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GE 2015 INTEGRATED SUMMARY REPORT About the Integrated Summary Report “The Integrated Summary Report Shows Investors GE Through the Lens of Management.”

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GE 2015 INTEGRATED SUMMARY REPORT About the Integrated Summary Report “The Integrated Summary Report Shows Investors GE Through the Lens of Management.” GE 2015 INTEGRATED GE 2015 INTEGRATED SUMMARY REPORT GE 2015 Integrated Report About the Integrated Summary Report “The integrated summary report shows investors GE through the lens of management.” “Public company reporting has become so complicated that what matters to investors can get lost. Our priority is to provide meaningful information that all investors can readily access. For investors to make investment and voting decisions, we don’t believe that more information is necessarily better. Instead, we’ve challenged ourselves to provide better information. Over the past several years, we have already been enhancing our reporting in response to feedback from investors, and they have told us how much they like it. This year, we are taking it even further with our new Integrated Summary Report.” JEFFREY R. IMMELT Chairman of the Board & Chief Executive Officer, GE March 14, 2016 Contents Chairman’s Letter 3 Strategy & Results 29 Our Businesses 35 WHERE YOU CAN FIND MORE Portfolio & Capital Allocation 38 INFORMATION • Annual Report Margins 40 www.ge.com/annualreport • Proxy Statement Financials 42 www.ge.com/proxy • Sustainability Report Risk 51 www.ge.com/sustainability Governance 52 FORWARD-LOOKING STATEMENTS Compensation 57 Some of the information we provide in this document is forward-looking and therefore could change over time to reflect changes in Audit 60 the environment in which GE competes. See Forward-Looking Statements on page 65 for Shareowner Proposals 61 more information. 62 Sustainability NON-GAAP FINANCIAL MEASURES Some of the financial measures we provide Annual Meeting 64 in this document, including measures that exclude Alstom, may be considered to be non-GAAP financial measures. For more Forward-Looking Statements 65 information, see Financial Measures That Supplement U.S. Generally Accepted Accounting Principles Measures (Non-GAAP Financial Measures) on page 95 of our 2015 Annual This document provides an overview of Report on Form 10-K. General Electric. It does not contain all of the information that you should consider. Please THROUGHOUT THIS DOCUMENT, read our entire 2015 Annual Report and WE USE THE FOLLOWING ICONS 2016 Proxy Statement carefully before voting or making an investment decision. Power Renewable Energy Oil & Gas Energy Management Aviation Healthcare Transportation Appliances & Lighting Capital GE Digital PredixTM Industrial App Economy GE 2015 INTEGRATED REPORT 1 We act. We learn. We get better. We insist on being more than we are today. Some companies are retreating; we are moving forward to become the Digital Industrial. — JEFF IMMELT GE’s Global New Directions Team CEO Jeff Immelt’s culture advisory group made up of promising GE employees from around the world Cover: Krista Carroll, GE Aviation 2 GE 2015 INTEGRATED REPORT CHAIRMAN’S LETTER 3–27 GE Executive Team JEFFREY R. IMMELT BETH COMSTOCK KEITH S. SHERIN JOHN G. RICE Chairman of the Board Vice Chair Vice Chairman, Vice Chairman and and Chief Executive GE, and Chairman and CEO, Global Growth Offi cer Chief Executive Offi cer, Organization GE Capital JEFFREY S. BORNSTEIN BILL RUH VIC ABATE SUSAN P. PETERS ALEX DIMITRIEF Senior Vice President and Senior Vice President Senior Vice President Senior Vice President, Senior Vice President Chief Financial Offi cer and Chief Digital Offi cer and Chief Technology Offi cer Human Resources and General Counsel HOW WE PERFORMED AGAINST OUR 2015 OPERATING GOALS 2016 GOALS Target Actual Year-over-year Operating Earnings Per Share1 1 Operating EPS: $1.45–1.55 (Industrial + Verticals) Industrial $1.10–1.20 $1.14 19% • Organic growth of 2–4% • Core margin expansion GE Capital Verticals ~$0.15 $0.17 6% • Corporate @ $2.0–2.2B • Alstom ~$0.05; Appliances gain ~$0.20 1, 2 Operating Profi t Margins • Restructuring = gains Industrial (incl. Corporate) 3 + 15.3% 110bps • FX impact ~$(0.02) at today’s rates • High-teens Industrial tax rate GE Capital Exit Plan Free Cash Flow + Dispositions: $29–32B Asset sales (Ending Net Investment 2 [excluding liquidity]) ~$90B $104B N/A • CFOA of $30–32B; ~$18B Capital dividend • Dispositions of $3–4B Cash • Net P&E of ~$4B 1 Free cash fl ow + dispositions $12–15B $15.2B 23% Cash Returned to Investors: ~$26B Cash returned to investors $10–30B $33.0B $22B 3 • Dividend of ~$8B • Buyback of ~$18B 1. Non-GAAP Financial Measure. See Financial Measures That Supplement U.S. Generally Accepted Accounting Principles Measures (Non-GAAP Financial Measures) on page 95 of our 2015 Annual Report on Form 10-K. 2. Excluding Alstom. 3. Excluding restructuring and other & gains. GE 2015 INTEGRATED REPORT 3 CHAIRMAN’S LETTER It is easy to be uncertain as an investor to- today rests solidly on a bedrock of deep do- day. The global economy is long on volatility main competency. and short on economic leadership. But GE remains a good investment. In a complicated The bold strategy to exit GE Capital came world, we are simpler and more competitive. from Keith Sherin and his team. The plan was In an uncertain world, we are skilled in man- complicated, challenging and risky. It involved Act aging through tough cycles. In a risky world, one of the largest corporate restructurings in we have cultural strength and a lot of cash. history. Their execution has been fl awless. The move says a lot about the GE culture: We We are tested. Companies that think they are willing to take bold actions in the face of Letter to Shareowners are perfect can get you in trouble in this uncertainty; and our team puts the Company environment. GE is not perfect, but we make ahead of their own interests. progress every day. In 2015, we continued to take strong actions that make GE better. At the same time, we accelerated our transformation as a leader in the Industrial We transformed our portfolio by exiting most Internet, becoming a “Digital Industrial” com- of fi nancial services while completing the pany. In the Industrial Internet we see the purchase of Alstom, our largest industrial next great wave of productivity both for our deal. This ends a period in which we refo- company and for the customers we serve. cused GE as a high-tech leader. To do so, we We are a company that invests in broad sold more than half the Company where industrial transitions, and they don’t come we lacked competitive advantage and re- much bigger than the full application of data built our core franchises. Every GE business and analytics to machines and systems. GE CAPITAL PORTFOLIO GE CAPITAL REPOSITIONING IN 2015 PROFIT CONTRIBUTION Based on strong buyer interest and an GE Capital drove signifi cant earnings accelerated timeline, the portfolio transition growth and helped fuel GE’s investment will be largely executed by the end of 2016. in its industrial portfolio. GE Capital Transition GE Capital % of GE’s earnings ~60% % Earnings: 1990–99 37% % Earnings Growth % Earnings: 2000–15 41% $200B $157B $104B 1990–2005 GOAL FOR SIGNED CLOSED ASSET % Earnings: Future <10%* DISPOSITIONS ~$50B TO GO *Industrial operating + Verticals basis *Industrial operating + Verticals GE Capital Historic Timeline 1930s 1940s–50s 1960s1970s 1980s 1990s 2000s 2008–15 TODAY GE Credit GE Credit Entered Aviation Real Estate Energy Financial E-business GE Capital Financial crisis & Established GE Capital Verticals formed in 1932 signs fi nancing launches Services launches revenues new regulatory to better align with GE’s industrial to provide in- 8 millionth Commercial launches GE Capital reach ~50% bodies businesses stallment loans contract Lending GE Capital Retail splits into 27 International; GE Capital Successful split-off of Synchrony to purchase and Leasing Card Finance businesses ~70% by 2006 Retail Finance Financial through largest-ever GE appliances launches launches Genworth IPO IPOs as share exchange with 671MM GE (largest IPO of Synchrony shares retired 2004) Financial (2014) Milestone Aviation $107B acquired; fi rst Earnings acquisition since since 1980 fi nancial crisis (2014) 4 GE 2015 INTEGRATED REPORT The essence of GE is the unique ability to cre- In the midst of our transformation, we de- ate value from the intersection of horizontal livered good results. In 2015, we grew our capability with vertical expertise. Competing Industrial earnings per share by 19%, ex- across multiple businesses and regions—“the panded our segment margins by 80 basis horizontal”—requires strategic agility and cul- points, and returned $33 billion of cash to our ture, but it is increasingly valuable. This is how investors. Our Industrial return on total capital we create competitive advantage from size expanded 290 basis points to 16.9%. We won and diversity. A digital world facilitates more in the marketplace, fi nishing the year with horizontal solutions for customer productiv- $315 billion in backlog. Strong execution was ity and internal speed. A volatile world puts refl ected in our share price. GE’s total stock more of a premium on reducing risk through return was +28% in 2015, above the perfor- diversity, another horizontal skill. At the same mance of the S&P 500, which grew by 1%, time, companies must be deeper to drive low and the industrial index, which declined by cost, achieving customer outcomes with high 4%. We have solidly outperformed the broad- share—“the vertical.” New innovation will re- er indices over the past three years, when we quire deep science and, many times, new grew by 64%, and fi ve years, when we grew manufacturing techniques. There are not by 101%. GE ended the year as the eighth many companies on Earth that can develop most valuable company in the world. high-tech infrastructure systems at scale, a vertical strength. Maximizing the valuable To sustain this performance, we will have interface between horizontal and vertical is to win in challenging global markets.
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