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40/87

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42/87

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43/87

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44/87

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45/87

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46/87

Consolidated Statement of Income

3M Company and Subsidiaries

Years ended December 31

(Millions, except per share amounts) 2006 2005 2004

Net sales $22,923 $21,167 $20,011

Operating expenses

Cost of sales 11,713 10,408 10,002

Selling, general and administrative expenses 5,066 4,631 4,437Research, development and related expenses 1,522 1,274 1,246

Gain on sale of pharmaceuticals business (1,074)

Total 17,227 16,313 15,685

Operating income 5,696 4,854 4,326

Interest expense and income

Interest expense 122 82 69

Interest income (51) (56) (46)

Total 71 26 23

Income before income taxes, minority interest and

cumulative effect of accounting change 5,625 4,828 4,303

Provision for income taxes 1,723 1,627 1,400

Minority interest 51 55 62

Income before cumulative effect of accounting change 3,851 3,146 2,841

Cumulative effect of accounting change

Net income $ 3,851 $ 3,111 $ 2,841

747.5 764.9 780.5

Income before cumulative effect of accounting change $ 5.15 $ 4.11 $ 3.64


Net income $ 5.15 $ 4.07 $ 3.64

761.0 781.3 797.3



Net income $ 5.06 $ 3.98 $ 3.56The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.


47/87

Consolidated Balance Sheet3M Company and Subsidiaries

At December 31

(Dollars in millions, except per share amount) 2006 2005

Assets

Current assets

Cash and cash equivalents $ 1,447 $ 1,072

Marketable securities current 471

3,102 2,838

Inventories

Finished goods 1,235 1,050

Work in process 795 706

571 406

Total inventories 2,601 2,162

Other current assets 1,325 1,043

Total current assets 8,946 7,115

166

Investments 314 272

Property, plant and equipment 17,017 16,127

Less: Accumulated depreciation (11,110) (10,534)

5,907 5,593

4,082 3,530

708 486

395 2,905

Other assets 776 640

Total assets $21,294 $20,541

Current liabilities

$ 2,506 $ 1,072

Accounts payable 1,402 1,256Accrued payroll 520 469

Accrued income taxes 1,134 989

Other current liabilities 1,761 1,452

Total current liabilities 7,323 5,238

1,047 1,309

Other liabilities 2,965 3,599

Total liabilities $11,335 $10,146

Commitments and contingencies (Note 13)

Common stock, par value $.01 per share 9 9

2,484 2,225

Retained earnings 17,933 15,715

Treasury stock (8,456) (6,965)

Unearned compensation (138) (178)

Accumulated other comprehensive income (loss) (1,873) (411)

9,959 10,395

$21,294 $20,541The accompanying Notes to Consolidated Financial Stat


48/87

Common Accumulated

Stock and Other

Additional Comprehensive

(Dollars in millions, Paid-in Retained Treasury Unearned Income

except per share amounts) Total Capital Earnings Stock Compensation (Loss)

Balance at December 31, 2003 $ 8,096 $1,721 $12,796 $(4,641) $(226) $ (1,554)

Net income 2,841 2,841Cumulative translation adjustment 490 490

Minimum pension liability adjustment 1,193 1,193

unrealized gain 3 3

Total comprehensive income 4,527

Dividends paid ($1.44 per share) (1,125) (1,125)

Amortization of unearned compensation 30 30

Stock-based compensation, including

tax benefit of $54 million 306 306

Reacquired stock (22.0 million shares) (1,791) (1,791)

Issuances pursuant to stock option

and benefit plans (10.9 million shares) 572 (314) 886

Issuances pursuant to acquisitions

(0.5 million shares) 43 43Balance at December 31, 2004 10,658 2,027 14,198 (5,503) (196) 132

Net income 3,111 3,111

Cumulative translation adjustment (578) (578)

Minimum pension liability adjustment (46) (46)

1

unrealized gain 80 80




Stock-based compensation, including


Reacquired stock (30.7 million shares) (2,377) (2,377)Issuances pursuant to stock option


Balance at December 31, 2005 10,395 2,234 15,715 (6,965) (178) (411)


Cumulative translation adjustment 506 506

Minimum pension liability adjustment 7 7

(1) (1)

unrealized loss (56) (56)


Adjustment to initially apply SFAS No. 158 (1,918) (1,918)


Amortization of unearned compensation 40 40Stock-based compensation, including





Balance at December 31, 2006 $ 9,959 $2,493 $17,933 $(8,456) $(138) $(1,873)The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.


49/87

Consolidated Statement of Cash Flows3M Company and Subsidiaries


(Dollars in millions) 2006 2005 2004

Cash Flows from Operating Activities

Net income $ 3,851 $ 3,111 $ 2,841

Adjustments to reconcile net income

to net cash provided by operating activitiesDepreciation and amortization 1,079 986 999

Company pension and postretirement contributions (385) (788) (759)

Company pension and postretirement expense 440 437 435

Stock-based compensation expense 200 155 252

Gain from sale of pharmaceuticals business (1,074)

Deferred income taxes (316) 132 243

Excess tax benefits from stock-based compensation (60) (54) (54)

Changes in assets and liabilities

Accounts receivable (103) (184) 56

Inventories (309) (294) 7

Accounts payable 68 113 35

Accrued income taxes 138 270 83

Product and other insurance receivables and claims 58 122 12

252 198 78

Net cash provided by operating activities 3,839 4,204 4,228

Cash Flows from Investing Activities

Purchases of property, plant and equipment (PP&E) (1,168) (943) (937)

Proceeds from sale of PP&E and other assets 49 41 69

Acquisitions, net of cash acquired (888) (1,293) (73)

Purchases of marketable securities and investments (3,253) (1,627) (10)

Proceeds from sale of marketable securities and investments 2,287 1,573 13

Proceeds from maturities of marketable securities 304 8

Proceeds from sale of pharmaceuticals business 1,209

Net cash used in investing activities (1,460) (2,241) (938)

Cash Flows from Financing Activities

882 (258) 399

Repayment of debt (maturities greater than 90 days) (440) (656) (868)

Proceeds from debt (maturities greater than 90 days) 693 429 358

Purchases of treasury stock (2,351) (2,377) (1,791)

Reissuances of treasury stock 523 545 508

Dividends paid to stockholders (1,376) (1,286) (1,125)

Distributions to minority interests (38) (56) (11)Excess tax benefits from stock-based compensation 60 54 54

(14) (20) (4)

Net cash used in financing activities (2,061) (3,625) (2,480)

Effect of exchange rate changes on cash

and cash equivalents 57 (23) 111

Net increase/(decrease) in cash and cash equivalents 375 (1,685) 921

Cash and cash equivalents at beginning of year 1,072 2,757 1,836

Cash and cash equivalents at end of year $1,447 $1,072 $2,757The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.


50/87

37

Consolidated Statement of Income



(Millions, except per share amounts) 2005 2004 2003

Net sales $21,167 $20,011 $18,232

Operating expenses

Cost of sales 10,381 9,958 9,285Selling, general and administrative expenses 4,535 4,281 3,994

Research, development and related expenses 1,242 1,194 1,147

Other expense 93

Total 16,158 15,433 14,519

Operating income 5,009 4,578 3,713

Interest expense and income

Interest expense 82 69 84

Interest income (56) (46) (28)

Total 26 23 56

Income before income taxes, minority interest and

cumulative effect of accounting change 4,983 4,555 3,657

Provision for income taxes 1,694 1,503 1,202

Minority interest 55 62 52

Income before cumulative effect of accounting change 3,234 2,990 2,403

Cumulative effect of accounting change (35)

Net income $ 3,199 $ 2,990 $ 2,403

Weighted average common shares outstanding basic 764.9 780.5 782.8

Earnings per share basic

Income before cumulative effect of accounting change $ 4.23 $ 3.83 $ 3.07Cumulative effect of accounting change (0.05)

Net income $ 4.18 $ 3.83 $ 3.07

Weighted average common shares outstanding diluted 776.9 796.5 795.3

Earnings per share diluted


Cumulative effect of accounting change (0.04)

Net income $ 4.12 $ 3.75 $ 3.02

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.


51/87

38

Consolidated Balance Sheet


At December 31

(Dollars in millions, except per share amount) 2005 2004

Assets

Current assets

Cash and cash equivalents $ 1,072 $ 2,757

Accounts receivable net of allowances of $73 and $83 2,838 2,792

Inventories

Finished goods 1,050 947

Work in process 706 614

Raw materials and supplies 406 336

Total inventories 2,162 1,897

Other current assets 1,043 1,274

Total current assets 7,115 8,720

Investments 272 227

Property, plant and equipment 16,127 16,290

Less: Accumulated depreciation (10,534) (10,579)

Property, plant and equipment net 5,593 5,711

Goodwill 3,473 2,655

Intangible assets net 486 277

Prepaid pension and postretirement benefits 2,905 2,591

Other assets 669 527

Total assets $20,513 $20,708

Liabilities and Stockholders Equity

Current liabilities

Short-term borrowings and current portion of long-term debt $ 1,072 $ 2,094

Accounts payable 1,256 1,168Accrued payroll 469 487

Accrued income taxes 989 867

Other current liabilities 1,452 1,455

Total current liabilities 5,238 6,071

Long-term debt 1,309 727

Other liabilities 3,866 3,532

Total liabilities $10,413 $10,330

Commitments and contingencies (Note 11)

Stockholders equity

Common stock, par value $.01 per share 9 9

Shares outstanding 2005: 754,538,387Shares outstanding 2004: 773,518,281

Capital in excess of par value 287 287

Retained earnings 17,358 15,649

Treasury stock (6,965) (5,503)

Unearned compensation (178) (196)

Accumulated other comprehensive income (loss) (411) 132

Stockholders equity net 10,100 10,378

Total liabilities and stockholders equity $20,513 $20,708



52/87

39

Consolidated Statement of Changes in Stockholders Equity and Comprehensive Income

3M Company and SubsidiariesCommon Accumulated

Stock and Other

Capital Comprehensive

(Dollars in millions, in Excess Retained Treasury Unearned Income

except per share amounts) Total of Par Earnings Stock Compensation (Loss)

Balance at December 31, 2002 $ 5,993 $ 296 $12,748 $ (4,767) $ (258) $ (2,026)




Debt and equity securities, unrealized gain 1 1

Derivative financial instruments

unrealized loss (6) (6)




Reacquired stock (9.7 million shares) (685) (685)



Balance at December 31, 2003 7,885 296 14,010 (4,641) (226) (1,554)



Minimum pension liability adjustment 1,193 1,193

Debt and equity securities -- --


unrealized gain 3 3







Issuances pursuant to acquisitions(0.5 million shares) 43 43

Balance at December 31, 2004 10,378 296 15,649 (5,503) (196) 132


Cumulative translation adjustment (578) (578)


Debt and equity securities unrealized gain 1 1


unrealized gain 80 80





Issuances pursuant to stock optionand benefit plans (11.7 million shares) 711 (204) 915

Balance at December 31, 2005 $10,100 $ 296 $17,358 $ (6,965) $ (178) $ (411)



53/87

40

Consolidated Statement of Cash Flows



(Dollars in millions) 2005 2004 2003

Cash Flows from Operating Activities

Net income $3,199 $2,990 $2,403Adjustments to reconcile net income

to net cash provided by operating activities

Depreciation and amortization 986 999 964

Company pension and postretirement contributions (788) (759) (943)

Company pension and postretirement expense 437 435 256

Deferred income tax provision 147 313 115

Changes in assets and liabilities

Accounts receivable (184) 56 38

Inventories (294) 7 281

Accounts payable 113 35 62

Accrued income taxes 270 83 424Product and other insurance receivables and claims 122 12 (35)

Other net 250 111 208

Net cash provided by operating activities 4,258 4,282 3,773

Cash Flows from Investing Activities

Purchases of property, plant and equipment (PP&E) (943) (937) (677)

Proceeds from sale of PP&E and other assets 41 69 129

Acquisitions, net of cash acquired (1,293) (73) (439)

Purchases of investments (1,627) (10) (16)

Proceeds from sale of investments 1,581 13 34

Net cash used in investing activities (2,241) (938) (969)

Cash Flows from Financing Activities

Change in short-term debt net (258) 399 (215)

Repayment of debt (maturities greater than 90 days) (656) (868) (719)

Proceeds from debt (maturities greater than 90 days) 429 358 494

Purchases of treasury stock (2,377) (1,791) (685)

Reissuances of treasury stock 545 508 555

Dividends paid to stockholders (1,286) (1,125) (1,034)

Distributions to minority interests (56) (11) (13)

Other net (20) (4) (10)

Net cash used in financing activities (3,679) (2,534) (1,627)

Effect of exchange rate changes on cash

and cash equivalents (23) 111 41

Net increase/(decrease) in cash and cash equivalents (1,685) 921 1,218

Cash and cash equivalents at beginning of year 2,757 1,836 618

Cash and cash equivalents at end of year $1,072 $2,757 $1,836



54/87

(67)

Statement of Earnings

General Electric Companyand consolidated affiliates

For the years ended December 31 (In millions; per-share amounts in dollars)

2005(Restated)

2004(Restated)

2003(Restated)

REVENUESSales of goods $ 59,837 $ 55,005 $ 49,963

Sales of services 32,752 29,700 22,391Other income (note 3) 1,683 1,064 602GECS earnings from continuing operations

before accounting changes GECS revenues from services (note 4) 55,430 48,712 39,930GECS commercial paper interest rate swap adjustment (note 1) 540 518 535

Total revenues 150,242 134,999 113,421

COSTS AND EXPENSES (note 5)Cost of goods sold 46,169 42,645 37,189Cost of services sold 20,645 19,114 14,017Interest and other financial charges 15,138 11,611 10,459Investment contracts, insurance losses and

insurance annuity benefits 5,474 3,583 3,069

Provision for losses on financing receivables (note 14) 3,841 3,888 3,752Other costs and expenses 35,271 33,096 26,480Minority interest in net earnings of consolidated affiliates 986 728 308

Total costs and expenses 127,524 114,665 95,274

EARNINGS FROM CONTINUING OPERATIONS BEFOREINCOME TAXES AND ACCOUNTING CHANGES 22,718 20,334 18,147

Provision for income taxes (note 8) (4,085) (3,708 ) (4,056)

EARNINGS FROM CONTINUING OPERATIONS BEFOREACCOUNTING CHANGES 18,633 16,626 14,091

Earnings (loss) from discontinued operations, net of taxes (note 2) (1,922) 534 2,057

EARNINGS BEFORE ACCOUNTING CHANGES 16,711 17,160 16,148Cumulative effect of accounting changes (note 1) (587)

NET EARNINGS $ 16,711 $ 17,160 $ 15,561

Per-share amounts (note 9)Per-share amounts-earnings from continuing

operations before accounting changesDiluted earnings per share $ 1.76 $ 1.59 $ 1.40Basic earnings per share 1.76 1.60 1.41

Per-share amounts earnings before accounting changesDiluted earnings per share 1.57 1.64 1.60Basic earnings per share 1.58 1.65 1.61

Per-share amounts net earningsDiluted earnings per share 1.57 1.64 1.54Basic earnings per share 1.58 1.65 1.55

DIVIDENDS DECLARED PER SHARE $ 0.91 $ 0.82 $ 0.77

Thenotes to consolidated finance statements are an integral part of this statement.


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Statement of Earnings (continued)

GE GECS

For the years ended December 31(In millions; per-share amounts in dollars)

2005(Restated)

2004(Restated)

2003(Restated)

2005(Restated)

2004(Restated)

2003(Restated)

REVENUESSales of goods $ 57,378 $ 52,260 $ 47,767 $ 2,528 $ 2,840 $ 2,228Sales of services 33,052 29,954 22,675

Other income (note 3) 1,764 1,076 645 GECS earnings from continuing operations

before accounting changes 9,499 8,194 6,256 GECS revenues from services (note 4) 56,769 50,054 40,750GECS commercial paper interest rate swap

adjustment (note 1) 540 518 535

Total revenues 101,693 91,484 77,343 59,837 53,412 43,513

COSTS AND EXPENSES (note 5)Cost of goods sold 43,870 39,999 35,102 2,369 2,741 2,119Cost of services sold 20,945 19,368 14,301 Interest and other financial charges 1,432 979 941 14,259 11,076 9,896Investment contracts, insurance losses

and insurance annuity benefits 5,674 3,800 3,069

Provision for losses on financingreceivables (note 14) 3,841 3,888 3,752

Other costs and expenses 13,279 12,001 9,870 22,658 21,788 17,095Minority interest in net earnings of

consolidated affiliates 784 538 181 202 190 127

Total costs and expenses 80,310 72,885 60,395 49,003 43,483 36,058

EARNINGS FROM CONTINUINGOPERATIONS BEFORE INCOMETAXES AND ACCOUNTING CHANGES 21,383 18,599 16,948 10,834 9,929 7,455

Provision for income taxes (note 8) (2,750) (1,973) (2,857) (1,335) (1,735) (1,199)

EARNINGS FROM CONTINUING OPERATIONSBEFORE ACCOUNTING CHANGES 18,633 16,626 14,091 9,499 8,194 6,256

Earnings (loss) from discontinued

operations, net of taxes (note 2) (1,922) 534 2,057 (1,922) 534 2,057EARNINGS BEFORE ACCOUNTING CHANGES 16,711 17,160 16,148 7,577 8,728 8,313Cumulative effect of accounting changes (note 1) (587) (339)

NET EARNINGS $ 16,711 $ 17,160 $ 15,561 $ 7,577 $ 8,728 $ 7,974

In the consolidating data on this page, GE means the basis of consolidation as described in note 1 to the consolidated financial statements; GECS means GeneralElectric Capital Services, Inc. and all of its affiliates and associated companies. Transactions between GE and GECS have been eliminated from the General ElectricCompany and consolidated affiliates columns on the previous page.


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Consolidated Statement of Changes in Shareowners Equity

(In millions)

2005(Restated)

2004(Restated)

2003(Restated)

CHANGES IN SHAREOWNERS EQUITY (note 23)Balance at January 1 $ 110,908 $ 79,662 $ 63,979

Dividends and other transactions with shareowners (13,249) 10,009 (5,520)

Changes other than transactions with shareowners

Increase attributable to net earnings 16,711 17,160 15,561Investment securities net (437) 412 710Currency translation adjustments net (4,318) 3,936 5,061Cash flow hedges net (47) 150 32Minimum pension liabilities net (217) (421 ) (161)

Total changes other than transactions with shareowners 11,692 21,237 21,203

Balance at December 31 $ 109,351 $ 110,908 $ 79,662

The notes to consolidated financial statements are an integral part of this statement.


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Statement of Financial Position

General Electric

Companyand consolidated

affiliates

At December 31 (In millions, except share amounts)

2005(Restated)

2004(Restated)

ASSETSCash and equivalents $ 9,011 $ 12,152Investment securities (note 10) 53,144 56,923Current receivables (note 11) 14,851 14,233Inventories (note 12) 10,474 9,778Financing receivables net (notes 13 and 14) 287,639 282,699Other GECS receivables 14,767 11,340Property, plant and equipment net (note 15) 67,528 63,103Investment in GECS Intangible assets net (note 16) 81,726 78,456All other assets (note 17) 87,425 89,667Assets of discontinued operations (note 2) 46,756 132,266

Total assets $ 673,321 $ 750,617

LIABILITIES AND EQUITYShort-term borrowings (note 18) $ 158,156 $ 157,195Accounts payable, principally trade accounts 21,273 19,137Progress collections and price adjustments accrued 4,456 3,937Dividends payable 2,623 2,329All other current costs and expenses accrued 18,419 17,539Long-term borrowings (note 18) 212,281 207,871Investment contracts, insurance liabilities and

insurance annuity benefits (note 19) 45,432 48,076All other liabilities (note 20) 40,632 42,779Deferred income taxes (note 21) 16,312 15,308Liabilities of and minority interest in

discontinued operations (note 2) 36,332 112,935

Total liabilities 555,916 627,106Minority interest in equity of consolidated affiliates (note 22) 8,054 12,603

Common stock (10,484,268,000 and 10,586,358,000shares outstanding at year-end 2005 and 2004, respectively) 669 669

Accumulated gains (losses) netInvestment securities 1,831 2,268Currency translation adjustments 2,532 6,850Cash flow hedges (352) (305)Minimum pension liabilities (874) (657)

Other capital 25,227 24,265Retained earnings 97,644 90,580Less common stock held in treasury (17,326) (12,762)

Total shareowners equity (notes 23 and 24) 109,351 110,908

Total liabilities and equity $ 673,321 $ 750,617The sum of accumulated gains (losses) on investment securities, currency translation adjustments, cash flow hedges and minimum pension liabilities constitutesAccumulated nonowner changes other than earnings, as shown in note 23, and was $3,137 million and $8,156 million at December 31, 2005 and 2004, respectively.



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Statement of Financial Position (continued)

GE GECS

At December 31 (In millions, except share amounts)

2005(Restated)

2004(Restated)

2005(Restated)

2004(Restated)

ASSETSCash and equivalents $ 2,015 $ 3,155 $ 7,316 $ 9,191Investment securities (note 10) 461 413 52,706 56,539

Current receivables (note 11) 15,058 14,533 Inventories (note 12) 10,315 9,589 159 189Financing receivables net (notes 13 and 14) 287,639 282,699Other GECS receivables 19,060 14,965Property, plant and equipment net (note 15) 16,504 16,756 51,024 46,347Investment in GECS 50,812 54,379 Intangible assets net (note 16) 57,839 54,720 23,887 23,736All other assets (note 17) 36,752 38,123 52,037 52,682Assets of discontinued operations (note 2) 46,756 132,266

Total assets $ 189,756 $ 191,668 $ 540,584 $ 618,614

LIABILITIES AND EQUITYShort-term borrowings (note 18) $ 1,127 $ 3,409 $ 157,672 $ 154,292Accounts payable, principally trade accounts 11,870 11,013 13,133 11,374

Progress collections and price adjustments accrued 4,456 3,937 Dividends payable 2,623 2,329 All other current costs and expenses accrued 18,436 17,569 Long-term borrowings (note 18) 9,081 7,625 204,397 201,209Investment contracts, insurance liabilities

and insurance annuity benefits (note 19) 45,722 48,393All other liabilities (note 20) 23,273 23,561 17,453 19,300Deferred income taxes (note 21) 3,733 3,616 12,579 11,692Liabilities of and minority interest in

discontinued operations (note 2) 36,568 113,073

Total liabilities 74,599 73,059 487,524 559,333

Minority interest in equity of consolidatedaffiliates (note 22) 5,806 7,701 2,248 4,902

Common stock (10,484,268,000 and 10,586,358,000 sharesoutstanding at year-end 2005 and 2004, respectively) 669 669 1 1

Accumulated gains (losses) netInvestment securities 1,831 2,268 1,754 2,345Currency translation adjustments 2,532 6,850 2,287 5,104Cash flow hedges (352) (305) (343) (436)Minimum pension liabilities (874) (657) (179) (150)

Other capital 25,227 24,265 12,386 12,370Retained earnings 97,644 90,580 34,906 35,145Less common stock held in treasury (17,326) (12,762)

Total shareowners equity (notes 23 and 24) 109,351 110,908 50,812 54,379

Total liabilities and equity $ 189,756 $ 191,668 $ 540,584 $ 618,614

In the consolidating data on this page, GE means the basis of consolidation as described in note 1 to the consolidated financial statements; GECS means General

Electric Capital Services, Inc. and all of its affiliates and associated companies. Transactions between GE and GECS have been eliminated from the General ElectricCompany and consolidated affiliates columns.


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Statement of Cash Flows

General Electric Companyand consolidated affiliates

For the years ended December 31 (In millions)

2005(Restated)

(a) 2004(Restated)

(a)2003

(Restated)(a)

CASH FLOWS OPERATING ACTIVITIESNet earnings $ 16,711 $ 17,160 $ 15,561

Loss (earnings) from discontinued operations 1,922 (534) (2,057)Adjustments to reconcile net earnings to cash

provided from operating activitiesCumulative effect of accounting changes 587Depreciation and amortization of property, plant and equipment 8,538 8,349 6,864Earnings before accounting changes retained by GECS Deferred income taxes (890) 50 1,417Decrease (increase) in GE current receivables (360) (849) 534Decrease (increase) in inventories (578) (468) 874Increase in accounts payable 1,238 4,090 232Increase (decrease) in GE progress collections 510 (464) (2,268)Increase (decrease) in insurance liabilities 1,034 1,959 (729)Provision for losses on GECS financing receivables 3,841 3,888 3,752

All other operating activities 1,821 (2,699) (2,927)Cash from operating activities continuing operations 33,787 30,482 21,840Cash from operating activities discontinued operations 3,854 6,002 7,389

CASH FROM OPERATING ACTIVITIES 37,641 36,484 29,229

Cash flows investing activitiesAdditions to property, plant and equipment (14,441) (13,092) (9,751)Dispositions of property, plant and equipment 6,027 5,838 4,918Net increase in GECS financing receivables (16,954) (15,280) (4,687)Payments for principal businesses purchased (11,498) (18,703) (14,352)All other investing activities 6,535 10,785 7,974

Cash used for investing activities continuing operations (30,331) (30,452) (15,898)Cash used for investing activities discontinued operations (4,718) (7,962) (5,945)

CASH USED FOR INVESTING ACTIVITIES (35,049) (38,414) (21,843)

Cash flows financing activitiesNet increase (decrease) in borrowings (maturities of 90 days or less) (4,600) (1,558) (20,559)Newly issued debt (maturities longer than 90 days) 66,523 58,538 67,719Repayments and other reductions (maturities longer than 90 days) (53,133) (47,106) (43,479)Net dispositions (purchases) of GE shares for treasury (4,844) 3,993 726Dividends paid to shareowners (9,352) (8,278) (7,643)All other financing activities (1,191) (3,397) 286

Cash from (used for) financing activities continuing operations (6,597) 2,192 (2,950)Cash from (used for) financing activities discontinued operations 478 2,402 (682)

CASH FROM (USED FOR) FINANCING ACTIVITIES (6,119) 4,594 (3,632)

INCREASE (DECREASE) IN CASH ANDEQUIVALENTS DURING YEAR (3,527) 2,664 3,754

Cash and equivalents at beginning of year 15,328 12,664 8,910

Cash and equivalents at end of year 11,801 15,328 12,664Less cash and equivalents of discontinued operations at end of year 2,790 3,176 2,734

Cash and equivalents of continuing operations at end of year $ 9,011 $ 12,152 $ 9,930

SUPPLEMENTAL DISCLOSURE OF CASHFLOWS INFORMATION

Cash paid during the year for interest $ (16,446) $ (11,907 ) $ (10,910 )Cash recovered (paid) during the year for income taxes (3,254) (1,339) (1,539)



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Statement of Cash Flows (continued)

GE GECS

For the years ended December 31 (In millions)2005

(Restated(a) 2004

(Restated)(a) 2003

(Restated)(a)

2005(Restated)

(a)2004

(Restated)(a) 2003

(Restated)(a)

CASH FLOWS OPERATING ACTIVITIESNet earnings $ 16,711 $ 17,160 $ 15,561 $ 7,577 $ 8,728 $ 7,974Loss (earnings) from discontinued operations 1,922 (534) (2,057)Adjustments to reconcile net earnings to cash

provided from operating activitiesCumulative effect of accounting changes 587 339Depreciation and amortization of

property, plant and equipment 2,501 2,533 2,277 6,037 5,816 4,587Earnings before accounting changes retained by GECS 239 (5,623) (4,878) Deferred income taxes (287) (175) 389 (603) 225 1,028Decrease (increase) in GE current receivables (266) (908) 585 Decrease (increase) in inventories (608) (459) 909 30 (9) (35)Increase in accounts payable 983 1,888 676 596 2,927 96Increase (decrease) in GE progress collections 510 (464) (2,268) Increase (decrease) in insurance liabilities 1,034 1,959 (729)Provision for losses on GECS financing receivables 3,841 3,888 3,752All other operating activities 1,826 1,252 (913) 476 (2,875) (896)

Cash from operating activities continuing operations 21,609 15,204 12,925 20,910 20,125 14,059Cash from operating activities discontinued operations 3,854 6,002 7,389

CASH FROM OPERATING ACTIVITIES 21,609 15,204 12,925 24,764 26,127 21,448

Cash flows investing activitiesAdditions to property, plant and equipment (2,812) (2,427) (2,158) (11,629) (10,665) (7,593)Dispositions of property, plant and equipment 6,027 5,838 4,918

Net increase in GECS financing receivables (16,954) (15,280) (4,687)Payments for principal businesses purchased (4,331) (4,815) (3,870) (7,167) (13,888) (10,482)All other investing activities 702 632 236 4,644 8,386 6,103

Cash used for investing activities continuing operations (6,441) (6,610) (5,792) (25,079) (25,609) (11,741)Cash used for investing activities discontinued operations (4,718) (7,962) (5,945)

CASH USED FOR INVESTING ACTIVITIES (6,441) (6,610) (5,792) (29,797) (33,571) (17,686)

Cash flows financing activitiesNet increase (decrease) in borrowings

(maturities of 90 days or less) (392) (1,690) (6,704) (4,044) 33 (13,487)Newly issued debt (maturities longer than 90 days) 1,704 434 7,356 65,054 58,143 60,113

Repayments and other reductions (maturities longer than 90 days) (3,424) (1,568) (277) (49,709) (45,538) (43,202)Net dispositions (purchases) of GE shares for treasury (4,844) 3,993 726 Dividends paid to shareowners (9,352) (8,278) (7,643) (7,816) (3,105) (3,435)All other financing activities (1,191) (3,397) 286

Cash from (used for) financing activities continuing operations (16,308) (7,109) (6,542) 2,294 6,136 275Cash from (used for) financing activities discontinued operations 478 2,402 (682)

CASH FROM (USED FOR) FINANCING ACTIVITIES (16,308) (7,109) (6,542) 2,772 8,538 (407)

INCREASE (DECREASE) IN CASH ANDEQUIVALENTS DURING YEAR (1,140) 1,485 591 (2,261) 1,094 3,355

Cash and equivalents at beginning of year 3,155 1,670 1,079 12,367 11,273 7,918

Cash and equivalents at end of year 2,015 3,155 1,670 10,106 12,367 11,273Less cash and equivalents of discontinued operations at end of year 2,790 3,176 2,734

Cash and equivalents of continuing operations at end of year $ 2,015 $ 3,155 $ 1,670 $ 7,316 $ 9,191 $ 8,539

SUPPLEMENTAL DISCLOSURE OF CASH

FLOWS INFORMATIONCash paid during the year for interest $ (928) $ (603) $ (248) $ (15,518) $ (11,304) $ (10,662)Cash recovered (paid) during the year for income taxes (1,829) (2,261) (2,685) (1,425) 922 1,146

In the consolidating data on this page, GE means the basis of consolidation as described in note 1 to the consolidated financial statements; GECS means GeneralElectric Capital Services, Inc. and all of its affiliates and associated companies. Transactions between GE and GECS have been eliminated from the General ElectricCompany and consolidated affiliates columns.

(a) Certain individual lines items within cash from operating activities have been restated.


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Statement of Earnings

General Electric Company

and consolidated affiliates

For the years ended December 31 (In millions; per-share amounts in dollars) 2006 2005 2004

REVENUES

Sales of goods $ 64,297 $ 59,837 $ 55,005Sales of services 36,403 32,752 29,700

Other income (note 3) 2,537 1,683 1,064

GECS earnings from continuing operations

GECS revenues from services (note 4) 59,957 53,144 48,004

GECS commercial paper interest rate swap adjustment 197 540 518

Total revenues 163,391 147,956 134,291

COSTS AND EXPENSES (note 5)

Cost of goods sold 50,588 46,169 42,645

Cost of services sold 23,522 20,645 19,114

Interest and other financial charges 19,286 15,102 11,616

Investment contracts, insurance losses and insurance annuity benefits 3,214 3,374 3,086

Provision for losses on financing receivables (note 14) 3,839 3,841 3,888

Other costs and expenses 37,414 35,143 32,917Minority interest in net earnings of consolidated affiliates 908 986 728

Total costs and expenses 138,771 125,260 113,994

EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 24,620 22,696 20,297

Provision for income taxes (note 8) (3,954) (4,035) (3,696)

EARNINGS FROM CONTINUING OPERATIONS 20,666 18,661 16,601

Earnings (loss) from discontinued operations, net of taxes (note 2) 163 (1,950) 559

NET EARNINGS $ 20,829 $ 16,711 $ 17,160

Per-share amounts (note 9)

Per-share amounts earnings from continuing operations

Diluted earnings per share $ 1.99 $ 1.76 $ 1.59

Basic earnings per share 1.99 1.77 1.60

Per-share amounts net earningsDiluted earnings per share 2.00 1.57 1.64

Basic earnings per share 2.01 1.58 1.65

DIVIDENDS DECLARED PER SHARE $ 1.03 $ 0.91 $ 0.82

Consolidated Statement of Changes in Shareowners Equity(In millions) 2006 2005 2004

CHANGES IN SHAREOWNERS EQUITY (note 23)

Balance at January 1 $109,351 $110,908 $ 79,662

Dividends and other transactions with shareowners (17,983) (13,249) 10,009

Changes other than transactions wi

Documents

Comparative Analysis of General Electric and 3M - Final