Textron Inc. at Goldman Sachs Industrials Conference

1. November 13, 2014
Goldman Sachs Industrials Conference
Frank Connor
EVP & CFO
1

2. 2
Forward-Looking Information
Certain statements in today’s discussion will be 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 risks and uncertainties set forth under our full disclosure located at the end of this presentation and included in our SEC filings.

3. 3
2013 Revenue $12.1B
Cessna Aircraft Beechcraft Hawker
Textron Aviation
23%
Bell Helicopter
Bell
37%
Textron Leading Branded Businesses
Specialized Vehicles
Tools & Test
Jacobsen
Kautex
Industrial
25%
Textron Financial
Finance
1%
Weapon & Sensor Systems
Unmanned Systems
Marine & Land Systems
Mission Support
TRU Simulation + Training
Textron Systems
14%

4. 4
Investing for future growth organically and through acquisitions
Commitment to Future Growth
Scorpion Hybrid ISR/Strike Aircraft
Sherman & Reilly PT7500 Puller Tensioner
Mechtronix FFS X™ Simulator
Beechcraft King Air 350i

5. 5
Aircraft Sales
33%
Aftermarket
67%
Broader selection of products, larger service footprint
Textron Aviation Cessna $2.8 Billion (2013 Revenue)
Aircraft Sales
33%
Aftermarket
53%
Beechcraft ~$1.8 Billion (2013 Revenue)
31%
Defense
16%

6. 6
33%
Textron Aviation
Jets
Mustang
M2
CJ2+/CJ3+/CJ4
XLS+
Sovereign+
Citation X+
Turboprop
King Air 350
King Air 250
King Air C90
Caravan
Grand Caravan EX
T-6/AT-6
Broad product offering with large installed base
Piston
172S Skyhawk SP
J182 Turbo Skylane JT-A
Cessna TTx
T206H Turbo Stationair
Baron
Bonanza
Installed Base
Over 9,000
Installed Base
Over 9,000
Installed Base
Over 180,000

7. Citation Sovereign +
Citation M2
Citation X+
Turbo Skylane JT-A
Cessna TTx
Grand Caravan EX
Seven New Products - 2013 and 2014
Investing for Growth
7
Citation CJ3+

8. •
State of the art cockpit
•
Garmin G5000
•
Largest Citation cabin
•
72” height
•
Flat floor
•
Clarity cabin connectivity
•
Speed – 440 knots
•
Outstanding short field performance – 3,668 ft
•
Range – 2,700 nautical miles
•
Industry’s best cabin value - $16.2M
•
Redefines space between XLS+ and Sovereign+
•
NetJets purchase agreement – up to 150 units
•
Granted Type Inspection Authorization (TIA) by FAA in May ‘14
Citation Latitude
Expected EIS 2015
8

9. •
Designed for air defense, irregular warfare, border patrol, maritime surveillance, emergency relief and counter- narcotics mission sets
•
Targeting operating cost under $3,000/hr
•
225+ flight hours complete, across 100+ flights
•
Completed Transatlantic flight to attend Farnborough and RIAT air shows
•
Participated in National Guard’s emergency response training exercise
Scorpion ISR/Strike Jet
9

10. 10
Industrial $3.0 Billion (2013 Revenue)
Tools & Test
$446 million
Specialized Vehicles & Jacobsen
$713 million
Kautex $1,853 million
Focused on new products, cost productivity and geographic expansion

11. 11
Industrial – Driving Growth by Investing in New Products
New products drive growth and profitability

12. 12
Industrial – Adding New Products & Markets through Acquisitions & JV’s
Leveraging distribution, adding new products and achieving cost synergies
Bad Boy Buggies
Secolo, JV
Tug Technologies
Dixie Chopper
Endura, JV
Sherman & Reilly
HD Electric

13. 13
Tactical Wheeled Vehicles
Support Solutions, Electronic Systems and TRU Simulation + Training
Unmanned Systems
Marine
Air-to- Ground Weapons
Lycoming Engines
Unmanned Systems
Marine & Land Systems
40%
24%
19%
Textron Systems $1.7 Billion (2013 Revenue)
Expand global presence and customer base worldwide
Weapon & Sensor Systems
Geospatial Solutions & Advanced Information Solutions
Command & Control Technologies
18%
Mission Support
Intelligent Networked Ground Systems
Unattended Ground Sensors
CUSV

14. 14
Unmanned Systems
–
Shadow® M2
–
Shadow
–
Aerosonde™
–
CUSV
Unmanned Systems
Command and Control Stations
–
One System® Ground Control Station (GCS)
–
One System Remote Video Terminal
–
Universal GCS
–
iCommand™

15. 15
Marine & Land Systems
Land
•
COMMANDO™ Family of Vehicles
•
Survivable Combat Tactical Vehicle™ Maritime
•
Ship-to-Shore Connector
•
Landing Craft, Air Cushion
•
Motor Life Boat
Canadian TAPV
Navy Ship-to-Shore Connector

16. 16
Weapon & Sensor Systems
Area Weapons
•
Sensor Fuzed Weapon
•
CLean Area Weapon Area Denial
•
Spider
•
Scorpion Sensors
•
Unattended Ground Sensors
•
MicroObserver®
Battlehawk™
Protection Systems
•
Reentry Vehicles Advanced Weapons
•
BattleHawk™ Loitering Munition
•
Guided CLean Area Weapons
Sensor Fuzed Weapon (SFW)

17. 4 Product Lines -

Air Transport Simulation*

Business & Military Simulation*

Training Centers and Services

Mission & Maintenance Training *OE & ongoing maintenance and updates
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TRU Simulation + Training
B-1B Weapon System Trainer
Odyssey 10™
Mechtronix FFS X™
New business established in 2013 to pursue attractive growth market
CJ3 Flight Simulator

18. 18
Expected to approach 50% by 2015
0%
10%
20%
30%
40%
$0
$100
$200
$300
$400
$500
$600
$700
2008
2009
2010
2011
2012
2013
International Revenue
% International
International Revenue
$ Millions
International % of Revenue
Reflecting SFW, land vehicles and UAS
Textron Systems - International Revenues

19. 206L4
407
412
19
Military
Commercial
V-22 – Osprey
OH-58D – Kiowa
Installed Base: 3,000
~$2.7 Billion; 60%
~$1.8 Billion; 40%
Installed Base: 10,300
Executing on Balanced Growth
Bell Helicopter $4.5 Billion (2013 Revenues)
429
Huey II
AH-1Z - Viper UH-1Y - Venom

20. Customer Service and Support
20
Spares
Accessories
Completions
Repair & Overhaul
Training Academy
Field Services
Depot Maintenance
Electronic Logbook
Bell is the Industry standard for support #1 in Customer Support
•
20 years in a row – ProPilot
•
9 years in a row – AIN Largest support network
•
116 approved customer service facilities in over 35 countries
•
Well positioned to support our customers wherever they operate Supporting installed base of 13,300 Strategically co-locating with Textron Aviation
#1 Ranked Global Customer Support

21. •
New “Super Medium” category
•
Best‐in‐class payload range capability
•
Best‐in‐class cabin and cargo volumes coupled with flexible cabin layout options
•
Best‐in‐class crew visibility
•
First commercial helicopter with proven fly-by-wire flight controls
•
First helicopter with Garmin G5000H avionics
•
Avionics, fly-by-wire and crew visibility comprise new “ARC Horizon” Cockpit System resulting in unparalleled overall situational awareness increasing safety margins
Bell 525 “Relentless”
Speed 155 Knots Range 500+ NM MGW 19,300+ Lbs Useful Load 7,400+ Lbs Passengers up to 20
525 with ARC Horizon Cockpit System
21

22. Bell 505 Jet Ranger X
•
Cost-competitive, entry- level aircraft
•
Best‐in‐class awareness with fully integrated glass cockpit and superb exterior visibility
•
Flat cabin floor with 5 forward-facing seats
•
Safety enhancing design features to reduce pilot workload, improve situational awareness, and deliver superior auto rotation capabilities
•
First flight planned for 2014
Performance Targets
Speed 125 knots
Range 360 to 420 nm
Useful Load 1,500 lbs
Ceiling 11,000 ft
> 4,400 Bell JetRangers in service today
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23. 23
H-1 Program Highlights
•
123 aircraft delivered thru end of 2013
•
87 UH-1Y
•
36 AH-1Z
•
Pursuing FMS opportunities
•
84% logistics commonality
•
Exceptional performance in- theater
•
AH-1Z – widest array of ordnance for any attack helicopter
•
Awarded U.S. Navy Lot 11 contract for 24 a/c in May 2014.
Versatile Capable, Rotorcraft
9
18
25
24
25
25
25
0
20
40
2009
2010
2011
2012
2013
2014
2015
H-1 Contract Deliveries

24. 24
V-22 Program Highlights
•
Strong performance in- theater
–
Iraq and Afghanistan
–
Air Force Special Operations
•
Over 185,000 total flight hours
•
Pursuing FMS opportunities
–
Israel plans announced
•
MYP II approved
–
99 total aircraft: option for 23 additional units
»
2 exercised to-date
•
Expanding capabilities
20
26
34
39
41
36
21
0
20
40
2009
2010
2011
2012
2013
2014
2015
V-22 Contract Deliveries
Strong Program Execution and Operational Performance

25. •
Third Generation Tiltrotor
•
Army’s Joint Multi Role/Future Vertical Lift (FVL) Technology Demonstrator (JMR/TD) program
–
Awarded Technology Investment Agreement in October ’13
–
Awarded Technology Demonstrator phase in August ’14
•
First Flight Expected 2017
•
Leading Aerospace Companies Comprise Team
–
Lockheed Martin - Meggitt
–
General Electric - Eaton
–
Moog - Astronics
–
GKN - Lord
–
Spirit - AGC Composites
Bell V-280 Valor
•
Speed - 280 KTAS
•
Combat Range - 500-800nm
•
Non-rotating, fixed engines
•
Passengers – 4 crew + 11 troops
Unmatched Speed, Range, Payload, and Value
Mock-up on display at AUSA Conference
25

26. Finance Segment
26
Supporting purchases of Textron-manufactured products
(1% of 2013 Textron Revenues)
3Q14
•
Finance receivables: $1.3B
•
Shareholder’s Equity: $219M

27. 27
Summary
•
Strong brands, solid top-line growth outlook
•
Investing in new product development and innovation to support growth
•
Advance execution and operational performance
•
Focus on cash flow generation and improving profitability

28. 28
Forward-Looking Information
Certain statements in this presentation and other oral and written statements made by us from time to time are “forward- looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which may describe strategies, goals, outlook or other non-historical matters, or project revenues, income, returns or other financial measures, often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “guidance,” “project,” “target,” “potential,” “will,” “should,” “could,” “likely” or “may” and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. 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. In addition to those factors described under “Risk Factors” in our Annual Report on Form 10-K, among the factors that could cause actual results to differ materially from past and projected future results are the following: interruptions in the U.S. Government’s ability to fund its activities and/or pay its obligations; changing priorities or reductions in the U.S. Government defense budget, including those related to military operations in foreign countries; our ability to perform as anticipated and to control costs under contracts with the U.S. Government; the U.S. Government’s ability to unilaterally modify or terminate its contracts with us for the U.S. Government’s convenience or for our failure to perform, to change applicable procurement and accounting policies, or, under certain circumstances, to withhold payment or suspend or debar us as a contractor eligible to receive future contract awards; changes in foreign military funding priorities or budget constraints and determinations, or changes in government regulations or policies on the export and import of military and commercial products; volatility in the global economy or changes in worldwide political conditions that adversely impact demand for our products; volatility in interest rates or foreign exchange rates; risks related to our international business, including establishing and maintaining facilities in locations around the world and relying on joint venture partners, subcontractors, suppliers, representatives, consultants and other business partners in connection with international business, including in emerging market countries; our Finance segment’s ability to maintain portfolio credit quality or to realize full value of receivables; performance issues with key suppliers or subcontractors; legislative or regulatory actions, both domestic and foreign, impacting our operations or demand for our products; our ability to control costs and successfully implement various cost-reduction activities; the efficacy of research and development investments to develop new products or unanticipated expenses in connection with the launching of significant new products or programs; the timing of our new product launches or certifications of our new aircraft products; our ability to keep pace with our competitors in the introduction of new products and upgrades with features and technologies desired by our customers; increases in pension expenses or employee and retiree medical benefits; continued demand softness or volatility in the markets in which we do business; difficulty or unanticipated expenses in connection with integrating acquired businesses; the risk that anticipated synergies and opportunities as a result of acquisitions will not be realized or the risk that acquisitions do not perform as planned, including, for example, the risk that acquired businesses will not achieve revenue projections.