GE

COMPANY PROFILE
General Electric
Company
REFERENCE CODE: B039913A-C52E-4DB9-AE87-1F44652C6FB0

PUBLICATION DATE: 12 Dec 2013
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General Electric Company

TABLE OF CONTENTS
TABLE OF CONTENTS
Company Overview..............................................................................................3
Key Facts...............................................................................................................3
Business Description...........................................................................................4
History...................................................................................................................7
Key Employees...................................................................................................24
Key Employee Biographies................................................................................27
Major Products and Services............................................................................37
Revenue Analysis...............................................................................................40
SWOT Analysis...................................................................................................42
Top Competitors.................................................................................................49
Company View.....................................................................................................50
Locations and Subsidiaries...............................................................................59

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Company Overview
COMPANY OVERVIEW
General Electric Company (GE or "the company") is a diversified industrial corporation. The company
offers a wide range of product and services that includes aircraft engines, oil and gas production
equipment, power generation, household appliances, medical imaging, as well as business and
consumer financing and industrial products. The company primarily operates in North America,
Europe, Asia, South America, Australia and Africa. It is headquartered in Fairfield, Connecticut and
employed 305,000 people as on December 31, 2012.
The company recorded revenues of $147,359 million during the financial year ended December
2012 (FY2012), an increase of $71 million* over FY2011. The operating profit** of the company was
$36,662 million during FY2012, a decrease of 12% as compared to FY2011. The net profit was
$13,641 million in FY2012, an increase of 4% over FY2011.
*note: the growth is in absolute terms as the percentage change during the period is less.
**operating profit is adjusted for interest and other financial charges; investment contracts, insurance
losses and insurance annuity benefits; and provision for losses on financing receivables.
KEY FACTS
Head Office

3135 Easton Turnpike
Fairfield
Connecticut 06828
USA
Phone
1 203 373 2211
Fax
Web Address
http://www.ge.com
Revenue / turnover 147,359.0

(USD Mn)
Financial Year End
December
Employees
305,000
New York Ticker
GE

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Business Description
BUSINESS DESCRIPTION
GE is a diversified infrastructure and financial services company. Its products and services include
aircraft engines, power generation, water processing, security technology, medical imaging, business
and consumer financing and industrial products. The company serves customers in more than 100
countries. It has 232 manufacturing plants located in 38 states in the US and Puerto Rico and about
283 manufacturing plants located in 42 other countries.
The company operates through eight business segments: GE Capital, power and water, aviation,
healthcare, oil and gas, home and business solutions, energy management and transportation.
The GE Capital segment offers a broad range of financial products and services worldwide. Its
services include commercial loans and leases, fleet management, financial programs, home loans,
credit cards, personal loans and other financial services. During FY2012, GE Capital provided
approximately $107 billion of new financings in the US to various companies, infrastructure projects
and municipalities. This segment operates through various product lines including: commercial
lending and leasing (CLL), consumer, real estate, energy financial services, and GE capital aviation
services.
The CLL products include loans, leases and other financial services to customers, including
manufacturers, distributors and end-users for various equipment and major capital assets. These
assets include industrial-related facilities and equipment; vehicles; corporate aircraft; and equipment
used in several industries, including the construction, manufacturing, transportation, media,
communications, entertainment and healthcare industries. The consumer product line offers a range
of financial products including: private-label credit cards; personal loans; bank cards; auto loans and
leases; mortgages; debt consolidation; home equity loans; deposits and other savings products; and
small and medium enterprise lending on a global basis.
The real estate business offers a range of capital and investment solutions and finances. These
include both equity and loan structures for acquisition, refinancing and renovation of office buildings,
apartment buildings, retail facilities, hotels, parking facilities and industrial properties. The energy
financial services offer structured equity, debt, leasing, partnership financing, project finance and
broad-based commercial finance to the global energy industry. GE Capital Aviation Services provides
financial products to airlines, aircraft operators, owners, lenders and investors. These products
include leases, and secured loans on commercial passenger aircraft, freighters and regional jets;
engine leasing and financing services; aircraft parts solutions; and airport equity and debt financing.
The power and water business segment covers power plant products and services, including design,
installation, operation and maintenance services. The segment primarily sells gas, steam and
aeroderivative turbines, generators, combined cycle systems, controls and related services, including
total asset optimization solutions, equipment upgrades and long-term maintenance service agreements
to power generation and various other industrial customers. The companys renewable energy
solutions include wind turbines and solar technology. Its water treatment services and equipment

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include specialty chemical treatment programs, water purification equipment, mobile treatment
systems and desalination processes.
GEs aviation segment offers products and services for the airframe manufacturers, airlines and
government agencies. It offers jet engines, aerospace systems and equipment, replacement parts
and repair and maintenance services for all categories of commercial aircraft; for a range of military
aircraft, including fighters, bombers, tankers and helicopters; for marine applications; and for executive
and regional aircraft.
The healthcare segment provides medical imaging and information technologies, medical diagnostics,
patient monitoring systems, disease research, drug discovery and biopharmaceutical manufacturing
technologies. The products include diagnostic imaging systems such as magnetic resonance,
computed tomography and positron emission tomography (PET) scanners, X-ray, nuclear imaging,
digital mammography, and molecular imaging technologies. In addition, the segment offers
technologies which include patient and resident monitoring, diagnostic cardiology, ultrasound, bone
densitometry, anesthesiology and oxygen therapy, and neonatal and critical care devices. The
medical diagnostics and life sciences products include diagnostic imaging agents used in medical
scanning procedures, drug discovery, biopharmaceutical manufacturing and purification, and tools
for protein and cellular analysis for pharmaceutical and academic research, including existing and
a pipeline of precision molecular diagnostics in development for neurology, cardiology and oncology
applications.
The oil and gas segment supplies mission critical equipment for the global oil and gas industry. The
equipment are used in applications covering the entire value chain from drilling and completion
through production, liquefied natural gas (LNG) and pipeline compression, pipeline inspection, and
including downstream processing in refineries and petrochemical plants. The segment also designs
and manufactures surface and subsea drilling and production systems, equipment for floating
production platforms, compressors, turbines, turboexpanders, high pressure reactors, industrial
power generation and a wide portfolio of auxiliary equipment.
The home and business solutions segment offers major appliances and related services for products
such as refrigerators, freezers, electric and gas ranges, cooktops, dishwashers, clothes washers
and dryers, microwave ovens, room air conditioners, residential water systems for filtration, softening
and heating, and hybrid water heaters. In addition, the company also manufactures certain products
and also source finished product and component parts from third-party global manufacturers. These
products are distributed both to retail outlets and direct to consumers, primarily for the replacement
market, and to building contractors and distributors for new installations. The company also
manufacture, source and sell a variety of lamp products for commercial, industrial and consumer
markets, including full lines of incandescent, halogen, fluorescent, high-intensity discharge,
light-emitting diode, automotive and miniature products. The products and services are sold in North
America and in global markets under various GE and private label brands including GE Monogram,
GE Profile, GE, Hotpoint and GE Cafe.
The energy management segment is GEs electrification business. The segment designs technology
solutions for the delivery, management, conversion and optimization of electrical power for customers

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across range of energy-intensive industries. It manufactures electrical distribution and control products,
lighting and power panels, switchgear and circuit breakers that are used to distribute and manage
power in a variety of residential, commercial, consumer and industrial applications. In addition, the
segment also provides plant automation hardware, software and embedded computing systems
including controllers, embedded systems, advanced software, motion control, operator interfaces
and industrial computers.
GEs transportation segment is a global technology supplier to the railroad, mining, marine and
drilling industries. GE provides freight and passenger locomotives, diesel engines for rail, marine
and stationary power applications, railway signaling and communications systems, underground
mining equipment, motorized drive systems for mining trucks, energy storage systems, information
technology solutions and replacement parts and other value added services. In addition, it
manufactures high-horsepower diesel-electric locomotives, including the Evolution Series. It also
offer drive technology solutions to the mining, transit, marine and stationary, and drilling industries.

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History
HISTORY
Thomson-Houston Electric and Edison General Electric merged in 1892 and resulted in GE. Its early
products included light bulbs, motors, toasters, elevators, and other appliances. In the following
years, the company acquired a number of companies such as Siemens & Halske's branch in Chicago
in 1900 and Stanlet Electric in 1903.
The company continued to expand and by 1980, its products ranged from plastics, consumer
electronics, nuclear reactors, to jet engines. In the following year, the operations of the company
were decentralized. The company acquired mutual fund wholesaler, GNA, in 1993. In the same year,
GE Investment management began selling mutual funds to the public. GE Capital Services, a
subsidiary of GE, acquired Amex Life Insurance and Life Insurance of Virginia in 1995.
GE sold Genie online services in 1996. In the following year, the company entered into a joint venture
with Microsoft forming the MSNBC cable news channel. The company acquired 134 companies
during 1999. GE acquired two businesses from Honeywell; Tensor, an oil and gas group, and
Honeywell Advanced Composites, in 2001.
The company acquired companies including Instrumentarium, Infographic Systems, Deutsch Financial
Services, and Ion Track in 2002. In the same year, it combined its lighting and appliances businesses
to form GE Consumer Products. GE gained 80% of stake in NBC Universal in 2003. In the same
year, the company acquired Sophia, a French real estate company. In the same year, GE acquired
a number of companies including RAMiX, SI Pressure Instruments and Saferex Oy of Finland. GE
Medical Systems also acquired Triple G Systems Group in 2003.
GE acquired InVision Technologies in 2004. In the same year, the company acquired AstroPower,
a manufacturer of solar electric power products. GE Commercial Finance, the business financial
services unit of GE, purchased Boeing Capital in the same year. GE Consumer Finance, the global
consumer lending unit of GE acquired DeltaBank, a Russia based consumer bank, in 2004. In the
same year, GE Energy acquired three business units of S D Myers. In addition, in Canada, GE
acquired Ikon Office Solutions, a leasing business. Further in 2004, the company acquired
ChevronTexaco's gasification technology business. In South Africa, the company acquired Fluidex
Engineering of Johannesburg. GE sold its majority stake in its GE Capital International Services unit
during the same year.
During 2005, the company made several acquisitions. In Turkey, the company acquired a 25.5%
voting stake in Garanti Bank, a full service Turkish bank. GE's commercial finance division acquired
the Transportation Financial Services Group of CitiCapital; the Inventory Finance division of
Bombardier Capital; Antares Capital, a unit of Massachusetts Mutual Life Insurance; and ING's
portion of Heller. GE's infrastructure division acquired Ionics. In the same year, GE acquired $1
billion worth of aircraft assets from CIT, the finance group formerly owned by Tyco, to expand its
financing of corporate jets. The company sold its property, casualty insurance and reinsurance

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History
businesses to Swiss Reinsurance in 2005; and the European life and health operations of GE
Insurance Solutions, to Swiss Reinsurance.
GE Healthcare, a unit of GE, acquired IDX Systems, a healthcare IT provider in 2006. In the same
year, GE Energy acquired Altair Filter Technology Group, a provider of inlet filtration solutions for
the power generation, oil and gas and marine industries. In the same year, GE Money and Hudson's
Bay, a department store retailer based in Canada, entered a 10-year alliance, under which GE Money
purchased its private label credit card and related financial services assets.
Further in 2006, the company signed a memorandum of understanding with China's National
Development and Reform Commission to expand co-operation in the development of environmental
technologies. In the same year, the company purchased Zenon, a company focused on advanced
membranes for water purification, wastewater treatment and water reuse. In addition, GE sold its
insurance solutions business, including Employers Reinsurance, to Swiss Re. Also in the same year,
GE Fanuc Embedded Systems acquired SBS Technologies of Mexico. Subsequently, Penske
purchased an additional 9% limited partnership interest in Penske Truck Leasing from GE Capital.
In 2007, GE Equipment Services acquired the business of Terion, a provider of two-way wireless
data communication and information solutions for the transportation industry. In the same year, GE
Capital Solutions, a unit of GE, acquired Trustreet Properties to expand financial services offerings
in the restaurant industry. Moreover, GE Energy's Nuclear Business opened an advanced technology
center at its Wilmington headquarters to produce electric generation reactors. Subsequently, GE
and BP formed a global alliance to jointly develop and deploy technology for at least five power
plants that could reduce emissions of the greenhouse gas carbon dioxide from electricity generation.
Further in 2007, GE and Hitachi formed 'GE-Hitachi Nuclear Energy', a global alliance of their nuclear
businesses to compete for new reactor projects around the world. In the same year, GE Equipment
Services and Titagarh Wagons formed a strategic relationship to advance the country's rail
infrastructure. Moreover, GE Energy received contracts totaling more than $1.8 billion to supply 32
gas turbines and additional equipment for power plant projects in Kuwait and Qatar to help meet the
Middle East's growing demand for electricity.
In 2007, GE sold its plastics business to Saudi Basic Industries, a petrochemicals manufacturer. In
the same year, GE Energy and Bechtel Overseas Power signed a project development agreement
with TransCanada of Calgary to develop the first polygeneration facility in Canada. Subsequently,
GE Energy acquired Sondex, a company listed on the London Stock Exchange, to expand its
capabilities in oil and gas production technologies.
Subsequently in 2007, GE Aviation received product and service orders from Saudi Arabian Airlines,
Dubai Aerospace, Qatar Airways, Royal Jordanian, Emirates, and ALAFCO Aviation. In the same
year, Exelon Nuclear, Illinois based nuclear operator, signed an order with GE Hitachi Nuclear Energy
for large forgings and component fabrication for two ESBWR nuclear reactors.
In 2008, GE Security acquired certain assets of CoVi Technologies, IP video systems provider. In
the same year, GE Water & Process Technologies and Eureka Forbes formed Infinite Water Solutions,

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a joint venture focused on bringing affordable water solutions to the Indian residential market. In
addition, GE's Oil & Gas business acquired Hydril Pressure Control from Tenaris. Subsequently,
GE Healthcare signed an agreement with Merck to share technology on imaging of the lungs that
may help to advance respiratory treatment development.
Further in 2008, the company received an order from Mesa Power, for 667 wind turbines capable
of generating 1,000 megawatts of electricity. In the same year, GE Aviation received orders of nearly
$4 billion in aviation products and services. In addition, GE Energy's fuel-flexible turbine technology
was selected for the expansion of the world's largest COREX combined-cycle power plant at the
Baoshan Iron & Steel complex in Baoshan District, Shanghai, China. Moreover, GE Capital acquired
assets of CitiCapital, Citigroup's North American commercial leasing and commercial equipment
finance business.
In 2008, GE Energy acquired Kelman of Lisburn, Northern Ireland, a provider of advanced monitoring
and diagnostics technologies. In the same year, GE Healthcare launched a new ultrasound system
for radiology and vascular applications. Also in 2008, GE formed General Displays & Technologies,
a new joint venture, with Tatung, a provider of display technologies. Subsequently, GE Healthcare
entered into a partnership with Grameen Health to explore sustainable healthcare delivery models
for the developing world. Subsequently, GE Healthcare acquired MicroCal, a provider of innovative
instruments. In the same year, GE Oil & Gas introduced the new MagneScan, the next-generation
of magnetic flux leakage pipeline inspection technology.
Also in 2008, GE Healthcare acquired Agility Healthcare Solutions and Vital Signs. In the same year,
GE Water & Process Technologies opened a manufacturing facility in Wuxi New Zone, China. In
addition, GE Global Research entered into two-year collaboration with the Transformational Medical
Technologies Initiative to develop a physiologically based "virtual human." In the same year, GE
Energy signed a 15-year service agreement with South African oil and gas company Sasol, to provide
monitoring and diagnostics of Sasol's new power plant in Secunda.
Further in 2008, GE Aviation launched its OnPoint solutions covering the systems content and
capabilities with the signing of a comprehensive agreement with Singapore Airlines for the Boeing
777 aircraft fleet. In the same year, GE Energy signed an agreement with the Iraqi Ministry of
Electricity, for power generation equipment and services.
During 2009, GE Capital acquired Interbanca, an Italian corporate bank, from Banco Santander. In
the same year, GE Energy signed a memorandum of understanding with Mitsubishi Heavy Industries,
to co-develop steam turbine for use in gas turbine combined-cycle power plants. In addition, GE
Aviation received a contract to provide integrated systems and structures for the eight P-8I long-range
maritime reconnaissance and anti-submarine warfare aircraft that Boeing is developing for the Indian
Navy.
Further in 2009, GE Aviation was awarded a development contract from the US Navy for AV-8B
aircraft radar display computers. GE Sensing & Inspection Technologies entered into a 25-year
pressure sensor contract with Honeywell, which includes production, aftermarket and spares, in
2009. Additionally, GE Hitachi Nuclear Energy (GEH) signed two agreements with the Nuclear Power

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History
Corporation of India and Bharat Heavy Electricals, to collaborate on building multiple GEH-designed
nuclear reactors. GE Energy entered into a multi-year contractual service agreement with Emirates
Aluminium, for world's largest single-site aluminum smelter, in 2009. In the same year, GE Hitachi
Nuclear Energy entered into a strategic agreement with Spanish manufacturer, Equipos Nucleares,
to supply reactor pressure vessel fabrication for new nuclear power plants.
In 2009, GE Transportation and United Group Limited (UGL) signed a series of 10-year agreements
for the sales and distribution of locomotives and associated technology and services in Australia.
Moreover, In addition, GE Drivetrain Technologies, a unit of GE Transportation, and Chongqing
XinXing Fengneng Investment formed a joint venture company to produce large diameter gears for
the wind turbine industry. Subsequently, GE Transportation and EuroMaint Rail announced an
alliance to collaborate on rolling stock services and technology for the rail industry.
During the same year, Kuwait Ministry of Electricity and Water signed a turnkey contract with GE
and Hyundai Heavy Industries totaling $2.7 billion for a new, 2,000-megawatt (MW) power plant in
Sabiya. In addition, CEZ Romania, part of CEZ Group, entered into a contract with GE Energy to
provide 101 wind turbines for the second phase of Europe's wind farm project at Fantanele and
Cogealac, in the Dobrogea region of Romania. Subsequently, GE acquired ScanWind, a developer
of advanced drive train and control wind turbine technologies aimed at offshore deployment. Moreover,
PerkinElmer purchased the assets of GE Healthcare's 3H and 14C catalog radiochemicals, scintillation
proximity assay (SPA) reagents and Cytostar-T plate product lines. Also in 2009, GE Moog acquired
GE's GE Aviation Systems' flight control actuation business.
Subsequently, in 2009, GE Aviation and AVIC Systems of China signed an agreement to form a
new joint venture company to develop and market integrated avionics systems for commercial aircraft
customers. Further in the same year, GE Transportation formed a joint venture company with CSR
Qishuyan Locomotive a unit of China South Locomotive and Rolling Stock Corporation (CSR), to
develop, build and service GE's Evolution Series locomotive diesel engines in China. During the
same year, the company and China's Ministry of Railways announced a memorandum of
understanding to jointly advance high-speed rail (HSR) opportunities in the US. In addition, GE
Aviation acquired Naverus, a supplier of advanced performance-based navigation (PBN) services.
Moreover, GE Healthcare and a Russian medical imaging manufacturer Medical Technologies
Limited (MTL) announced a strategic partnership to manufacture diagnostic imaging products in
Russia. Also in the same year, GE Healthcare acquired Living Independently Group, the provider
of QuietCare, a passive monitoring system used to assist in the care of seniors.
Further in 2009, GE received a $1.4 billion contract from Caithness Energy to supply wind turbines
and provide services for an 845-megawatt (MW) wind farm project to be located in Oregon. In
addition, GE And Snecma (Safran Group)'s 50/50 joint company CFM International (CFM) and AVIC
Commercial Aircraft Engine Company (ACAE) signed a MOU to establish a final assembly line and
engine test facility in China. Subsequently, Comcast Corporation and GE signed a definitive agreement
to form a joint venture that will be 51% owned by Comcast, 49% owned by GE and managed by
Comcast. The joint venture, which will consist of the NBC Universal (NBCU) businesses and
Comcast`s cable networks, regional sports networks and certain digital properties and certain

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History
unconsolidated investments. Furthermore, Vivendi sold its 20% stake in NBC Universal to GE for
$5.8 billion.
During 2010, GE Energy Financial Services, a unit of GE, formed partnerships to acquire West
Texas natural gas and North Dakota oil and gas reserves for a total of nearly $200 million. In the
same year, United Technologies Corp (UTC) acquired GE's Security business for $1.8 billion. In the
same year, GE announced plans to invest approximately E340 million (approximately $474.2 million)
to develop its wind turbine manufacturing, engineering and service facilities in four European countries
the UK, Norway, Sweden and Germany. GE plans to create a new Offshore Technology Development
Center in Oslo and will expand its advanced demonstration unit production and service facilities in
Verdal.
Further in 2010, GE Oil & Gas, through one if its affiliates (GE Pacific Mauritius) and Triveni
Engineering & Industries signed a joint venture agreement to design, manufacture, supply, sell and
service advanced technology steam turbines in India in the above 30 to 100MW-range for power
generation applications in the Indian and worldwide markets. In the same year, E Healthcare and
CardioDx, a cardiovascular genomic diagnostics, entered into a strategic alliance to advance and
co-develop diagnostic technologies to improve the care and management of patients with
cardiovascular disease.
In addition, GE announced plans to install up to five offshore demonstration wind turbines through
two separate partnerships in Norway. Subsequently, GE signed a cooperation agreement with
Norwegian energy companies Statoil and Lyse to jointly carry out technical and environmental
feasibility studies for building an offshore wind demonstration project in Rogaland County, off the
southwest coast of Norway. GE Capital acquired RBS Factoring from The Royal Bank of Scotland
(RBS) in 2010. In the same year, GE announced to supply gas turbine and compressor equipment
to PNBV-Petrobras Netherlands, subsidiary of Petrobras, for deployment in two floating production,
storage and offloading (FPSO P-58 and P-62) units for exploration and production offshore Brazil.
Further in 2010, Boeing and GE Capital Aviation Services, the commercial aircraft leasing and
financing arm of GE, announced an order for 40 Next-Generation 737-800s. The order is valued at
approximately $3 billion at average list prices.
GE signed a 10-year licensing agreement with Bharat Heavy Electricals Limited (BHEL) of India, in
2010. According to the agreement, signed through GE Oil & Gas` Italian entity Nuovo Pignone, GE's
advanced range of high performance, high efficiency centrifugal compressors will be manufactured
under license at BHEL`s production site in Hyderabad, India, for sale in India and in other South
Asian territories. In the same year, GE and Intel Corporation entered into a definitive agreement to
form a 50/50 joint venture to create a new healthcare company focused on tele-health and independent
living. The new company will be formed by combining assets of GE Healthcare's Home Health
division and Intel's Digital Health Group, and will be owned equally by GE and Intel. In the same
year, GE and Fuji Electric Holdings planned to establish a joint venture company to design,
manufacture and market electric meters for use by Japan's electric utilities and other customers.
Further in 2010, GE Intelligent Platforms signed a cooperative research and development agreement
with the US Environmental Protection Agency`s National Risk Management Research Laboratory

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(NRMRL) focused on connecting dissimilar data sources into a software based platform that improves
decision making capabilities across a water system. In 2010, GE announced a joint venture with
Harbin Electric Machinery (HEC), a subsidiary of Harbin Power Equipment (HPEC), to manufacture
and supply wind turbines to its customers in China. In the same year, GE Transportation and MRS
Logistica (MRS), a Brazilian rail operator, signed a locomotive purchase agreement. MRS ordered
115 fuel efficient and low emissions AC44i locomotives. In addition, GE Oil & Gas signed a new
frame agreement with E.ON Ruhrgas, the largest distributor of gas in Germany and one of the leading
gas companies in Europe. Under the new agreement, GE Oil & Gas will continue to supply E.ON
Ruhrgas with new and replacement turbo-compression systems for gas transportation and storage
projects worldwide.
The company acquired Opal, a data migration and SCADA simulation specialist, in 2010. In addition,
GE Capital acquired sales finance portfolios from Citi Retail Partner Cards. Further in 2010, GE Oil
& Gas and Allied Wireline Services (Allied) signed a long-term partnership agreement dedicated to
serving customers in the global wireline logging industry. Subsequently, GE acquired substantially
all of the assets of Calnetix Power Solutions (CPS), a Florida-based company that develops innovative
technology for small-scale, waste heat to power projects. In 2010, GE decided to invest $500 million
to expand its operations in Brazil and to accelerate technology partnerships with leading Brazilian
companies spanning multiple industries. Also in the same year, the company and State Grid
Corporation of China (SGCC), China's top power distributor and one of the world's largest utilities,
announced plans for several joint ventures to address China's growing energy needs and to electrify
its vast transportation infrastructure. In addition, GE announced its plans to invest more than $2
billion through 2012 to expand its innovation and customer support capabilities in China and to create
new technology and financial services partnerships with leading Chinese companies.
Further in 2010, GE Healthcare entered into an agreement to acquire the assets of Orbotech Medical
Solutions (OMS), a subsidiary of Orbotech and a manufacturer of cadmium zinc telluride (CZT)
detectors used in GE Healthcare's innovative Alcyone nuclear medicine technology. During the same
year, the company and two Russian companies signed a framework agreement to form joint ventures
that will help modernize the country's healthcare and power generation sectors by localizing
technology, manufacturing and expertise. Also in 2010, GE announced a cooperative framework
agreement with CSR Corporation (CSR) in 2010 to establish a joint venture to advance high-speed
and other rail technology in the US. Subsequently, Grupo Financiero Santander Mexico acquired
GE's consumer mortgage business in Mexico, encompassing all of its operations, including its $2
billion consumer mortgage portfolio.
In the early 2011, GE signed a 10-year contract with Spanish wind developer Cobra Energia to
provide advanced services for 178 GE wind turbines installed at eight wind farms across Spain. In
addition, GE Transportation signed a letter of intent with China's Ministry of Railways valued at $1.4
billion, including $350 million for export in locomotives, locomotive sub-assembly kits, service support
and railway signaling systems. GE Transportation and TESSCO Technologies announced a long-term
partnership in the same year, to offer Positive Train Control (PTC) solutions to the North American
Rail industry. Also in the same period, GE acquired Remote Energy Monitoring with operations in
the UK and Australia.

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History
Further in 2011, GE Oil & Gas opened both its new Hyperbaric Testing Hall and a newly refurbished
Electrical & Electronics Assembly Plant in Nailsea, the UK. In the same year, the company acquired
technology from Wind Tower Systems (WTS) that is expected to enable taller wind turbine towers.
In addition, the company acquired Dresser, a global energy infrastructure technology and service
provider. Moreover, GE and Fuji Electric Holdings announced a joint venture named GE Fuji Meter
to design, build, market and service a new generation of electric meters, supporting Japan's
advancement to a smart grid infrastructure.
During 2011, GE Aviation and Hindustan Aeronautics (HAL), an India-based public sector aerospace
company, signed 30-year contract that covers license to carry out repairs and overhaul of various
avionics, instruments and hydraulic products for the Hawk Mk132 aircraft, an Advanced Jet Trainer
operated by the Indian Air Force. In the same year, Skanska and GE formed a strategic partnership
to develop new environmental technologies and processes for the emerging green retrofit and
refurbishment market in the UK. Also, the company acquired Lineage Power Holdings from The
Gores Group.
The company completed the strategic acquisition of John Wood Group's Well Support Division, in
2011. In the same period, GE Healthcare acquired the assets of Steady State Imaging (SSI), a
developer of novel magnetic resonance imaging (MRI) technology. In addition, GE Intelligent Platforms
acquired technology assets from CSense Systems of Pretoria, South Africa. GE Capital sold its
49.8% stake in Banco Colpatria to its current joint venture partner Mercantil Colpatria in the mid of
2011. In the same period, the company acquired FMC-Tech, an Ireland based provider of real-time
power line monitoring to accelerate the commercialization of power grid technology. Additionally,
GE Energy entered into an investment and licensing agreement with California based eSolar that
enables GE to deploy Integrated Solar Combined Cycle (ISCC) technology to customers worldwide.
In addition, Petroleo Brasileiro (Petrobras), one of the leaders in the deep-water and ultra-deep water
oil production business, awarded GE Oil & Gas a four-year service agreement to deliver repairs,
maintenance and retrofits on Petrobras' fleet of subsea equipment installed in the Campos Basin
offshore Brazil.
GECAS and ATR, European turboprop manufacturer announced a new order for 15 ATR 72-600s,
plus 15 options in the mid of 2011. In addition, GECAS announced a firm order for 60 Airbus 320neo
Family aircraft. Subsequently, the company ordered two additional EMBRAER 190s. In the same
period, GE Capital formed a new strategic relationship with Mitsui. Under the terms, Mitsui planned
to establish an investment management program to co-invest alongside GE Capital in US commercial
finance assets. Further in 2011, GE Lighting signed an agreement to acquire Lightech, an advanced
lighting technology leader based near Tel Aviv, Israel, with commercial teams in Europe, the US
and Asia. Subsequently, the company acquired Commtest, a provider and designer of machinery
health information systems. Also during 2011, GE Healthcare reached an agreement to acquire PAA
Laboratories, a developer and supplier of cell culture media for biomedical research and the
fast-growing biopharmaceutical and vaccine manufacturing industry. GE and China Huadian
announced a joint venture to develop distributed energy combined heat and power (DECHP) projects
that will provide electricity for consumers in China.

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In the late 2011, GE Energy completed its $3.2 billion acquisition of Converteam, a provider of
electrification and automation equipment and systems. In the same period, the company signed a
deal with E.ON Climate & Renewables, to supply 300 MW of its 188 1.6-82.5 wind turbines including
operation and maintenance services for the Settlers Trail Wind Farm in Iroquois County, Illinois, and
the Pioneer Trail Wind Farm in Iroquois and Ford Counties in Illinois. Subsequently, KC BioMedix
granted GE Healthcare's Maternal Infant Care division exclusive rights for distribution and marketing
of the KC BioMedix NTrainer pulsatile neurostimulation system in the US. Later in the same period,
GE Healthcare entered into a strategic alliance with medical devices company, Veran Medical
Technologies, to advance and co-develop navigation technologies for interventional procedures. In
the same year, GE Hitachi Nuclear Energy signed a memorandum of understanding with Fluor
Corporation, under which Fluor would serve as GE Hitachi Nuclear Energy's engineering, procurement
and construction partner for a new nuclear power plant project in Poland. Subsequently, GE
Healthcare announced an investment of $1 billion to expand its advanced cancer diagnostic and
molecular imaging capabilities, as well as its technologies for manufacturing biopharmaceuticals
and for cancer research. Later in 2011, the company also signed an agreement to form a joint venture
with RUSSIAN TECHNOLOGIES for the production of production of CT scanners.
Also in the late 2011, GE and Anheuser-Busch InBev formed a strategic alliance to jointly develop
manufacturing solutions to drive energy efficiency and water savings in existing and greenfield
Anheuser-Busch InBev facilities across China. The company signed an agreement with Gruppo, to
supply a combination of GE's Jenbacher gas engines and Clean Cycle waste-heat recovery modules
for agricultural biogas projects throughout Europe. GE signed a multi-million dollar, multi-year
agreement with Mass Global Investment. The long-term agreement covers the supply of parts and
repairs services for planned outages of the GE Frame 9E gas turbines over a period of 12 years.
GE Oil & Gas entered into an agreement with Technip to supply two steam turbine-driven compressors
for the Shell Prelude Floating Liquefied Natural Gas project, in 2011. In the same period, the company
and Nissan signed a research and development agreement to collaborate on developing future
technologies intended to accelerate integration of electric cars. Towards the end of 2011, GE Energy
Industrial Solutions partnered with Inovateus Solar, to build new solar carports with electric vehicle
(EV) chargers. Subsequently, GE Capital Aviation Services signed an agreement with Embraer for
the acquisition of six Embraer 190s, and options for another six aircraft. Later in the same year, GE
Capital Aviation Services signed an operating lease agreement for six new Airbus A320 aircraft with
Garuda Indonesia's Citilink unit.
Further in the same year, GE Energy Financial Services and Greenko Group agreed to invest in a
new venture to develop wind energy projects across India. In the same period, GE Energy Financial
Services invested in Summit Midstream Partners, a midstream energy infrastructure company.
Subsequently, PRE Resources partnered with GE Energy Financial Services to acquire more than
100 producing wells and undeveloped acreage across 29 fields in Wyoming and Colorado. GE also
announced its plans to build a new solar panel factory in Aurora, Colorado. Also towards the end of
2011, GE Energy Financial Services acquired from Bank of Ireland a diverse pool of nearly $1 billion
in senior secured energy project finance assets located in more than 12 countries. GE Oil & Gas
and PT Pertamina signed an agreement calling for the two companies to work together to cultivate
their mutual interests in ethical and compliant business practices. GE Energy Financial Services
acquired a 58% stake in Lightfoot Capital Partners for $85 million. ImproChem signed an agreement

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History
to distribute GE's water and chemical process technologies, monitoring solutions and water and
process equipment systems in Africa.
In 2011, the company signed a contract with French renewable energy asset management company,
Eolfi Asset Managementsupply, for the supply of 28 2.5-100 wind turbines for two wind park projects
in France. In the end of 2011, GE signed a long term services agreement with Comision Federal de
la Electricidad (CFE), the Federal Electricity Commission of Mexico, covering six GE gas turbines
installed for the repowering of Manzanillo Thermoelectric, the largest thermo power generation
project undertaken by the Mexican government in the last two decades. Under the agreement, the
company will provide a wide range of services to the gas turbines for 15 years. Later in 2011, GE
Hitachi Nuclear Energy signed a project development memorandum of understanding with Flour.
Under the terms, Fluor would serve as GE Hitachi Nuclear Energy's engineering, procurement and
construction partner if Teollisuuden Voima Oyj selects GE Hitachi Nuclear Energy's next-generation
reactor technology for the "Olkiluoto-4" project.
Also during 2011, GE Energy Industrial Solutions signed an automotive original equipment
manufacturer for the sale and distribution of the GE WattStation Wall Mount electric vehicle charging
station with CODA Automotive. the company signed an agreement with Newcom, to supply advanced
technology wind turbines to power Mongolia's first wind farm. The Bently Nevada business of GE
Measurement & Control Solutions opened a new remote condition monitoring center in Fot, Hungary.
GE Healthcare and Neste Jacobs formed a strategic alliance to assist countries worldwide to become
self-sufficient in the manufacture of blood plasma products.
In the end of 2011, GE, through its healthcare IT business, and Microsoft announced plans to create
a joint venture aimed at helping healthcare organizations and professionals use real-time, system-wide
intelligence to improve healthcare quality and the patient experience.GE Capital Financial, the wholly
owned bank affiliate of GE Capital, announced the acquisition of MetLife's US retail deposit business,
consisting of $7.5 billion in US deposits and an established online banking platform.
In January 2012, GE Oil & Gas received contracts totaling more than $1 billion to supply a range of
equipment and services for the Ichthys liquefied natural gas (LNG) project in Australia. GE Oil &
Gas signed an enterprise framework agreement to supply compressors and associated services for
Shell's projects worldwide over the next six years, also in January 2012.
In March 2012, GE Transportation and PT Kereta Api Indonesia (PTKAI), Indonesia's state-owned
railway, signed a memorandum of understanding to form a locomotive service alliance and joint
operations. During the same month, GE Aviation signed an agreement with GeoEye to provide
ICAO-compliant terrain and obstacle aeronautical data derived from GeoEye's earth imagery.
GE Healthcare acquired SeqWright, a provider of nucleic acid sequencing and other genomic
services, in April 2012. In the same month, GE Healthcare signed a worldwide supply and distribution
agreement with Refine Technology, a manufacturer and supplier of novel filtration systems for use
in biopharmaceutical manufacturing. Under the terms, GE Healthcare would supply Refine Technology
with its hollow fiber filtration cartridges for use with Refine Technology's ATF system.

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Also in April 2012, CFM International, a GE subsidiary, secured a $2 billion order from the Qantas
Group to provide LEAP-1A engine for Qantas Group's 78 Airbus A320neo aircraft currently on order.
In the following month, GE and XD Electric Group announced the formation of a new partnership to
deliver a full-line of electric transmission and distribution and grid automation solutions to customers
around the world.
In May 2012, GE Healthcare acquired Xcellerex, a supplier of manufacturing technologies for the
biopharmaceutical industry, in May 2012. Also, in the same month, a consortium including GE and
Spanish energy services company, Tamoin Energias Renovables, signed the largest single GE wind
turbine maintenance agreement in Europe with Iberdrola Renovables S.A. of Madrid. The contract
covered servicing 310 GE wind turbines installed in Spain. In May 2012, the company entered into
an agreement to acquire Australia based Industrea, a provider of safety and productivity-enhancing
mining equipment and services.
Further in May 2012, GE signed a strategic investment agreement with EBX Group of Brazil. Under
the terms, GE will make a $300 million primary investment in exchange for a 0.8% preferred equity
interest in Centennial Asset Brazilian Equity and other offshore holding companies of the EBX group.
In the following month, GE, through its healthcare IT business, and Microsoft Corp. announced the
formation of Caradigm, a 50-50 joint venture aimed at enabling health systems and professionals
to use real-time, organization-wide intelligence to improve healthcare quality and the patient
experience. In addition, GE Healthcare and BGI, the genomics organization, jointly announced
multi-year research collaboration in stem cell science.
The company concluded a commercial alliance agreement with Norway based Sargas AS to provide
a gas turbine for gas-fired plants with integrated carbon capture for enhanced oil recovery, in June
2012. In the following month, GE and OJSC Rosneft, a player in Russia's petroleum industry, signed
a memorandum of understanding that laid the foundation for the two companies to jointly evaluate
and develop commercial opportunities in oil and gas exploration and production in the Russian
Federation. Also in July 2012, GE Aviation signed an agreement with The Boeing Company to
provide the mission control system for the US Air Force's KC-46A tanker. The agreement included
design, development and production throughout the life of the program.
Further in July 2012, the company signed a more than $600 million 22-year contractual services
agreement with Chevron Australia to maintain the compressor trains and associated equipment at
the Gorgon Project in the northwestern coast of Australia, in July 2012. Additionally, iBio, Inc. and
GE Healthcare formed a new global alliance to commercialize plant-based technologies for the
manufacture of biopharmaceuticals and vaccines.
During August 2012, the company acquired PRESENS, a provider of pressure, temperature and
flow measurement solutions. Also in August 2012, GE Mining acquired the assets of Fairchild
International, a manufacturer of underground mining vehicles located in Glen Lyn, Virginia. In the
same month, the company announced a partnership with Ford Motor Company and the University
of Michigan to develop a miniaturized sensing system to extend the life of car batteries over
conventional battery systems used in electric vehicles.

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GE Capital Aviation Services signed a purchase and leaseback transaction with Emirates airline for
three new Boeing 777-300ER aircraft and seven spare engines, in August 2012. The company's
power conversion business received a series of new orders from South Korean companies, Daewoo
Shipbuilding & Marine Engineering and Hyundai Heavy Industries, to supply electric propulsion
technology for liquefied natural gas ships, in the same month. Also in August 2012, GE signed a
contractual service agreement with IRPC Public Company, a Thailand based integrated petrochemical
company, to supply the power and steam for IRPC's petroleum and petrochemical plants at an
industrial park in Rayong Province, in August 2012. In the same month, GE Energy Management's
power conversion business received a contract from Singapore marine services company, Swire
Pacific Offshore Operations (Pte) Limited, to supply integrated power generation, propulsion, dynamic
positioning and automation systems for eight new offshore platform supply vessels.
In September 2012, Athabasca Oil awarded GE a contract to design and supply an integrated
evaporator system for its 12,000 barrels per day Hangingstone oil sands operation located near Fort
McMurray in northeastern Alberta, Canada. The company completed the acquisition of Naxys, a
Norway-based supplier of leak detection and condition monitoring sensors for the subsea sector, in
September 2012. Further in September 2012, GE Oil & Gas and Brazilian energy company, Petrobras,
signed the subsea wellhead production contract, worth nearly $1.1 billion. This included the delivery
of approximately 380 subsea wellhead systems and installation tools needed in oil well exploration.
Further in September 2012, GE Capital Aviation Services announced the opening of a new distribution
warehouse in Singapore for its Asset Management Services (AMS) business. In the same month,
GE Oil & Gas announced that it will supply its gas turbine-driven compressor train technology to
Malaysias national oil and gas company Petronas for a floating liquefied natural gas (FLNG) facility.
Additionally, GE Transportation launched its newest business unit, GE Mining that will be
headquartered in Brisbane, Australia.
In September 2012, GE announced its decision to work with Electric Transmission Texas (ETT) on
the largest series compensation project in the US. Under the terms of the contract, GE will be installing
eight series compensation banks at four different facilities owned by ETT in West and Central Texas.
During October 2012, GE and two Russian joint venture partners, INTER RAO UES and United
Engine, commenced the construction for the gas turbines manufacturing facility.The new plant would
manufacture, sell and service 77 MW 6FA industrial gas turbines in Russia and CIS countries. In
the same month, GE announced the release of its Multilin Microgrid Control System (MCS) designed
to help permanently islanded or grid-connected microgrid operators integrate renewable energy
resources and fossil fuel-based resources. In addition, GE Lighting and USG collaborate to create
an integrated ceiling and lighting system for the design community. Also in October 2012, GE Global
Research signed a contract with the National Energy Technology Laboratory (NETL), part of the US
Department of Energy (DOE) national laboratory system, to build a multi-point sensing system to
monitor carbon dioxide (CO2) injected into geothermal containment wells.
In November 2012, GE Lighting signed an agreement to acquire Boulder, Colorado-based Albeo
Technologies, a privately held LED fixture manufacturer. In the same month, GE Healthcare and
Core Sound Imaging, a provider of web-based Picture Archiving Communication Systems (PACS)

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History
solutions, announced the signing of a global agreement to distribute Studycast a cloud based
ultrasound PACS and reporting solution. In addition, GE collaboration with Ford Motor in which the
company would purchase 2,000 new Ford C-MAX Energi plug-in hybrids for its fleet. Subsequently,
GE installed its 20,000th wind turbine.
During November 2012, GE and Clean Energy Fuels announced a collaboration to expand the
infrastructure for natural gas transportation in the US. As part of the collaboration, Clean Energy
Fuels will initially purchase two MicroLNG plants from GE Oil & Gas. Also in the same month, GE
Healthcare announced the acquisition of U-Systems, a manufacturer of ultrasound products specifically
designed for breast applications. Additionally, GE agreed to provide 43 wind turbines to Turkish
energy developer Fina Enerji for four new projects in western Turkey.
In December 2012, GE agreed to purchase the aviation business of Avio S.p.A., an Italy-based
manufacturer of aviation propulsion components and systems for civil and military aircraft, for $4.3
billion. GE plans to acquire Avios aviation business from Cinven, a European private equity firm
that has owned Avio since 2006, and Finmeccanica, the Italian aerospace group. In the same month,
GEs Oil & Gas Subsea Systems business planned to build on its presence in the UK through the
creation of a new subsea center in Bristol. In addition, GE and Renova Energia, a wind developer
in Brazil, signed a contract worth $394 million for 230 GE 1.68-82.5 wind turbines.
In January 2013, GE Grid Automation and Systems Control, a GE customer, signed a letter of intent
to form a strategic relationship designed to provide utility and industrial customers in North America
with a complete, modular packaged solution that can be dropped in to new or existing distribution
electrical grid infrastructures. In the same month, GE Oil & Gas and the Angolan group GLS Holding
announced the formation of a new joint venture, GE-GLS Oil & Gas Angola to support Angolas
growing oil and gas sector. As part of the agreement, the companies are planning a proposed initial
investment of $175 million to build a new manufacturing facility in Soyo. Subsequently, GE Oil &
Gas agreed to supply HPHT technology to Cairn India for the further development of the Ravva oil
and gas field off the coast of Andhra Pradesh in eastern India.
Also in January 2013, GE Oil & Gas and Sharewell Energy Services, a Houston-based supplier of
directional drilling solutions for the oil and gas industry, signed an agreement that gives GE exclusive
worldwide rights to sell Sharewells proprietary electromagnetic telemetry (EM) technology. Further
in the same month, the introduced two new products for the upstream oil production sector, including
the companys first-ever motor cooling system (MCS) and an electric submersible motor. Additionally,
GE and Toshiba signed a memorandum of understanding to form a global strategic alliance, under
which the two companies would jointly develop select combined-cycle power generation projects
around the world. Also, GE and Sealed Airs Diversey business agreed to provide advanced water
and energy management services in India.
Further in the same month, GE Oil & Gas won a contract worth more than $500 million to supply
turbo-machinery equipment and services to Petrobras. Also, GE Capital Retail Bank finalized the
acquisition of MetLife's deposit base and online deposits business. The deal adds approximately
$6.4 billion in deposits. In the same period, a consortium comprising GE Energy Financial Services,

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History
MEAG -- the asset management arm of Munich Re and ERGO -- and EDF Energies Nouvelles
decided to acquire 32 operating wind farms in France from Iberdrola.
During February 2013, GE and Google announced an agreement to integrate Google Maps data
into GEs Smallworld electrical, telecommunications and gas applications. In the same month, GE
Capital Aviation Services signed a purchase-and-leaseback transaction with Volaris for seven new
Airbus A320 aircraft.
In March 2013, GE Oil & Gas received a $620 million, 22-year contractual service agreement (CSA)
to provide a broad range of advanced technology services for QGCs Queensland Curtis LNG
(QCLNG) plant off the east coast of Australia. QGC is a parent company of BG Group. In the same
month, GEs Power Conversion business signed a turnkey contract with the Lindoe Offshore
Renewables Center (LORC), a Danish center for testing renewable energy technology. Subsequently,
the company launched its new Critical Power business which would provide data centers, hospitals,
telecommunication networks and other mission-critical facilities with end-to-end solutions. In the
same period, the company received contracts totaling approximately $500 million to provide equipment
and long-term services, directly and via engineering procurement contractors, for the Emirates
Aluminium (EMAL) smelter complex in Abu Dhabi.
Also in March 2013, GE and the Sakhalin provincial government signed a memorandum of
understanding (MoU) to work together in developing power generation projects to meet the future
energy needs of Sakhalin Island, off the east coast of Russia. The MoU covers a wide range of GE
technology options, including aeroderivative gas turbines, gas engines, coal gasification and wind
power.
In April 2013, GE Healthcare announced a research collaboration agreement with Eisai Inc. for use
of the GE Healthcare investigational PET amyloid imaging agent, [18F]flutemetamol, to help select
patients for a phase I clinical trial being conducted by Eisa. In the same month, GE Capital Fleet
Services announced an agreement with Carfax, a vehicle history company for the automotive industry,
to develop real-time reporting for fleet managers detailing safety recalls not yet performed on vehicles
within their fleets. Subsequently, the company introduced a new bi-component felt media for
construction of fabric filters used in coal-fired boiler baghouses. Also in April 2013, GE announced
that its decision to build a new oil and gas global research center in Oklahoma.
In May 2013, GE Healthcare announced the acquisition of Unisyn Medical TechnologiesTransactional
Business, a provider of comprehensive ultrasound probe repair solutions to biomedical and clinical
engineers. In the same month, GE Healthcare introduced MAVRIC SL, a magnetic resonance (MR)
imaging technique designed to address the clinical need to more accurately image soft tissue and
bone in patients with MR Conditional-labeled implants. Subsequently, the company announced the
largest expansion of its Batam manufacturing facility to date, with the construction of a high bay for
a new line of subsea wellhead equipment that will further increase local content.
During the same month, GEs renewable energy business announced one gigawatt (GW) of new
US wind turbine orders following the ruling of the production tax credit on January 1, 2013. In the
same month, GE Oil & Gas Pressure Control business added modular frac manifolds to its fracturing

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History
services portfolio. Further in May 2013, GE announced its decision to provide operations and
maintenance services for 819 wind turbines at eight wind farms in Illinois, Indiana, Pennsylvania
and Texas for E.ON Climate and Renewables North America.
Further in May 2013, the company signed a multimillion dollar, multi-year maintenance plan with the
UK-based energy company RWE npower to provide a full range of services for its Great Yarmouth
and Little Barford power plants. In the same period, Alstom selected GE Power Conversion to provide
its Voltage Source Drive technology for THDC Indias (Tehri Hydro Development Corporation)
1,000-megawatt (MW) pumped-storage hydro power plant.
In June 2013, Element Financial acquired GE Capitals Canadian fleet portfolio. Furthermore, the
two companies formed a strategic alliance to deliver comprehensive vehicle fleet financing and
management services to cross-border customers in Canada and the US. In the same month, the
company announced the opening of a new wind energy services center in Bahia, Brazil. Subsequently,
GE was awarded a contract with its consortium partner, Downer EDI, to supply 67 turbines, build
and maintain the $350 million Boco Rock wind farm in New South Wales, Australia. Additionally, GE
opened its customer application center (CAC) in Moscow.
In the same month, GEs Power Conversion business signed a memorandum of understanding
(MoU) together with Sinoma International Engineering and Yingda International Leasing. Under the
terms of this MoU, all the three parties will share resources and cooperate closely to develop the
solar energy business in China and abroad. Subsequently, GE and Rosneft, one of the worlds
leading oil companies, signed a strategic agreement to establish a joint venture focused on developing
local expertise and technology solutions for the growing oil and gas sector in the Russian Federation.
Also, GE and Gazprombank signed a memorandum on strategic cooperation aimed at developing
the Russian oil and gas sector.
Further in June 2013, GE and the Russian Direct Investment Fund (RDIF) signed a memorandum
of understanding for a joint venture to cooperate in the construction of autonomous mini power plants
built specifically for manufacturing facilities across Russia. Also in the same month, GE Healthcare
announced its plans to invest $2 billion over the next five years to accelerate the development of
software for healthcare systems and applications.
In June 2013, GE Oil & Gas completed its acquisition of substantially all of the assets of the Salof
Companies, a designer and manufacturer of small scale liquefied natural gas (LNG) technologies
based in Schertz, Texas. In the same month, GEs Measurement and Control business opened a
printed circuit board assembly (PCBA) center to provide prototypes and testing for all measurement
and control products.
During July 2013, the company announced the expansion of its existing oil and gas facility in Fot,
Hungary. In the same month, the company submitted to the US Food and Drug Administration (FDA)
the final module of its premarket approval application (PMA) for GE Breast Tomosynthesis, an option
of the Senographe Essential system. Subsequently, the company invested in the 110 MW Chuzachen
hydro-electric project in East Sikkim, India. Additionally, GE Capital Retail Bank and Ritani, a designer

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History
of engagement rings and fine jewelry, announced a multi-year agreement to provide a branded
private label credit card program for jewelry customers.
In the same month, GE announced its decision to establish its new global headquarters in London.
Florence would remain the global headquarters for GE Oil & Gas Turbomachinery Products and
Services. Subsequently, the company announced the introduction by Clarient Diagnostic Services
the first lab developed test using MultiOmyx, the new pathology platform which uses proprietary
methodology to assess multiple proteins from a single tissue section at a single-cell level. Also in
the same month, GEs eVent fabrics and Dishang Group announced their collaboration to offer total
design, sourcing and manufacturing solution for apparel customers.
Further in July 213, GE established its new Power Generation Products and Services business unit
in China to more effectively pursue growth opportunities for the companys power generation products
and services. In the same month, the company expanded its subsea systems manufacturing, test
and assembly facility in Montrose, Scotland. This expansion increases machining capacity by more
than 40%. Subsequently, GE partnered with Nanjing Turbine Company to supply technology for new
industrial cogeneration plant in China.
During the same month, the company completed its acquisition of Lufkin Industries, a provider of
artificial lift technologies for the oil and gas industry and a manufacturer of industrial gears based in
Lufkin, Texas, for approximately $3.3 billion.
In August 2013, GE and XD Electric Group formed a new global partnership combining GEs grid
automation capabilities and global energy presence with XD Electrics comprehensive portfolio of
high-voltage (HV) power equipment. In the same month, First Solar, Inc. sold a collection of solar
projects in Ontario, Canada, totaling 50 megawatts (MW) AC to an investment partnership led by
GE unit GE Energy Financial Services.
In September 2013, GE agreed to provide its aeroderivative gas turbine technology to Calik Enerji,
one of the leading energy companies established in Turkey. Subsequently, GEs measurement and
control business signed a new agreement with Thermo Fisher Scientific to sell three of Thermo
Fishers flagship products in the positive material identification (PMI) sector. Additionally, the company
announced the expansion of its Campinas, Sao Paulo wind turbine manufacturing facility.
In the same month, GE Healthcare won a tender to provide next generation sequencing services to
a research group at Karolinska Institutet in Sweden. In the same month, GE Healthcare Life Sciences,
a business unit of GE Healthcare, and JHL Biotech, a provider of biopharmaceutical process
development and manufacturing services, announced that a KUBio modular biopharmaceutical
factory will be built in China for JHL Biotech.
Also in September 2013, GE Oil & Gas completed its acquisition of a 50% ownership interest in
Beijing enCryo Engineering, a Beijing-based joint venture with Beijing Maison Engineering that
specializes in engineering for all aspects of the oil and gas, chemical and petrochemical sectors. In
the same month, GE announced three contracts totaling approximately $2.7 billion with SPE, an

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History
affiliate of SonelgazAlgerias national electricity and gas company. GE would supply gas turbine
combined-cycle and aeroderivative gas turbine technology for nine power plants.
Further in the same month, GE Capital Aviation Services, the commercial aircraft leasing and financing
arm of GE, and Boeing completed an order for 10 787-10 Dreamliners. Subsequently, the company
announced collaboration with Endurance Industry, a manufacturer of oil and gas, environmental and
auto equipment, for the purchase of 260 CNG In A Box systems over the next three years. Also, GE
Aviation announced a $2.5 billion contract with German airline Lufthansa in September 2013.
In October 2013, GE Capitals Commercial Distribution Finance (CDF) business announced its plans
to expand its inventory financing capabilities and coverage of the commercial foodservice and
refrigeration industries across the US and Canada. In the same month, GE announced its plans to
introduce six new LED light bulbs. Subsequently, GE announced the startup of turbomachinery
packaging and testing activities in Brazil that will increase the amount of locally produced equipment
used for onshore and offshore projects in Brazil.
Further in October 2013, GE Healthcare announced the US Food and Drug Administration (FDA)
approval of Vizamyl (Flutemetamol F18 injection), a radioactive diagnostic agent indicated for Positron
Emission Tomography (PET) imaging of the brain. Further in the same month, GE Capital Aviation
Services (GECAS), the commercial aircraft leasing and financing arm of GE, announced the opening
of a new office in Nairobi, Kenya, to serve airline customers in eastern Africa.
During November 2013, GE signed a nearly $700 million contract with Saudi Electricity Company
(SEC) to bring additional F-class combined-cycle gas turbines, and associated equipment and
services, to the Kingdom of Saudi Arabia. In the same month, GE won 545 megawatts (MW) of
orders for wind turbines in Brazil's A-3 auction. GE will also service the wind turbines for 10 years
as part of an operations and maintenance agreement that includes an availability guarantee for the
26 wind farms.
Further in November 2013, GE announced that it will supply Golden West Power Partners with 147
GE 1.7-100 wind turbines for the Golden West Wind Farm in El Paso County, Colorado. Subsequently,
GE Healthcare licensed Cellectis Group to develop, manufacture and sell models derived from stem
cells for use in drug discovery and toxicity screening. In the same month, the company received
approval from the US Food and Drug Administration (FDA) to allow the company to manufacture
Optison (Perflutren Protein-Type A Microspheres Injectable Suspension, USP) in-house.
Also in the same month, GE was selected to join the HP AllianceOne Partner Program, which
supports alliance partners in creating the best client solutions on HP's leading technologies and
platforms. Subsequently, GE and Quirky decided to expand their partnership, co-developing and
launching 30 new products in their connected home devices line over the next five years. In the
same period, GE opened its newly expanded Batam Island subsea manufacturing facility in Indonesia.
Also in the same month, GEs Power Conversion business finalized the acquisition of the Chilean
power electronics company Ingenieria y Desarrollo Tecnologico (IDT). IDT designs, develops and
manufactures integrated solutions in the field of power electronics with its key innovations targeting
the mining industry in Chile and Peru.

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In December 2013, ViaWest, one of the leading colocation providers in North America, selected
GEs electrical distribution systems to power the companys data centers. In the same month, GE
Oil & Gas signed an agreement to acquire Allen Gearing Solutions, a privately held designer,
manufacturer and service provider of gears for industrial and marine applications. Subsequently,
the company announced the selection of a site in Downtown Oklahoma City for the companys first
Global Research Center dedicated to Oil & Gas technology.

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Key Employees
KEY EMPLOYEES
Name
Job Title
Board
Jeffrey R. Immelt
Chairman and Chief Executive

Officer
Executive Board
W. Geoffrey Beattie
Director
Non Executive Board
292369 USD
James I. Cash, Jr.
Director
Non Executive Board
397907 USD
Ann M. Fudge
Director
Non Executive Board
314967 USD
Ralph S. Larsen
Director
Non Executive Board
338959 USD
James J. Mulva
Director
Non Executive Board
344738 USD
James S. Tisch
Director
Non Executive Board
258628 USD
John J. Brennan
Director
Non Executive Board
126740 USD
Susan M. Hockfield
Director
Non Executive Board
283362 USD
Andrea Jung
Director
Non Executive Board
342470 USD
Robert W. Lane
Director
Non Executive Board
315342 USD
Rochelle B. Lazarus
Director
Non Executive Board
321811 USD
Robert J. Swieringa
Director
Non Executive Board
342734 USD
Douglas A. Warner III
Director
Non Executive Board
390399 USD
Marijn E. Dekkers
Director
Non Executive Board
102261 USD
Francisco DSouza
Director
Non Executive Board
James E. Rohr
Director
Non Executive Board
Mary L. Schapiro
Director
Non Executive Board
Jeffrey S. Bornstein
Senior Vice President and Chief

Financial Officer
Senior Management
Daniel C. Heintzelman
Vice Chairman
Senior Management
Keith S. Sherin
Vice Chairman; Chairman and Chief Senior Management

Executive Officer, GE Capital
20157365 USD
John G. Rice
Vice Chairman; and President and

Chief Executive Officer, GE Global
Growth and Operations
25047977 USD
Ferdinando Beccalli-Falco
Senior Vice President; President

Senior Management
and Chief Executive Officer, GE
Europe; and Chief Executive Officer,
GE Germany
Kathryn A. Cassidy
Senior Vice President and

Treasurer, GE and GE Capital
Senior Management
Matthew G. Cribbins
Vice President, GE Global Audit
Senior Management

MarketLine
Senior Management
Compensation
25806352 USD
Page 24

Key Employees
Name
Job Title
Brackett B. Denniston III
Senior Vice President and General Senior Management

Counsel
Shane Fitzsimons
Chief Financial Officer, Global

Growth and Operations
Senior Management
Jamie S. Miller

Information Officer
Senior Management
Susan P. Peters
Senior Vice President, Human

Resources
Senior Management
Beth Comstock

Marketing Officer
Senior Management
Mark M. Little
Senior Vice President, Director, GE Senior Management

Global Research and Chief
Technology Officer
Puneet Mahajan
Vice President and Chief Risk

Officer
Senior Management
Brian Worrell
Vice President, GE Corporate

Financial Planning and Analysis
Senior Management
John L. Flannery
Senior Vice President GE Corporate Senior Management

Business Development
Trevor A. Schauenberg
Vice President, Corporate Investor

Communications
Senior Management
Mark W. Begor
President and Chief Executive

Officer, Capital Real Estate and
Capital Restructuring
Senior Management
Charles Blankenship

Officer, GE Home & Business
Solutions
Senior Management
Steve Bolze
Senior Vice President and President Senior Management

and Chief Executive Officer, GE
Power and Water
Lynn Calpeter
Vice President and Chief Financial

Officer, GE Power and Water
Senior Management
William H. Cary

Operating Officer, GE Capital
Senior Management
John Dineen

Officer, GE Healthcare
Senior Management
Tom Gentile

Officer, GE Healthcare Systems
Senior Management
Daniel Janki

Officer, GE Energy Management
Senior Management
Lorenzo Simonelli

Officer, GE Oil & Gas
Senior Management

MarketLine
Board
Compensation
16295892 USD
Page 25

Key Employees
Name
Job Title
Board
Russell Stokes

Officer, GE Transportation
Senior Management
Michael F. Silva
Vice President, Chief Regulatory

Senior Management
Officer and Compliance Officer, GE
Capital

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Compensation
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Key Employee Biographies
KEY EMPLOYEE BIOGRAPHIES

Jeffrey R. Immelt
Board: Executive Board
Job Title: Chairman and Chief Executive Officer
Since: 2001
Age: 57
Mr. Immelt has been the Chairman and the Chief Executive Officer at GE since 2001. He joined GE
in corporate marketing in 1982. Later, he held a series of leadership positions at GE Plastics in sales,
marketing and global product development. Mr. Immelt became the Vice President at GE in 1989.
He subsequently became the Vice President of Worldwide Marketing Product Management at GE
Appliances in 1991, Vice President and General Manager at GE Plastics Americas commercial
division in 1992, and the Vice President and General Manager at GE Plastics Americas in 1993. Mr.
Immelt became the Senior Vice President at GE and President and Chief Executive Officer at GE
Medical Systems in 1996. Mr. Immelt became the GE's President and Chairman-elect in 2000. He
was the Chair of President Obama's Council on Jobs and Competitiveness.
W. Geoffrey Beattie
Board: Non Executive Board
Job Title: Director
Since: 2009
Age: 52
Mr. Beattie has been a Non Executive Director at GE since 2009. He served as a Partner in the
Toronto law firm Torys before joining Woodbridge Company, where he served as the President from
1998 to 2012. Mr. Beattie has served as the Chief Executive Officer at Generation Capital since
2013 and as the Chairman at Relay Ventures since June 2013. He also serves as a member of the
Board of Directors at Royal Bank of Canada and Maple Leaf Foods.
James I. Cash, Jr.

Job Title: Director
Since: 1997
Age: 65
Dr. Cash has been a Non Executive Director at GE since 1997. He joined the faculty of Harvard
Business School in 1976, where he served as the Chairman for MBA program from 1992 to 1995,
and served as the Chairman at HBS Publishing from 1998 to 2003. Dr. Cash retired from the Harvard

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Business School faculty in 2003. He is also a Director at Chubb Corporation and Wal-Mart Stores.
Dr. Cash serves as a Trustee of the Bert King Foundation, on the Board at National Association of
Basketball Coaches Foundation, on the Advisory Council for the Smithsonian National Museum of
African American History and Culture and as a Senior Advisor to Highland Capital Partners.
Ann M. Fudge
Job Title: Director
Since: 1999
Age: 61
Ms. Fudge has been a Non Executive Director at GE since 1999. She served as the Chairman and
Chief Executive Officer at Young & Rubicam from 2003 to 2006. Prior to joining Young & Rubicam,
Ms. Fudge worked at General Mills and at General Foods, where she served in a number of positions
including the President at Kraft General Foods' Maxwell House Coffee Company and the President
at Kraft's Beverages, Desserts and Post Divisions. Ms. Fudge is a Director at Novartis, Unilever and
Infosys. She is chair of the US Program Advisory Panel of the Gates Foundation, a Trustee of the
Rockefeller Foundation and serves on the Advisory Council of the Smithsonian National Museum
of African American History and Culture and the Foreign Affairs Policy Board of the US State
Department. Ms. Fudge also served as a Member of President Obama's National Commission on
Fiscal Responsibility and Reform.
Ralph S. Larsen
Job Title: Director
Since: 2002
Age: 74
Mr. Larsen has been a Non Executive Director at GE since 2002. He is the former Chairman of the
Board and Chief Executive Officer at Johnson & Johnson. Mr. Larsen joined Johnson & Johnson in
1962. In 1981, he left Johnson & Johnson to serve as the President at Becton Dickinson's consumer
products division and returned to Johnson & Johnson in 1983 as the President of its Chicopee
subsidiary. In 1986, Mr. Larsen was named the Group Chairman and later that year became the
Vice Chairman of the Executive Committee and Chairman of the consumer sector. He was elected
a Director in 1987 and served as Chairman of the Board and Chief Executive Officer from 1989 to
2002. Mr. Larsen is also a Trustee of the Robert Wood Johnson Foundation.
James J. Mulva
Job Title: Director
Since: 2008

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Age: 66
Mr. Mulva has been a Non Executive Director at GE since 2008. He retired as the Chairman of the
Board and Chief Executive Officer at ConocoPhillip. After serving as an Officer in the US Navy, Mr.
Mulva joined Phillips Petroleum Company in 1973 and became its Chief Financial Officer in 1990.
He was appointed as the Senior Vice President in 1993, Executive Vice President in 1994, President
and Chief Operating Officer in 1994 and served as the Chairman and Chief Executive Officer from
1999 to 2002.
James S. Tisch
Job Title: Director
Since: 2010
Age: 60
Mr. Tisch has been a Non Executive Director at GE since 2010. He has also been the President and
Chief Executive Officer at Loews Corporation since 1998. Mr. Tisch also serves as a Director at
Loews and its subsidiary, CNA Financial. In addition, he is the Chairman at Loews' subsidiary
Diamond Offshore Drilling. Mr. Tisch serves as the Chairman at WNET.ORG. He also sits on the
Boards at the New York Public Library, Mount Sinai Medical Center, and the Partnership for New
York City and is a Member of the Council on Foreign Relations.
John J. Brennan
Job Title: Director
Since: 2012
Age: 58
Mr. Brennan has been a Non Executive Director at GE since 2012. He has also been the Chairman
Emeritus and Senior Advisor at The Vanguard Group since 2010. Mr. Brennan joined Vanguard in
1982, was elected the Chief Financial Officer in 1985, the President in 1989, and served as the Chief
Executive Officer from 1996 to 2008 and the Chairman from 1998 through 2009. He is a Director at
The Hanover Insurance Group, Guardian Life Insurance Company of America, LPL Investment
Holdings, and Lead Governor of the Financial Institution Regulatory Authority Board of Governors.
Mr. Brennan also served as the Chairman of the Financial Accounting Foundation, and a Trustee
at The Vanguard Charitable Endowment Program and Notre Dame University.
Susan M. Hockfield
Job Title: Director
Since: 2006

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Age: 61
Dr. Hockfield has been a Non Executive Director at GE since 2006. She also serves as the President
Emerita and Professor of Neuroscience at Massachusetts Institute of Technology (MIT), Cambridge,
Massachusetts. Dr. Hockfield was the President at MIT from 2004 until 2012. She is also a Director
at the World Economic Forum Foundation; a Director at Qualcomm Incorporated; and a Trustee at
the Carnegie Corporation of New York and a member of the MIT Corporation.
Andrea Jung
Job Title: Director
Since: 1998
Age: 54
Ms. Jung has been a Non Executive Director at GE since 1998. Since January 2013, she has served
as Senior Advisor to the Board of Directors of Avon Products. Previously, Ms. Jung was Executive
Vice President at Neiman Marcus, and a Senior Vice President at I. Magnin. She is also a Director
and former Co-Lead Director at Apple Inc.; a member of the Supervisory Board at Daimler AG;
former Chairman at the World Federation of Direct Selling Associations; and a member of the Board
of Trustees at New York Presbyterian Hospital.
Robert W. Lane
Job Title: Director
Since: 2005
Age: 63
Mr. Lane has been a Non Executive Director at GE since 2005. He is the former Chairman of the
Board and Chief Executive Officer at Deere & Company. Mr. Lane joined Deere & Company in 1982
and served as the Chief Financial Officer and President, as Chief Executive Officer from 2000 to
2009, and as the Chairman of the Board from 2000 until his retirement in 2010. He is a Director at
Verizon Communications and Northern Trust Corporation, a member of the supervisory board at
BMW AG and a member of the Board of Trustees at the University of Chicago.
Rochelle B. Lazarus
Job Title: Director
Since: 2000
Age: 65

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Ms. Lazarus has been a Non Executive Director at GE since 2000. She is the Chairman Emeritus
and former Chief Executive Officer at Ogilvy & Mather Worldwide. Ms. Lazarus joined Ogilvy &
Mather Worldwide in 1971, becoming the President of its US direct marketing business in 1989. She
then became the President at Ogilvy & Mather New York and President at Ogilvy & Mather North
America before becoming President and Chief Operating Officer of the worldwide agency in 1995,
Chief Executive Officer in 1996, which position she held to 2008, and Chairman in 1997. Ms. Lazarus
also serves as a Director at Blackstone Group, Merck & Co., the American Museum of Natural
History, and the World Wildlife Fund and Lincoln Center for the Performing Arts. She is a Trustee
at the New York Presbyterian Hospital, and is a Member of the Board of Overseers of Columbia
Business School.
Robert J. Swieringa
Job Title: Director
Since: 2002
Age: 70
Dr. Swieringa has been a Non Executive Director at GE since 2002. He taught accounting at Stanford's
Graduate School of Business and at the Johnson Graduate School of Management at Cornell
University before serving as a member of the Financial Accounting Standards Board (FASB) from
1986 to 1996. Dr. Swieringa was then an accounting professor at Yale's School of Management
from 1996 to 1997 and was the ninth dean of Cornell's Johnson Graduate School of Management
from 1997 to 2007. He has been a Professor of accounting at the Johnson Graduate School of
Management since 1997. Dr. Swieringa is a member of the American Accounting Association (AAA),
the Board of Managers at Partners Group Private Equity Fund, and the Board of Trustees at
Augustana College.
Douglas A. Warner III

Job Title: Director
Since: 1992
Age: 66
Mr. Warner has been a Non Executive Director at GE since 1992. He is the former Chairman of the
Board at J.P. Morgan Chase, The Chase Manhattan Bank, and Morgan Guaranty Trust Company.
Mr. Warner is the Chairman of the Board of Managers and the Board of Overseers at Memorial
Sloan-Kettering Cancer Center, the Chairman of the Yale Investment Committee and a Trustee of
Yale University. He also served as a Director at Anheuser-Busch Companies, Motorola Inc. and
Motorola Solutions during the last five years.
Marijn E. Dekkers

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Job Title: Director
Since: 2012
Age: 55
Mr. Dekkers has been a Non Executive Director at GE since 2012. He began his professional career
in 1985 as a Scientist at the Corporate Research Center of GE in the US. In 2000, Mr. Dekkers
became the Chief Operating Officer and subsequently President and Chief Executive Officer at
Thermo Electron. Mr. Dekkers joined Bayer in 2010 first serving as interim Chief Executive Officer
at Bayer Healthcare and since October 2010 serving as Chairman of Bayers management group.
He is the Vice President of the German Chemical Industry Association, Frankfurt. Mr. Dekkers also
served as a Director at Thermo Fisher Scientific and Biogen Idec during the last five years.
Francisco DSouza
Job Title: Director
Since: 2013
Age: 44
Mr. DSouza has been a Non Executive Director at GE since 2013. He has been the Chief Executive
Officer and a Director at Cognizant Technology Solutions since 2007. Mr. DSouza also served as
Cognizants President from 2007 through 2012 and Chief Operating Officer from 2003 through 2006.
He joined Cognizant as a co-founder in 1994, the year it was started as a division of The Dun &
Bradstreet.
James E. Rohr
Job Title: Director
Since: 2013
Mr. Rohr has been a Non Executive Director at GE since 2013. He joined The PNC Financial Services
Group in 1972, and served in various marketing and management positions, including as President
and Vice Chair and President and Chief Operating Officer. Mr. Rohr became Chief Executive Officer
in 2000 and Chairman in 2001. He retired as the Chief Executive Officer in 2013, and is currently
Executive Chairman at PNC. Mr. Rohr is President of the Federal Advisory Council of the Board of
Governors of the Federal Reserve System. He is also a Director at Allegheny Technologies,
BlackRock, EQT Corporation and Marathon Petroleum Corporation.
Mary L. Schapiro
Job Title: Director

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Since: 2013
Ms. Schapiro has been a Non Executive Director at GE since 2013. She served as the 29th chairman
of the SEC from 2009 through 2012. Ms. Schapiro has a Managing Director and Chairman of the
Governance and Markets Practice at Promontory Financial Group since April 2013. Prior to becoming
SEC chairman, she served as the Chief Executive Officer at FINRA from 2007 through 2008. Ms.
Schapiro previously served as a Commissioner of the SEC from 1988 to 1994, and left the SEC
when appointed Chairman of the CFTC, where she served until 1996.
Jeffrey S. Bornstein
Board: Senior Management
Job Title: Senior Vice President and Chief Financial Officer
Mr. Bornstein currently serves as the Senior Vice President and Chief Financial Officer at GE. Prior
to his current role, Mr. Bornstein served as the Chief Financial Officer at GE Capital and Senior Vice
President at GE Company. He joined GE in 1989 with the GE Power Systems Financial Management
Program. In 1996, Mr. Bornstein was named Chief Financial Officer for GE Aircraft Engine Services
and Vice President in 1998. In 1999, he was promoted to Chief Financial Officer at GE Plastics and
served as its Chief Financial Officer until 2002.
Daniel C. Heintzelman
Job Title: Vice Chairman
Since: 2013
Age: 56
Mr. Heintzelman has been the Vice Chairman at GE since October 2013. Previously, he served as
the President and Chief Executive Officer at GE Oil & Gas from 2011 to 2013. Prior to that, Mr.
Heintzelman was the President and Chief Executive Officer at GE Energy Services. Previously, he
led services at GE Energy and GE Aircraft Engines. Mr. Heintzelman joined GE in 1979 and was
appointed a GE Company Officer in 2000.
Keith S. Sherin
Job Title: Vice Chairman; Chairman and Chief Executive Officer, GE Capital
Since: 2007
Age: 54
Mr. Sherin has been the Vice Chairman at GE since 2007. He also serves as the Chairman and
Chief Executive Officer of GE Capital. He was the Senior Vice President and Chief Financial Officer

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at the company from 1998 to 2007. Mr. Sherin first joined GE in 1981 through the GE Financial
Management Program in Medium Steam Turbine.
John G. Rice
Job Title: Vice Chairman; and President and Chief Executive Officer, GE Global Growth and
Operations
Age: 56
Mr. Rice currently serves as the Vice Chairman at GE and the President and Chief Executive Officer
at GE Global Growth and Operations. Prior to this, he served as the Vice Chairman at the company
and the President and Chief Executive Officer at GE Technology Infrastructure, and from 2005-2007
as the Vice Chairman at GE's industrial and infrastructure businesses.
Ferdinando Beccalli-Falco
Job Title: Senior Vice President; President and Chief Executive Officer, GE Europe; and Chief
Executive Officer, GE Germany
Mr. Beccalli-Falco currently serves as the Senior Vice President at GE, President and Chief Executive
Officer at GE Europe and Chief Executive Officer at GE Germany. Most recently, he served as the
President and Chief Executive Officer at GE International. Prior to that, Mr. Beccalli-Falco held
leadership positions at GE Capital and GE Plastics in the US, the Netherlands and Japan.
Kathryn A. Cassidy
Job Title: Senior Vice President and Treasurer, GE and GE Capital
Since: 2001
Age: 58
Ms. Cassidy has been the Senior Vice President and Treasurer at GE and GE Capital since 2001.
She serves on the Board of Directors at buildOn. Ms. Cassidy is also an active member of the
Treasury Leadership Roundtable in Washington.
Matthew G. Cribbins
Job Title: Vice President, GE Global Audit
Since: 2011

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Mr. Cribbins has been the Vice President of GE Global Audit at GE since 2011. Prior to this, he was
the Vice President of Financial Planning and Analysis at GE Capital. In 2008, Mr. Cribbins became
the Chief Financial Officer at GE Capital Asia and served in that role until 2009.
Brackett B. Denniston III

Job Title: Senior Vice President and General Counsel
Since: 2005
Age: 65
Mr. Denniston has been the Senior Vice President and General Counsel at GE since 2005. He joined
GE as the Vice President and Senior Counsel for Litigation and Legal Policy in 1996. From 1993 to
1996, Mr. Denniston served as the Chief Legal Counsel to Massachusetts Governor William F. Weld.
Mr. Denniston was an Associate and later a Partner at Goodwin, Procter and Hoar in Boston. From
1982 to 1986, Mr. Denniston served in the US Attorney's Office as the Chief of the Major Frauds
Unit. Mr. Denniston served as a law clerk to the Honorable Herbert Y. Choy of the US Court of
Appeals for the Ninth Circuit in 1973-74.
Shane Fitzsimons
Job Title: Chief Financial Officer, Global Growth and Operations
Since: 2011
Mr. Fitzsimons has been the Chief Financial Officer of Global Growth and Operations at GE since
2011.
Jamie S. Miller
Job Title: Senior Vice President and Chief Information Officer
Age: 44
Ms. Miller currently serves as the Senior Vice President and Chief Information Officer at GE. Prior
to joining GE, she served as the Senior Vice President and Controller at WellPoint, Inc., and was a
Partner at PricewaterhouseCoopers in a number of roles. Ms. Miller serves on Oracles President's
Council and is a member of the Sutter Hill Ventures Customer Advisory Board and CIO Strategy
Exchange.
Susan P. Peters

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Job Title: Senior Vice President, Human Resources

Since: 2013
Ms. Peters has been the Senior Vice President of Human Resources since 2013. From 2007 to
2013, she served as the Vice President of Executive Development and Chief Learning Officer at
GE. Ms. Peters joined the company through the Human Resource Management Program of GE
Appliances in 1979. She was appointed Manager of Human Resources for GE Plastics in Worldwide
Marketing and Product Management in 1986. Ms. Peters was appointed a Company Officer in 1997,
and in 2000 became Executive Vice President of Human Resources at NBC.

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Major Products and Services
MAJOR PRODUCTS AND SERVICES

GE is a diversified industrial corporation. The company's key products and services include the
following:
GE Capital:
Commercial loans
Operating leases
Fleet management
Home loans
Credit cards
Personal loans
Auto loans and leases
Commercial lending and leasing products
Consumer financing
Commercial and industrial financing
Real estate financing
Asset management and leasing
Mortgage services
Consumer savings
Project finance
Power and water:
Wind turbines
Gas turbines and generators
Motors and control systems
Generators
Compressors
High pressure reactors
Water purification systems
Pumps
Valves
Filters and fluid handling equipment
Aviation:
Jet engines
Aerospace systems and equipment
Replacement parts and repair and maintenance services
Healthcare:

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Magnetic resonance (MR)

Computed Tomography (CT) and Positron Emission Tomography (PET) scanners
X-ray
Nuclear imaging
Digital mammography
Molecular Imaging technologies
Oil and gas:

Surface and subsea drilling and production systems
Compressors
Turbines
Turboexpanders
High pressure reactors
Home and business solutions:
Refrigerators
Freezers
Electric and gas ranges
Cooktops
Dishwashers
Clothes washers and dryers
Microwave ovens
Room air conditioners
Residential water systems for filtration softening and heating
Hybrid water heaters
Energy management:
Plant automation hardware
Software and embedded computing systems
Controllers
Advanced software
Operator interfaces and industrial computers
Transportation:
Diesel electric locomotives
Transit propulsion equipment
Motorized wheels for off-highway vehicles
Drill motors
Marine and stationary power generation
Railway signaling

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Services:
Installation, operation and maintenance services for power plant products
Equipment monitoring and repair services for healthcare products
Repair and maintenance services for aircrafts
Brands:
GE
GE Monogram
GE Profile
Hotpoint
GE Cafe

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Revenue Analysis
REVENUE ANALYSIS
Overview
GE recorded revenues of $147,359 million during FY2012, an increase of $71 million over FY2011.
In FY2012, the US, the companys largest geographic market, accounted for 47.8% of the total
revenues.
GE generates revenues through eight business segments: GE Capital (31% of the total revenues
in FY2012, before corporate items and eliminations*), power and water (18.7%), aviation (13.3%),
healthcare (12.6%), oil and gas (10.3%), home and business solutions (5.5%), energy management
(4.8%) and transportation (3.8%).
Revenues by segment**
During FY2012, the GE Capital segment recorded revenues of $45,000 million, a decrease of 6.4%
as compared to FY2011.
The power and water segment recorded revenues of $27,180 million in FY2012, an increase of 9.2%
over FYFY2011.
The aviation segment recorded revenues of $19,322 million in FY2012, an increase of 4.8% over
FY2011.
The healthcare segment recorded revenues of $18,253 million in FY2012, an increase of 1.3% over
FY2011.
The oil and gas segment recorded revenues of $14,927 million in FY2012, an increase of 12.2%
over FY2011.
The home and business solutions segment recorded revenues of $7,944 million in FY2012, an
increase of 3.6% over FY2011.
The energy management segment recorded revenues of $6,925 million in FY2012, an increase of
17% over FY2011.
The transportation segment recorded revenues of $5,597 million in FY2012, an increase of 15.4%
over FY2011.
*note: includes the results of NBCU (formerly consolidated subsidiary) and current equity method
investment in NBCUniversal.

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Revenue Analysis
**Amounts are rounded-off.

Revenues by geography*
The US, GE's largest geographic market, accounted for 47.8% of the total revenues in the FY2012.
Revenues from the US reached $70,400 million in FY2012, an increase of 0.9% over FY2011.
Europe accounted for 18.6% of the total revenues in the FY2012. Revenues from Europe reached
$27,400 million in 2012, a decrease of 5.5% as compared to FY2011.
Pacific Basin accounted for 16.5% of the total revenues in the FY2012. Revenues from Pacific Basin
reached $24,500 million in FY2012, an increase of 5.6% over FY2011.
Americas accounted for 9% of the total revenues in the FY2012. Revenues from Americas reached
$13,200 million in FY2012, a decrease of 0.8% as compared to FY2011.
Middle East and Africa accounted for 8.1% of the total revenues in the FY2012. Revenues from
Middle East and Africa reached $11,900 million in FY2012, a decrease of 0.8% as compared to
FY2011.
*Amounts are rounded off as reported in the annual filings.

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SWOT Analysis
SWOT ANALYSIS
General Electric (GE) is a diversified industrial corporation. A broad product portfolio and revenue
stream reduces the business risks and provide cross selling opportunities, which in turn enables the
company to tap opportunities in new as well as existing markets. However, challenging
macroeconomic and political environment in the US and Europe could impact GEs sales volume
and overall business growth in the short term.
Strengths
Weaknesses
Diversified product portfolio and revenue

stream provides cross selling opportunities
Successful inorganic growth strategy
Robust research and development
capabilities
High indebtedness exposes to credit risk

Dependence on third parties for raw
materials
Opportunities
Threats
Increased focus on energy sector

New contracts to enhance top line growth
Expansion of mining business
Challenging macroeconomic and political

environment in the US and Europe
Environmental and other government
regulations
Aggressive competition
Strengths
Diversified product portfolio and revenue stream provides cross selling opportunities
GE is one of the largest and most diversified infrastructure and financial services corporations in the
world. The company is well diversified both in terms of business operations and end markets that it
serves. It operates through eight business segments: GE Capital, power and water, aviation,
healthcare, oil and gas, home and business solutions, energy management and transportation. The
GE Capital segment offers a range of financial products and services, including commercial loans
and leases, fleet management, financial programs, home loans, credit cards, personal loans and
other financial services. The power and water business segment covers power plant products and
services, including design, installation, operation and maintenance services. The aviation segment
offers products and services for the airframe manufacturers, airlines and government agencies.
Furthermore, the healthcare business segment provides medical imaging and information
technologies, medical diagnostics, patient monitoring systems, disease research, drug discovery
and biopharmaceutical manufacturing technologies. Similarly, the oil and gas segment deliveries

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SWOT Analysis
mission critical equipment for the global oil and gas industry. Additionally, GEs home and business
solutions products are comprised of major appliances and related services for products such as
refrigerators, freezers, electric and gas ranges. Also, GE operates energy management.The segment
designs technology solutions for the delivery, management, conversion and optimization of electrical
power. GEs transportation segment is a supplier to the railroad, mining, marine and drilling industries.
In addition to the diversified product portfolio, the company has developed a balanced revenue
stream. For instance in FY2012, GE Capital, the company's largest business segment, accounted
for 31% of the total revenues, followed by power and water (18.7%), aviation (13.3%), healthcare
(12.6%), oil and gas (10.3%), home and business solutions (5.5%), energy management (4.8%) and
transportation (3.9%). Thus, broad product portfolio and revenue stream reduces the business risks
and provide cross selling opportunities, which in turn enables the company to tap opportunities in
new as well as existing markets. In addition, it also helps the company to balance revenues in the
face of a slowdown in a particular segment.
Successful inorganic growth strategy
In the recent past, GE has successfully adopted inorganic strategy to further enhance its overall
competitiveness in the marketplace. For instance, in 2013, in order to aggressively expand into
online banking and further reduce its reliance on potentially volatile financial markets for funds, GE
Capital acquired the deposit business of MetLife Bank, an online banking platform with approximately
$6.4 billion in US retail deposits. Similarly, GE recently acquired Dresser, Inc. which broadened its
product portfolio with technologies for gas engines as well as its oil and gas product portfolio with
control and relief valves, measurement, regulation and control solutions for gas and fuel distributions.
Additionally, GE expanded its portfolio of flexible subsea risers and flow lines by acquiring Wellstream
PLC and the Well Support division of John Wood Group.
Within the energy management business, GE significantly enhanced its product and service
capabilities in power electronics , industrial automation and process controls by acquiring Lineage
Power Holdings and Converteam. Furthermore, in the end of 2012, GE agreed to purchase the
aviation business of Avio S.p.A., an Italy-based manufacturer of aviation propulsion components
and systems for civil and military aircraft, for $4.3 billion. During the same period, GEs transportation
segment completed the acquisition of Industrea, a provider of mining products and services with a
focus in underground mining. Thus, by focusing on the inorganic growth strategy, GE has been able
to successfully expand its product offering to better cater to the evolving requirements of its customers
in the marketplace. This in turn supports the company in further diversifying its revenue base as well
as in maintaining competitive advantage over its peers.
Robust research and development capabilities
GE Global Research (GGR), the research and development (R&D) arm of GE, is one of the worlds
most diversified industrial research labs. GGRs diverse set of technology expertise covers range
of fields such as electronics, chemistry, biosciences, computing, metallurgy, fluid mechanics, materials
and imaging, among others.

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SWOT Analysis
GGR is headquartered in Niskayuna, New York and has three other multidisciplinary facilities in
Bangalore, India; Shanghai, China; and Munich, Germany. GGR has won various recognitions in
range of fields. For instance, a team of researchers from GGR won award for their work on
development of crowdsourcing software platform. The team built a new, cloud-based, software
platform that enables a global community of experts to share ideas, design, and build complex
cyber-physical systems securely on the Internet. Furthermore, GE spends significant amount of its
capital towards its R&D activities. The company funded R&D expenditures of $4,520 million in
FY2012, $4,601 million in FY2011 and $3,939 million in FY2010. This represented more than 3%
of the total revenues generated by the company. Strong R&D capabilities enables the company to
bring new and innovative products to market and maintain technological leadership, which in turn
enables GE to expands its customer base and generate incremental revenues.
Weaknesses
High indebtedness exposes to credit risk

GEs significant debt level and related debt service obligations could negatively impact its operations.
Since last few years, even though GE has been able to bring down its leverage level, it still has
significant amount of externally borrowed funds. As at FY2012, the company had approximately
$236 billion in long-term borrowings which resulted in debt to equity ratio of 1.83.
With significant indebtedness the company has experienced downgrades from various credit rating
agencies. For instance, in April 2012, Moodys Investors Service downgraded the senior unsecured
debt rating of GE by one notch from Aa2 to Aa3 and the senior unsecured debt rating of General
Electric Capital Corporation (GECC) by two notches from Aa2 to A1. This downgrade could have a
negative impact on the companys cost of funds.
Furthermore, as the company dedicates significant cash flow from operations for the payment of
principal and interest on the debt, which would reduce the funds available for other purposes such
as acquisitions, capital investment and stock repurchases. Hence, if the company fails to check the
high level of debt on its books it could experience adverse impact on its source of liquidity as well
as on its overall financial flexibility. Further, high debt could have an adverse effect on GEs liquidity
position and may hamper its credibility in the market.
Dependence on third parties for raw materials
GE is reliant on third-party suppliers, contract manufacturers and service providers and commodity
markets to secure its raw materials, parts, components and sub-systems used in its products. This
reliance exposes GE to volatility in the prices and availability of these materials, parts, components,
systems and services. A disruption in deliveries from the company's third-party suppliers, contract
manufacturers or service providers, capacity constraints, production disruptions, price increases, or
decreased availability of raw materials or commodities, could have an adverse impact on GE's ability
to meet its commitments to customers or increase its operating costs. Quality issues experienced

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SWOT Analysis
by third-party providers can also adversely influence the quality and effectiveness of the company's
products and services and result in liability and reputational damage.
Opportunities
Increased focus on energy sector

Following the 2007-2008 financial crisis, GE has realigned its business strategy from being a major
financial services conglomerate to industrial and manufacturing group. The company has now started
to focus on energy sector to fuel its future growth. Currently, oil and gas sector is the biggest industrial
growth platform for the company. Since 2007, GE has spent around $14 billion acquiring companies
that provide equipment or services to the oil and gas industry.
Within the energy sector GE is highly focused on the opportunities arising out of the recent
development in the shale gas market. In this regard, in July 2013, GE acquired Lufkin Industries, a
provider of artificial lift technologies for the oil and gas industry and a manufacturer of industrial
gears, for approximately $3.3 billion. The move broadens GE Oil & Gas artificial lift capabilities with
solutions for a wider variety of well types and technology for production automation and optimization
in the drilling industry. Furthermore, according to various industry estimates, the global artificial lift
sector is expected to reach $12.8 billion in 2013. The current growth is being fueled by the
development of unconventional shale plays and liquids-rich resource plays. For instance, in North
America, an increased pursuit of oil has driven demand for the rod lift systems manufactured by
Lufkin.
Apart from the shale gas sector, the company is also focused on the growing LNG market. Across
the globe, the demand for small-scale LNG production is growing as new discoveries of natural gas
are making it cost-efficient to use cleaner burning natural gas. In line with its strategy, GE Oil & Gas
acquired substantially all of the assets of the Salof Companies, a designer and manufacturer of
small-scale liquefied natural gas (LNG) technologies. Similarly, GE also acquired 50% stake in
Beijing enCryo Engineering, a Beijing-based joint venture with Beijing Maison Engineering that
specializes in engineering for all aspects of the oil and gas, chemical and petrochemical sector.
Thus, increased focus on the energy sector, especially shale gas and LNG markets, would enable
the company to generate sustainable business performance and further drive its earnings and
profitability.
New contracts to enhance top line growth
GE entered into several new contracts, and further strengthened the existing contacts in recent
years. For instance, in September 2013, GE Capital Aviation Services, the commercial aircraft leasing
and financing arm of GE, and Boeing completed an order for 10 787-10 Dreamliners. Also, in the
same month, GE Aviation announced a $2.5 billion contract with German airline Lufthansa.
Furthermore, in June 2013, GE was awarded a contract with its consortium partner, Downer EDI,

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to supply 67 turbines, build and maintain the $350 million Boco Rock wind farm in New South Wales,
Australia.
Moreover, in May 2013, the company signed a multimillion dollar, multi-year maintenance plan with
the UK-based energy company RWE npower to provide a full range of services for its Great Yarmouth
and Little Barford power plants. In September 2012, GE Oil & Gas and Brazilian energy company,
Petrobras, signed the subsea wellhead production contract, worth nearly $1.1 billion. This included
the delivery of approximately 380 subsea wellhead systems and installation tools needed in oil well
exploration. In the same month, Athabasca Oil awarded GE a contract to design and supply an
integrated evaporator system for its 12,000 barrels per day Hangingstone oil sands operation located
near Fort McMurray in northeastern Alberta, Canada. Similarly in August 2012, GE Energy
Management's power conversion business received a contract from Singapore marine services
company, Swire Pacific Offshore Operations (Pte) Limited, to supply integrated power generation,
propulsion, dynamic positioning and automation systems for eight new offshore platform supply
vessels.
Thus, such new contracts help the company in generating incremental revenue growth and further
enhance its overall business results. Moreover, these acquisitions are likely to add new customers
and complement the existing product portfolio of the company.
Expansion of mining business
With focus on building new revenue stream and reducing its reliance on its huge financing arm, GE
has decided to expand its mining business unit. The continuing urbanization and growth in energy
demand in the emerging economies such as China and India augurs well for the long-term future of
the global mining industry.
In this regard, in September 2012, GE Transportation launched its newest business unit, GE Mining,
headquartered in Brisbane, Australia. Furthermore, the company plans to double the size of its new
mining business to $5 billion in revenue by 2016. Moreover, to aggressively position itself in the
growing mining equipment market, the company acquired the assets of Fairchild International, which
manufactures underground mining equipment. Additionally, in the mid of 2012, the company entered
into an agreement to acquire Australia based Industrea, a provider of safety and
productivity-enhancing mining equipment and services.
Thus, these acquisitions could help GE reach a global customer base with enhanced products based
on its propulsion systems, energy storage offering and system integration capabilities. In addition,
these acquisitions also help GE to penetrate into many untapped markets and strengthen its position
in the global mining sector.
Threats
Challenging macroeconomic and political environment in the US and Europe

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The challenging macroeconomic and political environment in the US and Europe could limit GEs
growth prospect in the short term. The company is heavily reliant on the US and Europe market
which together contribute around 66% of its total revenue.
Though the US economy is slowly recovering, largely driven by housing and consumer, the capital
spending across various industries still remains sluggish. As a result, the US is currently experiencing
its weakest recovery since the 1930s. Furthermore, the company is expected to face major political
deadlock in 2013 ranging from the fiscal situation, repeated debt-limit controversy and tax reform.
For instance, in October 2013, the US government went through partial shutdown in 17 years primarily
due to Republicans' opposition to the healthcare reforms. This uncertainty could impact capital
investment in the US which in turn may result in lower orders across GEs industrial businesses.
In addition, GE also faces major headwinds from the weak economic conditions in Europe which is
expected to continue into 2013, especially in countries undergoing fiscal austerity programs. According
to various industry reports, in the first quarter of 2013, the euro zone economy declined for six
consecutive quarters. In addition, nine of the 17 countries were in recession which includes Spain,
France, Italy, Finland, Netherlands, Portugal, Cyprus, Greece and Slovenia.
The company has significant operation in the US and Europe. These regions accounted for more
than 66% of GE's total revenues in FY2012. Hence, a challenging macroeconomic and political
environment in the US and Europe could impact GEs sales volume and overall business growth in
the short term.
Environmental and other government regulations
GEs operations, like other companies in the industry, face several environmental and other
governmental regulations. It is subject to various federal, state, local and foreign environmental laws
and regulations in all of the jurisdictions in which it operates. These laws and regulations cover the
discharge, treatment, storage, disposal, investigation and remediation of some materials, substances
and wastes. GE is involved in environmental investigations or remediation at some of its current and
former facilities, and at third-party sites. The company incurred expenditure for site remediation
actions of $400 million in FY2012, FY$300 million in FY2011 and $200 million in FY2010. Further,
it expects that such remediation actions will require average annual expenditures in the range of
about $400 million over the next two years.
In addition, GE's businesses are subject to various US federal, state and foreign laws, regulations
and policies. These regulations and policies may force the company to modify its business models
and objectives or affect its returns on investment by making existing practices more restricted. For
instance, the US and non-US governments are undertaking a substantial revision of the regulation
and supervision of bank and non-bank financial institutions, consumer lending, the over-the-counter
derivatives market and tax laws and regulations, which changes may have an effect on GE's and
GE Capital's structure, operations, liquidity, effective tax rate and performance. The company is
subject to regulatory risks from laws that reduce the allowable lending rate or limit consumer
borrowing, local capital requirements that may increase the risk of not being able to retrieve assets,
and changes to tax law that may affect return on investments. Additionally, GE is also subject to a

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number of trade control laws and regulations that may impact its ability to sell products in global
markets.
Thus, compliance cost associated with such stringent environmental and other government regulations
could increase GEs operating expenditure, which in turn may have material adverse impact on the
company's cash flows, competitive position, and financial condition.
Aggressive competition
GE faces significant threat from the aggressive competition across it businesses globally. For instance,
the businesses in which General Electric Capital engages are subject to competition from various
types of financial institutions, including commercial banks, thrifts, investment banks, broker-dealers,
credit unions, leasing companies, and consumer loan companies, among others. Similarly, worldwide
competition for power generation products and services is intense characterized by various regional
and multinational companies.
The company competes with a number of US and international companies, including 3M, Hitachi,
Honeywell International, Mitsubishi Corporation, Siemens, Textron, and United Technologies, among
others. Thus, operating in intense competitive environment could result in pricing pressure risks
which in turn may adversely impact GEs margins and profitability.

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Top Competitors
TOP COMPETITORS
The following companies are the major competitors of General Electric Company
Hitachi, Ltd.
Siemens AG
Honeywell International Inc.
Mitsubishi Corporation
Textron Inc.
United Technologies Corporation
3M
Thermo Fisher Scientific Inc.

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Company View
COMPANY VIEW
A statement by Jeffrey R. Immelt, the Chairman and Chief Executive Officer at General Electric
Company, is given below. The statement has been taken from the company's 2012 annual report.
Last fall, we hosted a conference in Silicon Valley to launch what we call the Industrial Internet, an
open, global network that connects people, data and machines. Its about making infrastructure more
intelligent and advancing the industries critical to the world we live in. We believe its about the future
of industryenergy, healthcare, transportation, manufacturing. Its about making the world work
better.
At the conference, we put a GEnx engine on the stage. People posed for pictures with the engine;
they marveled at the technology and its sheer size. It was a reminder of two things. First, few
companies can do what GE does; the scale we operate on and our decades of investment are a
competitive advantage. Second, in an uncertain economy, long-term growth and competitiveness
require the endless pursuit of innovative productivity. Similarly, I recently returned from Sub-Saharan
Africa, a region that was off the radar when I became CEO. Today, we are at a $3 billion annual
run rate, and that could double in the next few years. GE could have $1 billion Franchises in Nigeria,
South Africa, Mozambique and Angola. We are investing in capability and people.
There are very few American companies in the region. But we could sell more gas turbines in Africa
than in the U.S. in the next few years. A GE annual report has never fully featured software and
Africa. Today, we feel they are essential and we can lead. Our ability to create our own future is why
GE can win in any environment. It starts with a culturethe foundation for any successful
enterprisea culture that inspires our people to improve every day. Our team is missionbased:
We build, move, power and cure the world. We believe in a better way: We constantly learn from
our customers, our competition and each other. We seek solutions for our customers and society.
And we are a We Company. We know that strong teams with great people outperform individuals.
That is why GE Works.
The global economy for 2012 was within our planning scenario, but short of our hopes. Maybe the
best news believe it or notwas Europe. It didnt implode! The U.S. is improving, driven mainly
by housing and the consumer, but capital investment remains sluggish. As a result, the U.S. continued
its weakest recovery since the 1930s. China slowed as it went through a political transition. Because
of a weak macro environment, we were able to lower input costs, and that had a positive impact on
our margins.
We expect 2013 to be another typical year in the Reset Era. We remain confident in the economic
strength of the emerging markets. We are encouraged by renewed growth and reform in China,
which has a positive impact on other big resource-rich regions like Africa, Latin America and the
Middle East. At the same time, we are in unprecedented fiscal territory in the U.S. and Europe, which
will keep a limit on growth in the short term.

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Company View
The major source of volatility in corporate planning is the U.S., something I never thought I would
see. We would all like to believe that the U.S. will continue at a steady rate of 3%4% GDP growth,
as we saw in the 30 years before the global financial crisis. However, the U.S. faces more major
political storms this year: the fiscal situation, repeated debt-limit controversy and tax reform. We
fear that this uncertainty will impact capital investment. And the amount of regulation tends to grow
during periods of fiscal strain, and we are certainly seeing that in the U.S. The number of major
regulations regulations with more than $100 million of impacthas exploded in the last few years.
The result has been an additional burden on business.
Until we solve for these constraints, it is hard to see that the U.S. will return to its full growth potential.
We have demonstrated that GE can perform in this environment. In 2012, we grew our segment
profits by 11% to $22.9 billion. We generated $17.8 billion of cash from operating activities (CFOA),
up 48%, and returned $12.4 billion of cash to investors through dividends and stock buybacks. Our
total shareholder return grew by 21%, well ahead of the 16% growth in the S&P 500. Our market
cap grew by about $30 billion, and we remain the seventh most valuable company in the world.
We like the way GE is positioned in this environment: a great portfolio of world-class,
technology-leading businesses; a strong position in fastgrowth global markets; leading-edge service
technologies that achieve customer productivity; high visibility with a backlog of $210 billion; and a
strong financial position. We want investors to see GE as a safe, long-term investment.
One with a great dividend that is delivering long-term growth.
FIVE CHOICES THAT DRIVE THE FUTURE
Strategy is about making choices, building competitive advantage and planning for the future. Strategy
is not set through one act or one deal. Rather, we build it sequentially through making decisions and
enhancing capability. As we look forward, it is important that investors see the Company through a
set of choices we make for the purpose of creating value over time. First, we have remade GE as
an Infrastructure Leader with a smaller financial services division.
We like infrastructure markets because they are growing and because they utilize GE capabilities
in technology, globalization, financing and customer relationships. About $60 trillion of infrastructure
investment is needed by 2030 to support billions of new consumers joining the middle class in the
emerging world, and to support developed market productivity. At $100 billion of revenue with 15%
margins, we are the largest and most profitable infrastructure company in the world.
Over the last decade, we have grown our infrastructure platforms by investing in adjacencies, pursuing
opportunities that are closely related to our core. About one-third of our infrastructure revenues
comes from businesses we werent in a decade ago. These include fast-growth businesses like Oil
& Gas, Life Sciences, and Distributed Power. This growth has come through organic investment
and focused acquisitions.
At the same time, we are creating a smaller, more focused financial services companyone that
has a lower risk profile and adds value to our industrial businesses. We will continue to reduce the

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size of GE Capital from the $600 billion of assets it was in 2008 to a goal of $300$400 billion in the
future. GE Capital has a sound fiscal position, with Tier 1 capital above 10% and strong liquidity.
We can generate returns above our cost of capital. Over the next few years, we plan for GE Capital
to return about $20 billion of dividends back to the parent. We will purposefully reallocate capital
from financial services to infrastructure and grow it faster. Our goal is to have infrastructure earnings
reach 70% of our total over time.
We have dramatically simplified GE over the past decade. The last major portfolio move we made
was exiting NBC Universal (NBCU). In the first phase, we sold 51%, and reallocated $11 billion from
the proceeds to purchase new platforms in Energy and Oil & Gas. These businesses already have
generated $1 billion of earnings and are growing 20% annually.
Recently, we announced an agreement for the disposition of the remainder of NBCU, and its real
estate, for $18.1 billion. This creates additional cash for value creation in the short term, through
increased share repurchase and investment in growth.
Second, we are committed to allocating capital in a balanced and disciplined way, but with a clear
priority for dividend growth. GE will generate $100 billion for allocation over the next few years,
including cash from existing operations, dividends from GE Capital and dispositions. The top priority
remains growing the dividend. Since 2000, we have paid out $106 billion in dividends, more than
any company except Shell, and more than we paid out in the first 125 years of the Company combined.
We like GE to have a high dividend yield, which is appealing to the majority of our investors.
We plan to buy back shares to get below 10 billion, where we were before the crisis. We will make
significant progress toward that goal in 2013 by allocating a significant portion of the NBCU cash to
repurchase our shares. In total, we plan to return $18 billion to investors this year through dividend
and buyback. We will continue to execute on focused acquisitions, a capital-efficient way to grow
the Company. We will keep our focus on acquiring specific capabilities where GE can add substantial
value.
We can execute on a few of these each year. Third, we have significantly increased investment in
organic growth, focusing on R&D and global expansion. In doing so, we have invested ahead of our
competition. We believe that investing in technology and globalization is key to gaining market share.
Annually, we invest more than $10 billion to launch new products and build global capability. We
make these investments with the full benefit of GEs scale. Over the past decade, we have doubled
our annual R&D investment, increasing $2$3 billion to 5%6% of revenue. Because of this
investment, we have progressed from a company that can launch one new commercial engine each
decade to a company that can launch one each year. We will launch 10 new gas turbines this decade,
significantly more than in previous times. We are a broader and deeper technology leader than at
any time in our history. We have built a company that has high share in growth regions. In 2012, we
had $40 billion of orders in growth regions, a 12% increase over the prior year and a threefold
increase in the last decade.
Achieving these results has required substantial investment in capability and people. Between 2010
and 2014, we are making 30 investments in manufacturing, research, services, customer innovation

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and training in growth markets. We have developed and repositioned our leaders to capitalize on
growth-market opportunities.
We have 10,000 commercial resources focused on the needs of our customers in growth markets.
We have achieved local relevance with global scale. We use the entire GE enterprise to improve
the value of our investments in technology and globalization. For technology, we have a Global
Research Center Network that builds strategic capability, spreads technology around the world and
innovates for local markets. We have a Global Growth Organization, led by a GE Vice Chairman
that allows GE to better compete by using our talent.
Fourth, we have built deep customer relationships based on an outcomes oriented model. Our growth
is aligned with customer outcomes, and our products improve their productivity. We have grown our
service revenue from $21 billion to $43 billion over the past decade. Services represent about 75%
of our industrial earnings. With $157 billion of service backlog, we have the momentum to grow in
the future.
We believe in a solutions-oriented selling model, one that can deliver outcomes for customers. In
Healthcare, we are aligned around the major accounts so that we can help them transform ahead
of U.S. healthcare reform. In Oil & Gas, we deliver comprehensive technical solutions for our
customers. In Aviation, we create value through the performance of our new technologies. We only
win when our customers win.
Fifth and finally, we have positioned GE to lead in the big productivity drivers of this era. This is
important for growing our margins while keeping our customers competitive. The levers of productivity
are constantly changing. For more than a century, GE has been a leader in productivity and innovation.
We will lead in the shale gas revolution. The volume of and access to shale gas and other
unconventional resources in the U.S. (and other regions) will change the competitive balance in
energy for a generation. This gives the U.S. one of the lowest costs of electricity in the world and
the chance to be an energy exporter. Big industries like railcould convert from diesel to gas.
The option of becoming energy independent is now possible for North America. Through our Oil &
Gas business we can provide important content in extraction, development, and environmental
protection of shale gas. We are the world leader in gas-powered generation and transportation.
We are extending GEs lead in advanced manufacturing. Manufacturing is a major source of
competitive advantage. After decades of outsourcing capability, we now see companies rebuilding
their manufacturing strength. Companies used to make investment decisions purely on labor cost.
However, there are new materials that can revolutionize performance, and precision technologies
and high-power computing are transforming how we manufacture. GE will insource more
manufacturing content. We are investing in processing technologies such as additive manufacturing.
In the future, we aspire to reduce the cycle times for complex systems and lower cost.
We are making a major investment in software and analytics. We know that industrial companies
need to be in the software business. We want to make the analytics around our products, real-time
data, and operating solutions a GE core competency. We have built a Software and Analytical Center

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of Excellence in California, where we are adding a vast array of human talent to achieve our goals.
We know that our services in the coming year depend on building smarter machines with the ability
to extract and analyze data.
We will be a leader in analytics. And that will make GE more valuable to our customers. This is the
power of the Industrial Internet. The reason why analytics are important in the infrastructure industry
relates to what we call The Power of 1%. Across our customer base, improving asset performance
by 1% can add $20 billion of customer profit annually. In our world, small changes mean big outcomes.
For investors, we have defined where we play, how we win, our capital allocation priorities and
investments for the future. These five choices will set up our performance and drive our success
over the long term.
WE ARE EXECUTING ON OUR COMMITMENTS
Last year, we set focused execution goals for GE: double-digit industrial earnings growth; margin
expansion; restarting the GE Capital dividend to the parent; reducing the size of GE Capital; and
balanced capital allocation. We achieved all of our goals for the year.
Our businesses are performing.
In 2012, our industrial segment earnings grew by 10% to $15.5 billion. Our Energy Management.
This business is complementary to our core infrastructure franchise, yet our share is less than 10%
and our margins are lower than those of our competitors. We are seeing outstanding opportunities
for growth in power conversion and digital energy. We expect another year of strong industrial
performance in 2013. Oil & Gas, Aviation, Healthcare and Transportation should hit all-time-high
earnings in 2013. Our plan targets 10% industrial earnings growth. GE Capital had earnings of $7.4
billion, up 12%. Our Tier 1 common ratio is 10.2%, well above the regulatory goals. GE received a
$6.4 billion dividend from Capital. Our team has done a great job of reducing commercial real estate
exposure, which was $46 billion at year-end, down 50% from its peak. GE Capital continues to
outperform regional and money center banks in important areas like net interest margins and losses.
The core of GE Capital is being a leading lender to middle market customers, building on our deep
experience in, and understanding of, these markets and assets. In businesses like sponsor finance,
aircraft leasing and retail services, and middle market lending and leasing, GE Capital has deep
domain experience and will continue to grow.
Our initiatives are delivering results. We drive cross-company initiatives to generate organic growth
and improve margins. We review our progress against our long-term goals and through relative
performance of 20 industrial peers and large banks. Our performance is near the top in almost every
category, but we still have room for improvement. We have built broad technical capability that can
deliver big systems and foster innovation. Each year we file about 2,000 patents in the U.S., putting
GE in the top 10 for innovation. GE engineers and scientists from around the world collaborate and
demonstrate a real culture of execution.

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GE products deliver vast customer value. Over the next few years, we will transform our aviation
engine product line with several new models, including the launches of GEnx, the CFM LEAP and
the GE9X. Each engine will improve airline fuel efficiency by 15%, while reducing emissions. By
2020, we will have 46,000 GE engines in service, up from 4,100 in 1990. That is a product of our
technical expertise. In Healthcare, we are launching high margin products at every price point and
across all modalities. This is how we win around the world. In computed tomography (CT), we
launched the Discovery CT750 HD FREEdom, a highend scanner, which can greatly reduce radiation
dose. At the same time, we launched the CT Brivo, sold at 20% of the price of a high-end scanner,
which is growing share in global markets. In fact, in the first six months, we sold 100 Brivos to Chinese
customers, many of whom had never owned a CT.
We leverage technology to launch new businesses. Our Energy Storage business is a great example
of how we innovate and bring to scale state-of-the- art technologies. Researchers in our GRC labs
invented a new battery based on technology from more than 30 patents. GE teams also designed
an Energy Management. This business is complementary to our core infrastructure franchise, yet
our share is less than 10% and our margins are lower than those of our competitors. We are seeing
outstanding opportunities for growth in power conversion and digital energy. We expect another
year of strong industrial performance in 2013. Oil & Gas, Aviation, Healthcare and Transportation
should hit all-time-high earnings in 2013. Our plan targets 10% industrial earnings growth. GE
Capital had earnings of $7.4 billion, up 12%. Our Tier 1 common ratio is 10.2%, well above the
regulatory goals.
GE received a $6.4 billion dividend from Capital. Our team has done a great job of reducing
commercial real estate exposure, which was $46 billion at year-end, down 50% from its peak. GE
Capital continues to outperform regional and money center banks in important areas like net interest
margins and losses.
The core of GE Capital is being a leading lender to middle market customers, building on our deep
experience in, and understanding of, these markets and assets. In businesses like sponsor finance,
aircraft leasing and retail services, and middle market lending and leasing, GE Capital has deep
domain experience and will continue to grow. Our initiatives are delivering results. We drive
cross-company initiatives to generate organic growth and improve margins. We review our progress
against our long-term goals and through relative performance of 20 industrial peers and large banks.
Our performance is near the top in almost every category, but we still have room for improvement.
We have built broad technical capability that can deliver big systems and foster innovation. Each
year we file about 2,000 patents in the U.S., putting GE in the top 10 for innovation. GE engineers
and scientists from around the world collaborate and demonstrate a real culture of execution. GE
products deliver vast customer value. Over the next few years, we will transform our aviation engine
product line with several new models, including the launches of GEnx, the CFM LEAP and the GE9X.
Each engine will improve airline fuel efficiency by 15%, while reducing emissions. By 2020, we will
have 46,000 GE engines in service, up from 4,100 in 1990.That is a product of our technical expertise.
In Healthcare, we are launching high margin products at every price point and across all modalities.
This is how we win around the world. In computed tomography (CT), we launched the Discovery
CT750 HD FREEdom, a high end scanner, which can greatly reduce radiation dose. At the same

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time, we launched the CT Brivo, sold at 20% of the price of a high-end scanner, which is growing
share in global markets. In fact, in the first six months, we sold 100 Brivos to Chinese customers,
many of whom had never owned a CT.
GE teams also designed an advanced manufacturing process to build the battery efficiently. In
essence, we created a start-up within the Company, and we expect the business will generate more
than $1 billion in revenue annually in just a few years. Our growth-market revenue expanded by
11% to $37 billion. We have a segmented global strategy. We aspire to grow in China. We will lead
the industrialization of resource rich regions. And we will retain our operating presence in Europe
as it restructures. GE has a strong franchise in China that grew by 19% in 2012. Our advantage is
in localization and partnerships. Last year, we opened two customer innovation centers, in Chengdu
and Xian. At the same time, we are partnering with Chinese state-owned enterprises, achieving
global scale. In 2012, we announced a joint venture with XD, a Chinese leader in transmission and
distribution equipment, and digital energy. This allows us to capture global growth, in an industry
where we have low share, with a Chinese cost base.
Our other fast-growth global opportunity is in resource-rich countries, where we have built a
competitive advantage. From Latin America to the Middle East to Africa to Russia to Australia to
Canada, their goals are the same: converting resource wealth into industrial expertise and jobs. In
these regions, we remain committed to a Company-Country approach. Last year we announced
a $1 billion investment in Saudi Arabia across four GE platforms.
The payback from global investments is huge. Our recent acquisition in Power Conversion received
$600 million of orders in Brazil alone by leveraging GEs presence and relationships in the country.
Similarly, GE Transportation is building a $1 billion business in Russia and Kazakhstan, based on
local capabilities. Excellence in localization is a GE competitive advantage.
GE has a productive manufacturing and engineering base in Europe. We recently entered into an
agreement to acquire Avio, an Italian high-tech aviation supplier that would add to this base. While
Europe may remain sluggish for a while, we have an important installed base and smart and dedicated
teams helping our customers.
We will continue to be a good partner for Europe, sustaining a robust manufacturing and engineering
base. Services growth was 4%, fueled by a growing installed base and expanding content. The
Industrial Internet is revolutionizing the services we provide our customers, helping them to become
more productive operations. GE will leverage our vast service backlog to develop technologies that
enhance the performance of our productsand the enterprises in which they operatewhile growing
our dollars per installed base. The Industrial Internet is built on intelligent machines, advanced
analytics and people at work that can save airlines, railroads, hospitals and utilities billions of dollars
each year. The impact of these solutions is being felt by customers across various industries. Norfolk
Southern is a large North American Class I railroad and our launch customer for GE Rail Network
Optimization. This solution uses data and analytics to improve operating decisions across the entire
transportation network, including railroads, shippers, intermodal terminals and repair shops. They
estimate that every 1 mph increase in network speed saves them $200 million in annual capital and
operating expense.

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In Healthcare, weve deployed our Hospital Operation Management (HOM) solutions in more than
50 hospitals. HOM tracks hospital assets to ensure that quality care is delivered across a patients
stay, from admission to discharge. The HOM launch customer was Mt. Sinai Hospital, where we
help them track 15,000 assets and have shown a 10% improvement in patient throughput.
We are taking a few bigger swings where we are improving the enterprises in which our assets
operate. In Aviation, to address the fleet performance of global airlines, we launched Taleris, a joint
venture with Accenture.
This analytical tool will allow airlines to predict maintenance events before they happen. The goal
is Zero unplanned downtime. Taleris aids airlines such as Qantas and JetBlue with their fleet
performance, maintenance and operations, allowing them to save millions of dollars annually through
more efficient use of their airplanes. Margins grew by 30 basis points to 15.1%. Our goal is to grow
another 70 bps in 2013. We will achieve this by improving processes while reducing structural cost.
We are in our third year of GE Advantage, our process-improvement program. Our teams are
improving on 40 big processes throughout the Company. I review each of these frequently, and we
realized $800 million of margin improvement in 2012. One good example is our Transportation:
Requisition to Platform process, which facilitates our new product launches. Results so far include:
80% system reuse; six month reduction in cycle; and a 35% reduction in sole-source suppliers and
overtime. GE Advantage helps us sustain a competitive advantage.
We are also simplifying the way we run GE, with an eye to lowering our structural cost and improving
our speed. In 2011, our selling, general and administrative expenses (SG&A) as a percentage of
industrial sales were 18.5%. We are aiming to reduce this structure to below 16% by 2014. This is
a total of $2.5 billion of cost out; by the end of 2012, we achieved 40% of our goal. Another big
contributor to better margins involves attacking product cost through better design. In our Aviation
business, where we have a solid backlog for many years, we are reshaping our supply chain to
increase GE content. We are investing in advanced materials, manufacturing technological global
capacity. In Appliances, we launched four new products in 2012. In 2013, we will launch four more.
All are increasing share and margins.
We are executing on our commitments. In 2013, we would like to: grow industrial earnings by 10%;
achieve 2%6% industrial organic revenue growth; return a significant amount of cash from GE
Capital to the parent; and return $18+ billion of capital to investors in dividends and buyback.
WE CONTINUE TO IMPROVE OUR CULTURE
Over the holidays, I was reviewing the annual Gallup poll that rates institutions in the U.S. Once
again, big business has a low overall rating, with 21% favorability, roughly a third of the approval for
small business. The mood reflects the economic environment.
We are lucky that government can set the floor with favorability at 13%. So is size inherently bad?
I dont think so. But size can breed a perversion of bureaucracy, a sense of entitlement and a distance
from reality. Size is bad when it crushes innovation. A good culture is the only filter that can make

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Page 57

Company View
size a strength and not a weakness. Over the past year or so, I have made it a priority to personally
connect with entrepreneurs and venture capitalists. I wanted to understand more about the start-up
culture and the ways that smart entrepreneurs run their companies. Now, I dont want to make GE
a startup.
GEs great strength is our scale.
GE has more than 40,000 salespeople, supported by 50,000 engineers and scientists; we can sell
in more than 160 countries with the worlds sixth most valuable brand. The trick is to keep all of that,
but without the bureaucracy and arrogance that can often accompany size. The fact is that GE was
becoming too complicated. We were simply working on too many things that arent important. We
had too many checkers and not enough doers. Visiting with entrepreneurs has helped me focus
on complexity, accountability and purpose. I have found two books The Lean Startup and The
Startup Playbookto be particularly useful. Entrepreneurs simplify everything. They are
purpose-driven. They focus on customers, people and solving problems. They do fewer things, but
with bigger impact. They dont delegate important decisions; rather, they position decision-makers
close to the action. There is no headquarters, no layer of checkers. They use judgment, they move
fast, and they are accountable.
The unique leadership movement inside GE today is Simplification. Part of it is structural. We want
the Company to be lower-cost, have shorter cycle times, and match authority to accountability. And
we need to accomplish this across multiple platforms, in diverse markets, living in an era of
hyper-regulation. But the other part of Simplification is cultural. Big companies fail when they lose
a culture of accountability accountability for outcomes. We must compete with purpose. And we
must deliver outcomes for customers, investors, society and each other. We are building processes
that drive speed, accountability and compliance. We are committed to long-term thinking despite
volatility in the current environment. The decisions we are making today will shape the Company
for years to come. GE can execute on a scale few can match. I hope, as an investor, that makes
you proud. So, what is leadership? It is the harnessing of culture, the culture of GE Works. We are
mission-based. We search for a better way. We drive solutions for our customers and society. We
are a We Company. It is driving accountability for outcomes. It is fostering smart risk-taking and
business judgment.
You have invested in GE. You know the choices we have made for the next decade. You have seen
our execution and the key metrics we use to manage the Company.You have a sense for our culture
and leadership team. You will see this reinforced in the rest of this report. Let me know what you
think.

MarketLine
Page 58

Locations and Subsidiaries
LOCATIONS AND SUBSIDIARIES

Head Office
3135 Easton Turnpike
Fairfield
Connecticut 06828
USA
P:1 203 373 2211
http://www.ge.com
Other Locations and Subsidiaries

GE Capital Corp.
USA
GE Aviation
Cincinnati
Ohio
USA
GE Energy
Atlanta
Georgia
USA
GE Global Research
1 Research Circle
Niskayuna
New York 12309
USA
GE India Technology Centre Pvt. Ltd.

Plot #122 Export Promotion Industrial Park
Phase 2 Hoodi Village Whitefield Road
Bangalore
Karnataka 560 066
IND
GE Healthcare
Pollards Wood
Nightingales Lane
Chalfont St. Giles
HP8 4SP
GBR
GE Appliance
USA
GE Transportation
Erie
Pennsylvania
USA
GE Healthcare Technologies
Waukesha
Wisconsin
USA
GE Aviation Service Operation Pte Ltd

23 Loyang Way
Singapore 508726
SGP

MarketLine
Page 59

Locations and Subsidiaries
GE Capital Services Pte Ltd

72 Anson Road
Anson House
Level 5
Singapore 079911
SGP
GE Investments, Inc.
Nevada
USA
GE Water & Process Technologies Canada

CAN
General Electric Financing C.V.

NLD
GE Wind Energy, LLC

Delaware
USA
GE Pacific Pte Ltd

SGP
GE Military Systems
Delaware
USA
Dresser, Inc.
Delaware
USA

MarketLine
Page 60
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COMPANY PROFILE

REFERENCE CODE: B039913A-C52E-4DB9-AE87-1F44652C6FB0

General Electric Company

General Electric Company

General Electric Company

General Electric Company

1 203 373 2211

Revenue / turnover 147,359.0

New York Ticker

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

General Electric Company

Chairman and Chief Executive

Non Executive Board

James I. Cash, Jr.

Non Executive Board

Non Executive Board

Non Executive Board

Non Executive Board

Non Executive Board

Non Executive Board

Non Executive Board

Non Executive Board

Non Executive Board

Non Executive Board