Textron Financial: Newsroom: Press Release


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Textron Financial Sells $120 Million Media Finance Portfolio To Foothill Capital Corporation and Wells Fargo Bank, N.A.

Providence, Rhode Island -- December 27, 2002 - Consistent with its strategy to divest non-core assets, Textron Financial, a unit of Textron Inc. (NYSE:TXT), today announced that it has sold certain loans in its Media Finance portfolio to Foothill Capital Corporation and Wells Fargo Bank, N.A., both units of Wells Fargo and Company (NYSE: WFC). The sale includes approximately $120 million in loans. Terms of the transaction were not disclosed.

The Media Finance division provides loans to small and middle-market businesses in the radio, TV, cable TV, outdoor advertising and publishing industries.

"This sale is part of our strategy to dispose of certain assets to allow Textron Financial to focus on our core businesses and improve our overall profitability," said Jay Carter, Textron Financial president and chief operating officer.

About Textron Financial Corporation
Textron Financial is a diversified commercial finance company with $9.5 billion in managed and serviced receivables. It has core operations in asset-based lending, captive sales finance, distribution finance, and resort finance, and complementary services that include asset management, syndications, portfolio servicing, and insurance brokerage. Additional information about the company is available at www.tfc.textron.com.

About Textron Inc.
Textron Inc. (NYSE: TXT) is a $12 billion multi-industry company with more than 51,000 employees in 40 countries. The company leverages its global network of businesses to provide customers with innovative solutions and services in industries such as aircraft, fastening systems, industrial products, industrial components and finance. 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 www.textron.com.