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<SEC-DOCUMENT>0000217346-04-000059.txt : 20040625
<SEC-HEADER>0000217346-04-000059.hdr.sgml : 20040625
<ACCEPTANCE-DATETIME>20040625144121
ACCESSION NUMBER:		0000217346-04-000059
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040625

FILER:

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

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05480
		FILM NUMBER:		04881850

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

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

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

<head>
<title>SECURITIES AND EXCHANGE COMMISSION&nbsp;&nbsp; WASHINGTON</title>
</head>

<body>

<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION<br>
<br>
<br>
WASHINGTON, D.C. 20549<br>
<br>
<br>
<br>
<br>
FORM 11&#45;K<br>
</p>
</font>
<div align="center">
  <center>
<table CELLSPACING="0" CELLPADDING="1" WIDTH="583">
  <tr>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">[X]</font></td>
    <td WIDTH="91%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934</font></td>
  </tr>
  <tr>
    <td WIDTH="9%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="91%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">for the fiscal year ended December 31, 2003</font></td>
  </tr>
  <tr>
    <td WIDTH="9%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="91%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Commission File Number 1&#45;5480</font></td>
  </tr>
</table>
  </center>
</div>
<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>
<div align="center">
  <center>
<table CELLSPACING="0" CELLPADDING="1" WIDTH="583">
  <tr>
    <td WIDTH="14%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="RIGHT">A.</font></td>
    <td WIDTH="86%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Full title of the plan and address of the plan:</font></td>
  </tr>
</table>
  </center>
</div>
<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>
<div align="center">
  <center>
<table CELLSPACING="0" CELLPADDING="1" WIDTH="598">
  <tr>
    <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="71%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">TEXTRON SAVINGS PLAN</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="71%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">40 Westminster Street</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="71%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Providence, Rhode Island 02903</font></td>
  </tr>
</table>
  </center>
</div>
<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>
<div align="center">
  <center>
<table CELLSPACING="0" CELLPADDING="1" WIDTH="596">
  <tr>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="RIGHT">B.</font></td>
    <td WIDTH="84%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Name of issuer of the securities held pursuant to</font></td>
  </tr>
  <tr>
    <td WIDTH="16%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="84%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">the plan and address of its principal executive</font></td>
  </tr>
  <tr>
    <td WIDTH="16%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="84%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">office:</font></td>
  </tr>
</table>
  </center>
</div>
<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>
<div align="center">
  <center>
<table CELLSPACING="0" CELLPADDING="1" WIDTH="598">
  <tr>
    <td WIDTH="30%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="70%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">TEXTRON INC.</font></td>
  </tr>
  <tr>
    <td WIDTH="30%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="70%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">40 Westminster Street</font></td>
  </tr>
  <tr>
    <td WIDTH="30%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="70%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Providence, Rhode Island 02903</font></td>
  </tr>
</table>
  </center>
</div>
<font FACE="Classic">
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>
<div align="center">
  <center>
<table CELLSPACING="0" CELLPADDING="1" WIDTH="591">
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">REQUIRED INFORMATION</font></td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP"><u><font FACE="Classic">
      <p ALIGN="JUSTIFY">Financial Statements and Exhibit</font></u></td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">The following Plan financial statements and schedules
      prepared in accordance with the financial reporting requirements of the
      Employee Retirement Income Security Act of 1974 are filed herewith, as
      permitted by Item 4 of Form 11&#45;K:</font></td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Report of Independent Registered Public Accounting Firm</font></td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Statements of Net Assets Available for Benefits as of
      December 31, 2003 and 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Statements of Changes in Net Assets Available for
      Benefits for the years</font></td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">ended December 31, 2003 and 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Notes to financial statements</font></td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Supplemental Schedules:</font></td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Schedule H, Line 4a &#45; Schedule of Delinquent
      Participant Contributions</font></td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Schedule H, Line 4i &#45; Schedule of Assets (Held
      at End of Year)</font></td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">Exhibit:</font></td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="93%" VALIGN="TOP"><font FACE="Classic">
      <p ALIGN="JUSTIFY">23 &#45; Consent of Independent Registered Public
      Accounting Firm</font></td>
  </tr>
</table>
  </center>
</div>
<font FACE="Classic">
<p ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act
of 1934, the Textron Inc., as Plan Administrator, has duly caused this Annual
Report on Form&#160;11&#45;K to be signed by the undersigned hereunto
duly authorized.</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="601">
  <tr>
    <td WIDTH="48%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="52%" VALIGN="TOP"><font FACE="Classic">
      <p>TEXTRON SAVINGS PLAN</font></td>
  </tr>
  <tr>
    <td WIDTH="48%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="52%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="48%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="52%" VALIGN="TOP"><font FACE="Classic">
      <p style="border-bottom-style: solid; border-bottom-width: 1">s/Michael D.
      Cahn</font></td>
  </tr>
  <tr>
    <td WIDTH="48%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="52%" VALIGN="TOP"><font FACE="Classic">
      <p>Attorney&#45;in&#45;fact.</font></td>
  </tr>
  <tr>
    <td WIDTH="48%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="52%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="48%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="52%" VALIGN="TOP"><font FACE="Classic">
      <p>Date: June 25, 2004</font></td>
  </tr>
</table>
<font SIZE="4">
<p>Financial Statements and Supplemental Schedules</p>
<p>Textron Savings Plan</p>
<p>Years ended December 31, 2003 and 2002</p>
<p ALIGN="CENTER">Textron Savings Plan<br>
<br>
Financial Statements<br>
and Supplemental Schedules<br>
</p>
</font>
<p ALIGN="CENTER">Years ended December 31, 2003 and 2002<br>
</p>
<b><font SIZE="4">
<p ALIGN="CENTER">Contents</p>
</font></b>
<p>&nbsp;</p>
<div align="center">
  <center>
<table CELLSPACING="0" CELLPADDING="1" WIDTH="556">
  <tr>
    <td WIDTH="92%" VALIGN="TOP">
      <p>Report of Independent Registered Public Accounting Firm</td>
    <td WIDTH="8%" VALIGN="TOP">
      <p>1</td>
  </tr>
  <tr>
    <td WIDTH="92%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="92%" VALIGN="TOP">
      <p>Audited Financial Statements</td>
    <td WIDTH="8%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="92%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="92%" VALIGN="TOP">
      <p>Statements of Net Assets Available for Benefits</td>
    <td WIDTH="8%" VALIGN="TOP">
      <p>2</td>
  </tr>
  <tr>
    <td WIDTH="92%" VALIGN="TOP">
      <p>Statements of Changes in Net Assets Available for Benefits</td>
    <td WIDTH="8%" VALIGN="TOP">
      <p>3</td>
  </tr>
  <tr>
    <td WIDTH="92%" VALIGN="TOP">
      <p>Notes to Financial Statements</td>
    <td WIDTH="8%" VALIGN="TOP">
      <p>4</td>
  </tr>
  <tr>
    <td WIDTH="92%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="92%" VALIGN="TOP">
      <p>Supplemental Schedules</td>
    <td WIDTH="8%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="92%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="92%" VALIGN="TOP">
      <p>Schedule H, Line 4a, Schedule of Delinquent Participant Contributions</td>
    <td WIDTH="8%" VALIGN="TOP">
      <p>15</td>
  </tr>
  <tr>
    <td WIDTH="92%" VALIGN="TOP">
      <p>Schedule H, Line 4i, Schedule of Assets (Held at End of Year)</td>
    <td WIDTH="8%" VALIGN="TOP">
      <p>16</td>
  </tr>
</table>
  </center>
</div>
<font SIZE="4">
<p ALIGN="CENTER">Report of Independent Registered Public Accounting Firm</p>
</font>
<p>Textron Inc.<br>
Plan Sponsor<br>
Textron Savings Plan</p>
<p ALIGN="JUSTIFY">We have audited the accompanying statements of net assets
available for benefits of the Textron Savings Plan as of December 31, 2003 and
2002, and the related statements of changes in net assets available for benefits
for the years then ended. These financial statements are the responsibility of
the Plan&#39;s management. Our responsibility is to express an opinion on
these financial statements based on our audits.</p>
<p ALIGN="JUSTIFY">We conducted our audits in accordance with the standards of
the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.</p>
<p ALIGN="JUSTIFY">In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets available for benefits
of the Plan at December 31, 2003 and 2002, and the changes in its net assets
available for benefits for the years then ended, in conformity with U.S.
generally accepted accounting principles.</p>
<p ALIGN="JUSTIFY">Our audits were performed for the purpose of forming an
opinion on the financial statements taken as a whole. The accompanying
supplemental schedule of delinquent participant contributions for the year ended
December 31, 2003, and schedule of assets (held at end of year) as of December
31, 2003, are presented for purposes of additional analysis and are not a
required part of the financial statements but are supplementary information
required by the Department of Labor&#39;s Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. These supplemental schedules are the responsibility of the Plan&#39;s
management. The supplemental schedules have been subjected to the auditing
procedures applied in our audits of the financial statements and, in our
opinion, are fairly stated in all material respects in relation to the financial
statements taken as a whole.</p>
<div align="right">
  <table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
      <td width="77%"></td>
      <td width="23%">
        <p style="border-bottom-style: solid; border-bottom-width: 1">s\Ernst
        &amp; Young</td>
    </tr>
    <tr>
      <td width="77%"></td>
      <td width="23%">ERNST &amp; YOUNG LLP</td>
    </tr>
  </table>
</div>
<p align="right">&nbsp;</p>
<p align="left">Boston, Massachusetts<br>
June 22, 2004</p>
<font SIZE="2">
<p>&nbsp;</p>
</font><font SIZE="4">
<p ALIGN="CENTER">Textron Savings Plan<br>
<br>
Statements of Net Assets Available for Benefits<br>
</font><i>(In Thousands)
</p>
</i>
<div align="center">
  <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="582">
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="39%" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="CENTER">December 31</b></td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2003</b></td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2002</b></td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP"><b>
      <p>Assets</b></td>
    <td WIDTH="20%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
      <p>Investments</td>
    <td WIDTH="20%" VALIGN="TOP"><b>
      <p style="margin-right: 20" align="right">$1,693,231</b></td>
    <td WIDTH="20%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">$1,340,380</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Non&#45;interest bearing cash
    </td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p style="margin-right: 20" align="right">606</b></td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 20" align="right">335</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP"><b>
      <p style="margin-right: 20" align="right">1,693,837</b></td>
    <td WIDTH="20%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">1,340,715</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Accrued investment income
    </td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p style="margin-right: 20" align="right">7,191</b></td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 20" align="right">7,570</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Total assets
    </td>
    <td WIDTH="20%" VALIGN="TOP"><b>
      <p style="margin-right: 20" align="right">1,701,028</b></td>
    <td WIDTH="20%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">1,348,285</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <b>
        <p>Liabilities
      </b></td>
    <td WIDTH="20%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Accrued expenses
    </td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p style="margin-right: 20" align="right">182</b></td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 20" align="right">226</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Net assets available for benefits
    </td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid"><b>
      <p style="margin-right: 20" align="right">$1,700,846</b></td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid">
      <p style="margin-right: 20" align="right">$1,348,059</td>
  </tr>
</table>
    </center>
    </div>
<i>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
<p>See accompanying notes.</p>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
</i><font SIZE="2">
</font>
<font SIZE="2">
<p ALIGN="CENTER">&nbsp;</p>
</font><font SIZE="4">
<p ALIGN="CENTER">Textron Savings Plan</p>
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">Statements of Changes in Net Assets Available for Benefits<br>
</font><i>
(In Thousands)</p>
</i><font SIZE="4">
<p ALIGN="CENTER">&nbsp;</p>
</font>
    <div align="center">
      <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="582">
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="39%" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="CENTER">Year ended December 31</b></td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2003</b></td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2002</b></td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP"><b>
      <p>Additions</b></td>
    <td WIDTH="20%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
      <p>Interest and dividends</td>
    <td WIDTH="20%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">$&#160;&#160;&#160;&#160;&#160;40,132</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">$&#160;&#160;&#160;&#160;&#160;41,315</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
      <p>Net appreciation (depreciation) in fair value of<br>
      &#160;&#160;&#160;investments</td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p style="margin-right: 20"><br>
      345,999</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 20"><br>
      (17,387)</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">386,131</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">23,928</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Contributions:
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Participants</td>
    <td WIDTH="20%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">84,620</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">97,477</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Participant rollovers</td>
    <td WIDTH="20%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">7,235</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">2,528</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Employer</td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p style="margin-right: 20">18,986</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 20">42,334</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">110,841</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">142,339</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Transfers from other plans
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p style="margin-right: 20">2,652</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 20">&#45;</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Total additions
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">499,624</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">166,267</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <b>
        <p>Deductions
      </b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Benefits paid to participants
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">145,718</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">133,448</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Transfers to other plan
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">&#45;</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">71,418</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Administrative expenses
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p style="margin-right: 20">1,119</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 20">1,278</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Total deductions
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p style="margin-right: 20">146,837</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 20">206,144</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Net increase (decrease)
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right"><b>
      <p style="margin-right: 20">352,787</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">(39,877)</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Net assets available for benefits:
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
    <td WIDTH="20%" VALIGN="TOP" align="right">
      <p style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Beginning of year</td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p style="margin-right: 20">1,348,059</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-right: 20">1,387,936</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
      <p>&#160;&#160;&#160;End of year</td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid"><b>
      <p style="margin-right: 20">$1,700,846</b></td>
    <td WIDTH="20%" VALIGN="TOP" align="right" style="border-bottom-style: solid">
      <p style="margin-right: 20">$1,348,059</td>
  </tr>
</table>
    </center>
    </div>
<i>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
<p>See accompanying notes.</p>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
</i>
<font SIZE="4">
<p ALIGN="CENTER">Textron Savings Plan<br>
<br>
Notes to Financial Statements<br>
<br>
</font>
December 31, 2003<br>
<i>(In thousands)
</p>
</i>
<b>
<p>1. Description of Plan</p>
<p ALIGN="JUSTIFY">General</p>
</b>
<p ALIGN="JUSTIFY">The Textron Savings Plan (the &quot;Plan&quot;) is primarily
an employee stock ownership plan covering all eligible domestic employees of
Textron Inc. (&quot;Textron&quot;), as defined in the Plan. The remainder of the
Plan is a profit&#45;sharing and 401(k) plan. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (&quot;ERISA&quot;)
and was amended and restated effective November 1, 1999, and further amended in
2002 and 2003, to reflect the requirements of recent legislation affecting
statutory changes and regulations and other plan changes.</p>
<p ALIGN="JUSTIFY">Effective January 1, 2002, the Plan designated the Textron
Stock Fund as an ESOP and designated the remainder of the Plan as a
profit&#45;sharing plan. The employee stock ownership portion of the Plan
and the profit&#45;sharing portion of the Plan shall constitute a single
plan.</p>
<p ALIGN="JUSTIFY">The Plan is currently administered under the terms of a Trust
Agreement, dated September 1, 1999, with Putnam Fiduciary Trust Company (the
&quot;Trustee&quot; or &quot;Putnam&quot;). Putnam also serves as the
Plan&#39;s recordkeeper.</p>
<b>
<p ALIGN="JUSTIFY">Investment Options</p>
</b>
<p ALIGN="JUSTIFY">Participants may elect to direct their employee contributions
to the following funds: Textron Stock Fund, Putnam International Growth Fund,
Putnam Voyager Fund, Putnam S&P 500 Index Fund, The George Putnam Fund of
Boston, One Group Bond Fund, Putnam Capital Opportunities Fund, Putnam Asset
Allocation: Balanced Portfolio, Putnam Equity Income Fund, One Group High Yield
Bond Fund, and the Stable Value Fund, which is primarily invested in various
guaranteed investment contracts. Employer contributions are invested entirely in
the Textron Stock Fund.</p>
<b>
<p ALIGN="JUSTIFY">Contributions</p>
</b>
<p ALIGN="JUSTIFY">Participants of the Plan are entitled to elect compensation
deferrals up to 40% of their eligible compensation, within the limits prescribed
by Section 401(k) of the Internal Revenue Code (the &quot;Code&quot;).
Participants may also contribute amounts representing distributions from other
qualified defined benefit or defined contribution plans. Participants&#39;
pre&#45;tax and after&#45;tax contributions, which are matched 50% up to
5% of eligible salary by Textron subject to certain ERISA restrictions and plan
limits, are recorded when Textron makes payroll deductions from
participants&#39; wages (Note 9).</p>
<p ALIGN="JUSTIFY">In May 2003, Textron temporarily suspended Company matching
contributions for non&#45;bargained employees. Collectively bargained
employees were not affected by this change. In addition, employees who
participate in the portion of the Textron Savings Plan with a retirement
supplement were also not affected by this change.</p>
<p ALIGN="JUSTIFY">Certain participants in the Plan are entitled to receive a
retirement supplement contribution which is equal to 1% of the
participant&#39;s eligible compensation. Participants eligible for a
retirement supplement contribution are also eligible for a matching
contribution. Contributions from these employees who receive a retirement
supplement are matched 100% up to 4% of eligible salary by Textron subject to
certain ERISA restrictions and plan limits, are recorded when Textron makes
payroll deductions from participants&#39; wages.</p>
<p ALIGN="JUSTIFY">Prior to January 1, 2002, the Trustee invested 100% of all
matching contributions, 50% of each participant&#39;s pre&#45;tax
contributions, and 50% of each participant&#39;s after&#45;tax
contributions in the Textron Stock Fund. Effective January&#160;1, 2002, the
Trustee invests 100% of all matching contributions in the Textron Stock Fund,
and all other contributions are participant directed. Effective September 3,
2002, employees have the ability to subsequently reallocate matching
contributions among any of the investment options offered in the Plan.</p>
<p>Textron makes contributions to the Plan based on actual contribution levels.
In addition, Textron may make additional discretionary contributions. There were
no discretionary contributions made by Textron in 2003 or 2002. All forfeitures
arising out of a participant&#39;s termination of employment for reasons
other than retirement, disability or death are used to reduce future Textron
contributions.</p>
<b>
<p ALIGN="JUSTIFY">Transfers To/From Other Plans</p>
</b>
<p ALIGN="JUSTIFY">During 2003, the Greenlee Textron &#45; Bargaining Unit
401(k) Plan was merged into the Plan. Assets amounting to $2,542,963 were
transferred into the Plan. In addition, assets amounting to approximately
$109,000, representing loans from other terminated plans and reinstatements from
balances previously transferred to the Collins & Aikman Personnel Savings
Plan were transferred into the Plan.</p>
<p ALIGN="JUSTIFY">On December 20, 2001, Textron completed the sale of its
Automotive Trim business to Collins & Aikman Products Company (C&A), a
subsidiary of Collins & Aikman Corporation. During 2002, the Plan
transferred participant account balances and investments amounting to
approximately $71,418,000 to the Collins & Aikman Personnel Savings Plan, as
a result of this sale.</p>
<b>
<p ALIGN="JUSTIFY">Benefits</p>
</b>
<p ALIGN="JUSTIFY">In the event a participant ceases to be an employee or
becomes totally disabled while employed, all of his or her account, to the
extent then vested, shall become distributable. Distributions are in the form of
cash unless Textron stock is requested. An account will be distributed in a
single payment if the value of the account is less than $5,000 when the account
first becomes distributable. If the value of the account is $5,000 or more when
the account first becomes distributable, a participant is not required to take a
distribution immediately. However, current federal law requires Textron to begin
to distribute accounts by April 1 of the year following the year in which the
participant reaches age 70 1/2. A participant is always vested in the portions
of his or her account attributable to his or her own contributions and compensation deferrals and
to discretionary contributions by Textron. The Plan provides for full vesting of
a participant&#39;s account in the event of his or her termination of
employment, other than for cause, within two years after a change in control of
Textron. Benefits are recorded when paid.</p>
<b>
<p ALIGN="JUSTIFY">Vesting</p>
</b>
<p ALIGN="JUSTIFY">Textron&#39;s matching contributions vest based on the
length of service in the Plan as follows:</p>
<p ALIGN="RIGHT">&nbsp;
    <div align="center">
      <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="552">
  <tr>
    <td WIDTH="61%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">Months of Service</b></td>
    <td WIDTH="39%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">Vested Percentage</b></td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="39%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
      <p>24 months but less than 36 months</td>
    <td WIDTH="39%" VALIGN="TOP">
      <p ALIGN="RIGHT" style="margin-right: 80">25%</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
      <p>36 months but less than 48 months</td>
    <td WIDTH="39%" VALIGN="TOP">
      <p ALIGN="RIGHT" style="margin-right: 80">50%</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
      <p>48 months but less than 60 months</td>
    <td WIDTH="39%" VALIGN="TOP">
      <p ALIGN="RIGHT" style="margin-right: 80">75%</td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
      <p>60 months or more</td>
    <td WIDTH="39%" VALIGN="TOP">
      <p ALIGN="RIGHT" style="margin-right: 80">100%</td>
  </tr>
</table>
      </center>
    </div>
<b>
<p ALIGN="JUSTIFY">Participant Accounts</p>
</b>
<p ALIGN="JUSTIFY">A separate account is maintained for each participant and is
increased by (a) the participant&#39;s contributions and compensation
deferrals, (b) Textron&#39;s matching contribution, and by the pro rata
share of additional discretionary contributions made by Textron, if any, (c)
plan income (loss), and charged with an allocation of administrative expenses.
Allocations are based on participant earnings or account balances as defined.
The benefit to which a participant is entitled is the benefit that can be
provided from the participant&#39;s vested account.</p>
<b>
<p ALIGN="JUSTIFY">Participant Notes Receivable</p>
</b>
<p ALIGN="JUSTIFY">Active participants, not including directors or executive
officers as determined by the plan administrator, may have one loan outstanding
and may borrow a minimum of $1,000 up to a maximum of the lesser of
one&#45;half of their vested balance or $50,000 less the
participant&#39;s highest outstanding loan balance during the
twelve&#45;month period preceding the new loan request. Interest is charged
at a rate of Wall Street Journal Prime Rate plus 1%, as of the first business
day of the month. A $50 fee will be charged to the participant to cover the cost
of administration. The loan terms may range from one to five years and are
repaid primarily through automatic payroll deductions.</p>
<b>
<p ALIGN="JUSTIFY">Plan Termination</p>
</b>
<p ALIGN="JUSTIFY">Textron has the right under the Plan to discontinue its
contributions at any time and to terminate the Plan subject to the provisions of
ERISA. Textron has not expressed any intent to terminate the Plan; however,
during 2003, Textron temporarily discontinued certain matching contributions
(Note 9). In the event of Plan termination, participants will become 100 percent
vested in their accounts.</p>
<b>
<p>2. Significant Accounting Policies</p>
<p ALIGN="JUSTIFY">Basis of Accounting</p>
</b>
<p ALIGN="JUSTIFY">The financial statements are prepared on the accrual basis of
accounting.</p>
<b>
<p ALIGN="JUSTIFY">Investment Valuation and Income Recognition</p>
</b>
<p ALIGN="JUSTIFY">Except for investment contracts, the Plan&#39;s
investments are stated at fair value which, in general, equals the quoted market
price on the last business day of the Plan year. The shares of mutual funds are
valued at quoted market prices which represent the net asset values of shares
held by the Plan at year end. The fair value of participation units owned by the
Plan in the common collective trust fund is based on the redemption value of the
funds on the last business day of the plan year. The participant loans are
valued at their outstanding balances, which approximate fair value.</p>
<p ALIGN="JUSTIFY">Investment contracts are recorded at their contract values,
which represent contributions and reinvested income, less any withdrawals, plus
accrued interest, because these investments have fully benefit responsive
features. For example, participants may ordinarily direct the withdrawal or
transfer of all or a portion of their investment at contract value. However,
withdrawals influenced by Company&#45;initiated events, such as in
connection with the sale of a business, may result in a distribution at other
than contract value. There are no reserves against contract values for credit
risk of contract issues or otherwise. The fair value of the investment contracts
at December&#160;31, 2003 and 2002, was approximately $189 million and $151
million, respectively. The average yield was approximately 5.1% and 5.9%,
respectively. The crediting interest rate for these investment contracts is
reset annually by the issuer but cannot be less than zero and ranged from 2.46%
to 7.75% in 2003 and 4.86% to 7.75% in 2002.</p>
<p ALIGN="JUSTIFY">The fair values of investment contracts presented above are
estimates of the fair value of the contracts at a specific point in time using
available market information and appropriate valuation methodologies. These
estimates are subjective in nature and involve uncertainties and significant
judgment in the interpretation of current market data. Therefore, the fair
values presented are not necessarily indicative of amounts the Plan could
realize or settle currently. The Plan does not necessarily intend to dispose of
or liquidate such instruments prior to maturity.</p>
<p ALIGN="JUSTIFY">Purchases and sales of securities are recorded on a
trade&#45;date basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex&#45;dividend date.</p>
<b>
<p ALIGN="JUSTIFY">Administrative Expenses</p>
</b>
<p ALIGN="JUSTIFY">In December 2003, the Plan was amended to clarify the
allocation of administrative expenses.</p>
<blockquote>
  <blockquote>
    <ul>
      <li>
        <p ALIGN="justify" style="margin-top: 12">Fees associated with
    in&#45;service withdrawals, distributions and loans are charged directly
    to the associated participant account.</li>
      <li>
        <p ALIGN="justify" style="margin-top: 12">Fees with respect to each
    investment fund are charged against the investment returns of those
    investment funds and allocated on a pro&#45;rata basis to participants
    who invest in those investment funds.</li>
      <li>
        <p ALIGN="justify" style="margin-top: 12">Expenses associated with
    qualified domestic relation orders are charged directly to the related
    participant account.</li>
      <li>
        <p ALIGN="justify" style="margin-top: 12">Expenses associated with
    operating the Plan, such as recordkeeping fees, legal fees, consulting fees,
    transfer fees, annuity fees, annual reporting fees, claims processing fees,
    cost of supplies and similar fees are charged to the accounts of a
    participant on a pro rata basis.</li>
    </ul>
    <b>
    </blockquote>
  </blockquote>
  <p ALIGN="JUSTIFY">Use of Estimates</p>
</b>
<p ALIGN="JUSTIFY">The preparation of financial statements in conformity with
U.S. generally accepted accounting principles requires management to make
estimates that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.</p>
<b>
<p ALIGN="JUSTIFY">Reclassification</p>
</b>
<p ALIGN="JUSTIFY">Certain 2002 financial statement amounts have been
reclassified to conform with the 2003 financial statement presentation.</p>
<b>
<p ALIGN="JUSTIFY">3. Investments</p>
</b>
<p ALIGN="JUSTIFY">During 2003 and 2002, the Plan&#39;s investments
(including investments purchased, sold, as well as held during the year)
appreciated (depreciated) in fair value as follows:</p>
    <div align="center">
      <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="586">
  <tr>
    <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="37%" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="CENTER">Year ended December 31</b></td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2003</b></td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2002</b></td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="37%" VALIGN="TOP" COLSPAN="2"><i>
      <p ALIGN="CENTER">(In thousands)</i></td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">
      <p>Investments at fair value as determined by quoted<br>
      &#160;&#160;&#160;market&#160;price:</td>
    <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;Textron Inc. Stock
      Fund</td>
    <td WIDTH="19%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">$281,295</b></td>
    <td WIDTH="19%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">$&#160;&#160;42,085</td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;Common/collective
      trust funds</td>
    <td WIDTH="19%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">38,957</b></td>
    <td WIDTH="19%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">(38,915)</td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;Mutual funds</td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="right" style="margin-right: 20">25,747</b></td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
      <p ALIGN="right" style="margin-right: 20">(20,557)</td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid"><b>
      <p ALIGN="right" style="margin-right: 20">$345,999</b></td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid">
      <p ALIGN="right" style="margin-right: 20">$ (17,387)</td>
  </tr>
</table>
    </center>
  </div>
<p ALIGN="JUSTIFY">Investments that represent 5% or more of the fair value of
the Plan&#39;s net assets available for benefits are as follows:</p>
  <div align="center">
    <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="596">
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="39%" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="CENTER">December 31</b></td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2003</b></td>
    <td WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2002</b></td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="39%" VALIGN="TOP" COLSPAN="2"><i>
      <p ALIGN="CENTER">(In thousands)</i></td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Textron Stock Fund
    </td>
    <td WIDTH="20%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">&nbsp;$1,090,947</b></p>
    </td>
    <td WIDTH="20%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;$873,477</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="61%" VALIGN="TOP">
        <p>Putnam S&P 500 Index Fund
    </td>
    <td WIDTH="20%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">181,302</b></td>
    <td WIDTH="20%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">134,569</td>
  </tr>
</table>
    </center>
    </div>
<b>
<p ALIGN="JUSTIFY">4. Non&#45;participant&#45;Directed Investments</p>
</b>
<p ALIGN="JUSTIFY">Effective January 1, 2002, only the Textron matching
contribution is restricted to the Textron Stock Fund. Effective September 3,
2002, employees have the ability to subsequently reallocate matching
contributions among any of the investment options offered in the Plan. The
information presented relating to the Textron Stock Fund, includes both
participant&#45;directed and non&#45;participant directed activity due
to the inability of the Plan recordkeeper to separate
participant&#45;directed and non&#45;participant directed activity in
the Fund. During 2003, all amounts in the Textron Stock Fund are considered
participant&#45;directed due to the participants&#39; ability to
reallocate amounts daily in the Textron Stock Fund.</p>
<p ALIGN="JUSTIFY">Information about the net assets and the significant
components of changes in net assets related to the
non&#45;participant&#45;directed investments at December 31, 2002, is as
follows:</p>
    <div align="center">
      <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="584">
  <tr>
    <td WIDTH="81%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP"><b>
      <p ALIGN="CENTER" style="border-bottom-style: solid; border-bottom-width: 1">2002</b></td>
  </tr>
  <tr>
    <td WIDTH="81%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP"><i>
      <p ALIGN="CENTER">(In thousands)</i></td>
  </tr>
  <tr>
    <td WIDTH="81%" VALIGN="TOP">
      <p>Investments, at fair value:</td>
    <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="81%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Textron common stock fund</td>
  </center>
    <td WIDTH="19%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">$&#160;&#160;873,477</td>
  </tr>
</table>
    </div>
<p ALIGN="JUSTIFY">&nbsp;</p>
    <div align="center">
      <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="584">
  <tr>
    <td WIDTH="81%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP"><b>
      <p ALIGN="CENTER" style="border-bottom-style: solid; border-bottom-width: 1">2002</b></td>
  </tr>
  <tr>
    <td WIDTH="81%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP"><i>
      <p ALIGN="CENTER">(In thousands)</i></td>
  </tr>
  <tr>
    <td WIDTH="81%" VALIGN="TOP">
      <p>Changes in net assets:</td>
    <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="81%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Contributions</td>
    <td WIDTH="19%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">$&#160;&#160;97,292</td>
  </tr>
  <tr>
    <td WIDTH="81%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Dividends</td>
    <td WIDTH="19%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">27,046</td>
  </tr>
  <tr>
    <td WIDTH="81%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Net appreciation</td>
    <td WIDTH="19%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">42,085</td>
  </tr>
  <tr>
    <td WIDTH="81%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Benefits paid to participants</td>
    <td WIDTH="19%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 15">(81,668)</td>
  </tr>
  <tr>
    <td WIDTH="81%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Transfers to participant&#45;directed
      investments</td>
    <td WIDTH="19%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 15">(73,900)</td>
  </tr>
  <tr>
    <td WIDTH="81%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Transfers to/from other plans</td>
    <td WIDTH="19%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 15">(50,767)</td>
  </tr>
  <tr>
    <td WIDTH="81%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Administrative expenses</td>
    <td WIDTH="19%" VALIGN="TOP">
      <p ALIGN="right" style="border-bottom-style: solid; border-bottom-width: 1; margin-right: 15">(999)</td>
  </tr>
  <tr>
    <td WIDTH="81%" VALIGN="TOP">
      <p>Total</td>
    <td WIDTH="19%" VALIGN="TOP">
      <p ALIGN="right" style="border-bottom-style: solid; margin-right: 15">$&#160;(40,911)</td>
  </tr>
</table>
      </center>
    </div>
<b>
<p>5. Related&#45;Party Transactions</p>
</b>
<p ALIGN="JUSTIFY">Certain Plan investments are shares of the Company common
stock. At December 31, 2003 and 2002, 19,119 and 20,315 of shares of common
stock were outstanding, respectively, with a fair market value of $1,090,947 and
$873,477, respectively. Dividend income recorded by the plan for the Company
common stock for the years ended December 31, 2003 and 2002, was $26,536 and
$27,047, respectively.</p>
<b>
<p ALIGN="JUSTIFY">6. Risks and Uncertainties</p>
</b>
<p ALIGN="JUSTIFY">The Plan invests in various investment securities. Investment
securities are exposed to various risks such as interest rate, market and credit
risks. Due to the level of risk associated with certain investment securities,
it is at least reasonably possible that changes in the values of investment
securities will occur in the near term and that such changes could materially
affect participants&#39; account balances and the amounts reported in the
statements of net assets available for benefits</p>
<b>
<p>7. Income Tax Status</p>
</b>
<p ALIGN="JUSTIFY">The Plan has received a determination letter from the
Internal Revenue Service dated September 6, 2002, stating that the Plan is
qualified under Section 401(a) of the Internal Revenue Code (the Code) and,
therefore, the related trust is exempt from taxation. Subsequent to the issuance
of the determination letter, the Plan was amended. Once qualified, the Plan is
required to operate in conformity with the Code to maintain its qualification.
The plan administrator believes the Plan is being operated in compliance with
the applicable requirements of the Code and, therefore, believes that the Plan,
as amended, is qualified and the related trust is tax exempt.</p>
<b>
<p ALIGN="JUSTIFY">8. Differences Between Financial Statements and Form 5500</p>
</b>
<p ALIGN="JUSTIFY">The following is a reconciliation of net assets available for
benefits per the financial statements to the Form 5500:</p>
    <div align="center">
      <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="598">
  <tr>
    <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="37%" VALIGN="TOP" COLSPAN="3"><b>
      <p ALIGN="CENTER">December 31</b></td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2003</b></td>
    <td WIDTH="19%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2002</b></td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="37%" VALIGN="TOP" COLSPAN="3"><i>
      <p ALIGN="CENTER">(In thousands)</i></td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">
        <p>Net assets available for benefits per financial statements
    </td>
    <td WIDTH="18%" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="right" style="margin-right: 20">$1,700,846</b></td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">$1,348,059</td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">
      <p>Amounts allocated to withdrawn participants</td>
    <td WIDTH="18%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="right" style="margin-right: 15">(522)</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
      <p ALIGN="right" style="margin-right: 15">(269)</td>
  </tr>
  <tr>
    <td WIDTH="63%" VALIGN="TOP">
      <p>Net assets available for benefits per Form 5500</td>
    <td WIDTH="18%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><b>
      <p ALIGN="right" style="margin-right: 20">$1,700,324</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid">
      <p ALIGN="right" style="margin-right: 20">$1,347,790</td>
  </tr>
</table>
    </center>
  </div>
<p ALIGN="JUSTIFY">The following is a reconciliation of benefits paid to
participants per the financial statements to the Form 5500:</p>
  <div align="center">
    <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="595">
  <tr>
    <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2003</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">2002</b></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="36%" VALIGN="TOP" COLSPAN="2"><i>
      <p ALIGN="CENTER">(In thousands)</i></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">
        <p>Benefits paid to participants per the financial statements
    </td>
    <td WIDTH="19%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">$145,718</b></td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">$133,448</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">
      <p>Add: Amounts allocated on Form 5500 to withdrawn<br>
      &#160;&#160;&#160;participants at the end of the year</td>
    <td WIDTH="19%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20"><br>
      522</b></td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20"><br>
      269</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">
      <p>Less: Amounts allocated on Form 5500 to withdrawn<br>
      &#160;&#160;&#160;participants at the beginning of the year</td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="right" style="margin-right: 15"><br>
      (269)</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
      <p ALIGN="right" style="margin-right: 15"><br>
      (62)</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">
      <p>Benefits paid to participants per Form 5500</td>
    <td WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid"><b>
      <p ALIGN="right" style="margin-right: 20">$145,971</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid">
      <p ALIGN="right" style="margin-right: 20">$133,655</td>
  </tr>
</table>
    </center>
    </div>
<p ALIGN="JUSTIFY">Amounts allocated to withdrawn participants are recorded on
the Form 5500 for benefit claims that have been processed and approved for
payment prior to year&#45;end but not yet paid.</p>
<b>
<p ALIGN="JUSTIFY">9. Subsequent Events</p>
</b>
<p ALIGN="JUSTIFY">Effective January 1, 2004, Textron partially reinstated the
Company matching contributions that had been suspended in May 2003. For every
dollar the employee contributes to the Plan as pre&#45;tax or
after&#45;tax contributions, Textron will contribute $0.25 worth of Textron
common stock, up to a maximum total matching contribution of 2.5% of the
participant&#39;s eligible compensation.</p>
<p ALIGN="JUSTIFY">Effective January 1, 2004, participants who are at least age
50 or will reach age 50 during the year, will be allowed to make additional
employee pre&#45;tax contributions (catch&#45;up contributions), above
the otherwise applicable limits. In accordance with limits under the federal tax
laws, catch&#45;up contributions cannot exceed $3,000 in 2004. This limit
will increase to $4,000 in 2005 and $5,000 in 2006. Catch&#45;up
contributions will not be eligible for Company matching contributions.</p>
<font SIZE="4">
<p ALIGN="CENTER">Textron Savings Plan<br>
<br>
Employer Identification Number 05&#45;0315468<br>
Plan Number 030<br>
<br>
Schedule H, Line 4a, Schedule of Delinquent Participant
Contributions<br>
<br>
</font>
Year ended December 31, 2003
</p>
<font SIZE="4">
<p ALIGN="CENTER">&nbsp;</p>
</font>
    <div align="center">
      <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="590">
  <tr>
    <td WIDTH="50%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">Participant Contributions<br>
      Transferred Late to Plan</b></td>
    <td WIDTH="50%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">Total that Constitute Non&#45;exempt<br>
      Prohibited Transactions</b></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP">
      <p ALIGN="CENTER">$63,495</td>
    <td WIDTH="50%" VALIGN="TOP">
      <p ALIGN="CENTER">$63,495</td>
  </tr>
</table>
      </center>
    </div>
<p ALIGN="JUSTIFY">The Plan Sponsor remitted interest and earnings on the late
contributions and all participant accounts have been adjusted as of January 29,
2004. In addition, the Plan Sponsor also filed Form 5330 and remitted the
appropriate excise tax to the U.S. Treasury.</p>
<font SIZE="4">
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">Textron Savings Plan<br>
<br>
Employer Identification Number 05&#45;0315468<br>
Plan Number 030<br>
<br>
Schedule H, Line 4i, Schedule of Assets (Held at End of Year)<br>
</font><i>(In Thousands)<br>
</i><br>
December 31, 2003
</p>
<p ALIGN="CENTER">&nbsp;</p>
    <div align="center">
      <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="625">
  <tr>
    <td WIDTH="47%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      <br>
      Identity of Issue</b></td>
    <td WIDTH="34%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">Description of Investments,<br>
      Including Rate of Interest and<br>
      Number of Shares or Units</b></td>
    <td WIDTH="18%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      Current<br>
      Value</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="34%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>Textron Stock Fund</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 80">19,119</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">$ 1,090,947</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="34%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 80">&nbsp;</p>
    </td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>Money Market Fund:</td>
    <td WIDTH="34%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 80">&nbsp;</p>
    </td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;The Boston Company Money Market<br>
      &#160;&#160;&#160;&#160;&#160;&#160;Fund</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 80"><br>
      1.12%</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20"><br>
      3,187</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="34%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 80">&nbsp;</p>
    </td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>Common/Collective Trust Funds:</td>
    <td WIDTH="34%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 80">&nbsp;</p>
    </td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;SEI Stable Asset Fund</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 80">4.87%</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">14,430</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Putnam S&P 500 Index Fund*</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 80">6,526</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="border-bottom-style: solid; border-bottom-width: 1; margin-right: 20">181,302</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>Total Common/Collective Trust Funds</td>
    <td WIDTH="34%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 80">&nbsp;</p>
    </td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">195,732</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="34%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 80">&nbsp;</p>
    </td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>Mutual Funds:</td>
    <td WIDTH="34%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 80">&nbsp;</p>
    </td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Putnam Voyager Fund*</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 80">2,540</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">41,431</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Putnam International Growth Fund*</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 80">1,187</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">24,656</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;The George Putnam Fund of Boston*</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 80">2,286</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">38,912</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Putnam Capital Opportunities Fund*</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 80">2,081</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">21,329</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Putnam Asset Allocation: Balanced<br>
      &#160;&#160;&#160;&#160;&#160;&#160;Portfolio*</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 80"><br>
      797</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20"><br>
      7,874</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Putnam Equity Income Fund *</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 80">1,206</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">18,981</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;One Group High Yield Bond Fund</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 80">1,038</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">8,599</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;One Group Bond Fund</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 80">3,239</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="border-bottom-style: solid; border-bottom-width: 1; margin-right: 20">35,595</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>Total Mutual Funds</td>
    <td WIDTH="34%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 80">&nbsp;</p>
    </td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">197,377</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="34%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 80">&nbsp;</p>
    </td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>Insurance Contracts:</td>
    <td WIDTH="34%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 80">&nbsp;</p>
    </td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;AIG Life Insurance Co.</td>
    <td WIDTH="34%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 80">&nbsp;</p>
    </td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;Matures
      12/15/04</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 70">6.05%</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">3,308</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;Allstate Insurance Co.</td>
    <td WIDTH="34%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 70">&nbsp;</p>
    </td>
    <td WIDTH="18%" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;Matures
      01/14/05</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 70">7.75%</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">6,496</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;CDC Investment Management Co.</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 70">4.38%</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">48,977</b></td>
  </tr>
  <tr>
    <td WIDTH="47%" VALIGN="TOP">
      <p>&#160;&#160;&#160;CDC Investment Management Co.</td>
    <td WIDTH="34%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 70">4.90%</b></td>
    <td WIDTH="18%" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">25,326</b></td>
  </tr>
</table>
      </center>
    </div>
<p ALIGN="CENTER">&nbsp;</p>
<font SIZE="4">
<p ALIGN="CENTER">Textron Savings Plan<br>
<br>
Employer Identification Number 05&#45;0315468<br>
Plan Number 030<br>
<br>
Schedule H, Line 4i, Schedule of Assets (Held at End of Year)
(continued)<br>
</font><i>(In Thousands)
</p>
</i>
<p ALIGN="CENTER">&nbsp;</p>
    <div align="center">
      <center>
<table CELLSPACING="1" CELLPADDING="1" WIDTH="673">
  <tr>
    <td WIDTH="229" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      <br>
      Identity of Issue</b></td>
    <td WIDTH="272" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER">Description of Investments,<br>
      Including Rate of Interest and<br>
      Number of Shares or Units</b></td>
    <td WIDTH="152" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b>
      <p ALIGN="CENTER"><br>
      Current<br>
      Value</b></td>
  </tr>
  <tr>
    <td WIDTH="229" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="272" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
    <td WIDTH="152" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>Insurance Contracts (continued)</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
    <td WIDTH="152" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;Massachusetts Mutual Life Insurance Co.</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
    <td WIDTH="152" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;Matures
      6/15/04</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="right" style="margin-right: 100">6.15%</b></td>
    <td WIDTH="152" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">4,613</b></td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;Metropolitan Life Insurance Co.</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2">
      <p ALIGN="right" style="margin-right: 100">&nbsp;</p>
    </td>
    <td WIDTH="152" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;Matures
      6/15/07</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="right" style="margin-right: 100">3.36%</b></td>
    <td WIDTH="152" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">5,073</b></td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;Metropolitan Life Insurance Co.</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2">
      <p ALIGN="right" style="margin-right: 100">&nbsp;</p>
    </td>
    <td WIDTH="152" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;Matures
      12/15/08</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="right" style="margin-right: 100">4.12%</b></td>
    <td WIDTH="152" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">6,011</b></td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;Monumental Life Insurance Co.</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2">
      <p ALIGN="right" style="margin-right: 100">&nbsp;</p>
    </td>
    <td WIDTH="152" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;Matures
      9/15/06</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="right" style="margin-right: 100">4.86%</b></td>
    <td WIDTH="152" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">6,456</b></td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;Principal Life Insurance Co.</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2">
      <p ALIGN="right" style="margin-right: 100">&nbsp;</p>
    </td>
    <td WIDTH="152" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;Matures
      12/15/07</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="right" style="margin-right: 100">3.66%</b></td>
    <td WIDTH="152" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">6,009</b></td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;Principal Life Insurance Co.</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2">
      <p ALIGN="right" style="margin-right: 100">&nbsp;</p>
    </td>
    <td WIDTH="152" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;Matures
      6/15/08</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="right" style="margin-right: 100">3.90%</b></td>
    <td WIDTH="152" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">6,010</b></td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;Travelers Insurance Co.</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2">
      <p ALIGN="right" style="margin-right: 100">&nbsp;</p>
    </td>
    <td WIDTH="152" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;Matures
      3/15/06</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="right" style="margin-right: 100">2.46%</b></td>
    <td WIDTH="152" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">7,039</b></td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>&#160;&#160;&#160;State Street Bank & Trust Company</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="right" style="margin-right: 100">4.24%</b></td>
    <td WIDTH="152" VALIGN="TOP"><b>
      <p ALIGN="right" style="border-bottom-style: solid; border-bottom-width: 1; margin-right: 20">59,281</b></td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>Total Insurance Contracts</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2">
      <p ALIGN="right" style="margin-right: 100">&nbsp;</p>
    </td>
    <td WIDTH="152" VALIGN="TOP"><b>
      <p ALIGN="right" style="margin-right: 20">184,599</b></td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2">
      <p style="margin-right: 100">&nbsp;</p>
    </td>
    <td WIDTH="152" VALIGN="TOP">
      <p ALIGN="right" style="margin-right: 20">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p>Participant notes receivable</td>
      </center>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2"><b>
      <p ALIGN="left" style="margin-left: 20">5%&#45;10.5%</b></td>
      <center>
    <td WIDTH="152" VALIGN="TOP"><b>
      <p ALIGN="right" style="border-bottom-style: solid; border-bottom-width: 1; margin-right: 20">21,389</b></td>
  </tr>
  <tr>
    <td WIDTH="319" VALIGN="TOP" COLSPAN="2">
      <p><br>
      Total assets held for investment purposes</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
    <td WIDTH="152" VALIGN="TOP"><b>
      <p ALIGN="right" style="border-bottom-style: solid; margin-right: 20"><br>
      $ 1,693,231</b></td>
  </tr>
</table>
      </center>
    </div>
<p>* Indicates party&#45;in&#45;interest to the Plan</p>
<p>&nbsp;</p>

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>exh.htm
<TEXT>
<html>

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

<body>

<font SIZE="4">
<p align="right">Exhibit 23</p>
<p ALIGN="CENTER">Consent of Independent Registered Public Accounting Firm</p>
</font>
<p ALIGN="JUSTIFY">We consent to the incorporation by reference in the
Registration Statement (Form S&#45;8 No. 333&#45;101183) pertaining to
the Textron Savings Plan of our report dated June 22, 2004, with respect to the
financial statements and schedules of the Textron Savings Plan included in this
Annual Report (Form 11&#45;K) for the year ended December&#160;31, 2003.</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="77%"></td>
    <td width="23%">
      <p style="border-bottom-style: solid; border-bottom-width: 1">s\Ernst
      &amp; Young</td>
  </tr>
  <tr>
    <td width="77%"></td>
    <td width="23%">ERNST &amp; YOUNG LLP</td>
  </tr>
</table>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p>Boston, Massachusetts<br>
June 22, 2004</p>

</body>

</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
