Q1 2014 Earnings Call PresentationMay 1, 2014

The data in this package should be read in conjunction with the Textron earnings release and accompanying tables.

Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014

Forward-Looking Information

Certain statements in this package 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 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 looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the risks and uncertainties set forth under "Forward-Looking Information" in our first quarter 2014 earnings

l Additi l i f ti i k d t i ti th t release. Additional information on risks and uncertainties that may impact forward-looking statements is discussed under "Risk Factors" in our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.

Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014

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Key Data - First Quarter, 2014

Q1 2014 Q1 2013

R $2 85B $2 86BRevenues $2.85B $2.86B

Segment Profit $219M $235M

EPS from Continuing Operations $0.31 $0.40

Manufacturing Cash FlowBefore Pension Contributions*

($111M) ($425M)

Pension Contributions $17 $140* Manufacturing cash flow before pension contributions is a non-GAAP measure that is defined

and reconciled to GAAP in our earnings release

Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014

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and reconciled to GAAP in our earnings release.

Impact of Beechcraft Acquisition

Fi st Q a te 2014

Pre-tax $, millions

First Quarter 2014

Change in Textron Aviation segment profit*

$1

Restructuring ($5)g ($ )

Acquisition ($11)

Interest on new debt ($7)Interest on new debt ($7)

Total ($22)

Change in EPS ~($0.05)

*Reflects $14 million impact of purchase price accounting inventory step-up

Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014

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Reflects $14 million impact of purchase price accounting inventory step up

Impact of Beechcraft Acquisition

F ll Yea 2014 G idance

Pre-tax $, millions

Full-Year 2014 Guidance

Change in Textron Aviationsegment profit**

~$45

Restructuring ~($35)g ($ )

Acquisition ($11)

Interest on new debt ~($33)Interest on new debt ~($33)

Total ~($34)

Change in EPS ~($0.08)** Reflects ~$65 million impact of purchase price accounting inventory step-up

Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014

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$ p p p g y p p

Outlook – Full Year, 2014

EPS from Continuing Operations $1.92 - $2.12

Manufacturing Cash FlowBefore Pension Contributions*

$600M - $700M

* Manufacturing cash flow before pension contributions is a non-GAAP measure that is defined and reconciled to GAAP in our earnings release.

Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014

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Finance Segment Credit Statistics

($, millions)

1Q14 4Q13

($, millions)

60+ Delinquency $ 125 $80

Non-accrual $98 $105

Finance Receivables $1,427 $1,483

Shareholder’s Equity $212 $209

Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014

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Q1 2014 Sales Growth

Sales Growth

M&AImpact

CoreSales

Growth

FX Impact Unfav./

( )

OrganicGrowth Before Growth (Fav.) FX

Textron Aviation 10.9% (14.3%) (3.4%) - (3.4%)

B ll (8 0%) (8 0%) (8 0%)Bell (8.0%) - (8.0%) - (8.0%)

Textron Systems (15.4%) (1.2%) (16.6%) - (16.6%)

Industrial 9.6% (3.1%) 6.5% (1.1%) 5.4%Manufacturing 0.2% (4.6%) (4.4%) (0.3%) (4.7%)

Finance (31.0%) - (31.0%) - (31.0%)Total Segments (0.3%) (4.5%) (4.8%) (0.3%) (5.1%)

Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014

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