENTER">GAAP</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1">
        <p></p>
      </td>
      <td WIDTH="14%" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p ALIGN="CENTER">As Adjusted (a)</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><b><font SIZE="2">
        <p>REVENUES</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>MANUFACTURING: (b)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT" style="margin-right: 10">$</font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">521</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">521</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">526</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">526</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cessna</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">516</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">516</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">745</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">745</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastening Systems</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">404</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">404</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">411</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">411</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">654</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">654</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">647</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">647</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">2,095</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">2,095</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">2,329</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">2,329</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>FINANCE</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">148</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">148</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">156</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">156</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        revenues</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT" style="margin-right: 10">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">2,243</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">2,243</font></b></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">2,485</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">2,485</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><b><font SIZE="2">
        <p>PROFIT</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>MANUFACTURING: (b)(c)</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT" style="margin-right: 10">$</font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">69</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">69</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">33</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">33</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cessna</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">31</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">31</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">84</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">84</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastening Systems</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">10</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">10</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">21</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">21</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">23</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">23</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">36</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">36</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">133</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">133</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">174</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">174</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>FINANCE</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">24</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">24</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">19</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">19</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><b><font SIZE="2">
        <p>Segment profit</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">157</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">157</font></b></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">193</font></b></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">193</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>Special charges (c)(d)</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(42)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">-</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(33)</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">-</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>Corporate expenses and other - net</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(19)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(19)</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(26)</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(26)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>Interest expense, net</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(26)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(26)</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(30)</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(30)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>Income from continuing operations<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before income taxes and<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;distributions on preferred securities<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of subsidiary trusts</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT" style="margin-right: 10"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        <br>
        <br>
        70</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        <br>
        <br>
        112</font></td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="5%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        <br>
        <br>
        104</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        <br>
        <br>
        137</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p><br>
        <br>
        <br>
        </font></td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>Income taxes</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(23)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(31)</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(23)</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">(32)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>Distribution on preferred securities<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of manufacturing subsidiary trust,<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of income taxes (f)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT" style="margin-right: 10"><br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        <br>
        -</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        <br>
        -</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        <br>
        (6)</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        <br>
        (6)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><b><font SIZE="2">
        <p>Income from continuing operations</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">47</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">81</font></b></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">75</font></b></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">99</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>Loss from discontinued operations,<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of income taxes (g)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT" style="margin-right: 10"><br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        -</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        -</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        (4)</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        (4)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p>Net income</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT" style="margin-right: 10">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">47</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">81</font></b></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">71</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">95</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><b><font SIZE="2">
        <p>Earnings per share: (i)</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="10%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP">
        <p ALIGN="right" style="margin-right: 10">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><b><font SIZE="2">
        <p>Income from continuing operations</font></b></td>
      <td WIDTH="3%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="RIGHT" style="margin-right: 10">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">0.34</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">0.59</font></b></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">0.55</font></b></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="11%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">0.71</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>Loss from discontinued operations,<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of income taxes (g)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p ALIGN="RIGHT" style="margin-right: 10"><br>
        </font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        -</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        -</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        (0.04)</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10"><br>
        (0.03)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p>Net income</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT" style="margin-right: 10">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">0.34</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">0.59</font></b></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">0.51</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">0.68</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
        <p>Average diluted shares outstanding</font></td>
      <td WIDTH="13%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">136,828,000</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">136,828,000</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="13%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">139,145,000</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font SIZE="2">
        <p ALIGN="right" style="margin-right: 10">139,145,000</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<font SIZE="2">
<p ALIGN="CENTER">&nbsp;</p>
<b>
<p ALIGN="CENTER">TEXTRON INC.<br>
REVENUES AND INCOME BY BUSINESS SEGMENT<br>
NINE MONTHS ENDED SEPTEMBER 27, 2003 AND SEPTEMBER 28, 2002<br>
</b>(Dollars in millions except per share amounts)<br>
(Unaudited)</p>
<p ALIGN="CENTER">&nbsp;</p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="742">
    <tr>
      <td WIDTH="30%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="29%" VALIGN="TOP" COLSPAN="5" HEIGHT="5"><b><font SIZE="2">
        <p ALIGN="CENTER" style="border-bottom-style: solid; border-bottom-width: 1">September
        27, 2003</font></b></td>
      <td WIDTH="4%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="5%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="29%" VALIGN="TOP" COLSPAN="5" HEIGHT="5"><b><font SIZE="2">
        <p ALIGN="CENTER" style="border-bottom-style: solid; border-bottom-width: 1">September
        28, 2002</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="13%" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p ALIGN="CENTER">GAAP</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1">
        <p></p>
      </td>
      <td WIDTH="14%" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p ALIGN="CENTER">As Adjusted (a)</font></b></td>
      <td WIDTH="4%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="5%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="13%" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p ALIGN="CENTER">GAAP</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1">
        <p></p>
      </td>
      <td WIDTH="14%" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p ALIGN="CENTER">As Adjusted (a)</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><b><font SIZE="2">
        <p>REVENUES</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>MANUFACTURING: (b)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">1,673</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">1,673</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">1,610</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">1,610</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cessna</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">1,679</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">1,679</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">2,279</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">2,279</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastening Systems</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">1,280</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">1,280</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">1,238</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">1,238</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">2,110</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">2,110</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">2,005</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">2,005</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">6,742</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">6,742</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">7,132</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">7,132</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>FINANCE</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">454</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">454</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">449</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">449</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        revenues</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">7,196</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">7,196</font></b></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">7,581</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">7,581</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><b><font SIZE="2">
        <p>PROFIT</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>MANUFACTURING: (b)(c)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">165</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">165</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">102</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">102</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cessna</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">156</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">156</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">282</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">282</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastening Systems</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">49</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">49</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">52</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">52</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">97</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">97</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">108</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">108</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">467</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">467</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">544</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">544</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>FINANCE</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">73</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">73</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">70</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">70</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><b><font SIZE="2">
        <p>Segment profit</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">540</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">540</font></b></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">614</font></b></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">614</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>Special charges (c)(d)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">(94)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">-</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">(67)</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">-</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>Gain on sale of businesses (e)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">15</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">-</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">25</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">-</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>Corporate expenses and other - net</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">(81)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">(81)</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">(86)</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">(86)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>Interest expense, net</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">(72)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">(72)</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">(85)</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right">(85)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>Income from continuing operations<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before income taxes and<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;distribution on preferred securities<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of subsidiary trusts</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        <br>
        308</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        <br>
        387</font></td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="5%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        <br>
        401</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        <br>
        443</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p><br>
        <br>
        <br>
        </font></td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>Income taxes</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">(95)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">(116)</font></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">(124)</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right">(128)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>Distribution on preferred securities<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of manufacturing subsidiary trust,<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of income taxes (f)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        (13)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        (13)</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        (19)</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        (19)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><b><font SIZE="2">
        <p>Income from continuing operations</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">200</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">258</font></b></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">258</font></b></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">296</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>Loss from discontinued operations,<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of income taxes (g)</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        (24)</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        -</font></td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="5%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        (25)</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        (19)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>Cumulative effect of change<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in accounting principle, net<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of income taxes (h)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        -</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        -</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        (488)</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        -</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p>Net income (loss)</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">176</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">258</font></b></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">(255)</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">277</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><b><font SIZE="2">
        <p>Earnings per share: (i)</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><b><font SIZE="2">
        <p>Income from continuing operations</font></b></td>
      <td WIDTH="3%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">1.46</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">1.89</font></b></td>
      <td WIDTH="4%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">1.83</font></b></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="11%" VALIGN="TOP"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">2.10</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP"><font SIZE="2">
        <p>Loss from discontinued operations,<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of income taxes (g)</font></td>
      <td WIDTH="3%" VALIGN="TOP"><b><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></b></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        (0.17)</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        -</font></td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="5%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="3%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        (0.17)</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        (0.13)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>Cumulative effect of change<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in accounting principle, net<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of income taxes (h)</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        -</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        -</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        (3.47)</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 20" align="right"><br>
        <br>
        -</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p>Net income (loss)</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">1.29</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">1.89</font></b></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">(1.81)</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid"><b><font SIZE="2">
        <p style="margin-right: 20" align="right">1.97</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
        <p>Average diluted shares outstanding</font></td>
      <td WIDTH="13%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font SIZE="2">
        <p style="margin-right: 20" align="right">136,761,000</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font SIZE="2">
        <p style="margin-right: 20" align="right">136,761,000</font></td>
      <td WIDTH="4%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="5%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="13%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font SIZE="2">
        <p style="margin-right: 20" align="right">140,820,000</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font SIZE="2">
        <p style="margin-right: 20" align="right">140,820,000</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<font SIZE="2">
<p ALIGN="CENTER">&nbsp;</p>
<b>
<p ALIGN="CENTER">TEXTRON INC.<br>
REVENUES AND INCOME BY BUSINESS SEGMENT<br>
THREE AND NINE MONTHS ENDED SEPTEMBER 27, 2003 AND SEPTEMBER 28, 2002<br>
</b>(Dollars in millions except per share amounts)<br>
(Unaudited)</p>
<blockquote>
  <p>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The &quot;As Adjusted&quot; column
  excludes items recorded in special charges, the gain on sale of businesses,
  the cumulative effect of change in accounting principle and amounts previously
  recorded as special charges that have been reclassified as discontinued
  operations. Textron presents its results &quot;as adjusted&quot;, before
  restructuring and other special items, because such items are outside normal
  business operations, as well as difficult to forecast accurately for specific
  periods. Such items are either isolated or temporary in nature; therefore, it
  is helpful to understand results without these items, especially when
  comparing results for previous periods or forecasting performance in future
  periods. In addition, Textron uses &quot;as adjusted&quot; results to measure
  operating performance for management compensation purposes. Any analysis of
  results before restructuring costs and other special items should be used only
  in conjunction with data presented in accordance with Generally Accepted
  Accounting Principles (GAAP). A reconciliation of net income as reported under
  GAAP to income from continuing operations, as adjusted is as follows:</p>
</font>
</blockquote>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="773">
    <tr>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
      <td WIDTH="55%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
      <td WIDTH="20%" VALIGN="TOP" COLSPAN="5" HEIGHT="16"><b><font SIZE="2">
        <p ALIGN="CENTER" style="border-bottom-style: solid; border-bottom-width: 1">Third
        Quarter</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
      <td WIDTH="19%" VALIGN="TOP" COLSPAN="5" HEIGHT="16"><b><font SIZE="2">
        <p ALIGN="CENTER" style="border-bottom-style: solid; border-bottom-width: 1">Nine
        Months</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
    </tr>
    <tr>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
      <td WIDTH="55%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2" HEIGHT="16" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p ALIGN="CENTER">2003</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="16" style="border-bottom-style: solid; border-bottom-width: 1">
        <p></p>
      </td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2" HEIGHT="16" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p ALIGN="CENTER">2002</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2" HEIGHT="16" align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p>2003</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="16" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
        <p></p>
      </td>
      <td WIDTH="8%" VALIGN="TOP" COLSPAN="2" HEIGHT="16" align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
        <p>2002</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
    </tr>
    <tr>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
      <td WIDTH="55%" VALIGN="TOP" HEIGHT="16"><font SIZE="2">
        <p>GAAP net income (loss)</font></td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="16"><font SIZE="2">
        <p>$</font></td>
      <td WIDTH="6%" VALIGN="TOP" HEIGHT="16"><font SIZE="2">
        <p style="margin-right: 10" align="right">47</font></td>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="16"><font SIZE="2">
        <p>$</font></td>
      <td WIDTH="6%" VALIGN="TOP" HEIGHT="16"><font SIZE="2">
        <p style="margin-right: 10" align="right">71</font></td>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="16"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="6%" VALIGN="TOP" HEIGHT="16"><font SIZE="2">
        <p style="margin-right: 10" align="right">176</font></td>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="16"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="6%" VALIGN="TOP" HEIGHT="16"><font SIZE="2">
        <p style="margin-right: 10" align="right">(255)</font></td>
      <td WIDTH="2%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
    </tr>
    <tr>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="55%" VALIGN="TOP"><font SIZE="2">
        <p>Adjustments:</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP">
        <p style="margin-right: 10" align="right">&nbsp;</p>
      </td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP">
        <p style="margin-right: 10" align="right">&nbsp;</p>
      </td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP">
        <p style="margin-right: 10" align="right">&nbsp;</p>
      </td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP">
        <p style="margin-right: 10" align="right">&nbsp;</p>
      </td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="55%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special charges</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">42</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">33</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">94</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">67</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="55%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of businesses</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">-</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">-</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">(15)</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">(25)</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="55%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax impact of excluded items</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">(8)</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">(9)</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">(21)</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">(4)</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="55%" VALIGN="TOP"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations, net of income
        taxes</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">-</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">4</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">24</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
        <p style="margin-right: 10" align="right">25</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="55%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative effect of change in
        accounting<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; principle,
        net of income taxes</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p><br>
        </font></td>
      <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 10" align="right"><br>
        -</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p><br>
        </font></td>
      <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 10" align="right"><br>
        -</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 10" align="right"><br>
        -</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
        <p style="margin-right: 10" align="right"><br>
        488</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="55%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
        <p>Income from continuing operations, as adjusted</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
        <p>$</font></td>
      <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
        <p style="margin-right: 10" align="right">81</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
        <p>$</font></td>
      <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
        <p style="margin-right: 10" align="right">99</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
        <p style="margin-right: 10" align="right">258</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
        <p style="margin-right: 10" align="right">296</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<blockquote>
  <font SIZE="2">
  <p>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June 2003, Textron reorganized its
  segments in order to streamline the management reporting structure. Under the
  new structure, Textron Systems and Textron Lycoming were combined with Bell
  Helicopter to form the new Bell segment and Cessna Aircraft was reported
  separately as a new segment. The remaining Industrial Products and Industrial
  Components businesses were combined to form the new Industrial segment.
  Textron reports under the following segments: Bell, Cessna, Fastening Systems,
  Industrial and Finance. Prior periods have been recast to reflect this change.</p>
  <p>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective December 29, 2002, Textron
  adopted Statement of Financial Accounting Standard (SFAS) No. 146,
  &quot;Accounting for Costs Associated with Exit or Disposal Activities&quot;.
  Upon adoption, costs related to restructuring that were previously recorded in
  segment profit are now included with severance costs, contract termination
  costs, and asset impairment write-downs in special charges. Costs related to
  restructuring that were recorded in segment profit in prior periods have been
  reclassified to special charges to conform to this presentation.</p>
  <p>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special charges include 1) restructuring
  expenses and fixed asset impairment charges associated with reducing overhead
  and closing, consolidating and downsizing manufacturing facilities, reducing
  corporate and segment personnel, consolidating operations and exiting non-core
  product lines, 2) goodwill and other intangible asset impairment charges and,
  3) $15 million in unamortized issuance costs written off upon the redemption
  of the preferred securities described in footnote (f).</p>
  <p>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the first quarter of 2003, Textron
  recorded a gain on the sale of its interest in an Italian automotive joint
  venture to Collins &amp; Aikman. Textron sold its Automotive Trim business to
  Collins &amp; Aikman in the fourth quarter of 2001 and recorded an adjustment
  to the gain in the second quarter of 2002 as a result of transactions
  associated with the divestiture.</p>
  <p>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textron Inc. redeemed the $500 million
  Textron Capital I trust preferred securities in July 2003. The redemption was
  mandatory following Textron's call of its 7.92% Junior Subordinated Deferrable
  Interest Debentures, which were held by the trust and also redeemed in July
  2003.</p>
  <p>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August 1, 2003, Textron consummated the
  sale of its remaining Omniquip business to JLG Industries, Inc. and has
  reclassified the financial results of the OmniQuip division, net of income
  taxes, to discontinued operations.</p>
  <p>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the implementation of SFAS No. 142
  &quot;Goodwill and Other Intangible Assets&quot;, Textron recorded a $488
  million after-tax transitional goodwill impairment charge comprised of $385
  million in the Industrial segment, $88 million in the Fastening Systems
  segment and $15 million in the Finance segment. As required by the Statement,
  these charges were recorded retroactively to the beginning of fiscal year 2002
  as a cumulative effect of a change in accounting principle.</p>
  <p>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of GAAP EPS to EPS from
  continuing operations, as adjusted:</p>
  </blockquote>
</font>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="861">
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" COLSPAN="5"><b><font SIZE="2">
      <p ALIGN="CENTER" style="border-bottom-style: solid; border-bottom-width: 1">Third
      Quarter</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="21%" VALIGN="TOP" COLSPAN="5"><b><font SIZE="2">
      <p ALIGN="CENTER" style="border-bottom-style: solid; border-bottom-width: 1">Nine
      Months</font></b></td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
      <p ALIGN="CENTER">2003</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
      <p ALIGN="CENTER">2002</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
      <p ALIGN="CENTER">2003</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="10%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="2">
      <p ALIGN="CENTER">2002</font></b></td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56%" VALIGN="TOP"><font SIZE="2">
      <p>GAAP EPS</font></td>
    <td WIDTH="2%" VALIGN="TOP"><font SIZE="2">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="7%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">0.34</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP"><font SIZE="2">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">0.51</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP"><font SIZE="2">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="7%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">1.29</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP"><font SIZE="2">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="7%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">(1.81)</font></td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56%" VALIGN="TOP"><font SIZE="2">
      <p>Adjustments:</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="7%" VALIGN="TOP">
      <p style="margin-right: 10" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">
      <p style="margin-right: 10" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="7%" VALIGN="TOP">
      <p style="margin-right: 10" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="7%" VALIGN="TOP">
      <p style="margin-right: 10" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56%" VALIGN="TOP"><font SIZE="2">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special charges</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="7%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">0.25</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">0.16</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="7%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">0.52</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="7%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">0.33</font></td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56%" VALIGN="TOP"><font SIZE="2">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of businesses</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="7%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">-</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">-</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="7%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">(0.09)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="7%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">(0.06)</font></td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56%" VALIGN="TOP"><font SIZE="2">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="7%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">-</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">0.04</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="7%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">0.17</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="7%" VALIGN="TOP"><font SIZE="2">
      <p style="margin-right: 10" align="right">0.17</font></td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative effect of change in<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accounting
      principle</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="7%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
      <p style="margin-right: 10" align="right"><br>
      -</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
      <p style="margin-right: 10" align="right"><br>
      -</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="7%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
      <p style="margin-right: 10" align="right"><br>
      -</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="7%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">
      <p style="margin-right: 10" align="right"><br>
      3.47</font></td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
      <p>EPS from continuing operations, as adjusted</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="7%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
      <p style="margin-right: 10" align="right">0.59</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
      <p style="margin-right: 10" align="right">0.71</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="7%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
      <p style="margin-right: 10" align="right">1.89</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="7%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="2">
      <p style="margin-right: 10" align="right">2.10</font></td>
  </tr>
</table>
<p ALIGN="left">&nbsp;</p>
<b><font SIZE="2">
<p ALIGN="CENTER">TEXTRON INC.<br>
Condensed Consolidated Balance Sheets<br>
</font></b><font SIZE="3">(In millions)<br>
(Unaudited)</p>
<p ALIGN="CENTER">&nbsp;</p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="679">
    <tr>
      <td WIDTH="64%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="3">
        <p ALIGN="CENTER">September 27,<br>
        2003</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font SIZE="3">
        <p ALIGN="CENTER">December 28,<br>
        2002</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><b><font SIZE="3">
        <p>Assets</font></b></td>
      <td WIDTH="16%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>Cash and cash equivalents</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>Accounts receivable, net</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">1,350</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">1,159</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>Inventories</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">1,525</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">1,566</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>Other current assets</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">631</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">732</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>Net property</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">1,905</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">1,955</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>Other assets</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">3,043</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">2,925</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>Assets of discontinued operations</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">-</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">237</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="3">
        <p>Textron Finance assets</font></td>
      <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">6,906</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">6,654</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="3">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        Assets</font></td>
      <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">$15,550</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">$15,514</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><b><font SIZE="3">
        <p>Liabilities and Shareholders' Equity</font></b></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>Current portion of long-term debt and short-term debt</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>Other current liabilities</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">2,124</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">2,181</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>Other liabilities</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">2,053</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">2,014</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>Mandatorily redeemable preferred securities</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">-</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">485</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>Long-term debt</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">1,661</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">1,683</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>Liabilities of discontinued operations</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">-</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">86</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="3">
        <p>Textron Finance liabilities</font></td>
      <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">5,859</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">5,634</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        Liabilities</font></td>
      <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">12,010</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">12,108</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="3">
        <p>Total Shareholders' Equity</font></td>
      <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">3,540</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">3,406</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP" HEIGHT="16" style="border-bottom-style: solid"><font SIZE="3">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        Liabilities and Shareholders' Equity</font></td>
      <td WIDTH="16%" VALIGN="TOP" HEIGHT="16" style="border-bottom-style: solid"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">$15,550</font></td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="16" style="border-bottom-style: solid">
        <p>&nbsp;</p>
      </td>
      <td WIDTH="15%" VALIGN="TOP" HEIGHT="16" style="border-bottom-style: solid"><font SIZE="3">
        <p ALIGN="RIGHT" style="margin-right: 20">$15,514</font></td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="16" style="border-bottom-style: solid">
        <p></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<b><font FACE="Verdana" SIZE="3">
<p ALIGN="CENTER">Textron Inc.</p>
<p ALIGN="CENTER">Reconciliation of GAAP Measures to Non-GAAP Measures</p>
<p ALIGN="CENTER">(Dollars in millions except per share amounts)</p>
</font></b>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="751">
    <tr>
      <td WIDTH="46%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="23%" VALIGN="TOP" COLSPAN="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">Fourth Quarter</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="26%" VALIGN="TOP" COLSPAN="4" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">Full Year</font></b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2003<br>
        Outlook</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2002<br>
        Actual</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2003<br>
        Outlook</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2002<br>
        Actual</font></b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>GAAP EPS</font></b></td>
      <td WIDTH="2%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="11%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">.34 - .44</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" COLSPAN="2"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">.95</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="14%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">1.63 - 1.73</font></b></td>
      <td WIDTH="3%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">(.88)</font></b></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Adjustments:</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="2%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2">
        <p style="margin-right: 10" align="right">&nbsp;</p>
      </td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP" align="center">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP">
        <p style="margin-right: 10" align="right">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of businesses</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">-</font></td>
      <td WIDTH="2%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">-</font></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP" align="center"><font FACE="Verdana" SIZE="1">
        <p>(.09)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">(.06)</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special charges</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">.37</font></td>
      <td WIDTH="2%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">.32</font></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP" align="center"><font FACE="Verdana" SIZE="1">
        <p>.89</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">.64</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations, net of income
        taxes*</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">-</font></td>
      <td WIDTH="2%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">(.17)</font></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP" align="center"><font FACE="Verdana" SIZE="1">
        <p>.17</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">.01</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative effect of change in
        accounting<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;principle,
        net of income taxes</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p><br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER"><br>
        -</font></td>
      <td WIDTH="2%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        -</font></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" align="center"><font FACE="Verdana" SIZE="1">
        <p><br>
        -</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        3.48</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p>Adjusted EPS from continuing operations</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">.71 - .81</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">1.10</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="14%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2.60 - 2.70</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">3.19</font></b></td>
    </tr>
  </table>
  </center>
</div>
<p>&nbsp;</p>
<div align="center">
  <center>
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="756">
    <tr>
      <td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER"><br>
        Third Quarter</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="18%" VALIGN="TOP" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">September<br>
        Year-to-Date</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="20%" VALIGN="TOP" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER"><br>
        Full Year</font></b></td>
    </tr>
    <tr>
      <td WIDTH="37%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2003<br>
        Actual</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2002<br>
        Actual</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2003<br>
        Actual</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2002<br>
        Actual</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2003<br>
        Outlook</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2002<br>
        Actual</font></b></td>
    </tr>
    <tr>
      <td WIDTH="37%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>Cash flow from operations - GAAP**</font></b></td>
      <td WIDTH="2%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="8%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">145</font></b></td>
      <td WIDTH="2%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="8%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">26</font></b></td>
      <td WIDTH="2%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>$</font></b></td>
      <td WIDTH="8%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">300</font></b></td>
      <td WIDTH="2%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>$</font></b></td>
      <td WIDTH="8%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">33</font></b></td>
      <td WIDTH="2%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="10%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">604</font></b></td>
      <td WIDTH="2%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="8%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">495</font></b></td>
    </tr>
    <tr>
      <td WIDTH="37%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures and lease<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additions</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        (80)</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        (65)</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p><br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        (198)</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p><br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        (207)</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        (315)</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        (301)</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds on sale of fixed assets</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">12</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">16</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">41</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">41</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">46</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">62</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Free cash flow after restructuring</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">77</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">(23)</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">143</font></td>
      <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">(133)</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="10%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">335</font></td>
      <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">256</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p>After-tax cash used for restructuring<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;activities</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        15</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        12</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        40</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        34</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        65</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        58</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p>Free cash flow before restructuring<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- as adjusted</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        92</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        (11)</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p><br>
        $</font></b></td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        183</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p><br>
        $</font></b></td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        (99)</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        400</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        314</font></b></td>
    </tr>
  </table>
  </center>
</div>
<blockquote>
  <blockquote>
    <p>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fourth quarter of 2002 includes an
    after-tax gain of $0.25 per share from the sale of the Snorkel business.</p>
    <p>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the increasing significance of
    foreign exchange rate fluctuations on cash and cash equivalents, Textron now
    separately reports the effect of foreign exchange rate changes on cash and
    cash equivalents from its cash flow from operations. Prior period amounts
    have been reclassified to conform to this new presentation.</p>
  </blockquote>
  <font FACE="Verdana" SIZE="2">
  </blockquote>
</font>

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