-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 L4e2ocMjDljxoRjLd7akLpvfqWuHwaZVtd3kh458pEE/T+jNJlAypLv9AdiB0mhb
 ChRm6JhkXVGdARMlgMYLEA==

<SEC-DOCUMENT>0000217346-04-000094.txt : 20041021
<SEC-HEADER>0000217346-04-000094.hdr.sgml : 20041021
<ACCEPTANCE-DATETIME>20041021080205
ACCESSION NUMBER:		0000217346-04-000094
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20041002
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Temporary Suspension of Trading Under Registrant's Employee Benefit Plans
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20041021
DATE AS OF CHANGE:		20041021

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:		041088560

	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>eightk.htm
<TEXT>
<html>

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

<body>

<b>
<p ALIGN="CENTER">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549<br>
<font SIZE="6">
<br>
FORM 8&#45;K<br>
</p>
</font><font SIZE="4">
<p ALIGN="CENTER">CURRENT REPORT<br>
</font>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934<br>
<br>
<br>
</b>
Date of Report (Date of earliest event reported): October 20, 2004

<b>
<br>
<br>
<br>
<font SIZE="6">TEXTRON INC.</p>
</font>
</b>
<p ALIGN="CENTER">(Exact name of Registrant as specified in its charter)</p>
<div align="center">
  <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="657">
  <tr>
    <td WIDTH="184" VALIGN="TOP">
      <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware</td>
    <td WIDTH="265" VALIGN="TOP">
      <p ALIGN="center">I&#45;5480</td>
    <td WIDTH="188" VALIGN="TOP">
      <p ALIGN="JUSTIFY">05&#45;0315468&#160;&#160;&#160;</td>
  </tr>
  <tr>
    <td WIDTH="184" VALIGN="TOP">
      <p ALIGN="JUSTIFY">(State of</td>
    <td WIDTH="265" VALIGN="TOP">
      <p ALIGN="center">(Commission File Number.)</td>
    <td WIDTH="188" VALIGN="TOP">
      <p ALIGN="JUSTIFY">(IRS Employer</td>
  </tr>
  <tr>
    <td WIDTH="184" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Incorporation)</td>
    <td WIDTH="265" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="188" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Identification Number)</td>
  </tr>
</table>
  </center>
</div>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="CENTER">40 Westminster Street, Providence, Rhode Island 02903<br>
(Address of principal executive offices)
<u>
<br>
</u>
&nbsp;
</p>
<p ALIGN="CENTER">Registrant&#39;s telephone number, including area code:
(401) 421&#45;2800</p>
<font SIZE="2">
<p>&nbsp;</p>
</font>
<p>Check the appropriate box below if the Form 8&#45;K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instructions A.2. below):
</p>
<p>[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)</p>
<p>[ ] Soliciting material pursuant to Rule 14a&#45;12 under the Exchange
Act (17 CFR 240.14a&#45;12)</p>
<p>[ ] Pre&#45;commencement communications pursuant to Rule 14d&#45;2(b)
under the Exchange Act (17 CFR 240.14d&#45;2(b))</p>
<p>[ ] Pre&#45;commencement communications pursuant to Rule
13e&#45;4(c)) under the Exchange Act (17 CFR 240.13e&#45;4(c))</p>
    <b>
    <p ALIGN="JUSTIFY">Item
    2.02&#160;&#160;&#160;&#160;&#160;Results of Operations
    and Financial Condition</p>
    </b>
<p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;On October
21, 2004, Textron Inc. (&quot;Textron&quot;) issued a press release announcing
its financial results for the fiscal quarter ended October 2, 2004. This press
release is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.</p>
<b>
<p ALIGN="JUSTIFY">Item
5.04&#160;&#160;&#160;&#160;&#160;Temporary Suspension of
Trading Under Registrant&#39;s Employee Benefit Plans</p>
<p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;</b>On
October 20, 2004, Textron sent a notice to its directors and executive officers
informing them that a blackout period with respect to the Textron Savings Plan
will be in effect beginning at 3:00 p.m. Eastern Time on November 24, 2004 and
is expected to end on December 3, 2004. Textron provided the notice to its
directors and executive officers in accordance with Section 306 of the
Sarbanes&#45;Oxley Act of 2002 and Rule 104 of Regulation BTR. Textron
received the notice required by Section 101(i)(2)(E) of the Employment
Retirement Income Security Act of 1974, on October 20, 2004.</p>
<p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;A copy of
the notice is attached hereto as Exhibit 99.2 and is incorporated herein by
reference.</p>
<b>
<p ALIGN="JUSTIFY">Item
9.01&#160;&#160;&#160;&#160;&#160;Financial Statements and
Exhibits</p>
</b>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="619">
  <tr>
    <td WIDTH="8%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">(c)</td>
    <td WIDTH="83%" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Exhibits</td>
  </tr>
</table>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="850">
  <tr>
    <td WIDTH="43" VALIGN="TOP">&nbsp;<br>
    </td>
    <td WIDTH="793" VALIGN="TOP" COLSPAN="2">
      <p ALIGN="JUSTIFY"><br>
      The following exhibits are filed herewith:</td>
  </tr>
  <tr>
    <td WIDTH="43" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="50" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="737" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="50" VALIGN="TOP">
      <p ALIGN="JUSTIFY">99.1</td>
    <td WIDTH="737" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Press release dated October 21, 2004</td>
  </tr>
  <tr>
    <td WIDTH="43" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="50" VALIGN="TOP">
      <p ALIGN="JUSTIFY">99.2</td>
    <td WIDTH="737" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Notice of Blackout Period to Directors and Executive
      Officers of Textron Inc., dated October 20, 2004.</td>
  </tr>
</table>
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">SIGNATURES</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp; 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="1" CELLPADDING="1" WIDTH="872">
  <tr>
    <td WIDTH="360" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="435" VALIGN="TOP">
      <p ALIGN="JUSTIFY">TEXTRON INC.</td>
  </tr>
  <tr>
    <td WIDTH="360" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="435" VALIGN="TOP">
      <p ALIGN="JUSTIFY">(Registrant)</td>
  </tr>
  <tr>
    <td WIDTH="360" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="435" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="360" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57" VALIGN="TOP">
      <p ALIGN="JUSTIFY">By:</td>
    <td WIDTH="435" VALIGN="TOP"><u>
      <p ALIGN="JUSTIFY">s/Michael D. Cahn</u></td>
  </tr>
  <tr>
    <td WIDTH="360" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Name:</td>
    <td WIDTH="435" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Michael D. Cahn</td>
  </tr>
  <tr>
    <td WIDTH="360" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Title</td>
    <td WIDTH="435" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Senior Associate General Counsel&#45;Securities and
      Assistant Secretary</td>
  </tr>
</table>
<p ALIGN="JUSTIFY">&nbsp;Dated: October 21, 2004</p>
<p ALIGN="CENTER">EXHIBIT INDEX</p>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="869">
  <tr>
    <td WIDTH="88" VALIGN="TOP"><u>
      <p ALIGN="JUSTIFY">Exhibit No</u>.</td>
    <td WIDTH="767" VALIGN="TOP"><u>
      <p ALIGN="JUSTIFY">Exhibit</u></td>
  </tr>
  <tr>
    <td WIDTH="88" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="767" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="88" VALIGN="TOP">
      <p ALIGN="JUSTIFY">99.1</td>
    <td WIDTH="767" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Press release dated October 21, 2004</td>
  </tr>
  <tr>
    <td WIDTH="88" VALIGN="TOP">
      <p>99.2</td>
    <td WIDTH="767" VALIGN="TOP">
      <p>Notice of Blackout Period to Directors and Executive Officers of
      Textron Inc., dated October 20, 2004.</td>
  </tr>
</table>

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>nineone.htm
<TEXT>
<html>

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

<body>

<table CELLSPACING="0" BORDER="0" CELLPADDING="8" WIDTH="862">
  <tr>
    <td WIDTH="236" VALIGN="TOP">
      <p><b><font face="Verdana" size="5">TEXTRON</font></b></td>
    <td WIDTH="590" VALIGN="TOP" COLSPAN="2"><font FACE="Verdana" SIZE="4" COLOR="#7f7f7f">
      <p ALIGN="RIGHT">Exhibit 99.1</font></td>
  </tr>
  <tr>
    <td WIDTH="236" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="168" VALIGN="TOP"><font FACE="Verdana" SIZE="1" COLOR="#7f7f7f">
      <p>Corporate Communications<br>
      Department</font></td>
    <td WIDTH="404" VALIGN="TOP"><b><font FACE="Verdana" SIZE="6">
      <p>&nbsp;</p>
      <p align="right">NEWS Release</font></b></td>
  </tr>
  <tr>
    <td WIDTH="236" VALIGN="TOP"><b><font FACE="Verdana" SIZE="2">
      <p>Investor Contacts:<br>
      </font></b><font FACE="Verdana" SIZE="2">Doug Wilburne &#45;
      401&#45;457&#45;3606<br>
      Marc Kaplan &#45; 401&#45;457&#45;2502</p>
      </font></td>
    <td WIDTH="590" VALIGN="TOP" COLSPAN="2"><font FACE="Verdana" SIZE="2" COLOR="#7f7f7f">
      <p ALIGN="RIGHT"><br>
      <b>FOR IMMEDIATE RELEASE</b></font></td>
  </tr>
  <tr>
    <td WIDTH="236" VALIGN="TOP"><b><font FACE="Verdana" SIZE="2">
      <p>Media Contact:</font></b><font FACE="Verdana" SIZE="2"><br>
      Karen Gordon &#45; 401&#45;457&#45;2362</font></td>
    <td WIDTH="590" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
  </tr>
  <tr>
    <td VALIGN="TOP" COLSPAN="3" HEIGHT="54" width="844"><b><font FACE="Verdana">
      <p ALIGN="CENTER">Textron Exceeds Third Quarter EPS and Cash Flow Targets</p>
      </font></b><font FACE="Verdana">
      <p ALIGN="CENTER">Announces Increased Dividend and New Share Repurchase
      Program</font><font FACE="Verdana" SIZE="3"></p>
      </font></td>
  </tr>
</table>
<b><font FACE="Verdana" SIZE="2">
<p>Providence, Rhode Island &#45; October 21, 2004</font></b><font FACE="Verdana" SIZE="2">
&#45; Textron Inc. (NYSE: TXT) today reported third quarter 2004 net income
of $103 million or $0.73 per share, compared with third quarter 2003 net income
of $47 million or $0.34 per share.</p>
<p>Revenues were $2.57 billion, up 15% from $2.23 billion in the third quarter
of last year, reflecting higher volumes in the company&#39;s manufacturing
segments.</p>
<p>Third quarter earnings included $0.10 per share in after&#45;tax costs
related to restructuring. For the same period last year, 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.</p>
<p>Excluding these items, Textron&#39;s third quarter 2004 adjusted earnings
per share were up 41% at $0.83, compared to $0.59 per share in the third quarter
of 2003. The company&#39;s previous target for third quarter adjusted
earnings per share was $0.70 to $0.80.</p>
<p>Cash flow from operating activities for the first nine months of 2004 was
$805 million, compared to $300 million during the same period last year,
resulting in free cash flow before restructuring for the first nine months of
2004 of $669 million, compared to $183 million last year. The company had
previously targeted full&#45;year free cash flow before restructuring in the
range of $500 &#45; $550 million.</p>
<p>&quot;The majority of our end markets continued to strengthen and helped
drive our top&#45;line growth for the quarter. This, combined with the
benefits of our enterprise management initiatives, resulted in an improvement in
our overall performance, including cash flow,&quot; said Lewis B. Campbell,
Textron chairman, president and CEO.</p>
<b>
<p>Outlook</p>
</b>
<p>Textron now expects full&#45;year 2004 adjusted earnings per share will
be between $3.25 and $3.35, up from $2.79 per share in 2003. The company expects
fourth quarter adjusted earnings per share to be between $0.99 and $1.09. These
amounts exclude restructuring costs and other special items.</p>
<p>Textron now expects full&#45;year free cash flow before restructuring to
be between $600 and $700 million, with cash flow from operations ranging from
$805 to $905 million.</p>
<p>&quot;We are encouraged by our prospects for strong top&#45;line growth
over the next several years and expect to deliver even stronger growth in
earnings as a result of our ongoing progress in reducing costs,&quot; Campbell
added.</p>
<p>The company currently expects its 2005 GAAP earnings per share will be up
15%&#45;20%, compared to this year&#39;s adjusted earnings per share.</p>
<b>
<p>Board Approves Increase in Dividend Payment and New Share Repurchase Program</p>
</b>
<p>Textron&#39;s Board of Directors has authorized a $0.10 per share
increase in the company&#39;s annualized common stock dividend, from $1.30
per share to $1.40 per share. The first increased dividend payment will be paid
on January 3, 2005 to holders of record at the close of business on December 10,
2004.</p>
<p>Textron&#39;s Board of Directors also authorized a new,
12&#45;million&#45;share repurchase program. This program supersedes the
company&#39;s previous authorization, under which less than one million
shares remained.</p>
<b>
<p>Presentation of Results and Outlook</p>
</b>
<p>Textron presents adjusted results and outlook before restructuring costs and
other special items because such items are outside normal business operations
and are 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 $18 million in pre&#45;tax costs during the
third quarter for its restructuring program. The restructuring program 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
included below.</p>
<b>
<p>Segment Analysis</p>
<p>Bell</p>
</b>
<p>Bell segment revenues increased $49 million, while profit decreased $10
million.</p>
<p>U.S. Government revenues were down due to lower revenue on the V&#45;22
program and lower sales related to a contract for training aircraft completed in
2003, partially offset by higher sales of air&#45;launched weapons, higher
revenue on the H&#45;1 upgrade program and increased demand for spares.
Commercial revenues were up due to higher helicopter unit volume and higher
volume in the aircraft engine business.</p>
<p>Segment profit decreased due to lower profit in the U.S. Government business,
partially offset by higher profit in the commercial business. U.S. Government
profit decreased primarily due to the decrease in V&#45;22 revenue and the
impact of lower training aircraft volume, partially offset by higher sales of
air&#45;launched weapons. The higher commercial profit was primarily due to
the impact of higher commercial helicopter volume, partially offset by higher
engineering expense, lower pension income, higher insurance costs and certain
positive 2003 items that did not reoccur.</p>
<p>Bell Helicopter&#39;s backlog of $2.4 billion was down $51 million from
the second quarter 2004.</p>
<b>
<p>Cessna</p>
</b>
<p>Cessna segment revenues and profit increased $183 million and $51 million,
respectively.</p>
<p>Cessna revenues increased primarily due to higher Citation business jet
volume, higher single engine aircraft volume, higher used aircraft volume and
higher pricing. Additionally, sales increased as a result of the consolidation
of CitationShares during the second quarter of 2004.</p>
<p>Segment profit increased due to improved cost performance, increased volume
and higher pricing, partially offset by inflation.</p>
<p>Backlog of $4.9 billion was up $128 million from the second quarter of 2004.
In addition, at the end of the third quarter Cessna also had orders from its
CitationShares joint venture totaling $555 million, up $139 million from the
second quarter of 2004.</p>
<b>
<p>Fastening Systems</p>
</b>
<p>Fastening Systems segment revenues increased $50 million, while profit
decreased $9 million.</p>
<p>Revenues increased primarily due to higher sales volume, favorable foreign
exchange and higher pricing. Profit decreased due to inflation and launch costs
related to plant consolidations, partially offset by higher pricing, higher
sales volume, improved cost performance and favorable foreign exchange.
Inflation included higher steel costs, which were only partially offset by
pricing actions during the quarter.</p>
<b>
<p>Industrial</p>
</b>
<p>Industrial segment revenues and profit increased $63 million and $21 million,
respectively.</p>
<p>Revenues increased primarily due to higher sales volume at each of the
Industrial divisions, except Fluid and Power, and the favorable impact of
foreign exchange, partially offset by the divestiture of a non&#45;core
product line during the second quarter of 2004. Profit increased primarily due
to improved cost performance, higher volume and improved credit performance,
partially offset by inflation and the impact of the divestiture of a
non&#45;core product line.</p>
<b>
<p>Finance</p>
</b>
<p>Finance segment revenues decreased $7 million, while profit increased $4
million.</p>
<p>Revenues decreased primarily due to a lower average finance receivable
portfolio, reflecting the continued liquidation of non&#45;core assets.
Profit increased primarily due to a lower provision for loan losses and lower
operating expenses, partially offset by the impact of lower average finance
receivables.<b>&nbsp;</p>
<p>Conference Call Information<br>
</b>Textron will host a conference call today, October 21, 2004, at 9:00 a.m.
Eastern time to discuss its results and outlook. The call will be available via
webcast at www.textron.com or by direct dial at (888) 428&#45;4474 in the
U.S. or (612) 332&#45;0107 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:
723574.</p>
<p>Textron Inc. (NYSE:TXT) is a $10 billion multi&#45;industry company with
more than 43,000 employees in nearly 40 countries. The company leverages its
global network of aircraft, industrial and finance businesses to provide
customers with innovative solutions and services. 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">www.textron.com</font><font FACE="Verdana" SIZE="2">.</p>
<p ALIGN="CENTER">###</p>
<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 speak only as of the date on which they are made, and we undertake no
obligation to update or revise any forward&#45;looking statements. 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 slowdowns or downturns in customer markets in which Textron
products are sold or supplied or where Textron Financial offers financing; (k)
changes in aircraft delivery schedules or cancellation of orders; (l) the impact
of changes in tax legislation; (m) Textron&#39;s ability to offset, through
cost reductions, raw material price increases and pricing pressure brought by
original equipment manufacturer customers; (n) the availability and cost of
insurance; (o) increases in pension expenses related to lower than expected
asset performance or changes in discount rates; (p) Textron Financial&#39;s
ability to maintain portfolio credit quality; (q) Textron Financial&#39;s
access to debt financing at competitive rates; and (r) uncertainty in estimating
contingent liabilities and establishing reserves to address such contingencies.</p>
<div align="left">
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="806">
    <tr>
      <td WIDTH="736" VALIGN="TOP" HEIGHT="5" colspan="13">
        <p align="center"><b><font FACE="Verdana" SIZE="1">TEXTRON INC.<br>
        Revenues and Income by Business Segment<br>
        Three Months Ended October 2, 2004 and September 27, 2003<br>
        </font></b><font FACE="Verdana" SIZE="1">(Dollars in millions except per
        share amounts)<br>
        (Unaudited)</font></p>
        <p align="center">&nbsp;</td>
      <td WIDTH="10" VALIGN="TOP" HEIGHT="5"></td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="236" VALIGN="TOP" COLSPAN="5" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">October 2, 2004</font></b></td>
      <td WIDTH="26" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="26" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="217" VALIGN="TOP" COLSPAN="5" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">September 27, 2003</font></b></td>
      <td WIDTH="10" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="112" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">GAAP</font></b></td>
      <td WIDTH="26" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="106" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">As Adjusted (a)</font></b></td>
      <td WIDTH="26" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="26" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="104" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">GAAP</font></b></td>
      <td WIDTH="26" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="93" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">As Adjusted (a)</font></b></td>
      <td WIDTH="10" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>REVENUES</font></b></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>MANUFACTURING:</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell</font></td>
      <td WIDTH="18" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="86" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">570</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="82" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">570</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="77" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">521</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">521</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cessna</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">699</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">699</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">516</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">516</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastening Systems</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">454</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">454</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">404</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">404</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial</font></td>
      <td WIDTH="18" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p>&nbsp;</p>
      </td>
      <td WIDTH="88" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">717</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="84" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">717</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="79" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">654</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">654</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">2,440</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">2,440</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">2,095</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">2,095</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>FINANCE</font></td>
      <td WIDTH="18" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p>&nbsp;</p>
      </td>
      <td WIDTH="88" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">129</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="84" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">129</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="79" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">136</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">136</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        revenues</font></b></td>
      <td WIDTH="20" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="88" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">2,569</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="84" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">2,569</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="79" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">2,231</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="66" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">2,231</font></b></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>PROFIT</font></b></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>MANUFACTURING:</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell</font></td>
      <td WIDTH="18" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="86" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">59</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="82" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">59</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="77" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">69</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">69</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cessna</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">82</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">82</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">31</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">31</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastening Systems</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">10</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">10</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial</font></td>
      <td WIDTH="20" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="88" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">44</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="84" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">44</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="79" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">23</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">23</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">186</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">186</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">133</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">133</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>FINANCE</font></td>
      <td WIDTH="20" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="88" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">28</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="84" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">28</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="79" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">24</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">24</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>Segment profit</font></b></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">214</font></b></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">214</font></b></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">157</font></b></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">157</font></b></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Special charges (b)</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(18)</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">-</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(42)</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">-</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Corporate expenses and other, net</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(30)</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(30)</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(19)</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(19)</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Interest expense, net</font></td>
      <td WIDTH="20" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="88" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(23)</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="84" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(23)</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="79" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(26)</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(26)</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Income before income taxes</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">143</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">161</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">70</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">112</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Income taxes</font></td>
      <td WIDTH="20" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="88" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(40)</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="84" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(44)</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="79" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(23)</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(31)</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>Net income</font></b></td>
      <td WIDTH="20" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="88" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">103</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="84" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">117</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="79" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">47</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="66" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">81</font></b></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>Earnings per share: (f)</font></b></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="86" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="82" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="77" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
        income</font></b></td>
      <td WIDTH="20" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="88" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">0.73</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="84" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">0.83</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="79" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">0.34</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="66" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">0.59</font></b></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="231" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Average diluted shares outstanding</font></td>
      <td WIDTH="112" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">140,618,000</font></td>
      <td WIDTH="26" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="106" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">140,618,000</font></td>
      <td WIDTH="26" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="26" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="104" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">136,828,000</font></td>
      <td WIDTH="26" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="93" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">136,828,000</font></td>
      <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    </tr>
  </table>
</div>
<font FACE="Verdana" SIZE="1">
<p ALIGN="CENTER">&nbsp;</p>
</font>
<div align="left">
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="871">
    <tr>
      <td WIDTH="766" VALIGN="TOP" HEIGHT="5" colspan="13">
        <p align="center"><font FACE="Verdana" SIZE="1"><b>TEXTRON INC.<br>
        Revenues and Income by Business Segment<br>
        Nine Months Ended October 2, 2004 and September 27, 2003<br>
        </b>(Dollars in millions except per share amounts)<br>
        (Unaudited)</font></p>
        <p align="center">&nbsp;</td>
      <td WIDTH="20" VALIGN="TOP" HEIGHT="5"></td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="228" VALIGN="TOP" COLSPAN="5" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">October 2, 2004</font></b></td>
      <td WIDTH="26" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="26" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="211" VALIGN="TOP" COLSPAN="5" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">September 27, 2003</font></b></td>
      <td WIDTH="20" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="110" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">GAAP</font></b></td>
      <td WIDTH="26" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="110" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">As Adjusted (a)</font></b></td>
      <td WIDTH="26" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="26" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="113" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">GAAP</font></b></td>
      <td WIDTH="26" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
      <td WIDTH="93" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">As Adjusted (a)</font></b></td>
      <td WIDTH="20" VALIGN="TOP" HEIGHT="5">
        <p></p>
      </td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>REVENUES</font></b></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>MANUFACTURING:</font></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell</font></td>
      <td WIDTH="12" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1,664</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1,664</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1,673</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>1,673</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cessna</font></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1,617</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1,617</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1,679</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>1,679</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastening Systems</font></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1,445</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1,445</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1,280</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>1,280</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial</font></td>
      <td WIDTH="14" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">2,344</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="93" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">2,344</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="94" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">2,110</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="73" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p>2,110</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">7,070</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">7,070</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">6,742</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>6,742</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>FINANCE</font></td>
      <td WIDTH="14" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">400</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="93" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">400</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="94" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">418</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="73" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p>418</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        revenues</font></b></td>
      <td WIDTH="14" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="92" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">7,470</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="93" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">7,470</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="94" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">7,160</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="73" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p>7,160</font></b></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>PROFIT</font></b></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>MANUFACTURING:</font></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell</font></td>
      <td WIDTH="12" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">182</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">182</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">165</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">165</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cessna</font></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">148</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">148</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">156</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">156</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastening Systems</font></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">45</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">45</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">49</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">49</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial</font></td>
      <td WIDTH="14" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">152</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="93" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">152</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="94" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">97</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="73" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">97</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">527</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">527</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">467</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">467</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>FINANCE</font></td>
      <td WIDTH="14" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">95</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="93" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">95</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="94" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">70</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="73" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">70</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>Segment profit</font></b></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">622</font></b></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">622</font></b></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">537</font></b></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">537</font></b></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Special charges (b)</font></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(103)</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">-</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(94)</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">-</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Gain on sale of businesses (c)</font></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">7</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">-</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">15</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">-</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Corporate expenses and other, net</font></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(101)</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(101)</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(81)</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(81)</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Interest expense, net</font></td>
      <td WIDTH="14" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(73)</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="93" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(73)</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="94" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(72)</font></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="73" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(72)</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Income from continuing operations<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before income taxes and distributions<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on preferred securities of subsidiary<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;trusts</font></td>
      <td WIDTH="12" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        <br>
        <br>
        352</font></td>
      <td WIDTH="24" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="11" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        <br>
        <br>
        448</font></td>
      <td WIDTH="24" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="24" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="13" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        <br>
        <br>
        305</font></td>
      <td WIDTH="24" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="14" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        <br>
        </font></td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        <br>
        <br>
        384</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Income taxes</font></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(112)</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(130)</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(94)</font></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(115)</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Distributions on preferred securities<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of manufacturing subsidiary trust,<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of income taxes (d)</font></td>
      <td WIDTH="12" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="90" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        <br>
        -</font></td>
      <td WIDTH="24" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="11" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="91" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        <br>
        -</font></td>
      <td WIDTH="24" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="24" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="13" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="92" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        <br>
        (13)</font></td>
      <td WIDTH="24" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="14" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="71" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        <br>
        (13)</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>Income from continuing operations</font></b></td>
      <td WIDTH="14" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">240</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="93" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">318</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="94" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">198</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="73" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">256</font></b></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>(Loss) income from discontinued<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations, net of income taxes (e)</font></td>
      <td WIDTH="14" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="92" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        -</font></td>
      <td WIDTH="26" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="13" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="93" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        -</font></td>
      <td WIDTH="26" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="26" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="15" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="94" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        (22)</font></td>
      <td WIDTH="26" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="16" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="73" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        2</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>Net income</font></b></td>
      <td WIDTH="14" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="92" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">240</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="93" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">318</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="94" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">176</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="73" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">258</font></b></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>Earnings per share: (f)</font></b></td>
      <td WIDTH="12" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="90" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="92" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="71" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from continuing<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations</font></b></td>
      <td WIDTH="12" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="90" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        1.71</font></b></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="11" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="91" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        2.26</font></b></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="92" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        1.45</font></b></td>
      <td WIDTH="24" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="71" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        1.87</font></b></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations,
        net of income taxes (e)</font></td>
      <td WIDTH="14" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="92" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        -</font></td>
      <td WIDTH="26" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="13" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="93" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        -</font></td>
      <td WIDTH="26" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="26" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="15" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="94" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        (0.16)</font></td>
      <td WIDTH="26" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="16" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="73" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        0.02</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
        income</font></b></td>
      <td WIDTH="14" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="92" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1.71</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="13" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="93" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">2.26</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="15" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="94" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1.29</font></b></td>
      <td WIDTH="26" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="73" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1.89</font></b></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="275" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Average diluted shares outstanding</font></td>
      <td WIDTH="110" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">140,378,000</font></td>
      <td WIDTH="26" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="110" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">140,378,000</font></td>
      <td WIDTH="26" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="26" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="113" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">136,761,000</font></td>
      <td WIDTH="26" VALIGN="TOP">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="93" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">136,761,000</font></td>
      <td WIDTH="20" VALIGN="TOP">&nbsp;</td>
    </tr>
  </table>
</div>
<div align="left">
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="830">
    <tr>
      <td WIDTH="23" VALIGN="TOP">
        <p align="left" style="margin-top: 0"></p>
      </td>
      <td WIDTH="755" VALIGN="TOP" colspan="12"><b>
        <p ALIGN="CENTER"><font face="Verdana" size="1"><br>
        <br>
        <br>
        TEXTRON INC.<br>
        Revenues and Income by Business Segment<br>
        Three and Nine Months Ended October 2, 2004 and September 27, 2003<br>
        </font></b><font face="Verdana" size="1">(Dollars in millions except per
        share amounts)<br>
        (Unaudited)<br>
        </font></p>
      </td>
      <td WIDTH="18" VALIGN="TOP" rowspan="2"></td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP">
        <p style="margin-top: 12"><font size="1" face="Verdana">(a)</font></td>
      <td WIDTH="755" VALIGN="TOP" colspan="12">
        <p ALIGN="left" style="margin-top: 12"><font face="Verdana" SIZE="1">The
        &quot;As Adjusted&quot; column excludes items recorded in special
        charges and gain on sale of businesses. 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).</font></p>
        <p style="margin-top: 12"><font face="Verdana" SIZE="1">A reconciliation
        of net income as reported under GAAP to net income, as adjusted is as
        follows:</font></p>
      </td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP">
        <p style="margin-top: 12"><font size="1" face="Verdana">&nbsp;</font></p>
      </td>
      <td WIDTH="312" VALIGN="TOP">
        <p style="margin-top: 12"><font face="Verdana" size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="208" VALIGN="TOP" COLSPAN="5" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER" style="margin-top: 12"><font face="Verdana" SIZE="1">Third
        Quarter</font></b></td>
      <td WIDTH="17" VALIGN="TOP">
        <p style="margin-top: 12"><font face="Verdana" size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="218" VALIGN="TOP" COLSPAN="5" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER" style="margin-top: 12"><font face="Verdana" SIZE="1">Nine
        Months</font></b></td>
      <td WIDTH="18" VALIGN="TOP">
        <p style="margin-top: 12">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="312" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="90" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER"><font face="Verdana" SIZE="1">2004</font></b></td>
      <td WIDTH="19" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="89" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER"><font face="Verdana" SIZE="1">2003</font></b></td>
      <td WIDTH="17" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="94" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER"><font face="Verdana" SIZE="1">2004</font></b></td>
      <td WIDTH="22" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="92" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER"><font face="Verdana" SIZE="1">2003</font></b></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="312" VALIGN="TOP">
        <p><font face="Verdana" SIZE="1">GAAP net income</font></td>
      <td WIDTH="22" VALIGN="TOP">
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1">$</font></td>
      <td WIDTH="60" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">103</font></td>
      <td WIDTH="19" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="24" VALIGN="TOP">
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1">$</font></td>
      <td WIDTH="57" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">47</font></td>
      <td WIDTH="17" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="25" VALIGN="TOP">
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1">$</font></td>
      <td WIDTH="61" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">240</font></td>
      <td WIDTH="22" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="15" VALIGN="TOP">
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1">$</font></td>
      <td WIDTH="69" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">176</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="312" VALIGN="TOP">
        <p><font face="Verdana" SIZE="1">Adjustments:</font></td>
      <td WIDTH="22" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="60" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="19" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="24" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="57" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="17" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="25" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="61" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="22" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="15" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="69" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="312" VALIGN="TOP">
        <p><font face="Verdana" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special
        charges</font></td>
      <td WIDTH="22" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="60" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">18</font></td>
      <td WIDTH="19" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="24" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="57" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">42</font></td>
      <td WIDTH="17" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="25" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="61" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">103</font></td>
      <td WIDTH="22" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="15" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="69" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">94</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="312" VALIGN="TOP">
        <p><font face="Verdana" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on
        sale of businesses</font></td>
      <td WIDTH="22" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="60" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">-</font></td>
      <td WIDTH="19" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="24" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="57" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">-</font></td>
      <td WIDTH="17" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="25" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="61" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">(7)</font></td>
      <td WIDTH="22" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="15" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="69" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">(15)</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="312" VALIGN="TOP">
        <p><font face="Verdana" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax
        impact of excluded items</font></td>
      <td WIDTH="22" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="60" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">(4)</font></td>
      <td WIDTH="19" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="24" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="57" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">(8)</font></td>
      <td WIDTH="17" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="25" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="61" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">(18)</font></td>
      <td WIDTH="22" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="15" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="69" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">(21)</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="312" VALIGN="TOP">
        <p><font face="Verdana" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special
        charges included in discontinued<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations,
        net of income taxes</font></td>
      <td WIDTH="24" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1"><br>
        </font></td>
      <td WIDTH="62" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1"><br>
        -</font></td>
      <td WIDTH="19" VALIGN="TOP">
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1"><br>
        </font></td>
      <td WIDTH="26" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1"><br>
        </font></td>
      <td WIDTH="59" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1"><br>
        -</font></td>
      <td WIDTH="17" VALIGN="TOP">
        <p><font face="Verdana" SIZE="1"><br>
        </font></td>
      <td WIDTH="27" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1"><br>
        </font></td>
      <td WIDTH="63" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1"><br>
        -</font></td>
      <td WIDTH="22" VALIGN="TOP">
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1"><br>
        </font></td>
      <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1"><br>
        </font></td>
      <td WIDTH="71" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1"><br>
        24</font></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="312" VALIGN="TOP"><b>
        <p><font face="Verdana" SIZE="1">Net income, as adjusted</font></b></td>
      <td WIDTH="24" VALIGN="TOP" style="border-bottom-style: solid"><b>
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1">$</font></b></td>
      <td WIDTH="62" VALIGN="TOP" style="border-bottom-style: solid"><b>
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">117</font></b></td>
      <td WIDTH="19" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="26" VALIGN="TOP" style="border-bottom-style: solid"><b>
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1">$</font></b></td>
      <td WIDTH="59" VALIGN="TOP" style="border-bottom-style: solid"><b>
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">81</font></b></td>
      <td WIDTH="17" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="27" VALIGN="TOP" style="border-bottom-style: solid"><b>
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1">$</font></b></td>
      <td WIDTH="63" VALIGN="TOP" style="border-bottom-style: solid"><b>
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">318</font></b></td>
      <td WIDTH="22" VALIGN="TOP"><font face="Verdana" size="1">&nbsp;</font></td>
      <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid"><b>
        <p ALIGN="RIGHT"><font face="Verdana" SIZE="1">$</font></b></td>
      <td WIDTH="71" VALIGN="TOP" style="border-bottom-style: solid"><b>
        <p style="margin-right: 20" align="right"><font face="Verdana" SIZE="1">258</font></b></td>
      <td WIDTH="18" VALIGN="TOP">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP"><font size="1" face="Verdana"><br>
        (b)</font></td>
      <td WIDTH="719" VALIGN="TOP" colspan="12"><font face="Verdana" SIZE="1"><br>
        Special charges include 1) restructuring expenses and fixed asset
        impairment charges associated with reducing overhead and closing,
        consolidating and downsizing manufacturing facilities, headcount
        reductions, consolidating operations and exiting non-core product lines,
        2) a $12 million pretax gain in 2004 on the sale of the remaining shares
        of Collins &amp; Aikman common stock and 3) $15 million in unamortized
        issuance costs written off in 2003 upon the redemption of preferred
        securities described in note (d).</font></td>
      <td WIDTH="18" VALIGN="TOP"></td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP"><font face="Verdana" size="1"><br>
        (c)</font></td>
      <td WIDTH="719" VALIGN="TOP" colspan="12"><font face="Verdana" SIZE="1"><br>
        During the second quarter of 2004, Textron recorded a gain on the sale
        of its interest in two Brazilian-based joint ventures to its joint
        venture partner, Metegal Telecom Participacoes Ltda. 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.</font></td>
      <td WIDTH="18" VALIGN="TOP"></td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP"><font face="Verdana" size="1"><br>
        (d)</font></td>
      <td WIDTH="719" VALIGN="TOP" colspan="12"><font face="Verdana" SIZE="1"><br>
        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.</font></td>
      <td WIDTH="18" VALIGN="TOP"></td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP"><font face="Verdana" SIZE="1"><br>
        (e)</font></td>
      <td WIDTH="719" VALIGN="TOP" colspan="12"><font face="Verdana" SIZE="1"><br>
        During the third quarter of 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. During the fourth quarter of 2003, Textron sold
        its Small Business Direct portfolio to MBNA America Bank, N.A. and has
        reclassified the financial results, net of income taxes, to discontinued
        operations.</font></td>
      <td WIDTH="18" VALIGN="TOP"></td>
    </tr>
    <tr>
      <td WIDTH="23" VALIGN="TOP"><font face="Verdana" SIZE="1"><br>
        (f)</font></td>
      <td WIDTH="719" VALIGN="TOP" colspan="12"><font face="Verdana" SIZE="1"><br>
        Reconciliation of GAAP EPS to EPS, as adjusted:</font></td>
      <td WIDTH="18" VALIGN="TOP"></td>
    </tr>
  </table>
</div>
<div align="left">
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="828" height="208">
    <tr>
      <td WIDTH="11" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="309" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="252" VALIGN="TOP" COLSPAN="5" style="border-bottom-style: solid; border-bottom-width: 1" height="21"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">Third Quarter</font></b></td>
      <td WIDTH="22" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="208" VALIGN="TOP" COLSPAN="5" style="border-bottom-style: solid; border-bottom-width: 1" height="21"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">Nine Months</font></b></td>
    </tr>
    <tr>
      <td WIDTH="11" VALIGN="TOP" height="22">&nbsp;</td>
      <td WIDTH="309" VALIGN="TOP" height="22">&nbsp;</td>
      <td WIDTH="118" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1" height="22"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2004</font></b></td>
      <td WIDTH="28" VALIGN="TOP" height="22">&nbsp;</td>
      <td WIDTH="96" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1" height="22"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2003</font></b></td>
      <td WIDTH="22" VALIGN="TOP" height="22">&nbsp;</td>
      <td WIDTH="91" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1" height="22"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2004</font></b></td>
      <td WIDTH="20" VALIGN="TOP" height="22">&nbsp;</td>
      <td WIDTH="87" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1" height="22"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2003</font></b></td>
    </tr>
    <tr>
      <td WIDTH="11" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="309" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p>GAAP EPS</font></td>
      <td WIDTH="44" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="66" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">0.73</font></td>
      <td WIDTH="28" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="64" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">0.34</font></td>
      <td WIDTH="22" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="62" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1.71</font></td>
      <td WIDTH="20" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></td>
      <td WIDTH="61" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1.29</font></td>
    </tr>
    <tr>
      <td WIDTH="11" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="309" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p>Adjustments:</font></td>
      <td WIDTH="44" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="66" VALIGN="TOP" height="21">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="28" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP" height="21">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="22" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="62" VALIGN="TOP" height="21">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
      <td WIDTH="20" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="61" VALIGN="TOP" height="21">
        <p style="margin-right: 20" align="right">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="11" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="309" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special charges</font></td>
      <td WIDTH="44" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="66" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">0.10</font></td>
      <td WIDTH="28" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">0.25</font></td>
      <td WIDTH="22" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="62" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">0.56</font></td>
      <td WIDTH="20" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="61" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">0.51</font></td>
    </tr>
    <tr>
      <td WIDTH="11" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="309" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of businesses</font></td>
      <td WIDTH="44" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="66" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">-</font></td>
      <td WIDTH="28" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="24" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="64" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">-</font></td>
      <td WIDTH="22" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="21" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="62" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(0.01)</font></td>
      <td WIDTH="20" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="18" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="61" VALIGN="TOP" height="21"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">(0.09)</font></td>
    </tr>
    <tr>
      <td WIDTH="11" VALIGN="TOP" height="28">&nbsp;</td>
      <td WIDTH="309" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special charges included in
        discontinued<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations,
        net of income taxes</font></td>
      <td WIDTH="46" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="68" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        -</font></td>
      <td WIDTH="28" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="26" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="66" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        -</font></td>
      <td WIDTH="22" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p><br>
        </font></td>
      <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="64" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        -</font></td>
      <td WIDTH="20" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="20" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="63" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right"><br>
        0.18</font></td>
    </tr>
    <tr>
      <td WIDTH="11" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="309" VALIGN="TOP" height="21"><b><font FACE="Verdana" SIZE="1">
        <p>EPS, as adjusted</font></b></td>
      <td WIDTH="46" VALIGN="TOP" style="border-bottom-style: solid" height="21"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="68" VALIGN="TOP" style="border-bottom-style: solid" height="21"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">0.83</font></b></td>
      <td WIDTH="28" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="26" VALIGN="TOP" style="border-bottom-style: solid" height="21"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="66" VALIGN="TOP" style="border-bottom-style: solid" height="21"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">0.59</font></b></td>
      <td WIDTH="22" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid" height="21"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="64" VALIGN="TOP" style="border-bottom-style: solid" height="21"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">2.26</font></b></td>
      <td WIDTH="20" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="20" VALIGN="TOP" style="border-bottom-style: solid" height="21"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT">$</font></b></td>
      <td WIDTH="63" VALIGN="TOP" style="border-bottom-style: solid" height="21"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 20" align="right">1.89</font></b></td>
    </tr>
  </table>
</div>
<p ALIGN="CENTER">&nbsp;</p>
<div align="left">
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="679">
    <tr>
      <td WIDTH="98%" VALIGN="TOP" colspan="4">
        <p align="center"><b><font FACE="Verdana" size="1">TEXTRON INC.<br>
        Condensed Consolidated Balance Sheets<br>
        </font></b><font FACE="Verdana" size="1">(In millions)<br>
        (Unaudited)<br>
        </font></td>
      <td WIDTH="3%" VALIGN="TOP"></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
      <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER"><font FACE="Verdana" size="1">October 2,<br>
        2004</font></b></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
      <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b>
        <p ALIGN="CENTER"><font FACE="Verdana" size="1">January 3,<br>
        2004</font></b></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><b>
        <p><font FACE="Verdana" size="1">Assets</font></b></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">Cash and cash equivalents</font></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        687</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        486</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">Accounts receivable, net</font></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">1,143</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">1,135</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">Inventories</font></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">1,663</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">1,439</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">Other current assets</font></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">429</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">532</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">Net property</font></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">1,878</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">1,925</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">Other assets</font></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">3,208</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">3,240</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">Textron Finance assets</font></td>
      <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">6,544</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">6,333</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        Assets</font></td>
      <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">$&nbsp;&nbsp;
        15,552</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">$&nbsp;&nbsp;
        15,090</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><b>
        <p><font FACE="Verdana" size="1">Liabilities and Shareholders' Equity</font></b></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">Current portion of long-term debt and
        short-term debt</font></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        395</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        316</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">Other current liabilities</font></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">2,338</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">1,940</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">Other liabilities</font></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">2,161</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">2,109</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">Long-term debt</font></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">1,342</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">1,711</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">Textron Finance liabilities</font></td>
      <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">5,545</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">5,324</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        Liabilities</font></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">11,781</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">11,400</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
      <td WIDTH="16%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP">
        <p><font FACE="Verdana" size="1">Total Shareholders' Equity</font></td>
      <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">3,771</font></td>
      <td WIDTH="3%" VALIGN="TOP">
        <p style="margin-right: 20" align="right"><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">3,690</font></td>
      <td WIDTH="3%" VALIGN="TOP"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="64%" VALIGN="TOP" HEIGHT="16">
        <p><font FACE="Verdana" size="1">&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">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">$&nbsp;&nbsp;
        15,552</font></td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="16">
        <p style="margin-right: 20" align="right"></p>
      </td>
      <td WIDTH="15%" VALIGN="TOP" HEIGHT="16" style="border-bottom-style: solid">
        <p style="margin-right: 20" align="right"><font FACE="Verdana" size="1">$&nbsp;&nbsp;
        15,090</font></td>
      <td WIDTH="3%" VALIGN="TOP" HEIGHT="16">
        <p></p>
      </td>
    </tr>
  </table>
</div>
<p ALIGN="CENTER">&nbsp;</p>
<div align="left">
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="751">
    <tr>
      <td WIDTH="102%" VALIGN="TOP" colspan="12">
        <p align="center"><b><font FACE="Verdana" SIZE="1">TEXTRON INC.<br>
        Reconciliation of GAAP Measures to Non-GAAP Measures<br>
        </font></b><font FACE="Verdana" SIZE="1">(Dollars in millions except per
        share amounts)</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="16%" 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="42%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="27%" 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="42%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2004</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2003</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2004</font></b></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2003</font></b></td>
    </tr>
    <tr>
      <td WIDTH="42%" 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="14%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">Outlook</font></b></td>
      <td WIDTH="3%" 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">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">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">Actual</font></b></td>
    </tr>
    <tr>
      <td WIDTH="42%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p><br>
        GAAP EPS</font></b></td>
      <td WIDTH="3%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="14%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER"><br>
        0.81 - 0.91</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 15" align="right"><br>
        0.60</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="14%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER"><br>
        2.52 - 2.62</font></b></td>
      <td WIDTH="3%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="10%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 15" align="right"><br>
        1.89</font></b></td>
    </tr>
    <tr>
      <td WIDTH="42%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>Adjustments:</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2">
        <p style="margin-right: 15" align="right">&nbsp;</p>
      </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">
        <p style="margin-right: 15" align="right">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td WIDTH="42%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special charges</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">0.18</font></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 15" align="right">0.31</font></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">0.74</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 15" align="right">0.82</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of businesses</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">-</font></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 15" align="right">-</font></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
      <td WIDTH="14%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">(0.01)</font></td>
      <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
      <td WIDTH="10%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 15" align="right">(0.09)</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special charges included in
        discontinued<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations,
        net of income taxes</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p><br>
        </font></td>
      <td WIDTH="14%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER"><br>
        -</font></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p><br>
        </font></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: 15" align="right"><br>
        -</font></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p><br>
        </font></td>
      <td WIDTH="14%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER"><br>
        -</font></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p><br>
        </font></td>
      <td WIDTH="10%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 15" align="right"><br>
        0.17</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p><br>
        EPS as adjusted</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="14%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER"><br>
        0.99 - 1.09</font></b></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="9%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 15" align="right"><br>
        <b>0.91</b></font></td>
      <td WIDTH="3%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="14%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER"><br>
        3.25 - 3.35</font></b></td>
      <td WIDTH="3%" 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: 15" align="right"><br>
        2.79</font></b></td>
    </tr>
  </table>
</div>
<font FACE="Verdana" SIZE="1">
<p>&nbsp;</p>
</font>
<div align="left">
  <table CELLSPACING="1" CELLPADDING="1" WIDTH="756" height="290">
    <tr>
      <td WIDTH="34%" VALIGN="TOP" height="27">&nbsp;</td>
      <td WIDTH="2%" VALIGN="TOP" height="27">&nbsp;</td>
      <td WIDTH="19%" VALIGN="TOP" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1" height="27"><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" height="27">&nbsp;</td>
      <td WIDTH="19%" VALIGN="TOP" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1" height="27"><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" height="27">&nbsp;</td>
      <td WIDTH="22%" VALIGN="TOP" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1" height="27"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER"><br>
        Full Year</font></b></td>
    </tr>
    <tr>
      <td WIDTH="34%" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="2%" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" height="21"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2004</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" height="21"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2003</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" height="21"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2004</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" height="21"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2003</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" height="21"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2004</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" height="21">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" height="21"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">2003</font></b></td>
    </tr>
    <tr>
      <td WIDTH="34%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="20"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">Actual</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="20"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">Actual</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="20"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">Actual</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="20"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">Actual</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="20"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">Outlook</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="20"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="CENTER">Actual</font></b></td>
    </tr>
    <tr>
      <td WIDTH="34%" VALIGN="TOP" height="28"><b><font FACE="Verdana" SIZE="1">
        <p><br>
        Cash flow from operations - GAAP</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="8%" VALIGN="TOP" height="28"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        360</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="9%" VALIGN="TOP" height="28"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        145</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><b><font FACE="Verdana" SIZE="1">
        <p><br>
        $</font></b></td>
      <td WIDTH="9%" VALIGN="TOP" height="28"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        805</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><b><font FACE="Verdana" SIZE="1">
        <p><br>
        $</font></b></td>
      <td WIDTH="8%" VALIGN="TOP" height="28"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        300</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="11%" VALIGN="TOP" height="28"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="center" style="margin-right: 10"><br>
        805 - 905</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        $</font></b></td>
      <td WIDTH="8%" VALIGN="TOP" height="28"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        681</font></b></td>
    </tr>
    <tr>
      <td WIDTH="34%" VALIGN="TOP" height="28"><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" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        (82)</font></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="9%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        (80)</font></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p><br>
        </font></td>
      <td WIDTH="9%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        (228)</font></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p><br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        (198)</font></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="center" style="margin-right: 10"><br>
        (330)</font></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        (310)</font></td>
    </tr>
    <tr>
      <td WIDTH="34%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="19"><font FACE="Verdana" SIZE="1">
        <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds on sale of fixed assets</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="19">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="19"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">10</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="19">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="19"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">12</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="19">&nbsp;</td>
      <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="19"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">37</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="19">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="19"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">41</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="19">&nbsp;</td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="19"><font FACE="Verdana" SIZE="1">
        <p ALIGN="center" style="margin-right: 10">45</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="19">&nbsp;</td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="19"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right">55</font></td>
    </tr>
    <tr>
      <td WIDTH="34%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p><br>
        Free cash flow after restructuring</font></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        288</font></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="9%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        77</font></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p><br>
        </font></td>
      <td WIDTH="9%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        614</font></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p><br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        143</font></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="center" style="margin-right: 10"><br>
        520 - 620</font></td>
      <td WIDTH="2%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP" height="28"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        426</font></td>
    </tr>
    <tr>
      <td WIDTH="34%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="40"><font FACE="Verdana" SIZE="1">
        <p><br>
        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" height="40"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="40"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        <br>
        21</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="40"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="40"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        <br>
        15</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="40"><font FACE="Verdana" SIZE="1">
        <p><br>
        <br>
        </font></td>
      <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="40"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        <br>
        55</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="40"><font FACE="Verdana" SIZE="1">
        <p><br>
        <br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="40"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        <br>
        40</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="40"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="40"><font FACE="Verdana" SIZE="1">
        <p ALIGN="center" style="margin-right: 10"><br>
        <br>
        80</font></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="40"><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        </font></td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1" height="40"><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        <br>
        57</font></td>
    </tr>
    <tr>
      <td WIDTH="34%" VALIGN="TOP" style="border-bottom-style: solid" height="43"><b><font FACE="Verdana" SIZE="1">
        <p><br>
        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" height="43"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        $</font></b></td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid" height="43"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        <br>
        309</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid" height="43"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        $</font></b></td>
      <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid" height="43"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        <br>
        92</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid" height="43"><b><font FACE="Verdana" SIZE="1">
        <p><br>
        <br>
        $</font></b></td>
      <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid" height="43"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        <br>
        669</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid" height="43"><b><font FACE="Verdana" SIZE="1">
        <p><br>
        <br>
        $</font></b></td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid" height="43"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        <br>
        183</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid" height="43"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        $</font></b></td>
      <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid" height="43"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="center" style="margin-right: 10"><br>
        <br>
        600 - 700</font></b></td>
      <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid" height="43"><b><font FACE="Verdana" SIZE="1">
        <p ALIGN="RIGHT"><br>
        <br>
        $</font></b></td>
      <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid" height="43"><b><font FACE="Verdana" SIZE="1">
        <p style="margin-right: 10" align="right"><br>
        <br>
        483</font></b></td>
    </tr>
  </table>
</div>
<p>&nbsp;</p>
</font>

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ninetwo.htm
<TEXT>
<html>

<head>

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

<body>

<b><font FACE="Arial" SIZE="2">
<p ALIGN="RIGHT">Exhibit 99.2</p>
<p ALIGN="RIGHT">October 20, 2004</p>
<p ALIGN="RIGHT">&nbsp;</p>
<p ALIGN="CENTER">NOTICE OF BLACKOUT PERIOD TO DIRECTORS<br>
AND EXECUTIVE OFFICERS OF TEXTRON INC.</p>
<i>
<p>You are receiving this notice to advise you that your ability to trade
securities of Textron Inc. will be significantly restricted from November 24,
2004, to December 3, 2004</i></font><i>.</p>
</i></b><font FACE="Arial" SIZE="2">
<p>The transition by the Textron Savings Plan (the &quot;TSP&quot;) of
administration, recordkeeping and trustee services from Putnam Investments to
Fidelity Investments on December 1, 2004, will necessitate a blackout period
that will begin at 3:00 p.m. on November 24, 2004, and is expected to end on
December 3, 2004 (the &quot;Blackout Period&quot;). (If the ending date of the
Blackout Period changes, you will be notified.) During the Blackout Period, TSP
participants will be unable to direct or diversify their investments in the TSP
and will not, among other things, be able to obtain a loan, withdrawal or
distribution from the TSP.</p>
<p>Since the TSP includes Textron common stock as an investment option, Section
306(a) of the Sarbanes&#45;Oxley Act and Section 101(a) of Regulation BTR
prohibit each director and executive officer of Textron Inc.
(&quot;Textron&quot;) from, directly or indirectly, purchasing, selling or
otherwise acquiring or transferring any equity security of Textron during the
Blackout Period if the director or executive officer acquires or previously
acquired the equity security in connection with service or employment as a
director or executive officer. These restrictions apply whether or not the
director or executive officer participates in the TSP. Currently, the executive
officers of Textron are the members of the Management Committee.
Textron&#39;s equity securities includes Textron common stock, stock options
exercisable for Textron common stock and preferred stock convertible into
Textron common stock.</p>
<b>
<p>Consequently, during the Blackout Period, you may not purchase, sell or
otherwise acquire or transfer any equity security of Textron (or exercise any
Textron stock options) that you acquired in connection with your service as a
director or executive officer of Textron. </b>Please note that any securities of
Textron that you acquire, sell, or transfer during the Blackout Period will be
considered to have been acquired in connection with your service or employment
as a director or executive officer, <i>unless</i> <i>you can establish that the
securities were acquired from another source.</i></p>
<p>There are a limited number of exceptions to the restrictions described above,
and certain types of transactions continue to be permitted during the Blackout
Period. These permitted transactions generally are those over which you have no
control, such as shares of Textron stock that you may inherit during the
Blackout Period. For more information about these exceptions, or if you have any
other questions about this notice, please contact Michael Cahn, Textron Inc., 40
Westminster Street, Providence, RI 02903, telephone number (401)
457&#45;2231.</p>
</font>

</body>

</html>

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