Delivering on our commitments In 2002 we made meaningful progress in strengthening our businesses and intensifying our customer focus. The Transformation Leadership Team, together with our many Councils and Initiative Teams, are all champions of change. They continually stretch to achieve ambitious goals, and their focus has allowed Textron to make meaningful progress in a relatively short time. Their positive energy and excitement are contagious, and are helping us attract professionals who are passionate about driving shareholder value. Case in point: Steve Loranger joined our senior management team as Chief Operating Officer in 2002. A 21-year veteran of Honeywell, Steve brings strong leadership skills and a wealth of valuable Six Sigma and supply chain management experience. Though market conditions will continue to be challenging in 2003, we are committed to delivering improved operating results while continuing to build a solid foundation for sustainable long-term growth and profitability. I am confident we have the right strategy and leadership team to realize our objectives. Every decision we make is predicated on providing excellent long-term value for our shareowners, employees and customers. And as always, we deeply appreciate your continued support and confidence. Sincerely, Lewis B. Campbell Chairman, President & CEO