GE: “Go Big”

J. R. Immelt Chairman & CEO

December 13, 2005

““This document contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties which could adversely or positively affect our future results include: the behavior of financial markets, including fluctuations in interest rates and commodity prices; strategic actions, including dispositions; future integration of acquired businesses; future financial performance of major industries which we serve, including, without limitation, the air and rail transportation, energy generation, media, real estate and healthcare industries; unanticipated loss development in our insurance businesses; and numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.””

GE strategy Safe + reliable growth company GE advantage … scale + breadth + depth

20% A great portfolio … founded on market 10-15% leadership, domain expertise, competitive advantage & financial strength 10+% Reliable execution … with a portfolio that performs consistently while expanding returns

Common initiatives … where we can scale Earnings Cash Expanding ideas with speed driving incremental growth generation returns returns

9 Through the cycles A strong team … filled with people who 9 Low risk have broad + deep careers 9 Improving margins This is the way we win JRI Security Analyst 12-13-05/2

General Electric Company Go big

Chapter #1 Build a valuable portfolio

Priorities for portfolio renewal 1 Faster growth Industrial 2 Higher return Financial 8% 23%

5% Organic 15% ROE growth rate

'90-'03 '04+ 2000 2005E Strategic actions Strategic actions

+ Launch growth platforms … $12B+ + Global Consumer Finance + Invest in healthcare, services, energy, + Financial verticals entertainment + Higher returning businesses + Grow with technology … IGCC, NDT

Focus … long-term growth rate Focus … ROE enhancement Exit … slow growth … Motors, GXS Exit … Insurance

JRI Security Analyst 12-13-05/4

General Electric Company Great businesses (Revenue – $ in billions)

Infrastructure Industrial Healthcare NBCU $42B $33B $15B $14B

35%/14%V 10%/45%V 10%/17%V 10%/16%V OP 18% OP 8% OP 18% OP 21% Commercial Consumer Finance Finance $28B $20B 20%/22%V 15%/22%V ROE 25% ROE 30%

% GE segment profit/’05 growth rate

9 Market leadership 9 Competitive advantage 9 Domain expertise 9 Financial strength

JRI Security Analyst 12-13-05/5

Market leadership – thought Medical Information Diagnostics Technology

• Contrast Agents • Archiving Systems • Molecular Diagnostics Executing a great strategy • Customer Productivity •EMR

Cellular 9 Wing-to-wing diagnostics Clinical IT Systems 9 Domain & staying power Evolution Evolution

DiagnosticOrgan PACS Imaging Services Life Sciences Clinical Systems

• CT, PET/CT • Performance Solutions • Discovery Systems • Ultrasound •MR • Multi-Vendor Services • Protein Separations • Critical Care Systems •X-ray • Asset Management • Anesthesia Systems • Ultrasound Miniaturization and Hospital Productivity Molecular Imaging Clinical Application Connectivity Evolution Evolution Evolution Evolution JRI Security Analyst 12-13-05/6 Anatomical Imaging Maintenance Molecular Discovery Modular, Hard Wired

General Electric Company Domain strength + tailwind ($ in billions) Growing middle class/ Developing country Aging population/ global consumer (revenue $B) Healthcare (revenue $B) (assets $B) ~$17 Market $3T spend ~$30 ~8% global ~$185 ’05-’14 ~$25 growth $20 pop. >65 2X GDP $7 $57 $4 $35

'04 '05E '06F '96 '00 '06F '96 '00 '06F Global resource demand/ Installed base growth Content ownership Infrastructure (orders $B) (units) (annual hours produced)

Oil Ç ~$45 Domain ~72,000 Digital +4,000 + scarcity ~$38 ~10,000 $34 value connection 8,000 film library 20,000

'04 '05E '06F '95 '05E '00 '05E

Portfolio built for above-average growth JRI Security Analyst 12-13-05/7

Competitive advantage ($ in billions) Financial Real Estate/ Distribution Global Consumer Services Verticals – Mid-market Finance +20% ROE ROE ROE ~30% +17% ~25% +17% ~25%

’00-’05 Earnings growth (AAGR)

’05 assets $100B $135B $160B % of assets ~25% ~30% ~40% (ex. Insurance) 9 Deep domain expertise 9 Origination 9 Global position Differentiators 9 Collateralized 9 Low cost 9 Brand 9 GE synergy 9 Secured 9 Operational excellence 9 GE Financial Services focused in high value segments – Substantial competitive advantage JRI Security Analyst 12-13-05/8

General Electric Company Competitive advantage Top Top credit Top GE Commercial universal card diversified & Consumer banks (5) co. (2) fin. (2) Earnings growth – 5 yr. avg. (’00-’05) 20% 12% 10% 12% – Standard deviation 5 19 14 16

ROE – 5 year average 21% 17% 22% 12%

% global (revenue) ~45% 24% 21% 33%

% U.S. consumer ~10% 54% 73% 24%

Commercial & Consumer Finance are more consistent & more diverse with higher returns

JRI Security Analyst 12-13-05/9

Financial strength ($ in billions) Industrial Free cash flow Financial $34+ 2X + High tech/service + High ROE + Working capital È $17 + “Triple A” + Low CAPEX (~$3B/yr.)È + Flexible dividends

'03-'05 '06-'08

Strong balance sheet Consistent dividend Buyback stock $17 12% $25B $1.00 AAGR 9 ’05 – $5B $6 9 $0 ’06 – $7-9B $0.16 Debt reduction Over funded (Parent support) principal pension plan '90 '06 '05-'08

JRI Security Analyst 12-13-05/10

General Electric Company Invest in growth ($ in billions) Growth platforms From 2001: redeploy Æ invest (revenue) + Building – Exiting $12 3X 9Biosciences 9 Services 9Insurance 9Cable + film 9 Global 9Slow growth 9Consumer Finance 9 Verticals Industrial $4 9Growth platforms + Driving strong returns – IROIC 75+% '02 '06F 50+% ’02-’06 AAGR

Oil & Gas +20% Hispanic Media +10% 3% Security +40 HCIT +30 Water +30 '04 '05E '06F 9 A better portfolio today – Continue to invest $3-5B/yr. in Industrial acquisitions JRI Security Analyst 12-13-05/11

Broad + deep portfolio

9 Market leadership Æ win in share + “thought”

9 Domain strength Æ real demographic tailwind

9 Competitive advantage Æ win in the highest value segments

9 Financial strength Æ return to investors + drive growth

Entering a period of portfolio stability JRI Security Analyst 12-13-05/12

General Electric Company Go big

Chapter #2 Excellent execution + Reliable performance + Expanding margins

Execution history

Reliable performance + high returns (1990-2005) Execution principles

11 yrs. 21% + Strengthen big pillars of high visibility long-term growth

+ Achieve growing revenue streams across services + geography + markets

+ Win in high margin segments

+ Launch new platforms # years with ROTC ≥10% EPS + “Hardwire” success with operational growth synergies

JRI Security Analyst 12-13-05/14

General Electric Company What we are planning for?

1 More volatility

Operating bias

Interest Inflation 9 Accelerate globally rates 9 Continued focus on Stable in developed world 2 margins/risk 9 U.S. is “fine” 9 Japan Ç 9 Execute growth plans 9 Europe È 9 Hedge with structural 3 Growth in developing world cost out 9 Infrastructure 9 Financial Services

JRI Security Analyst 12-13-05/15

What we are seeing

Orders/portfolio 3Q YTD 4QE Factors Flow – V% 6% ~5% 9 Managing price/share trade-off

Major equipment – V% 27% ~20% 9 Broad strength … across the board YTD 9 3Q backlog $24B, +10% vs. 3Q’04

Services – V% 9% ~10% 9 ’05 CSA backlog $85B, +13%

Com’l + Cons Fin assets 5% 8% 9 Strong origination

Delinquencies – Consumer 5.23% 5.20% 9 Solid & stable portfolio quality – Commercial 1.24% 1.21% 9 Improving collections

Equipment utilization 87% 88% 9 +2 pts. vs. ’04

Continued growth

JRI Security Analyst 12-13-05/16

General Electric Company 2005 outlook – continuing operations ($ in billions) Segment Revenue profit ~$151 +13% $V%$V% Infrastructure $42 ~13% $7.8 ~14% +41% +12% Industrial 33 ~7 2.7 ~45 ~$21.4 ~$18.3 Commercial 28 ~13 4.5 ~22 Finance

Healthcare 15 ~13 2.7 ~17

NBCU 14 ~12 3.0 ~16

Consumer 20 ~24 3.1 ~22 Revenue Net earnings CFOA Finance

9 Excellent execution … on track for $1.72 EPS (+10%) – 6 of 6 businesses double-digit growth 9 Operating performance on track

JRI Security Analyst 12-13-05/17

2006 outlook ($ in billions – except EPS)

Continuing operations Range

~$165 ~10% +/- NBCU ratings + market Revenue ~$151 $1.92-2.02 +12-17% +/- Price/inflation environment

EPS $1.72 +/- General economy

+ High end of consolidation benefits

2005E 2006F

Accelerating GE growth rate JRI Security Analyst 12-13-05/18

General Electric Company GE Infrastructure ($ in billions) 35% of GE ~$47 10+% ~$42 Revenue ~$9.0 15+% High visibility + long-term growth ~$7.8 + Leading technology

Segment + Large & growing installed base profit + Global position

+ Domain expert '05E '06F

Segment ~18% ~19% + Scale business quickly profit %

JRI Security Analyst 12-13-05/19

Aviation market is back Airline passenger demand Engine orders (avg. units) 2,800 >2X Revenue passenger ~2,800 miles (billions) 1,800 1,200 1,200 2,300 Sept. 11

Oct. ‘05 '96-'00 '01-'03 '04 '05E 1,800 June ’00 June ’03 June ’06 Major wins GEnx wins 9 JAL Winning with technology 9 Air Canada 9 Air India 9 Investment paying off Engines Share 9 New platforms 787, A350, 747-8, 777ER B787 128 54% 9 New customers … Singapore, Cathay, A350* 224 100% Korean B747-8* 72 100% 9$6B+ in commercial engine wins in ’06 JRI Security Analyst 12-13-05/20

*GE only current certified supplier

General Electric Company Services is accelerating CSA backlog ($ in billions) $85B Installed base growth Revenue growth ~$31 2005 vs. 1995 ~$28 $25 Energy 2.4X Aviation 2.2X Rail 1.7X Healthcare 30.0X '04 '05E '06F

Units Growing installed base: Aviation 20000 1990 2005E 2015F

15000

10000

5000

0 GECFM PW RR IAE GE CFM PW RR IAE GE CFM EA PW RR IAE

JRI Security Analyst 12-13-05/21 - CFM International is a 50/50 JV with Snecma - EA is a 50/50 JV between GE and Pratt & Whitney

Domain expertise Æ Financial Verticals

Aviation Energy ~$0.9B ~15% ~$0.8B ~$11B ~$0.6B ~15% ~$40B ~$0.5B

'05E '05E '06F '05E '05E '06F Assets Segment profit Assets Segment profit

9 Leading global aviation financial 9 Well-head to wall-socket … debt to originator equity … globally Continue to … • Rely on GE Capital to manage risk profile • Utilize industry knowledge and service • Extend “Verticals” expertise to Water “Know how your customers make money … and help them make more” JRI Security Analyst 12-13-05/22

General Electric Company Winning in multiple platforms ($ in billions) Energy Rail ’05E ’06F V% ’05E ’06F V% Revenue ~$16.8 ~$19.2 10-15% Revenue ~$3.6 ~$3.9 ~10% Op profit ~2.6 ~3.0 10-15% Op profit ~0.5 ~0.6 15-20% Drivers Drivers 9 Continued growth in Services 9 Top line growth across all segments 9 Wind volume committed through ’07 9 15% growth in Signaling & Solutions 9 Price stabilizing 9 Continued strength in global markets

Aviation Oil & Gas ’05E ’06F V% ’05E ’06F V% Revenue ~$11.9 ~$12.8 ~10% Revenue ~$3.8 ~4.8 20+% Op profit ~2.6 ~2.9 ~15% Op profit ~0.4 ~0.6 20+% Drivers Drivers 9 Commercial spares volume +10% 9 High oil & gas prices continue to drive CAPEX 9 “OnPoint” … grow CSA backlog by $3B to $36B 9 Services … revenue growth across all 9 China, India, Brazil … 700+ engines opportunity segments

JRI Security Analyst 12-13-05/23

Commercial Finance ($ in billions) 20% of GE

~$210 ~10% ~$190 High visibility + long-term growth Assets ~$5.1 10-15% ~$4.5 + Accelerate global growth

Net income + Largest direct origination

+ World class risk management '05E '06F ROE ~25% ~27% +Scale businesses quickly

JRI Security Analyst 12-13-05/24

General Electric Company Commercial Finance – global growth ($ in billions) Non-U.S. Strategy ~19% ~$80 AAGR 9 Continue to increase share in Assets Europe $34 ~22% ~$1.9 AAGR – Grow lending & leasing – Extend leadership in Real Estate … East $0.7 9 Big opportunity – grow share in Net income Asia 9 Selective portfolio acquisitions '00 '05E 9 Utilize growth synergies with Europe $0.4 ~$1.0 Consumer Finance Asia 0.2 ~0.5 ROW 0.1 ~0.4

Very small share today … lots of room to grow JRI Security Analyst 12-13-05/25

Commercial Finance ($ in billions) Real Estate Capital Solutions

~$40 10% ~$95 ~10% ~$37 ~$86 Assets ~$1.7 10-15% Assets ~$1.4 10-15% ~$1.5 ~$1.3 Net Net income income

'05E '06F '05E '06F • Continue to drive a global portfolio • Customer focused … offering integrated • NPI/developing markets solutions • Manage through cycles • Maintain portfolio quality

Strong & broad based … room to grow

JRI Security Analyst 12-13-05/26

General Electric Company Powerful origination advantage Unique go to market Leverage domain expertise Enterprise selling Healthcare 9 9 Sell full suite of products ~$8B Industry we know … benefit from domain knowledge 9 3,000 accounts targeted 4X 9 Dedicated sales force 9 Drives top line & lower risk 9 Products per customer $2B ’05 financials 1.2 Æ 2+ ’01-’05 '05 '06 Assets $13B 17% Volume Net income ~$230MM AAGR

European Corporate Finance Transportation ~$320MM 9 Dedicated GE VP, sales 3X 9 Added capability to existing team in ’03 to under- $100MM platform (Citicapital acq.) served market 9 $10B+ in assets, 90K customers 9 Bring US core 9 GE domain expertise … Penske, '02 '05 competencies to Europe Trailer Leasing 9 Taking model to Asia Net income ($MM) 9 Large & deep bench … 8,500+ origination team – Unmatched in industry JRI Security Analyst 12-13-05/27

Diversified portfolio (~$190B assets) Collateral Industry

Specialty Other Retail Healthcare A/R + Inv Business Services 8% Trans. 6% Hotels 10% 16% Equip 9% 5% 5% Auto Healthcare Equip. 5% Cash 5% Flow Trucking Franchise 4% 10% 4% 12% Real Estate Tech. 4% Hardware Fleet 5% Vehicles Machinery 4% Equip. 14% Real Other (48) Estate 3% Diversified Fin. 1% or Less 2% 2% Food & Beverage 15% 24% 2% Chemical FF&E/ 4% 2% Building Products 10% 2% Steel Other Equip 2% 2% Corp. Jets Construction Construction Material Dealer Inv Consumer Services Senior secured positions… broad spread of risk

JRI Security Analyst 12-13-05/28

General Electric Company Consumer Finance ($ in billions)

~$185 ~15% 15% of GE ~$160 Assets High visibility + long-term growth ~$3.5 ~15% ~$3.1 + Build out developing countries

Net + Balance global portfolio income + Accelerate NPI

+ Sustain risk management '05E '06F

ROE ~30% ~27%

JRI Security Analyst 12-13-05/29

Consumer Finance regions ($ in billions) Europe Americas Asia

~$85 ~$75 ~$45 ~$55 Assets ~$50 ~$1.6 ~$37 ~$1.4 ~$1.1 ~$1.0 ~$0.9 ~$1.0

Net Income

'05E '06F '05E '06F '05E '06F • Invest in Eastern Europe • Regional expansion • Invest in developing countries • Productivity through – Central America/Mexico – China, India regionalization • Driving cross-sell • Scale/productivity/NPI • Expansion in Southern • Dual Card momentum … – Korea, Thailand, Japan Europe rollout expands in ’06 • Expand to emerging markets – Philippines, Malaysia, Vietnam Double digit growth in ’06

JRI Security Analyst 12-13-05/30

General Electric Company Organic growth ($ in billions) Broaden distribution Organic net income Branches 9 250+ more in ’06 9 Continue deposit taking ~$2.2 ~22% AAGR $1.7 Global expansion 9 Developing countries $1.0 – Turkey, Cent. Am. – ’05 – Deeper in Eastern Europe & Asia – ’06+ New products Dual Cards '01 '03 '05E 9 10 new clients in ’06 – 10MM accounts by ’06 9 Transfer winning products to new markets Cash access 9 Expand product per customer by 40% 9 225K+ ATMs globally 9 Drive GE Money brand 9 Expanding to PLCC customer base…”Cash out at checkout” Repeatable organic growth process JRI Security Analyst 12-13-05/31

GE Healthcare ($ in billions) 10% of GE ~$17.0 10-15% ~$15.1 Revenue High visibility + long-term growth ~$3.2 15+% ~$2.7 + Lead in technology

+ Build new platforms Segment profit + Win around the world

+ Create customer value '05E '06F

Segment ~18% ~19% +“Personalized medicine” – profit % early health vs. late disease

JRI Security Analyst 12-13-05/32

General Electric Company Technical leadership Imaging futures Imaging + therapy Clinical productivity 1 Molecular imaging3 Non-invasive5 Convergence

PET/CT VCT Care + Station Visipaque PIB

Æ Market expansion Æ Market expansion Æ Market share 2 High throughput imaging4 Targeting therapy6 Information

PET MR + EMR DatSCAN

Æ Market share Æ Market expansion Æ Market expansion

Technology = growth JRI Security Analyst 12-13-05/33

Multiple growth drivers ($ in billions)

Healthcare – global growth Healthcare – Service (’05 revenue) (revenue) +21% $7.2 +9% AAGR ~$5.5 AAGR

$3.0 +17% $1.7 AAGR $0.8

Global Developing '95 '00 '05E + Healthcare expanding globally + Contract services +Software – Europe +15% + Performance + Clinical IT + Strong local position solution – Technical – Coverage

JRI Security Analyst 12-13-05/34

General Electric Company Invest in growth platform ~$1,900 ($ in millions) Healthcare IT Physician • 30% AAGR … 17% organic growth New offices products Admin/HIS • 6 acquisitions since 2001 … $1.4B invested • >1,500 facilities ... >35 countries In-patient $930 Commercial wins New $605 Imaging & customers clinical apps New business $370

Acquisitions 2000 2002 2004 2006E Applicare MedicaLogic Millbrook IDX systems iPath BDM, Triple G IHC partnership

Device Clinical Physician Clinical Workflow integration departments offices content

PACS EMR

From “0” to “#1” in 10 years JRI Security Analyst 12-13-05/35

Huge Healthcare opportunity ($ in billions) 2005E Rev ~$15.1 Demographics drive OP ~$2.7 strong growth $500B $500B 2003 9 Diagnostic Rev $10.2 pharma OP $1.7 9 Life sciences 2000 Rev $7.3 $100B OP $1.3 9 Expand to – Devices $30B –HCIT 9 #1 in DI – Ultrasound 9 Continue to invest Market Diagnostic Broader Pharma imaging diagnostics GE has built a franchise in Healthcare JRI Security Analyst 12-13-05/36

General Electric Company Industrial ($ in billions) 10% of GE ~$35 5-10% ~$33 Revenue Expansion in cycle + cash ~$3.2 15%+ ~$2.7 + Lead in high-end segments

Segment + Develop competitive cost position profit through global sourcing

+ Create value through distribution

'05E '06F + Drive margin discipline Segment ~8% ~9% profit % + Maximize cash flow & returns ROTC ~12% ~15%

JRI Security Analyst 12-13-05/37

Expand Appliances margin 9Drive high-end product

~$800 $670 Margin ($MM) $500 (Profile/Monogram)

'03 '04 '05E 9Lower cost $460 $400 15% ’03 ’04 ’05E savings OP% 9% 10% ~11% ROTC 28% 40% 50+% U.S. China Landed cost High-end strength drives profitable growth JRI Security Analyst 12-13-05/38

General Electric Company Value through distribution ($ in billions) “Company-company” Advantages GE to Home Depot + 9 GE brand leverage Lowes + Wal-Mart 25% – Sourced product ~$3.1 AAGR% 9 Logistics – GE home $2.0 delivery

9 Service - strong fill rates Sales 9 Full product range '03 '05E 16% – Appliances, lighting, Financing $8.2 ~$11.0 AAGR% assets sealants

9 Strong collaborative marketing 9 Joint merchandizing 9 Product innovation/differentiation focus Leverage full product + capability strength JRI Security Analyst 12-13-05/39

Industrial segment is performing ($ in billions) Plastics C&I

~$6.8 ~$7.3 ~10% ~$14.1 ~$14.6 ~5% Revenue Revenue ~$1.1 ~20% ~$1.0 ~15% ~$0.9 ~$0.9 Segment Segment profit profit

'05E '06F '05E '06F Segment ~13% ~15% Segment ~6% ~7% profit % profit % • Momentum in emerging markets • Win in home centers & high-end appliances – China up 20%, Eastern Europe & India • Maintain positive price momentum up 30% • Simplification funding NPIs • Manage price/volume trade-offs – 140 product launches in ’06 • Disciplined cost management

JRI Security Analyst 12-13-05/40

General Electric Company Redeploying cash ($ in billions)

Industrial cash generation Portfolio impact

~$4 9 Expanding in the cycle – Earnings momentum + $1-2 9 Differentiated assets – Service

Operations Redeployment 9 Sell into liquidity … low end 9 Working capital reduction 9 Lean Six Sigma 9 Earnings growth Continue to transform JRI Security Analyst 12-13-05/41

NBCU ($ in billions) 10% of GE ~$16 +10% ~$14 Revenue Long-term growth

~$3.0 ~$3.0 0% + Commitment to content leadership

Segment + Improve prime time profit + Sell content effectively in digital distribution model

'05E '06F Segment ~21% ~19% profit %

JRI Security Analyst 12-13-05/42

General Electric Company Diversification works % segment profit Better business model today ~$3.0 9 Bigger, broader content manufacturer 35% Ent. 9 Diversified revenue streams cable 9 Cost + revenue synergy 9 Benefit from increased scale $1.6 Improved earnings mix 20% 30% Film 9 Leading entertainment cable portfolio 40% 10% News 9 Consistent film profitability 9 Strong news performance – CNBC Ç, 20% Local Nightly Ç, MSNBC Ç 40% markets 9 Local markets driving cost out 5% Network 9 Hispanic media demographics remain '00 '06F attractive

95% of NBCU is in great shape … must fix prime time

JRI Security Analyst 12-13-05/43

Prime time Ratings Game plan 9 15 shows in final development 3.6 Expanded development 9 Improved development process 2.9 ~2.8 pipeline 9 Promising mid-season + replacements 9 Great cross-promo vehicle 9 Anchors Sunday night + New in 2005/2006 Earl 9 Earl - highest rated comedy, '04 '05E '06F Thursday building block + 4 new in early ‘06 9 Office – building audience, Impact attractive demographics + 9 ’04-’05 impacts revenue Solid base by ~$500MM ER Law & 9 Law & Order – franchise strength Order 9 ER - #1 series, desirable audience 9 Apprentice – strong & steady 9 Will see improvement by performer 2H’06 9 Will & Grace – events around final season 9 Medium – solid second season We will fix prime time JRI Security Analyst 12-13-05/44

General Electric Company NBCU growth engines ($ in billions) Entertainment cable Film

~$1.9 +10% ~$5.0 ~10% ~$1.7 ~$4.5

Revenue Revenue

'05E '06F '05E '06F Segment ~45% ~50% Segment ~15% ~15% profit % profit % 9 USA goal to be #1 basic cable net in 2006 9 Consistent double-digit op profit growth 9 SciFi add’l original series to broaden reach 9 Strong 2006 slate 9 Bravo remains #1 among affluent 25-54 9 Actively pursue digital growth 9 Drive digital growth with market-leading offering… HD, VOD and digital channel

Solid performance JRI Security Analyst 12-13-05/45

NBCU vision: best content company Develop, produce and market Monetize on many platforms the best content 9 Annual content production 20-25 ~10,000

Digital cinema Digital wireless Personal media players Films TV hours * HDTV broadband VOD SVOD *Minority or JV Interest Online 9 Adds to large existing inventory Internet 9 4,000 title film library personal 9 33,000 TV episodes audio players Live events It’s all about content! JRI Security Analyst 12-13-05/46

General Electric Company Multiple ways to grow + Great content + More content + Better price

20-25 ~10,000 9 Expanded svcs. (VOD) V ’05

Cable +5-7%

Movies/ TV hours Satellite +5% year produced

+ More share + New distribution + New markets $3.0B

+ $0.1B

9 #1 daily 9 Ratings improved download '00 '05E 9 Market growth ~10% Global revenue

Consistent revenue growth … 5-10% JRI Security Analyst 12-13-05/47

NBCU – digital impact Opportunity Risk Film + Migration to higher margin –Piracy revenue streams + Cost-effective distribution

Cable + Additional distribution + Satellite/cable competition

TV/stations + Local market growth –Fragmentation + Download to own model + New ad services Revenue More opportunity ~$550MM + Broader distribution + Higher margin ~$125MM + Recurring revenues '05E '08F JRI Security Analyst 12-13-05/48

General Electric Company Go big

Chapter #2 Excellent execution + Expanding margins

Expanding margins across GE Current operating environment GE execution 1 Price > inflation 2 Accelerate VCP + LCC sourcing 3 Risk management Æ RACV Ç Raw Interest + match funding material cost rates 4 Restructuring + simplification Expanding margins in 2006

Industrial (op profit %) Financial (RACV %) 7.8% 15.5% 7.6% 14.7%

’05E ’06F ’05E ’06F

GE discipline + process rigor JRI Security Analyst 12-13-05/50

General Electric Company Price > inflation Net impact ($MM) Accelerate LCC sourcing

$400 ~$9 ~30% $200 ~$7

$(600)

'04 '05E '06F '05E '06F % Total buy ~14% ~17% 9 Broad price increases … services 9 China sourcing up 18% 9 Focus on mix & high end 9 Expanding in Eastern Europe 9 Customer value 9 New applications Aggressively focus on both levers JRI Security Analyst 12-13-05/51

Six Sigma + simplification ($ in billions) Variable cost productivity Simplification

4% $1.0+ $1.0+

3% $0.7

$0.3

'04 '05E '06F '07F '05E '06F G&A % 11.3 10.9 10.1 9.5 9 Integration bullet trains 9 Organization synergies … $1B in ’06/’07 9 Material productivity … across 9 Cross company focus … logistics, company rooftops, sourcing 9 Labor cost focus 9 Backroom/IT consolidation

Strong focus on cost JRI Security Analyst 12-13-05/52

General Electric Company Risk management Delinquencies (%) Lower losses (12 month rolling) (% net investment) 3.91% 3.53% 3.50% –a) 1.1% Consumer Finance 1.0% 1.0% 1.38% 1.40% 1.21% Equipment Financing

'03 '04 '05E Non-earning assets (%) '03 '04 '05E 1.71% 9 Rigorous risk management 1.48% 1.46% 9 Macro environment remains positive 9 Leveraging technology … enhanced '03 '04 '05E risk segmentation (a- ex. U.K. secured

JRI Security Analyst 12-13-05/53

Consistent + excellent performance

Margin expansion EPS growth ROTC expansion

12-17% 21% 20% 16% by ’08 15% 18+% 14% 12% 10% 16%

'90–'00 '05E '06F '90–'00 '05E '06F '90–'00 '05E '06F

Entering period of sustained value creation JRI Security Analyst 12-13-05/54

General Electric Company Go big

Chapter #3 Scale big ideas quickly

Growth as a process

Organic growth Great Technology 8% 2-3X GDP Growth Leaders Customers 5-6% Execute for 4-5% Growth Commercial Innovation Excellence

GE Industrial Financial Globalization peers peers

Clear goal: organic growth of 2-3X GDP JRI Security Analyst 12-13-05/56

General Electric Company Technical leadership ($ in billions) Total spend Value of size

~$13 9 Consistent funding of pipeline Marketing 9 Lead in important areas that drive growth – Global infrastructure – Content – Early health

9 Leverage cross-company capabilities – Service – People + ideas Technology – Technology – Domain expertise + Service – Process excellence 9 Take swings

Profound leadership model JRI Security Analyst 12-13-05/57

Invest through cycles

($ in billions) Service ‘05 Service ‘08 Aviation R&D spend

9 9/11 Boeing 777-300ER GE90-115B Boeing 787 GEnx 9 SARs Service ‘05 Service ‘04’09 9 Fuel volatility $1.1 $1.0 $0.9 $0.9 $0.8 $0.8 EMBRAER 190 CF34-10 747 Advanced GEnx

Service ‘06 ServiceService ‘09 ’10

Airbus A380 GP7000* AirbusAirbus A350 A350 GEnxGEnx

Service ‘07

'00 '01 '02 '03 '04 '05E ARJ21 CF34-10 GE/Honda HF118

*GP7200 developed by GE/P&W Engine Alliance Invest to secure the future JRI Security Analyst 12-13-05/58

General Electric Company Infrastructure leadership EVO Hybrid ES BWR 9 GE’s next generation 9 2007 commercial reactor launch 9 Simplified, improved 9 Bridge to advanced safety, low O&M cost technology

Desalination LNG super trains

9 Water scarcity 9 GE leadership 9 Desalination market ~$10B+ by 2014 9 ~$1B in ’06/’07 orders

JRI Security Analyst 12-13-05/59

New services Environmental Healthcare productivity

9 Monitoring and 9 Bring evidence-based improving power & medicine to the industrial air quality mainstream 9 BHA adds 9 True enabler across particulate control enterprise to portfolio 9 ~$0.5B 2005 sales

Water CSA Engine upgrades

9 > 300 CSAs . . . $4B backlog 9 Predictable costs 9 ~600 mobile units 9 Lower fuel burn 9 ~20% of total 9 Longer time-on-wing Water revenue

JRI Security Analyst 12-13-05/60

General Electric Company King Kong

9 Directed by Peter Jackson - Stars: Adrien Brody Jack Black Naomi Watts 9 Monetizing footage over multiple revenue streams…theatrical, 3 DVD releases, 3-D movie, games, licensing, etc. 9 December 14th release date

JRI Security Analyst 12-13-05/61

Process excellence = customer success

UNDERSTAND IMPROVE CUSTOMER CUSTOMER NEEDS FACING PROCESSES 9Dreaming Sessions 9 Lean Six Sigma

Customer Success

TIGHTEN CUSTOMER MEASURE SUCCESS RELATIONSHIPS 9Net Promoter Score 9At the Customer for –NPS the Customer –ACFC

Value of size JRI Security Analyst 12-13-05/62

General Electric Company Understand customer needs: dreaming sessions focus on helping customers win Industry Government Officials • Ascension Health • State of Vermont • Aurora Health Care • Centers for Disease • Amgen Inc. Control and Prevention • Baylor Health System • Centers for Medicare and • Celera Genomics and Medicaid Services Roche Molecular Systems Non-government • Florida Hospital • Intermountain Healthcare Officials • Johnson & Johnson • 454 Life Sciences • Microsoft Corporation • AARP GE Healthcare’s Future… • Naples Community • Markle Foundation Hospital Healthcare • Federation of American Building a Bridge to 2015 System Hospitals • New York Presbyterian • Center for Studying • Drive healthcare quality and Hospital Health System Change • North Shore Long Island • American College of efficiency Jewish Health Healthcare Executives • Novant Health • Society for Women’s • Increase clinical value at the • Pfizer, Inc. Health Research intersection of diagnostics • Saint John Health System • eHealth Initiative

Included participants from Detroit Academia and treatment •TMC HealthCare •Princeton University • UnitedHealth Group • Columbia University • Simplify and digitize • University Community • Stanford University Health System • University of Cambridge healthcare processes • Virtua Health • Wellington Hospital

+ Events held in Energy, Rail, Water … JRI Security Analyst 12-13-05/63 rolling out across portfolio

Improve customer facing processes Lean showcase overview Current Lean showcases

9 Revenue growth >$50MM per 1. Small commercial 11. O&G global services Lean showcase construction 12. HC Financial Services 2. Energy Services 13. Nuclear parts and 9 “Lean workout” key enabler for global parts services key customer facing processes 3. Component Repair 14. Digital video – New product introduction 4. Magnetic Resonance 15. Custom equipment – Inquiry to order 5. Healthcare Services 16. Engine overhaul – Order to remittance 6. Global Color Express 17. Wall ovens 7. Equipment Finance 18. Television distribution 9 20 Lean showcases in place 8. Real Estate 19. Cap. Sol. Equipment specialized industries today Financing 9. Retail sales finance 20. Retail Consumer 10.Australia branches Finance

9 Unique GE process capability … Six Sigma + Lean 9 A “win-win” … reduces capital intensity & drives organic growth

JRI Security Analyst 12-13-05/64

General Electric Company Lean Six Sigma Healthcare: MR

Results Actions/improvements 1.5T USA Baseline Today Target 9 Rationalized supplier Install time base (pilot, days) 52 16 10 9 Simplified New configuration configuration 162 97 20 (days)

Translating learning to new Lean activities

• Expand Lean install improvement Æ open MR & upgrades • 3T configuration simplification • Global roll-out Æ MR Lean workouts

Customer satisfaction … sales growth JRI Security Analyst 12-13-05/65

Measure success: Net Promoter Score

On a scale of 1-10, how likely is it that you will recommend GE to your colleagues? 9 - 10 10 Promoters 9 NPS Segment 7 - 8 8 & learn Passively 7 satisfied 6 5 1 – 6 4 NPI Detractors 3 Growth or 2 Lean 1 % net % % promoters promoters detractors

9 Rallying cry for cultural change 9 A simple framework … clearly understood

JRI Security Analyst 12-13-05/66

General Electric Company Commercial power of “one GE”

4th most Benefits of size valuable 26,000 $47B brand • Global market coverage – GE in ~100 countries

• “Connect the dots” – Financial verticals + – Olympics

• Invest strategically – Research capability … 4 continents

-a) – China training/tech center Sales force Brand value – Dubai Healthcare city

(a- source: Business Week

GE has broad market presence JRI Security Analyst 12-13-05/67

Commercial excellence: customized solutions that “one GE” can deliver Olympics …Project/Enterprise Selling Approach China/Olympics ™ Building strong CAH relationship Security ™ Treat Infrastructure projects as Olympic projects Olympic & Homeland Security Grid Helping Beijing prepare to Olympic Stadium & Venues ™ Exclusivity & Influence Traffic & Ports host the world Beijing Capital Int’l Airport T3 $45MM

™ BOT project with CITIC and BUCG Water GEHC Enterprise groupBeixiaohe Water Recycle Enterprise Selling ™ GE Corp China building up strategic partnership Municipal Water Recycle Mobile Water ™ GE Security to partner with ELV integrator $12MM From the GE Healthcare enterprise National Stadium Enterprise in the US at GEHC Recent wins… 80% win rate! to the whole hospital enterprise ™ Leverage24 executive-level NBC broadcasting account experience manager w/ Customer Tucson 200M HC + Infrastructure positions covering 51 key accounts… 17 Automation ™ High levelpositions selling filled cross today GE businesses SubwayYale 175M HC prod, svcs Airport ™ 2 projectObjective phases is– TVto Culturehelp customer Center in solve2006 business Washoe 48M HC prod, svcs problems by bringing products, services,Qatar…… $0.5MM Country to Company Qatar & Office building & Hotel in 2009 and expertise from GE to help ($ Billions; 2005-2010 cumulative)Kaleida 100M HC + Capital CCTV Early results are outstanding… 125% ’04 Total Security Solutions Increased GEE St. GETLuke’s 100M+GEI Other “All-GECharter hospital” Building the “Country to orders growth at first 10 accounts 1/ from $50MM to $250MMGas GE Infra /Olympics Country to Company Relationship More than $2B in agreements in place with 7th July, 2005 Company” relationship 18 of the target accounts Power Gen Key opportunities Memorial Hermann 150M HCMust-Win prod, svcs Projects Water Agreements cover wide range of Baylor Health 150M HC•LNG prod, svcs Trains + CSAs size/content Transport Providence Health 100M HC prod, svcs • Term 3-10 year • GTL, Shell Oil, XoM St John Health 100M HC prod, svcs • Term value $20-350MHealth • Ethylene Crackers • GE content Clinical systems – Aurora Health 100M HC prod, svcs “all-GEEducation hospital” Columbia St. Mary’s 215M “All-GE• hospital” LNG Vessels 9 Qatar Airways A350, 777 Environment 2 Commercial Council Asian Games RoadJune Map 2005 to Win Other - Various • One GE – Shift from Supplier to Partner • O&G Center of Excellence – ITO-OTR Accessible $B 3.7 2.0 1.0 0.2 • Transfer Know how - Innovation Center People 175-215 20-25 16 14 • JV/Partnership with QP ~$7B Identified Accessible Market • Local plans – Regional Play and ~270 Resources Planned

JRI Security Analyst 12-13-05/68

General Electric Company connects innovation to customers’ environmental needs goals How we got there $20B • Market research $10B • Multi-business demand Revenue • Customer dreaming sessions Current 2010 • Outreach … 50+ NGOs • Government insight • Emerging market discovery Enhance • Internal audit of technologies, Brand Image & and rigorous scorecard process Reputation

“Green means green” JRI Security Analyst 12-13-05/69

… driving growth

Adv. Materials Water Aviation NORYL Wire Coating – LTK Japan, Desalination – Hamma Project, Upgrades – Southwest Delphi/Toyota Algeria GEnx 352 engines Silwet – China MoA Pipeline - $2B in process GE90-115B 368 engines

Energy C&I Rail IGCC- AEP, Cinergy, China Energy Efficiency – Home Depot, Evolution – 1900 orders Wind – China, U.S., Europe Wal-Mart Hybrid Partnership – CP & UP Whole Home Water – Pardee Homes Jenbacher - Coal Mine Methane, China Evo – MoR China LMS100 - E. Kentucky Power, Basin Electric

New customer projects add $4B to backlog … Eco-products from 17 at launch to 21 in early ’06

JRI Security Analyst 12-13-05/70

General Electric Company Globalization Developing countries – growth ($ in billions) 9 Broad opportunity Global revenue Growth V% 10+% Energy 20%+ 9 Growth everywhere $69 ~$75 Aviation + Rail 20+ 9 India/MEA/China/SEA Developing 20+% Healthcare 20+ 9 Growth everywhere Water F 9 China/MEA 5-10% Developed Consumer 25 9 Eastern Europe/ Finance Russia growth 9 Latin America '05E '06F 9 “Play the big GE”

Priorities 1 Lead in infrastructure 9 Share in Japan + Europe 2 Capture wealth creation 9 Expand China presence 3 Build local capability … people, 9 Technology + sourcing service, risk 9 Developing markets 4 Drive GE advantages

JRI Security Analyst 12-13-05/71

Imagination Breakthroughs 90+ Results

’05 35 in market today ~$3B ∆ sales Technical innovation Technical Commercial + VCT Cardiac + OnPoint service Commercial +EVO Engine + Co brand card innovation +NDT Services + Entertainment finance

Projects ’06 +25 new to market ~$3-5B ∆ sales 9 Metrics are clear + integrated Technical Commercial 9 Best practices focused on reducing + Process separation + Japan CF barriers +IGCC + Monogram +GEnx +DVMR

9 Good progress in driving growth & enhancing innovation capabilities

9 $3B+ incremental revenue annually JRI Security Analyst 12-13-05/72

General Electric Company Incremental growth Commercial - OnPoint Technical – IGCC (Revenue $MM) (Orders $B)

$150 $5B+ $2.0 $1.6 $90 $1.2 $50 $0.4

'05E '06F '07F Pipeline '06F '07F '08F '09F 9 Segmented approach to overhaul 9 Uses coal with environmental impact service of natural gas – New hybrid 9 Validate technology … AEP, Cinergy 9 Measure in incremental price & share 9 Roll out globally … China

Æ Driving across all service businesses Æ Change industry dynamics

JRI Security Analyst 12-13-05/73

GE growth advantage Organic revenue growth “Big advantage”

~8% ~8% 2-3X Breadth/depth Process GDP Technology +Global resource +Global research + Risk management + Lean Six Sigma +Product Æ service

Customer + Customer dreaming + Lean Six Sigma sessions +NPS '05E '06F Commercial + Enterprise +Growth traits Broad based growth (’05) +Brand (Organic revenue V%) Infrastructure ~12% Global + Company – country +Culture Comm’l. Finance ~6 + Infrastructure Cons. Finance ~11 Healthcare ~8 Innovation + Risk management + IB best practices Industrial ~7 + Installed base NBCU ~(4) Total ~8%

Size is a platform for growth JRI Security Analyst 12-13-05/74

General Electric Company Go big

Chapter #4 Retain & grow a great team

Our team

Structure for growth Retain talent++ Transform DNA and simplicity

Transformation 600 180 20 9 Capital transparency

85 11 9 Big acquisitions

~15 6 9 Internal = external “Top 600” Loss/year “Top 180” New 2001+

Strong retention 9 More global Simpler 9 More innovative 9More transparent 9 More customer focus

Strong organization in place

JRI Security Analyst 12-13-05/76

General Electric Company Structure for growth

Commercial Consumer Infrastructure Industrial NBCU Healthcare Finance Finance

Dave Calhoun Mike Neal John Rice Bob Wright Joe Hogan Dave Nissen Vice Chairman Vice Chairman Vice Chairman Vice Chairman Sr. Vice President Sr. Vice President

50 P&Ls + Dynamic + diverse team + Driving common initiatives

+ Broad experience & growth + Growth leaders

9 Organization in place for 2X size 9 Hardwire success vs. best practice sharing

JRI Security Analyst 12-13-05/77

Breadth + depth = leadership pipeline Invest $1B Builds culture annually in Senior Vice President (22) training Conceptualizes • Lead organizations > ~$5B change Vice President (157) • Lead organizations ~$1B - $5B • < 2% turnover Drives change Senior Executive Band (435) • Lead large GE businesses and functions • < 4% turnover Core leadership skills • Ability to learn Executive Band (4,300) • Energize and excite • Pipeline for GE leadership • Give back to employees • ~6% turnover and externally

The foundation Æ performance, values & integrity

The differentiators Æ growth traits

JRI Security Analyst 12-13-05/78

General Electric Company Leaders drive initiatives Growth traits Actions 9 Creates an external focus that defines success in market/industry 9 Assess organization capability terms – 5,000 GE leaders … Session C 9 Is a clear thinker who can simplify strategy into specific actions, makes decisions and communicates 9 Develop skills priorities – Crotonville training 9 Has imagination and courage to take risks on both people and ideas 9 Can energize teams through 9 Coach talent inclusiveness and connection with – Annual evaluation process people … builds loyalty and commitment 9 Develops expertise in a function or 9 Communicate broadly domain, using depth as a source of – Rewards + recognition confidence to drive change Creating company that leverages capability into marketplace success

JRI Security Analyst 12-13-05/79

Compensation aligned with investors

Compensation Dynamic Assessment criteria

Salary … competitive Attract Financial + 9 ROTC 9 EPS 9 Cash 9 Revenue Annual incentive comp Incent … performance + Strategic 3-year long-term Retain 9 Customers 9 Business 9 incentive … “top 600” Initiatives imperatives

+ Cultural GE stock … “top 5,000” Align 9 Leadership 9 Compliance

Employees win as GE performs JRI Security Analyst 12-13-05/80

General Electric Company Epilogue

Thinking about the future

Potential environments Business momentum % GE ’07 outlook Continuation of 2005 Infrastructure 35% 9 or Commercial 20 9 Finance

Slower Consumer 15 9 (but positive) growth Finance Healthcare 10 9 or Industrial 10 9

More volatility NBCU 10 +

GE delivers JRI Security Analyst 12-13-05/82

General Electric Company GE delivers Safe + reliable growth company GE advantage … scale + breadth + depth

20% A great portfolio … founded on market 10-15% leadership, domain expertise, competitive advantage & financial strength 10+% Reliable execution … with a portfolio that performs consistently while expanding returns

Common initiatives … where we can scale Earnings Cash Expanding ideas with speed driving incremental growth generation returns returns

9 Through the cycles A strong team … filled with people who 9 Low risk have broad + deep careers 9 Improving margins This is the way we win JRI Security Analyst 12-13-05/83

Go big

A best seller

General Electric Company