GE Capital Services · + GE Capital is very strong; the turn of Real Estate is important and makes us feel positive about the balance of 2012 + Cash flow is solid; plan to resume

GE Capital

Overview / Strategy

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

2012 first quarter

GE

3 2012 first quarter

GE’s portfolio and financials

Energy Infrastructure

Aviation Transportation GE Capital Home & Business

Solutions

$43.7B

$6.7B

$18.9B

$3.5B

$4.9B

$0.8B

$45.7B

$6.5B

$8.5B

$0.3B

Commercial

Consumer

Real Estate

GECAS

EFS

Appliances

Lighting

Intelligent Platforms

Healthcare

$18.1B

$2.8B

Commercial

Military

Service

Avionics/Systems

Healthcare Systems

Life Sciences

Healthcare IT

Molecular Diagnostics

Locomotives

Services

Propulsion

Systems

Rev.

OP

Thermal

Wind

Oil & Gas

Services

T&D

2011 revenue $147B … 59% outside U.S. & 37% in growth mkts-a)

(a-Excludes GECS & NBC Universal

2012 Outlook ++ ++ + ++ ++ +

$12B Industrial CFOA


1Q’12 consolidated results ($ in billions – except EPS) ($ in millions)

Revenues $35.2 (8)% – Industrial sales 23.7 7 – Capital revenue 11.4 (12 ) Operating earnings 3.6 1 Operating EPS 0.34 3 Continuing EPS–a) 0.31 – Net EPS 0.29 (6) CFOA 2.1 22 – Industrial CFOA 2.1 22 Tax rate 16% 20% – GE (ex. GECC) 23 22 – GECC 9 19

1Q’12 V%

Continuing operations Segment profit

Energy Infra. $11,168 18% $1,524 10%

Aviation 4,891 12 862 2

Healthcare 4,300 5 585 10

Transportation 1,270 41 232 48

H&BS 2,091 5 66 (11)

Industrial 23,720 14 3,269 10

GE Capital 11,442 (12 ) 1,792 –

$35,162 4% $5,061 6%

Revenues

$ V% $ V%

1Q’11 (ex. NBCU)

1Q’12

(a- Earnings attributable to common shareowners

Memo: includes NBCU JV pretax profit of $187MM; excluding impact of NBCU, GE

revenues +4%, Industrial sales +13%


1Q’12 orders +20% ($ in billions)

Highlights

1Q orders $23.1B

Energy $4.1 29% $3.6 13% O&G 2.3 64 2.0 31 Energy Infra. 6.3 39 5.4 19 Aviation 2.6 11 3.0 6 Healthcare 2.4 12 2.0 – Transportation 1.0 F 0.6 13 Total $12.2 29% $10.9 11%

Equipment Services

$ V% $ V%

Highest 1Q orders in history

14% organic orders growth

Energy Infrastructure +29%, +15% ex. acquisitions

Transportation +67% ... locomotive strength continues

Equipment book-to-bill 1.06

Emerging markets +21%

Strong backlog ($B)

1Q orders price profile +0.5%

Equip.

Svcs.

$158 $172 $175 $175

$200 $201

Energy O&G Aviation Transportation Healthcare

0.2%

+1.0%

+2.1%

(1.4)%

+1.0%


Generating cash ($ in billions)

1Q CFOA

$1.7

$2.1

Industrial

22%

V%

Managing working capital needs to fulfill strong backlog

Continuing investment for organic growth

GE cash balance walk

Total

Beginning balance 1/1/12 $8.4

CFOA 2.1

Dividends (1.8 )

P&E (1.0 )

Acquisitions (0.2 )

Change in debt/FX/other 0.5

March 2012 $8.0

Consolidated cash $84B

Strong CFOA performance


2012 operating framework

2012F

Strong global organic growth Energy acquisitions performing Broad-based strength

Improved losses & impairments Real Estate improving

’11 items: NBCU gain & restructuring Total cost ~$3B–a) in ’11 & ’12

Industrial CFOA $12-13B before pension contribution of $1B

Industrial organic 5-10%, Capital (5)% to flat NBCU gain ’11 impact

2012 drivers

Industrial ++ GE Capital ++ Corporate ~Flat Total operating ++ earnings CFOA – Industrial $11-12B Total revenues 0-5%

Strong growth across Industrial & Capital

Operating earnings

(a- Excluding NBCU pretax gain $3.7B in 2011

-a)


Summary

+ Markets continue to be attractive … our investments have accelerated our organic growth and give us a strong competitive position

+ Expect margin improvements through the year; Healthcare and Transportation margin growth has begun

+ GE Capital is very strong; the turn of Real Estate is important and makes us

feel positive about the balance of 2012

+ Cash flow is solid; plan to resume GE Capital dividend subject to Fed review; capital allocation will be balanced and investor-friendly

+ We continue to be vigilant on risk management in a volatile world; we have strong liquidity and are prepared for a variety of outcomes

Well positioned for double-digit earnings growth in Industrial & GE Capital

GE Capital


GE Capital –a)

Middle market lending &

leasing

Commercial Lending &

Leasing

• ‘11 revenue: $46B

Energy Financial Services

GECAS Consumer Real Estate

Financing for energy & water

industries

Commercial aircraft leasing &

financing

Consumer & retail financing

Debt & equity financing for commercial real estate

• ‘11 ENI –b): $445B • ‘11 profit: $6.5B

$40B ENI $128B ENI $60B ENI $15B ENI $175B ENI

++ ++ ++ + ++ 2012 Outlook

Continue to focus on high return segments… targeting 2%+ ROI over time

Well positioned for double digit earnings growth in ‘12

c)

a) Merging GECS and GE Capital in 1Q’12

b) ENI is shown ex-Cash

c) Excluding Garanti

b)


Key messages

Our businesses are strong and competitively positioned

Significant earnings growth in 2011 and expect double-digit growth in 2012

Returns on new business continue to exceed pre-crisis levels with lower risk

Losses are much better… credit costs getting close to pre-crisis levels and we are actively managing uncertainty and a volatile world

We continue to strengthen our balance sheet, liquidity and funding… continuing to diversify funding sources

Real Estate is improving

Capital levels are well in excess of expected targets… planning to re-start dividend in 2012

We are on track to meet $425B-$440B–a) ENI target while growing core assets… continued re-mixing will provide significant earnings growth

2

3

4

1

5

6

7

8

a) - Ex. cash @ 1Q’10 Fx rates


GE Capital ($ in millions)

$ V%

Consumer $136 (4)% $829 (33)%

Real Estate 59 (17 ) 56 Fav.

CLL 190 (4 ) 685 24

GECAS 49 Flat 318 4

EFS 19 3 71 (37)

Segment profit ($MM)

$ V% $ V%

Assets ($B)

Revenue $11,442 (12)%

Pretax earnings 1,991 (12)

Net income 1,792 Flat

Ex. Garanti 27

ENI (ex. cash) 436B (5)

1Q’12

Net income +27% ex. ’11 Garanti $(0.4B)

Real Estate income positive … first time in 13 quarters

Volume of $39B, +7% … new business ROI’s 3%+

Net Interest Margin 4.8%, +38bps

ENI on track … Irish mortgage moved to disc. ops.

Reserve coverage at 2.0%, non-earnings $(0.3)B vs. 4Q’11

$1.2B losses & impairments, $(0.5) vs. 4Q’11

Core net income growing from improvements in RE & margins

Tier 1 Common 10.4% 9.9% Leverage 4.0:1 4.2:1

1Q dynamics

Key capital metrics

1Q’12 4Q’11


Support • GE support to ensure GECC 1.1x fixed-charge

coverage ratio (strengthened Income Maintenance Agreement in 2009)

• History of capital infusion or dividend reductions when necessary

GE Capital structure

100% AA+/Aa3

General Electric Capital

Corporation

Primary GE Issuer/Guarantor

General Electric

Company

Owns all of GE’s financing

assets

AA+/A1 100%

Commitment to local markets • GECC unconditional guarantee • Highly rated parent • Proceeds used primarily to fund local

assets • Access to deeper investor base

GE Capital UK Funding

GE Capital Australia Funding

GE Capital European Funding

GE Capital Canada Funding

GE Japan Funding KK

GE Capital New Zealand Funding

GE Capital Mexico Funding


GE credit ratings

General Electric Company P-1 Aa3 A-1+ AA+

General Electric Capital Corporation P-1 A1 A-1+ AA+

• GE Capital Australia Funding* P-1 A1 A-1+ AA+

• GE Capital Canada Funding* P-1 A1 A-1+ AA+

• GE Capital European Funding* P-1 A1 A-1+ AA+

• GE Japan Funding KK* P-1 A1 A-1+ AA+

• GE Capital Mexico Funding* P-1 A1 A-1+ AA+

• GE Capital UK Funding* P-1 A1 A-1+ AA+

* Guaranteed by General Electric Capital Corporation

Moody’s Rating

Short Term Long Term

S&P Rating

Short Term Long Term


GE Capital – future

Peak Future

$425 - $440

~45-50%

~10-15%

~20-30%

~15-20%

ROI

~2%

~1-2%

~2%

~2-3%

~2.0% ROI

(ENI, $ in billions) -a)

• Winning specialty finance platforms

– Select Consumer, competitively funded

– Real Estate smaller, debt focused

– Verticals with unique domain expertise

– Advantaged core mid-market platforms

• High-returning, scale positions in markets that matter

– Portfolio re-mix will drive earnings growth

• Safe and secure capital structure

– Re-start dividend to parent in ’12

• Strengthening industrial connection

GE Capital will deliver for investors

Consistent strategic focus

Mid-market Lending &

Leasing

Real Estate

Consumer

Connected to GE “Verticals”

~$600

~41%

~14%

~35%

~10%

a) - Ex. cash @ 1Q’10 Fx rates b) - As of 3Q’08

-b)


(% of AEA, YTD annualized)

Net interest margin

Interest income

Interest expense

Asset quality

GE Capital

Bank peer average

NCOs / Avg. loans

Notes: Bank peers includes JPM, WFC, BAC, C, USB

Source: Goldman Sachs

Note: Peak annual net charge off (NCO)/non-performing assets (NPA) ratio since 2007. SourceCompany filings, SNL Financial, FactSet, I/B/E/S

Peak loss given default (Net charge offs/Non-performing assets)

57% 64%

91%

109% 109% 124%

143% 146%

40%

2010 2010 2010 2007 2007 2008 2010 2010 2010 Peak

year

Super Reg’l.

Super Reg’l.

Super Reg’l.

Super Reg’l.

Top 5 Top 5 Top 5 Top 5

Relative performance Current reserve coverage vs. peak losses

–a)

(Current LLR/NPA ÷ Peak Net charge offs/Non performing assets)

Super GECC Super Top 5 Top 5 Super Super Top 5 Top 5

145%

96% 92%

74% 74% 65%

55% 54% 49%

GECC peak NCO/NPA in 2010… NCO $8B, NPA $21B

Reg’l. Reg’l. Reg’l. Reg’l.

GECC net interest margin

(a- Company filings, SNL Financial, FactSet, I/B/E/S Note: Calculated as 3Q’11 loan loss reserve (LLR)/non-performing assets (NPA) ratio divided by peak annual net charge off (NCO)/non-performing assets (NPA) ratio since 2007


GE Capital reserves ($ in billions)

Environment continues to improve

30+ delinquency %

Real Estate

CLL

Consumer

Mortgage

Non-earnings $B

Cons

CLL

CRE

$10.5

$8.8 $8.5

$1.1

$1.0 $1.0 $0.8

$0.8

$5.1

$4.0

$4.9 $4.8

$4.4 $4.6

Non earning % of finance receivables

3.38% 3.15% 3.12% 2.99% 2.97%

$3.5 $3.3 $3.3 $3.3

UK mortgage (86)bps vs. 4Q’11

US Consumer Retail at 4.4% … 9 year low

CRE down 100bps vs 1Q’11

CLL stable at ~2%

$9.7 $9.4

vs 4Q’11 ($MM)

($29)

($182)

($37)

Excludes GECAS, EFS and other non earning assets of $88MM in 1Q’12, $54MM from 4Q’11


GE Capital – Europe exposure

Managing Europe volatility

~85% of assets secured by collateral

Well diversified... ~700K commercial customers in 43 countries

Minimal sovereign debt in focus countries... $0.2B in Greece & Italy at 4Q’11

Delinquencies stable across Europe

Actively managing counter-party exposures

Market volatility has potential risk to the portfolio but long term may create opportunities

Europe dynamics

a) - Includes gross financing receivables, ELTO & other investments, excludes cash & cash equivalents b) - Portugal, Italy, Ireland, Greece, Spain

as of 3Q’11 ($ in billions, financing assets-a))

$132 $132

Country Business

Netherlands 2%

Other 8%

Switzerland 4%

Germany 7%

Focus–b) countries 13%

France 19%

E. Europe 19%

U.K. 28%

Consumer 51%

CLL 29%

CRE 10%

GECAS 9% EFS/Other 1%


Commercial Real Estate - debt

Owner

occupied

25%

Hotel

11%

Apartment

14%

Mixed

3%

Other RE

6%

Office

21%

Warehouse

10%

Retail

10%

Europe

13%

US

62%

Americas

17%Pacific Basin

7%

Debt business profitable

Collateral type

Geography

• Quality book

– Avoided high risk segments … i.e. construction, 2nd lien

– Disciplined underwriting … ~70% LTV at origination, 2.6X DSCR

– Diverse spread of risk

– 1Q’12 delinquency at 3.08% … down 100bps from prior year

• Adequately reserved … 1Q’12 coverage 2.95%

• Managing debt maturities

Dynamics

$31.5B @ 1Q’12


Commercial Real Estate - equity

Europe

32%

Americas

11%

U.S.

29%

Pacific Basin

28%

$24.1 @ 1Q’12

Signs of stabilization in equity business

Office

55%

Retail

9%

Hotel

1%

Mixed

4%Apartment

14%

Other

12%

Warehouse

9%

Collateral type

Geography

• Diverse spread of risk portfolio

• Primarily wholly owned, limited 3rd party debt

• Occupancy (~81%) and NOI yield (~6%) stable

• Liquidity improving … $0.5B sold in 1Q’12

• Estimated unrealized loss declining

Dynamics

~$(7)

4Q’09 4Q’10

~$(5) ~$(2.6)

4Q’11


A strong GE Capital

Business executing ahead of expectations

+ Financially sound balance sheet

+ Safe & sound liquidity plan

+ On track for more focused investment

+ Profitable origination

10.4% Tier 1 common ratio, +50 bps. vs. 4Q’11

Non-earning assets $300MM

$76B cash CP coverage @ 2.5X

ENI–a) @ $436B Real Estate profitable Exit Irish Mortgage

Core NI–b) +27% NIM 4.8% New business ROI 3%+

1Q’12

(a- Ex. cash & equivalents (b- Ex. Garanti


Documents

GE Capital Services · + GE Capital is very strong; the turn of Real Estate is important and makes us feel positive about the balance of 2012 + Cash flow is solid; plan to resume