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<SEC-DOCUMENT>0000217346-05-000014.txt : 20050127
<SEC-HEADER>0000217346-05-000014.hdr.sgml : 20050127
<ACCEPTANCE-DATETIME>20050127082958
ACCESSION NUMBER:		0000217346-05-000014
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050127
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050127
DATE AS OF CHANGE:		20050127

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:		05551743

	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</title>
</head>

<body>

<b>
<p ALIGN="CENTER">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</p>
</b>
<b><font SIZE="6">
<p ALIGN="CENTER">FORM 8&#45;K</p>
</font></b>
<b><font SIZE="4">
<p ALIGN="CENTER">CURRENT REPORT<br>
</font>Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934</p>
</b>
<p ALIGN="CENTER">&nbsp;Date of Report (Date of earliest event reported): January 27,
2005</p>
<b><font SIZE="6">
<p ALIGN="CENTER">TEXTRON INC.</p>
</font><font SIZE="4">
</font></b>
<p ALIGN="CENTER">(Exact name of Registrant as specified in its charter)</p>
<p ALIGN="CENTER">&nbsp;</p>
<div align="center">
  <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="633">
  <tr>
    <td WIDTH="99" VALIGN="TOP">
      <p ALIGN="CENTER">Delaware</td>
    <td WIDTH="25" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="262" VALIGN="TOP">
      <p ALIGN="CENTER">I&#45;5480</td>
    <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="142" VALIGN="TOP">
      <p>05&#45;0315468&#160;&#160;&#160;</td>
  </tr>
  <tr>
    <td WIDTH="99" VALIGN="TOP">
      <p>(State of</td>
    <td WIDTH="25" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="262" VALIGN="TOP">
      <p ALIGN="CENTER">(Commission File Number.)</td>
    <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="142" VALIGN="TOP">
      <p>(IRS Employer</td>
  </tr>
  <tr>
    <td WIDTH="99" VALIGN="TOP">
      <p>Incorporation)</td>
    <td WIDTH="25" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="262" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="142" VALIGN="TOP">
      <p>Identification Number)</td>
  </tr>
</table>
  </center>
</div>
<p ALIGN="CENTER">&nbsp;</p>
<p ALIGN="CENTER">40 Westminster Street, Providence, Rhode Island
02903&#160;&#160;&#160;&#160;&#160;<br>
(Address of principal executive offices)</p>
<p ALIGN="CENTER">&nbsp;Registrant&#39;s telephone number, including area code:
(401) 421&#45;2800</p>
<p ALIGN="left">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="left">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 January
27, 2005, Textron Inc. (&quot;Textron&quot;) issued a press release announcing
its financial results for the fiscal year and quarter ended January 1, 2005.
This press release is attached hereto as Exhibit 99 and is incorporated herein
by reference.</p>
<p ALIGN="JUSTIFY"><b>Item
9.01&#160;&#160;&#160;&#160;&#160;Financial Statements and
Exhibits</p>
</b>
<p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</p>
<blockquote>
<p ALIGN="JUSTIFY">The following exhibits are filing herewith:</p>
</blockquote>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press
release dated January 27, 2005</p>
<p ALIGN="JUSTIFY">&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  width="100%">
  <tr>
    <td width="44%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="50%">TEXTRON
INC.<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Registrant)</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;</td>
    <td width="6%">By:</td>
    <td width="50%"><u>s/Michael D. Cahn</u></td>
  </tr>
  <tr>
    <td width="44%">&nbsp;</td>
    <td width="6%">Name:</td>
    <td width="50%">Michael D. Cahn</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;</td>
    <td width="6%">Title:</td>
    <td width="50%">Senior Associate General Counsel-Securities and</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="50%">Assistant Secretary</td>
  </tr>
</table>
<p ALIGN="JUSTIFY">Dated: January 27, 2005</p>
<p ALIGN="CENTER">EXHIBIT INDEX</p>
<u>
<p ALIGN="JUSTIFY">Exhibit No</u>.&#160;&#160;&#160;&#160;&#160;<u>Exhibit</p>
</u>
<p ALIGN="JUSTIFY">99&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Press
release dated January 27, 2005</p>

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ninetynine.htm
<TEXT>
<html>

<head>

<title>New Page 1</title>
</head>

<body>

<font FACE="Verdana" SIZE="1"><b>
<table CELLSPACING="0" CELLPADDING="8" WIDTH="880">
  <tr>
    <td WIDTH="169" VALIGN="TOP" HEIGHT="23"><b><font FACE="Verdana" SIZE="5" COLOR="#7f7f7f">
      <p>TEXTRON</font></b></td>
    <td WIDTH="675" VALIGN="TOP" COLSPAN="2" HEIGHT="23">
      <p align="right"><font size="5" face="Verdana">Exhibit 99</font></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="169" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="293" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1" COLOR="#7f7f7f">
      <p>Corporate Communications<br>
      Department</font></b></td>
    <td WIDTH="364" VALIGN="TOP"><b><font FACE="Verdana" SIZE="6" COLOR="#7f7f7f">
      <p ALIGN="RIGHT">&nbsp;</p>
      <p ALIGN="RIGHT">NEWS Release</font></b></td>
  </tr>
</table>
<table CELLSPACING="0" CELLPADDING="8" WIDTH="881">
  <tr>
    <td WIDTH="312" VALIGN="TOP"><b><font FACE="Verdana" SIZE="2">
      <p>Investor Contacts:<br>
      </font></b><font FACE="Verdana" SIZE="2">Doug Wilburne - 401-457-2353<br>
      Bill Pitts - 401-457-2502</font></p>
    </td>
    <td WIDTH="533" VALIGN="TOP"><font FACE="Verdana" SIZE="2" COLOR="#7f7f7f">
      <p ALIGN="RIGHT"><br>
      <b>FOR IMMEDIATE RELEASE</b></font></td>
  </tr>
  <tr>
    <td WIDTH="312" VALIGN="TOP"><b><font FACE="Verdana" SIZE="2">
      <p>Media Contact:</font></b><font FACE="Verdana" SIZE="2"><br>
      Karen Gordon - 401-457-2362</font></td>
    <td WIDTH="533" VALIGN="TOP"><b><font FACE="Verdana" SIZE="2">
      <p><br>
      </font><font FACE="Verdana" SIZE="2" COLOR="#7f0000"><br>
      </font></b></td>
  </tr>
  <tr>
    <td VALIGN="TOP" COLSPAN="2" HEIGHT="54" width="863"><b><font FACE="Verdana">
      <p ALIGN="CENTER">Textron Reports Fourth Quarter EPS at High End of Target
      Range</p>
      <p ALIGN="CENTER">Exceeds Cash Flow Target</p>
      <p ALIGN="CENTER">Increases 2005 Guidance</p>
      </font></b></td>
  </tr>
</table>
<font FACE="Verdana" SIZE="2">
<p>&nbsp;Providence, Rhode Island - January 27, 2005</b> -<b>
 </b></font>
<font FACE="Verdana" SIZE="2">
 Textron
Inc. (NYSE: TXT) today posted strong fourth quarter and full-year 2004 results,
reporting increases in earnings per share, cash and revenues.</p>
<p>&quot;The accelerated execution of our transformation efforts, combined with
continued recovery in many of our end markets, drove strong performance in 2004
while positioning us for further growth in 2005 and beyond,&quot; said Textron
Chairman, President and CEO Lewis Campbell.</p>
<p>Textron reported fourth quarter 2004 income from continuing operations of
$122 million, up from $86 million in the fourth quarter 2003. Including
discontinued operations, fourth quarter 2004 net income was $125 million or
$0.89 per share, up from $83 million or $0.60 per share in the fourth quarter
2003.</p>
<p>Full-year 2004 income from continuing operations was $373 million up from
$292 million a year ago. Including discontinued operations, net income was $365
million or $2.61 per share, up from $259 million or $1.89 per share for
full-year 2003.</p>
<p>Full-year 2004 revenues were $10.2 billion, up from $9.8 billion in 2003,
reflecting increased revenues at Cessna, Fastening Systems and Industrial,
offsetting lower revenues at Bell and Textron Financial.</p>
<p>Fourth quarter 2004 net income included $0.21 per share in after-tax costs
related to restructuring, compared to $0.31 in the fourth quarter of 2003.
Excluding these costs, fourth quarter 2004 adjusted earnings per share were
$1.10, up 20.9% from $0.91 per share last year.</p>
<p>Full-year 2004 net income included $0.82 per share in after-tax costs related
to restructuring and $0.07 per share in after-tax gains on the sale of a joint
venture interest and common stock holdings in Collins &amp; Aikman Corporation.</font><font FACE="Verdana" SIZE="2" COLOR="#ff0000">
</font><font FACE="Verdana" SIZE="2">Full-year 2003 earnings included $0.92 per
share in after-tax special charges related to restructuring and intangible
impairments, a $0.07 per share after-tax charge for unamortized issuance costs
related to the redemption of the $500 million Textron Capital I trust preferred
securities and a $0.09 per share after-tax gain from the sale of Textron's
interest in an Italian automotive joint venture.</p>
<p>Excluding these items, full-year 2004 adjusted earnings per share were $3.36,
up 20.4% compared to $2.79 per share in 2003.</p>
<p>Manufacturing cash flow from operations for the full-year 2004 was $973
million, compared to $691 million last year, resulting in free cash flow before
restructuring in 2004 of $752 million, compared to $494 million last year. The
company had previously targeted full-year free cash flow before restructuring in
the range of $600 - $700 million.</p>
<b>
<p>Outlook</p>
</b>
<p>Textron expects full-year 2005 revenues will be up about seven percent, while
earnings per share are expected to be between $3.85 and $4.05. First quarter
earnings per share are expected to be between $0.70 and $0.80. The company
expects full-year 2005 manufacturing cash flow from operations will be between
$850 million and $950 million, resulting in free cash flow between $500 million
and $600 million.</p>
<p>The company's full-year guidance includes an assumed, $0.11 per share,
after-tax cost to reflect the approximate full-year impact of expensing stock
options, which was not included in our previous guidance. However, the company
does not plan to implement the change in accounting for options until the third
quarter, 2005. Therefore, the company's first quarter guidance does not reflect
any of the impact of expensing options.</p>
<p>&quot;Our outlook for growth in 2005 and beyond is increasingly positive as
we see continuing expansion in our markets, particularly at Bell and Cessna.
Furthermore, the future benefits of our ongoing transformation initiatives will
continue to add to the competitiveness and earnings power of our
businesses,&quot; Campbell added.</p>
<b>
<p>Presentation of Results and Outlook</p>
</b>
<p>During the fourth quarter of 2004, Textron reached a final decision to sell
the remaining assets of its InteSys operations. As a result, the company
reclassified the financial results from this business, and all the previously
sold InteSys businesses, as discontinued operations in the fourth quarter of
2004. InteSys was previously reported as part of the Industrial segment.
Historical results from 1999 through 2004 have been recast to reflect the
transaction and are available for downloading on Textron's investor relations
homepage at www.textron.com.</p>
<p>Textron presents adjusted results 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 $143 million in pre-tax costs during 2004 for
its restructuring program. During the execution of the restructuring program,
the company incurred significant costs that were supplementary to the ongoing
operating costs of the business. These costs were not directly related to
ongoing business results when they occurred and did not occur with 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's 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). Reconciliations
of the company's results and outlook to GAAP are included below.</p>
<p><b>Fourth Quarter Segment Analysis</b></p>
<b>
<p>Bell</p>
</b>
<p>Bell segment revenues decreased $85 million, while profit decreased by only
$1 million.</p>
<p>U.S. Government revenues were down due to lower revenue on the V-22 program
and lower sales related to a contract for training aircraft completed in 2003,
partially offset by higher revenue on the H-1 upgrade program. Commercial
revenues were up primarily due to higher foreign military sales.</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 lower revenue. Commercial profit increased
primarily due to higher spares profit, the impact of the higher foreign military
sales and a favorable mix of commercial aircraft sales, partially offset by
higher engineering expense and higher selling and administrative expenses.</p>
<p>Bell Helicopter's backlog of $2.8 billion was up from $1.4 billion a year
ago.</p>
<b>
<p>Cessna</p>
</b>
<p>Cessna segment revenues and profit increased $236 million and $76 million,
respectively.</p>
<p>Cessna revenues increased primarily due to higher sales volumes across all
product lines and higher pricing. Additionally, the consolidation of
CitationShares contributed $38 million.</p>
<p>Segment profit increased due to the higher volumes, improved cost
performance, and higher pricing, partially offset by inflation.</p>
<p>Backlog from unaffiliated customers of $5.4 billion</font><font FACE="Verdana" SIZE="2" COLOR="#ff0000">
</font><font FACE="Verdana" SIZE="2">was up from $3.9 billion a year ago. In
addition, Cessna also had orders from its CitationShares joint venture totaling
$497 million.</p>
<b>
<p>Fastening Systems</p>
</b>
<p>Fastening Systems segment revenues increased $22 million, while profit
decreased $9 million.</p>
<p>Revenues increased primarily due to favorable foreign exchange and higher
pricing, partially offset by lower sales volume.</p>
<p>Profit decreased due to inflation, new plant launch costs and lower volumes,
partially offset by improved cost performance, higher pricing and the favorable
impact of 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 decreased by $10 million, while profit increased
by $3 million.</p>
<p>Revenues decreased primarily due to lower sales volume at Kautex, and the
divestiture of a non-core product line in the second quarter, partially offset
by the favorable impact of foreign exchange.</p>
<p>Profit increased due to cost reduction initiatives, improved credit
performance, and the favorable impact of higher warranty expense in 2003,
partially offset by inflation and lower volume.</p>
<b>
<p>Finance</p>
</b>
<p>Finance segment revenues decreased $9 million, while profit decreased $8
million.</p>
<p>Revenues decreased primarily due to lower securitization and syndication
gains. The decrease in profit reflected the lower gains, as well as an
impairment charge related to an asset in our liquidating receivables portfolio,
partially offset by a decrease in the provision for loan losses, reflecting an
improvement in portfolio quality.</p>
<b>
<p>Conference Call Information</p>
</b>
<p>Textron will host a conference call today, January 27, 2005, at 9:00 a.m.
Eastern time to discuss the company's results and outlook. The call will be
available via webcast at www.textron.com or by direct dial at (888) 428-4480 in
the U.S. or (651) 291-5254 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 on Thursday, January 27, 2005 by dialing </font></font><font face="Verdana" size="2">(<font FACE="Verdana" SIZE="1">320</font></font><font face="Verdana" size="2">)<font face="Verdana">
</font></font><font FACE="Verdana" SIZE="1"><font FACE="Verdana" SIZE="2">365-3844;
Access Code: 752857.</p>
<p>Textron Inc. (NYSE:TXT) is a $10 billion multi-industry company with 44,000
employees in 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-Z-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>
</font></font><p><font face="Verdana" SIZE="2">Forward-looking Information: Certain statements in this release and other
oral and written statements made by Textron from time to time are
forward-looking statements, including those that discuss strategies, goals,
outlook or other non-historical matters; or project revenues, income, returns or
other financial measures. These forward-looking statements speak only as of the
date on which they are made, and we undertake no obligation to update or revise
any forward-looking statements. These forward-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'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 to which Textron
products are sold or supplied or where Textron Financial offers financing; (k)
changes in aircraft delivery schedules or cancellation of orders; (l) the impact
of changes in tax legislation; (m) the extent to which Textron is able to pass
raw material price increases through to customers or offset such price increases
by reducing other costs; (n) Textron's ability to offset, through cost
reductions, pricing pressure brought by original equipment manufacturer
customers; (o) the availability and cost of insurance; (p) increases in pension
expenses related to lower than expected asset performance or changes in discount
rates; (q) Textron Financial's ability to maintain portfolio credit quality; (r)
Textron Financial's access to debt financing at competitive rates; (s) uncertainty
in estimating contingent liabilities and establishing reserves to address such
contingencies; (t) performance of acquisitions; and (u) the efficacy of research
and development investments to develop new products.</font></p>
<font FACE="Verdana" SIZE="1"><b>
<p ALIGN="CENTER">TEXTRON INC.<br>
Revenues and Income by Business Segment<br>
Three Months Ended January 1, 2005 and January 3, 2004<br>
</b>(Dollars in millions except per share amounts)<br>
(Unaudited)</p>
</font>
<div align="center">
  <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="763">
  <tr>
    <td WIDTH="32%" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="30%" VALIGN="TOP" COLSPAN="5" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">January 1, 2005</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="30%" VALIGN="TOP" COLSPAN="5" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">January 3, 2004</font></b></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="13%" VALIGN="TOP" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">GAAP</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="15%" 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="2%" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="11%" 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="3%" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="16%" 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="3%" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>REVENUES</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>MANUFACTURING:</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Bell</font></td>
    <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">590</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="12%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">590</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">675</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">675</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Cessna</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">856</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">856</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">620</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">620</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Fastening Systems</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">479</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">479</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">457</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">457</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Industrial (b)</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">763</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">763</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">773</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">773</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,688</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,688</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,525</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,525</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>FINANCE (b)</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">145</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">145</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">154</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">154</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total
      revenues</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,833</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="12%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,833</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,679</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="13%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,679</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>PROFIT</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>MANUFACTURING:</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Bell</font></td>
    <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">68</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="12%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">68</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">69</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">69</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Cessna</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">119</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">119</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">43</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">43</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Fastening Systems</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">8</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">8</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">17</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">17</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Industrial (b)</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">47</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">47</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" 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="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" 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="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">242</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">242</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">173</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">173</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>FINANCE (b)</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">44</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="12%" 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="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">52</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">52</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>Segment profit</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">286</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">286</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">225</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">225</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Special charges (c)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(46)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(63)</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Corporate expenses and other, net</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(48)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(48)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(38)</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(38)</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Interest expense, net</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(22)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(22)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" 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="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" 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="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Income from continuing operations<br>
      &nbsp;before income taxes</font></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">170</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">216</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">98</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">161</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Income taxes</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(48)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(62)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(12)</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(34)</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>Income from continuing operations</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">122</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">154</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">86</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">127</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Income (loss) from discontinued<br>
      &nbsp;operations, net of income taxes (b)</font></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      3</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      (1)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      (3)</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" 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="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>Net income</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">125</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="12%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">153</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">83</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="13%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">125</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>Earnings per share: (f)</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>Income from continuing operations</font></b></td>
    <td WIDTH="2%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="11%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.87</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="12%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">1.11</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="9%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.62</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="13%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.92</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Income (loss) from discontinued<br>
      &nbsp;operations, net of income taxes (b)</font></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      0.02</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      (0.01)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" 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="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      (0.01)</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net
      income</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.89</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="12%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">1.10</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.60</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="13%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.91</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="32%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Average diluted shares outstanding</font></td>
    <td WIDTH="13%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">139,704,000</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">139,704,000</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="11%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">138,326,000</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">138,326,000</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
</table>
      </center>
      </div>
<font FACE="Verdana" SIZE="1">
<p ALIGN="CENTER">&nbsp;</p>
<b>
<p ALIGN="CENTER">TEXTRON INC.<br>
Revenues and Income by Business Segment<br>
Twelve Months Ended January 1, 2005 and January 3, 2004<br>
</b>(Dollars in millions except per share amounts)<br>
(Unaudited)</p>
</font>
      <div align="center">
        <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="793">
  <tr>
    <td WIDTH="253" 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">January 1, 2005</font></b></td>
    <td WIDTH="17" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="10" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="225" VALIGN="TOP" COLSPAN="5" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">January 3, 2004</font></b></td>
    <td WIDTH="19" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="90" 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="14" 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">As Adjusted (a)</font></b></td>
    <td WIDTH="17" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="10" 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">GAAP</font></b></td>
    <td WIDTH="17" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="103" 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="19" VALIGN="TOP" HEIGHT="5">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>REVENUES</font></b></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>MANUFACTURING:</font></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Bell</font></td>
    <td WIDTH="21" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,254</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,254</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,348</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,348</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Cessna</font></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,473</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,473</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,299</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,299</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Fastening Systems</font></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">1,924</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">1,924</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">1,737</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">1,737</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Industrial (b)</font></td>
    <td WIDTH="21" 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">3,046</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">3,046</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,836</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2,836</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">9,697</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">9,697</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">9,220</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">9,220</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>FINANCE (b)</font></td>
    <td WIDTH="21" 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">545</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">545</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">572</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">572</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total
      revenues</font></b></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="66" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">10,242</font></b></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="89" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">10,242</font></b></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="64" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">9,792</font></b></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="75" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">9,792</font></b></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>PROFIT</font></b></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>MANUFACTURING:</font></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Bell</font></td>
    <td WIDTH="21" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">250</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">250</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">234</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">234</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Cessna</font></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">267</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">267</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">199</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">199</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Fastening Systems</font></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">53</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">53</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">66</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">66</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Industrial (b)</font></td>
    <td WIDTH="21" 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">194</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">194</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">150</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">150</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">764</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">764</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">649</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">649</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>FINANCE (b)</font></td>
    <td WIDTH="21" 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">139</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">139</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">122</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">122</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>Segment profit</font></b></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">903</font></b></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">903</font></b></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">771</font></b></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">771</font></b></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Special charges (c)</font></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(131)</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(152)</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Gain on sale of business (d)</font></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">15</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Corporate expenses and other, net</font></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(149)</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(149)</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(119)</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(119)</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Interest expense, net</font></td>
    <td WIDTH="21" 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">(95)</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="89" 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="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(98)</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(98)</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Income from continuing operations<br>
      &#160;&#160;&#160;&#160;&#160;before income taxes and
      distributions<br>
      &#160;&#160;&#160;&#160;&#160;on preferred securities
      of subsidiary<br>
      &#160;&#160;&#160;&#160;&#160;trusts</font></td>
    <td WIDTH="21" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      <br>
      </font></td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&nbsp;</p>
      <p style="margin-right: 20" align="right">528</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      <br>
      </font></td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&nbsp;</p>
      <p style="margin-right: 20" align="right">659</font></td>
    <td WIDTH="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      <br>
      </font></td>
    <td WIDTH="10" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      <br>
      </font></td>
    <td WIDTH="23" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      <br>
      </font></td>
    <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&nbsp;</p>
      <p style="margin-right: 20" align="right">417</font></td>
    <td WIDTH="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      <br>
      </font></td>
    <td WIDTH="22" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      <br>
      </font></td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&nbsp;</p>
      <p style="margin-right: 20" align="right">554</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Income taxes</font></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(155)</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(190)</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" 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="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(153)</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Distributions on preferred securities<br>
      &#160;&#160;&#160;&#160;&#160;of manufacturing
      subsidiary trust,<br>
      &#160;&#160;&#160;&#160;&#160;net of income taxes (e)</font></td>
    <td WIDTH="21" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      </font></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">&nbsp;</p>
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      </font></td>
    <td WIDTH="89" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&nbsp;</p>
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      </font></td>
    <td WIDTH="10" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      </font></td>
    <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      </font></td>
    <td WIDTH="64" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&nbsp;</p>
      <p style="margin-right: 20" align="right">(13)</font></td>
    <td WIDTH="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      </font></td>
    <td WIDTH="22" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      <br>
      </font></td>
    <td WIDTH="75" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&nbsp;</p>
      <p style="margin-right: 20" align="right">(13)</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>Income from continuing operations</font></b></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">373</font></b></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">469</font></b></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">292</font></b></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">388</font></b></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>(Loss) income from discontinued<br>
      &#160;&#160;&#160;&#160;&#160;operations, net of
      income taxes (b)</font></td>
    <td WIDTH="21" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><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"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      (8)</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="89" 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="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="10" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><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"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      (33)</font></td>
    <td WIDTH="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="22" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="75" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      (5)</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>Net income</font></b></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="66" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">365</font></b></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="89" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">471</font></b></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="64" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">259</font></b></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="75" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">383</font></b></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>Earnings per share: (f)</font></b></td>
    <td WIDTH="21" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="64" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="75" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Income from
      continuing<br>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;operations</font></b></td>
    <td WIDTH="21" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      $</font></b></td>
    <td WIDTH="66" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2.66</font></b></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      $</font></b></td>
    <td WIDTH="89" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">3.35</font></b></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      $</font></b></td>
    <td WIDTH="64" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2.13</font></b></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      $</font></b></td>
    <td WIDTH="75" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2.83</font></b></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;(Loss) income from
      discontinued<br>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;operations,
      net of income taxes (b)</font></td>
    <td WIDTH="21" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="66" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      (0.05)</font></b></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="89" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      0.01</font></td>
    <td WIDTH="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="10" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="23" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="64" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      (0.24)</font></td>
    <td WIDTH="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="22" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="75" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      (0.04)</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net
      income</font></b></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="66" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2.61</font></b></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="89" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">3.36</font></b></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="23" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="64" 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="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="22" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="75" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2.79</font></b></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Average diluted shares outstanding</font></td>
    <td WIDTH="90" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">140,169,000</font></td>
    <td WIDTH="14" VALIGN="TOP">&nbsp;</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">140,169,000</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</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">137,217,000</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="103" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">137,217,000</font></td>
    <td WIDTH="19" VALIGN="TOP">&nbsp;</td>
  </tr>
</table>
      </center>
      </div>
<font FACE="Verdana" SIZE="1">
<p ALIGN="CENTER">&nbsp;</p>
<b>
<p ALIGN="CENTER">TEXTRON INC.<br>
Revenues and Income by Business Segment<br>
Three and Twelve Months Ended January 1, 2005 and January 3, 2004<br>
</b>(Dollars in millions except per share amounts)<br>
(Unaudited)</p>
<blockquote>
  <p>(a)&#160;&#160;&#160;&#160;&#160;The &quot;As
  Adjusted&quot; column excludes items recorded in special charges and the 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).</p>
    <p>A reconciliation of net income as reported under GAAP to net income, as
    adjusted is as follows:</p>
</blockquote>
</font>
      <div align="center">
        <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="887">
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" 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="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP" COLSPAN="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">Twelve Months</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP">&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">2004</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2003</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2004</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2003</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>GAAP net income</font></td>
    <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">125</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">83</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">365</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">259</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Adjustments to continuing operations:</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Restructuring</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">46</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">63</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">143</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">137</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Other special charges
      (gains)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(12)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">15</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Gain on sale of
      business</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(15)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Tax impact of
      excluded items</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(14)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(22)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(35)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(41)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Adjustments to discontinued operations:</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Restructuring&#160;&#160;&#160;&#160;&#160;</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">1</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">19</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">7</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Other special charges
      (gains)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">30</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Gain on sale of
      business</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(7)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Tax impact of
      excluded items</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(5)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(1)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(2)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(9)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="57%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>Net income, as adjusted</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">153</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">125</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">471</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="6%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">383</font></b></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
  </tr>
</table>
      </center>
      </div>
<blockquote>
  <font FACE="Verdana" SIZE="1">
  <p>(b)&#160;&#160;&#160;&#160;&#160;During the fourth
  quarter of 2004, Textron reached a final decision to sell the remainder of its
  InteSys operations. In 2003, Textron sold its Small Business Direct portfolio
  in the fourth quarter and consummated the sale of its remaining OmniQuip
  businesses in the third quarter. As a result of these actions, financial
  results of these businesses, net of taxes, are now reported as discontinued
  operations. Discontinued operations also reflects a second quarter 2004 gain,
  net of taxes, from the sale of InteSys&#39; two Brazilian&#45;based
  joint ventures. The InteSys and OmniQuip businesses were previously reported
  within the Industrial segment and the Small Business Direct portfolio was
  previously reported within the Finance segment.</p>
  <p>(c)&#160;&#160;&#160;&#160;&#160;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&#45;core product lines, 2) a $12 million pre-tax gain, in 2004,
  on the sale of the remaining shares of Collins & Aikman common stock, and
  3) $15 million in unamortized issuance costs written off in 2003 upon the
  redemption of the preferred securities described in note (e).</p>
  <p>(d)&#160;&#160;&#160;&#160;&#160;In the first quarter
  of 2003, Textron recorded a gain on the sale of its interest in an Italian
  automotive joint venture to Collins & Aikman.</p>
  <p>(e)&#160;&#160;&#160;&#160;&#160;Textron Inc. redeemed
  the $500 million Textron Capital I trust preferred securities in July 2003
  related to Textron&#39;s call of its 7.92% Junior Subordinated Deferrable
  Interest Debentures, which were held by the trust and also redeemed in July
  2003.</p>
  <p>(f)&#160;&#160;&#160;&#160;&#160;Reconciliation of GAAP
  EPS to EPS, as adjusted:</p>
  </blockquote>
</font>
      <div align="center">
        <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="727">
  <tr>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="288" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="206" 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="10" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="182" VALIGN="TOP" COLSPAN="5" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">Twelve Months</font></b></td>
  </tr>
  <tr>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="288" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="91" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2004</font></b></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="90" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2003</font></b></td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="84" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2004</font></b></td>
    <td WIDTH="9" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="81" VALIGN="TOP" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2003</font></b></td>
  </tr>
  <tr>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="288" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>GAAP EPS</font></td>
    <td WIDTH="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.89</font></td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.60</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="59" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2.61</font></td>
    <td WIDTH="7" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="58" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">1.89</font></td>
  </tr>
  <tr>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="288" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Adjustments to continuing operations:</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="59" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="7" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="58" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="288" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Restructuring</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.24</font></td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.30</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="59" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.75</font></td>
    <td WIDTH="7" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="58" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.72</font></td>
  </tr>
  <tr>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="288" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Other special charges
      (gains)</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="59" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(0.06)</font></td>
    <td WIDTH="7" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="58" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.07</font></td>
  </tr>
  <tr>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="288" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Gain on sale of
      businesses</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="59" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="7" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="58" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(0.09)</font></td>
  </tr>
  <tr>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="288" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Adjustments to discontinued operations:</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="59" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="7" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="58" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="288" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Restructuring</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(0.03)</font></td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.01</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="59" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.07</font></td>
    <td WIDTH="7" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="58" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.02</font></td>
  </tr>
  <tr>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="288" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Other special charges
      (gains)</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="66" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="59" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="7" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="58" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.18</font></td>
  </tr>
  <tr>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="288" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Gain of sale of
      businesses</font></td>
    <td WIDTH="19" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="68" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="17" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="18" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="68" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="10" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="19" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="61" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(0.01)</font></td>
    <td WIDTH="9" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="60" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
  </tr>
  <tr>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="288" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>EPS, as adjusted</font></b></td>
    <td WIDTH="17" 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">1.10</font></b></td>
    <td WIDTH="15" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="66" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">0.91</font></b></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="17" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="59" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">3.36</font></b></td>
    <td WIDTH="7" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="58" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2.79</font></b></td>
  </tr>
</table>
      </center>
      </div>
<font FACE="Verdana" SIZE="1">
<p ALIGN="CENTER">&nbsp;</p>
</font><b><font FACE="Verdana" SIZE="1">
<p ALIGN="CENTER">TEXTRON INC.<br>
Condensed Consolidated Balance Sheets<br>
</font></b><font FACE="Verdana" SIZE="1">(In millions)<br>
      (Unaudited)</p>
</font>
      <div align="center">
        <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="679">
  <tr>
    <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">January 1,<br>
      2005</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">January 3,<br>
      2004</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>Assets</font></b></td>
    <td WIDTH="16%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Cash and cash equivalents</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&#160;&nbsp;&nbsp;&nbsp;
      605</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&#160;&nbsp;&nbsp;
      481</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Accounts receivable, net</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,211</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,124</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Inventories</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,742</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,503</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Other current assets</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;581</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;525</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Net property</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,922</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,901</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Other assets</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,047</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,232</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Assets of discontinued operations</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;29</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;72</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Textron Finance assets</font></td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,738</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,333</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total
      Assets</font></td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&#160;15,875</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;15,171</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>Liabilities and Shareholders&#39; Equity</font></b></td>
    <td WIDTH="16%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Current portion of long&#45;term debt and short&#45;term debt</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&#160;&nbsp;&nbsp;&nbsp;
      433</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&#160;&nbsp;&nbsp;
      316</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Other current liabilities</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,537</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,000</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Other liabilities</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,187</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,109</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Long&#45;term debt</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,358</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,711</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Liabilities of discontinued operations</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;21</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Textron Finance liabilities</font></td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,703</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,324</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total
      Liabilities</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12,223</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11,481</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Total Shareholders&#39; Equity</font></td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,652</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,690</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP" HEIGHT="16"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total
      Liabilities and Shareholders&#39; Equity</font></td>
    <td WIDTH="16%" VALIGN="TOP" HEIGHT="16" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&#160;15,875</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="15%" VALIGN="TOP" HEIGHT="16" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;15,171</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="16">
      <p></p>
    </td>
  </tr>
</table>
        </center>
      </div>
<font FACE="Verdana" SIZE="1">
<p>&nbsp;</p>
</font><b><font FACE="Verdana" SIZE="3">
<p ALIGN="CENTER">Textron Inc.<br>
Reconciliation of GAAP Measures to Non&#45;GAAP Measures<br>
(Dollars in millions except per share amounts)</p>
</font></b><font FACE="Verdana" SIZE="2">
</font>
      <div align="center">
        <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="754">
  <tr>
    <td WIDTH="41%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="19%" VALIGN="TOP" COLSPAN="3" 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="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="34%" VALIGN="TOP" COLSPAN="5" 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="41%" 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="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2004<br>
      Actual</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2003<br>
      Actual</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2005<br>
      Outlook</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2004<br>
      Actual</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2003<br>
      Actual</font></b></td>
  </tr>
  <tr>
    <td WIDTH="41%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>Cash flow from operations &#45; GAAP</font></b></td>
    <td WIDTH="3%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>$</font></b></td>
    <td WIDTH="8%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">176</font></b></td>
    <td WIDTH="2%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="9%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">382</font></b></td>
    <td WIDTH="2%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>$</font></b></td>
    <td WIDTH="13%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">850 &#45; 950</font></b></td>
    <td WIDTH="2%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p>$</font></b></td>
    <td WIDTH="8%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">973</font></b></td>
    <td WIDTH="2%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="8%" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">691</font></b></td>
  </tr>
  <tr>
    <td WIDTH="41%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Capital expenditures
      and lease additions</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(106)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(118)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(356)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(334)</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(306)</font></td>
  </tr>
  <tr>
    <td WIDTH="41%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Proceeds on sale of
      fixed assets</font></td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">9</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" 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="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">6</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">46</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">55</font></td>
  </tr>
  <tr>
    <td WIDTH="41%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>Free cash flow after restructuring</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">79</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">290</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">500 &#45; 600</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">685</font></td>
    <td WIDTH="2%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">440</font></td>
  </tr>
  <tr>
    <td WIDTH="41%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p>After&#45;tax cash used for restructuring activities</font></td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">15</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">17</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">67</font></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">54</font></td>
  </tr>
  <tr>
    <td WIDTH="41%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
        <p>Free cash flow before restructuring &#45; 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="8%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      94</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p><br>
      $</font></b></td>
    <td WIDTH="9%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      307</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p><br>
      $</font></b></td>
    <td WIDTH="13%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      500 &#45; 600</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p><br>
      $</font></b></td>
    <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      752</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT"><br>
      $</font></b></td>
    <td WIDTH="8%" VALIGN="TOP" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      494</font></b></td>
  </tr>
</table>
      </center>
      </div>
<font FACE="Verdana" SIZE="1">
<p>&nbsp;</p>
</font><font FACE="Verdana" SIZE="2">
<p>&nbsp;</p>
</font>

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