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Hoover's Online Report BuilderGeneral Electric Company (NYSE: GE)

Copyright 2004, Hoover's, Inc.

http://www.hoovers.com

Table of ContentsThe Basics...............................................................................................................................................................................1

Key Numbers.............................................................................................................................................................1Financial Overview....................................................................................................................................................1Officers & Employees................................................................................................................................................2Board Members..........................................................................................................................................................7Industry Information..................................................................................................................................................7SIC Codes...................................................................................................................................................................8NAICS Codes...........................................................................................................................................................11Top Competitors.......................................................................................................................................................13All Competitors........................................................................................................................................................13Rankings...................................................................................................................................................................14Subsidiaries/Affiliates Covered By Hoover's Online...............................................................................................14

Biographies..........................................................................................................................................................................16 Jeffrey R. (Jeff) Immelt, Age 48.............................................................................................................................16 Dennis D. Dammerman, Age 58.............................................................................................................................16 Robert C. (Bob) Wright, Age 60.............................................................................................................................17 Yoshiaki (Fuji) Fujimori, Age 52............................................................................................................................18 Ferdinando F. (Nani) Beccalli, Age 54...................................................................................................................19 Keith S. Sherin, Age 45...........................................................................................................................................19 Gary M. Reiner, Age 49..........................................................................................................................................20 Robert A. Jeffe, Age 53...........................................................................................................................................20 Scott C. Donnelly, Age 42......................................................................................................................................20 William J. (Bill) Conaty, Age 58............................................................................................................................21 Benjamin W. (Ben) Heineman Jr., Age 60.............................................................................................................21 Brackett B. Denniston III, Age 56..........................................................................................................................22 Pamela Daley, Age 51.............................................................................................................................................22 Kathryn A. Cassidy, Age 49...................................................................................................................................23 Kathryn (Katy) McCarthy, Age 35.........................................................................................................................23 Robert L. Corcoran..................................................................................................................................................23 William H. (Bill) Cary, Age 44...............................................................................................................................24 Mark Krakowiak, Age 41........................................................................................................................................24 Shane Fitzsimons, Age 36.......................................................................................................................................24 Elizabeth J. (Beth) Comstock, Age 43....................................................................................................................25 Michael S. Idelchik.................................................................................................................................................25 J. Jeffrey Schaper....................................................................................................................................................26 James A. Parke, Age 58..........................................................................................................................................26 Pramod Bhasin........................................................................................................................................................27 Charles Alexander...................................................................................................................................................28 Mark Norbom..........................................................................................................................................................28 Steven F. Kluger......................................................................................................................................................28 William L. Meddaugh, Age 60...............................................................................................................................29 John H. Myers, Age 58...........................................................................................................................................29 David L. Calhoun, Age 46......................................................................................................................................29 Ron Carapezzi, Age 45...........................................................................................................................................30 Paul T. Bossidy.......................................................................................................................................................30 Michael A. Neal, Age 50.........................................................................................................................................31 Michael A. Gaudino................................................................................................................................................32 Daniel S. (Dan) Henson, Age 41.............................................................................................................................32

Report Builder − General Electric Company − Hoover's Online

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Table of ContentsBiographies

Henry A. Hubschman..............................................................................................................................................33 Robert L. Lewis.......................................................................................................................................................34 Roman Oryschuk.....................................................................................................................................................34 Michael E. Pralle.....................................................................................................................................................35 Frederick E. (Rick) Wolfert, Age 47.......................................................................................................................36

Overview..............................................................................................................................................................................37

History..................................................................................................................................................................................38

Products/Operations...........................................................................................................................................................39

Other Resources Available On Hoover's Online..............................................................................................................43Other Resources.......................................................................................................................................................43Related Products From Our Trusted Partners..........................................................................................................43

Annual Financials................................................................................................................................................................44

Quarterly Financials...........................................................................................................................................................46

Historical Financials & Employees....................................................................................................................................49

Market Data.........................................................................................................................................................................51

Comparison Data.................................................................................................................................................................52

Competitive Landscape.......................................................................................................................................................54

Report Builder − General Electric Company − Hoover's Online

ii

The Basics

3135 Easton Tpke.Fairfield, CT 06828−0001 (Map)http://www.ge.com

Phone: 203−373−2211Fax: 203−373−3131

From jet engines to TV broadcasting, plastics to power plants, General Electric (GE) is plugged in to most businesses thathave shaped the modern world. The company produces aircraft engines, locomotives and other transportation equipment,appliances (kitchen and laundry equipment), lighting, electric distribution and control equipment, generators and turbines,nuclear reactors, medical imaging equipment, and plastics. Its financial arm, which includes commercial finance,consumer finance, equipment management, and insurance businesses, accounts for nearly half of the company's sales,making GE one of the largest financial services companies in the U.S. Other operations include the NBC televisionnetwork.

Key Numbers

Company Type Public (NYSE: GE)

Fiscal Year−End December

2003 Sales (mil.) $132,890.0

1−Year Sales Growth 1.7%

2003 Net Income (mil.) $15,002.0

1−Year Net Income Growth 6.3%

2003 Employees 305,000

1−Year Employee Growth (3.2%)

Auditor KPMG LLP

Financial Overview

Last Close 16−Apr−2004 $31.23

52−Week High $34.57

52−Week Low $26.86

Basic EPS $1.55

Price/Earnings Ratio 20.15

Current Ratio 2.35

R&D Expense (mil.) 2.66

Advertising Expense (mil.) −−

% Owned by Institutions 53.50%

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Officers & Employees

Title Name Age Salary Bonus

Chairman and CEO Jeffrey R. (Jeff) Immelt 48 $3,000,000 $4,325,000

Vice Chairman and ExecutiveOfficer; Chairman, GE CapitalServices

Dennis D. Dammerman 58 $2,266,667 $5,060,000

Vice Chairman and ExecutiveOfficer; Chairman and CEO,National Broadcasting Company

Robert C. (Bob) Wright 60 $2,354,167 $4,950,000

President and CEO, GE Asia Yoshiaki (Fuji) Fujimori 52

President and CEO, GE China Steven J. Schneider

President and CEO, GE Europe,the Middle East, and Africa

Ferdinando F. (Nani) Beccalli 54

President and CEO, GE India Scott R. Bayman

SVP, Finance and CFO Keith S. Sherin 45

SVP and CIO Gary M. Reiner 49

SVP, Corporate BusinessDevelopment

Robert A. Jeffe 53

SVP, Global Research Scott C. Donnelly 42

SVP, Human Resources William J. (Bill) Conaty 58

SVP, Law and Public Affairs Benjamin W. (Ben) Heineman Jr. 60 $1,475,000 $2,890,000

VP and Controller Philip D. Ameen 55

VP and General Counsel Brackett B. Denniston III 56

VP and Senior Counsel, Antitrust Ronald A. Stern

VP and Senior Counsel,International Law and Policy

R. Michael Gadbaw

VP and Senior Counsel, Taxes John M. Samuels

VP and Senior Counsel,Transactions

Pamela Daley 51

VP and Treasurer Kathryn A. Cassidy 49

VP, Corporate Audit Staff Kathryn (Katy) McCarthy 35

VP, Corporate Citizenship, ChiefLearning Officer, and President,GE Foundation

Robert L. Corcoran

VP, Corporate InvestorCommunications

William H. (Bill) Cary 44

VP, Corporate Risk andFinancing

Mark Krakowiak 41

VP, Environmental Programs Stephen D. Ramsey


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VP, Executive Development Susan M. Peters

VP, Financial Planning andAnalysis

Shane Fitzsimons 36

VP, Marketing and ChiefMarketing Officer

Elizabeth J. (Beth) Comstock 43

VP, Taxes, Europe Stephen M. Parks

VP, Technology and Sourcing,GE China

Michael S. Idelchik

Chief Commercial Officer J. Jeffrey Schaper

SVP; Vice Chairman and CFO,GE Capital Services

James A. Parke 58

President, GE Capital AsianOperations

Pramod Bhasin

President, GE Capital Europe Charles Alexander

President and CEO, GE CapitalJapan

Mark Norbom

VP, Global Risk Management,GE Capital

James A. Colica

VP and Senior Tax Counsel, GECapital

Richard D'Avino

VP; President and CEO, GECapital Markets Services

Steven F. Kluger

President and CEO, GE SupplyMexico

William L. Meddaugh 60

Chairman and President, GEAsset Management

John H. Myers 58

President and CEO, GETransportation

David L. Calhoun 46

President, GE Commercial andIndustrial Financing, GECommercial EquipmentFinancing

Ron Carapezzi 45

President and CEO, CommercialEquipment Financing, GECommercial Finance

Paul T. Bossidy

SVP; President and CEO, GECommercial Finance

Michael A. Neal 50

President and CEO, GECorporate Financial Services, GECommercial Finance

Michael A. Gaudino

President and CEO, GE VendorFinancial Services, GECommercial Finance

Daniel S. (Dan) Henson 41



















President and CEO, GE AviationServices, GE CommercialFinance

Henry A. Hubschman

President and CEO, GEStructured Finance, GECommercial Finance

Robert L. Lewis

President and CEO, GEEuropean Equipment Finance,GE Commercial Finance

Roman Oryschuk

President and CEO, GE RealEstate, GE Commercial Finance

Michael E. Pralle

President and CEO, GEHealthcare Financial Services

Frederick E. (Rick) Wolfert 47

President and CEO, GEConsumer Finance

David R. Nissen 52

President and CEO, GE CardServices

Mark W. Begor 43

President and CEO, ConsumerFinancial Services, China

Stuart Sinclair 50

President and CEO, GEConsumer Finance − Europe

Dan N. O'Connor 44

President and CEO, GEConsumer Finance − Japan

Taketo Yamakawa

President and CEO, GEConsumer and Industrial,Americas

James P. (Jim) Campbell 46

President, Retail Sales FinanceServicing Company, GEConsumer Finance

Dave Fasoli

President and CEO, GEEquipment Management

Arthur H. (Art) Harper 48

President and CEO, FleetServices and Auto FinancialServices, GE EquipmentManagement

Kathy V. Marinello 46

President and CEO, GE CapitalInformation TechnologySolutions, Europe

John L. Oliver

President and CEO, GEConsumer and Industrial

Lloyd G. Trotter 58

President and CEO, GE PowerControls

Ruben C. Berumen 45

President and CEO, GE FanucAutomation

Jeff R. Garwood



















SVP; President and CEO, GEInsurance, Financial; CEOdesignated, Genworth Financial

Michael D. (Mike) Fraizer 45

President and CEO, GEMortgage Insurance

Thomas H. (Tom) Mann 52

President and CEO, GEInsurance and Chairman,President, and CEO, GEEmployers Reinsurance

Ronald R. (Ron) Pressman 45

President and CEO, CommercialInsurance, GE ERC

A. Louis Parker

President and CEO, Global P&CRe Business Unit, GE ERC

Richard F. (Rick) Smith

President and CEO, FinancialGuaranty Insurance Company

Deborah M. Reif 49

President and CEO, IndependentBrokerage Group, GE Insurance

George R. Zippel 44

President and CEO, GEHealthcare

Joseph M. (Joe) Hogan 46

President and CEO, GE MedicalSystems − International

Reinaldo A. Garcia

President, GE Medical SystemsChina

Chih Chen

President and CEO, GE MedicalSystems InformationTechnologies

Gregory T. (Greg) Lucier 39

President and CEO, GE MedicalSystems Healthcare Services

Paul J. Mirabella

President and ManagingDirector, CNBC Europe,National Broadcasting Company

Richard Cotton

Chairman, NBC Sports and NBCOlympics, National BroadcastingCompany

Dick Ebersol

President, Broadcast andNetwork Operations and VicePresident, NBC UniversalIntegration Planning, NationalBroadcasting Company

John W. Eck

Group President, NBC TelevisionNetwork, National BroadcastingCompany

Randel A. (Randy) Falco

President, NBC TelevisionStations, National BroadcastingCompany

James W. (Jay) Ireland III



















President, NBC Sports Kenneth Schanzer

President, NBC News, NationalBroadcasting Company

Neal B. Shapiro

President and General Manager,MSNBC

Erik Sorenson

President and CEO, CNBC,National Broadcasting Company

Pamela A. Thomas−Graham

President, Sales and Marketing,NBC Television Network,National Broadcasting Company

Keith G. Turner 47

President, NBC Enterprises andSyndication, NationalBroadcasting Company

Ed Wilson

President, Research and MediaDevelopment, NationalBroadcasting Company

Alan Wurtzel

President, NBC Cable, NationalBroadcasting Company

David M. Zaslov

President, NBC Entertainment,National Broadcasting Company

Jeffrey A. Zucker

EVP and CFO, NationalBroadcast Company

Lynn A. Calpeter

President and CEO, GEAdvanced Materials

John Krenicki Jr. 41

President and CEO, LNPEngineering Plastics, GE Plastics

Charles E. (Charlie) Crew

President, GE Plastics Pacific Leonard A. Kosar

President, GE Plastics Europe Golnar Motahari Pour

President and CEO, GE Energy John G. Rice 47

President, Energy Products, GEEnergy

Mark M. Little

President and CEO, GE Oil andGas, GE Energy

Claudi Santiago

President, GE Aero EnergyProducts, GE Energy

Richard R. (Rick) Stewart

President, GE Nuclear, GEEnergy

Andrew C. White

President and CEO, GEInfrastructure

William A. (Bill) Woodburn 53

President and CEO, GETransportation, Rail

Charlene T. Begley 37

President and CEO, GE Medical Don Wilson 44























Systems InformationTechnologies

President and CEO, GE TIP/GEModular Space, GE EquipmentManagement

Marty Thomas 44

Board Members

Title Name Age

Chairman and CEO Jeffrey R. (Jeff) Immelt 48

Vice Chairman and ExecutiveOfficer; Chairman, GE CapitalServices

Dennis D. Dammerman 58

Vice Chairman and ExecutiveOfficer; Chairman and CEO,National Broadcasting Company

Robert C. (Bob) Wright 60

Director James I. Cash Jr. 56

Director Ann M. Fudge 52

Director Claudio X. Gonzalez 69

Director Andrea Jung 45

Director Alan G. (A.G.) Lafley 56

Director Kenneth G. Langone 68

Director Ralph S. Larsen 65

Director Rochelle B. Lazarus 56

Director Sam Nunn 65

Director Roger S. Penske 67

Director Robert J. Swieringa 61

Director Douglas A. (Sandy) Warner III 57

Industry Information

Financial ServicesLending♦

•

Aerospace & DefenseAerospace & Defense Parts Manufacturing♦ Aircraft Leasing♦

•

Automotive & TransportContainer Leasing♦ Rail & Trucking Equipment Manufacturing♦ Truck Leasing♦

•

ChemicalsPlastic & Fiber Manufacturing♦ Specialty Chemical Manufacturing♦

•

Consumer Products Manufacturers•


















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Appliances♦ Electronics

Electrical ProductsPower Generation & Storage◊

♦ •

Health CareHealth Care Products

Medical Devices◊ ♦

•

Industrial ManufacturingIndustrial Equipment Leasing♦ Industrial Machinery & Equipment Manufacturing♦ Lighting & Other Fixture Manufacturing♦

•

InsuranceLife Insurance♦ Property & Casualty Insurance♦ Reinsurance♦

•

MediaTelevision

Television Cable, Pay & Broadcast Networks◊ ♦

•

SIC Codes

2812 Alkalies and chlorine

2819 Industrial inorganic chemicals, nec

2821 Plastics materials and resins

2841 Soap and other detergents

2842 Polishes and sanitation goods

2843 Surface active agents

2869 Industrial organic chemicals, nec

2891 Adhesives and sealants

2892 Explosives

2893 Printing ink

2895 Carbon black

2899 Chemical preparations, nec

2992 Lubricating oils and greases

3291 Abrasive products

3511 Turbines and turbine generator sets

3544 Special dies, tools, jigs & fixtures

3545 Machine tool accessories

3548 Welding apparatus

3612 Transformers, except electronic

3621 Motors and generators

3625 Relays and industrial controls

3629 Electrical industrial apparatus, nec

3631 Household cooking equipment




















3632 Household refrigerators and freezers

3633 Household laundry equipment

3634 Electric housewares and fans

3635 Household vacuum cleaners

3639 Household appliances, nec

3641 Electric lamps

3643 Current−carrying wiring devices

3644 Noncurrent−carrying wiring devices

3645 Residential lighting fixtures

3646 Commercial lighting fixtures

3648 Lighting equipment, nec

3663 Radio & TV communications equipment

3669 Communications equipment, nec

3674 Semiconductors and related devices

3677 Electronic coils and transformers

3691 Storage batteries

3692 Primary batteries, dry and wet

3699 Electrical equipment & supplies, nec

3714 Motor vehicle parts and accessories

3724 Aircraft engines and engine parts

3728 Aircraft parts and equipment, nec

3743 Railroad equipment

3821 Laboratory apparatus and furniture

3823 Process control instruments

3824 Fluid meters and counting devices

3826 Analytical instruments

3827 Optical instruments and lenses

3829 Measuring & controlling devices, nec

3841 Surgical and medical instruments

3842 Surgical appliances and supplies

3844 X−ray apparatus and tubes

3845 Electromedical equipment

3861 Photographic equipment and supplies

3991 Brooms and brushes

4013 Switching and terminal services

4741 Rental of railroad cars

4789 Transportation services, nec

4833 Television broadcasting stations

4841 Cable and other pay TV services


5045 Computers, peripherals & software

5047 Medical and hospital equipment

5049 Professional equipment, nec

5063 Electrical apparatus and equipment

5064 Electrical appliances, TV & radios

5065 Electronic parts and equipment

5084 Industrial machinery and equipment

5169 Chemicals & allied products, nec

6021 National commercial banks

6029 Commercial banks, nec

6111 Federal & fed.−sponsored credit

6141 Personal credit institutions

6153 Short−term business credit

6159 Misc. business credit institutions

6162 Mortgage bankers and correspondents

6163 Loan brokers

6211 Security brokers and dealers

6282 Investment advice

6289 Security & commodity services, nec

6311 Life insurance

6321 Accident and health insurance

6324 Hospital and medical service plans

6331 Fire, marine, and casualty insurance

6351 Surety insurance

6371 Pension, health, and welfare funds

6399 Insurance carriers, nec

6411 Insurance agents, brokers, & service

6531 Real estate agents and managers

6719 Holding companies, nec

6722 Management investment, open−end

6726 Investment offices, nec

6799 Investors, nec

7353 Heavy construction equipment rental

7359 Equipment rental & leasing, nec

7372 Prepackaged software

7513 Truck rental and leasing, no drivers

7519 Utility trailer rental

7699 Repair services, nec

8744 Facilities support services


NAICS Codes

311942Spice and Extract Manufacturing

325110Petrochemical Manufacturing

325182Carbon Black Manufacturing

325188All Other Basic Inorganic Chemical Manufacturing

325211Plastics Material and Resin Manufacturing

325520Adhesive Manufacturing

32561 Soap and Cleaning Compound Manufacturing

325611Soap and Other Detergent Manufacturing

325612Polish and Other Sanitation Good Manufacturing

325613Surface Active Agent Manufacturing

325910Printing Ink Manufacturing

325920Explosives Manufacturing

32599 All Other Chemical Product and Preparation Manufacturing

325992Photographic Film, Paper, Plate, and Chemical Manufacturing

325998All Other Miscellaneous Chemical Product and Preparation Manufacturing

327910Abrasive Product Manufacturing

333611Turbine and Turbine Generator Set Units Manufacturing

334220Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing

334290Other Communications Equipment Manufacturing

334310Audio and Video Equipment Manufacturing

334413Semiconductor and Related Device Manufacturing

334416Electronic Coil, Transformer, and Other Inductor Manufacturing

334419Other Electronic Component Manufacturing

334510Electromedical and Electrotherapeutic Apparatus Manufacturing

334512Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use

334513Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial ProcessVariables

334517 Irradiation Apparatus Manufacturing

335110Electric Lamp Bulb and Part Manufacturing

335121Residential Electric Lighting Fixture Manufacturing

335122Commercial, Industrial, and Institutional Electric Lighting Fixture Manufacturing

335129Other Lighting Equipment Manufacturing

33521 Small Electrical Appliance Manufacturing

335211Electric Housewares and Household Fan Manufacturing

335212Household Vacuum Cleaner Manufacturing

33522 Major Appliance Manufacturing

335221Household Cooking Appliance Manufacturing


335222Household Refrigerator and Home Freezer Manufacturing

335224Household Laundry Equipment Manufacturing

335228Other Major Household Appliance Manufacturing

335311Power, Distribution, and Specialty Transformer Manufacturing

335312Motor and Generator Manufacturing

335313Switchgear and Switchboard Apparatus Manufacturing

335314Relay and Industrial Control Manufacturing

335931Current−Carrying Wiring Device Manufacturing

335932Noncurrent−Carrying Wiring Device Manufacturing

335999All Other Miscellaneous Electrical Equipment and Component Manufacturing

336212Truck Trailer Manufacturing

336399All Other Motor Vehicle Parts Manufacturing

336412Aircraft Engine and Engine Parts Manufacturing

336510Railroad Rolling Stock Manufacturing

339111Laboratory Apparatus and Furniture Manufacturing

339112Surgical and Medical Instrument Manufacturing

339113Surgical Appliance and Supplies Manufacturing

339994Broom, Brush, and Mop Manufacturing

423420Office Equipment Merchant Wholesalers

423430Computer and Computer Peripheral Equipment and Software Merchant Wholesalers

423440Other Commercial Equipment Merchant Wholesalers

423690Other Electronic Parts and Equipment Merchant Wholesalers

423860Transportation Equipment and Supplies (except Motor Vehicle) Merchant Wholesalers

424690Other Chemical and Allied Products Merchant Wholesalers

511210Software Publishers

515120Television Broadcasting

515210Cable and Other Subscription Programming

522110Commercial Banking

522190Other Depository Credit Intermediation

522210Credit Card Issuing

522220Sales Financing

522291Consumer Lending

522292Real Estate Credit

522293 International Trade Financing

522298All Other Nondepository Credit Intermediation

522310Mortgage and Nonmortgage Loan Brokers

522320Financial Transactions Processing, Reserve, and Clearinghouse Activities

522390Other Activities Related to Credit Intermediation

523110 Investment Banking and Securities Dealing


523120Securities Brokerage

523910Miscellaneous Intermediation

523920Portfolio Management

523930 Investment Advice

523991Trust, Fiduciary, and Custody Activities

523999Miscellaneous Financial Investment Activities

524113Direct Life Insurance Carriers

524114Direct Health and Medical Insurance Carriers

52412 Direct Insurance (except Life, Health, and Medical) Carriers

524126Direct Property and Casualty Insurance Carriers

524128Other Direct Insurance (except Life, Health, and Medical) Carriers

524130Reinsurance Carriers

524210 Insurance Agencies and Brokerages

524292Third Party Administration of Insurance and Pension Funds

524298All Other Insurance Related Activities

525110Pension Funds

525120Health and Welfare Funds

525190Other Insurance Funds

531110Lessors of Residential Buildings and Dwellings

531120Lessors of Nonresidential Buildings (except Miniwarehouses)

531190Lessors of Other Real Estate Property

531210Offices of Real Estate Agents and Brokers

531390Other Activities Related to Real Estate

532120Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing

53241 Construction, Transportation, Mining, and Forestry Machinery and Equipment Rental and Leasing

532411Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing

532412Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing

532490Other Commercial and Industrial Machinery and Equipment Rental and Leasing

541614Process, Physical Distribution, and Logistics Consulting Services

811310Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair andMaintenance

Top Competitors

ALSTOM• CIT Group• Siemens•

All Competitors

Agilent Technologies• ALSTOM•


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AIG• Bank of America• Caterpillar• CIGNA• CIT Group• Cooper Industries• Electrolux AB• FINOVA• General Motors• General Re• Hitachi• ITT Industries• Jacuzzi Brands• Johnson Controls• Matsushita• Maytag• News Corp.• Philips Electronics• Polaroid• Raytheon• Rockwell Automation• Rohm and Haas• Rolls−Royce• Siemens• Sony• Textron• ThyssenKrupp• Toshiba• United Technologies• Viacom• Walt Disney• Washington Group• Whirlpool•

Rankings

#5 in FORTUNE 500 • S&P 500• Dow Jones Industrials• Dow Jones Global Titans • #1 in FT Global 500 •

Subsidiaries/Affiliates Covered By Hoover's Online

Amersham plcAmersham Biosciences Limited♦ Amersham Health Inc.♦

•

CFM International, Inc.• GE Access• GE Advanced Materials

GE PlasticsGE Structured Products◊

♦ •



































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LNP Engineering Plastics, Inc.◊ GE Aircraft Engines• GE Capital Commercial Finance

Storage USA, Inc.♦ •

GE Capital Rail Services• GE Capital Small Business Finance Corporation• GE Commercial Finance

Advanced TelCom Group, Inc.♦ GE Real Estate

Regency Centers Corporation◊ ♦

IKON Financial Services♦

•

GE Consumer & Industrial• GE Consumer Finance• GE Energy

CONMEC, Inc.♦ GE Aero Energy♦

•

GE Engine Services, Inc.Unison Industries Inc.♦

•

GE Equipment ServicesPenske Truck Leasing♦

•

GE Equity• GE Fanuc Automation North America, Inc.• GE Financial Assurance Holdings, Inc.

First Colony Life Insurance Company♦ •

GE Franchise Finance Corporation• GE Global Insurance Holding Corp.

Coregis Insurance Company♦ •

GE Global Research• GE Infrastructure

GE Water Technologies♦ •

GE Insurance• GE Interlogix, Inc.• GE Medical Systems

GE Imatron Inc.♦ GE Lunar♦ GE OEC Medical Systems, Inc.♦

•

GE Mortgage Insurance• GE Osmonics• GE SeaCo SRL• GE Supply• GE Transportation Systems• Instrumentarium Corporation• MRA Systems, Inc.• National Broadcasting Company, Inc.

A&E Television Networks♦ Bravo♦ CNBC, Inc.♦ MSNBC Cable, L.L.C.♦ MSNBC Interactive News, L.L.C.

Slate Magazine◊ ♦

Paxson Communications Corporation♦ Telemundo Communications Group, Inc.♦

•

Transport International Pool Inc.•























































Biographies

Jeffrey R. (Jeff) Immelt, Age 48

Chairman and CEO, $3,000,000 salary, $4,325,000 bonus

Recent Work Highlights

General Electric Company2002:, $3,000,000 salary, $3,900,000 bonus♦ 2001: Chairman and CEO, $2,750,000 salary, $3,500,000 bonus♦

•

Biography

Jeffrey R. Immelt is Chairman of the Board and Chief Executive Officer of GE. Mr. Immelt, the 9th Chairman in GE's126−year history, was appointed to this post on September 7, 2001. Previously, Mr. Immelt served as President andChairman−elect of GE from November 2000, when GE's Board of Directors selected him to succeed John F. Welch. From1997 to 2000, Mr. Immelt had been President and CEO of GE Medical Systems, which is today a $12 billion leader in thehealthcare industry. He began his GE career in 1982. Over the last 22 years, Mr. Immelt has held a series of globalleadership roles in GE's Plastics, Appliance, and Medical businesses. He became an Officer of GE in 1989, and joined theGE Capital Board in 1997. He serves on the board of two non−profit organizations: Catalyst, devoted to advancingwomen in business; and Robin Hood, focused on addressing poverty in New York City. Mr. Immelt was named theFinancial Times "Man of the Year" for 2003. Mr. Immelt holds a B.A. degree in applied mathematics from DartmouthCollege (1978) and an M.B.A. from Harvard University (1982). He and his wife, Andrea, have one daughter.

Source: Company Web Site, 2004

Dennis D. Dammerman, Age 58

Vice Chairman and Executive Officer; Chairman, GE Capital Services, $2,266,667 salary, $5,060,000 bonus

Other Company Affiliations

Company Title Salary Bonus

Genworth Financial, Inc. DirectorRecent Work Highlights

General Electric Capital CorporationLast position held, Chairman and CEO, General Electric Capital Services; Vice Chairman and ExecutiveOfficer, GE Company

♦ •

General Electric Company2002:, $2,100,000 salary, $4,650,000 bonus♦ 2001: Vice Chairman and Executive Officer; Chairman, GE Capital Services, $1,900,000 salary,$4,200,000 bonus

♦

•



Biography

Dennis D. Dammerman is Vice Chairman of the Board and Executive Officer of GE, and a member of the CorporateExecutive Office. He is also Chairman of GE Capital Services. He was named to this position in December 1998.Dammerman had been Senior Vice President−Finance and Chief Financial Officer of General Electric Company sinceMarch 1984. He was elected to the board of directors of GE in December 1994, and has been a director of GE CapitalServices for 16 years. In 1998, "CFO" magazine awarded Dammerman the first−ever "Lifetime Achievement Award forCFO Excellence," noting that the award recognizes "someone who, over the course of his tenure has effectively changedthe perception of what finance is and what it can be, and who is universally respected and admired by his peers."Dammerman joined General Electric on the Financial Management Program at GE Appliances in 1967 after graduatingfrom the University of Dubuque. He subsequently held positions with the Corporate Audit Staff and GE Lighting. In1976, he joined GE Capital Services as Manager−Corporate Financial Analysis; in 1978, he was namedManager−Operations Analysis for GE Consumer Products businesses. He returned to GE Capital Services in 1979 as VicePresident and Comptroller and was named Vice President and General Manager of the Commercial Financial ServicesDepartment in March 1981. Later that year, he was named Vice President and General Manager of the Real EstateFinancial Services Division. In June 1994, Dammerman was named Chairman and Chief Executive Officer of Kidder,Peabody Group, Inc. while retaining his position as CFO of GE. In 1995, with the sale of Kidder, Peabody toPaineWebber, he returned full−time to his CFO position.


Robert C. (Bob) Wright, Age 60

Vice Chairman and Executive Officer; Chairman and CEO, National Broadcasting Company, $2,354,167 salary,$4,950,000 bonus



National BroadcastingCompany, Inc.

Chairman and CEO

NBC Universal Vice Chairman and Executive Officer; Chairman and CEO, NationalBroadcasting Company


General Electric Company2002:, $2,229,167 salary, $4,300,000 bonus♦ 2001: Vice Chairman; President and CEO, National Broadcasting Company, $2,000,000 salary,$3,725,000 bonus

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Vice Chairman; President and CEO, National Broadcasting Company♦

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Biography

Robert C. Wright joined the National Broadcasting Company as president and chief executive officer on September 1,1986, and became chairman and chief executive officer on June 4, 2001. Wright has had one of the longest and mostsuccessful tenures of any network chief executive. Under his leadership, NBC has been transformed from a broadcastnetwork into a global media powerhouse with leadership in broadcast network television, cable programming, stationownership, and television production. Wright is also vice chairman of the board, executive officer and a member of theCorporate Executive Office of the General Electric Company. Wright has successfully extended NBC into cable,international, and new−media markets. At the same time, he has maintained NBC's commitment to its core broadcasting




business by expanding its ownership to 14 NBC−affiliated broadcast stations across the country. In 2002, NBC completedthree significant acquisitions: Telemundo, the nation's second−largest Spanish−language media company, with 15owned−and−operated stations in the continental United States and Puerto Rico; television station KNTV, which providesNBC programming to the San Francisco/San Jose market; and Bravo, a leading entertainment cable network, reachingmore than 70 million viewers across the nation. Most recently, Wright spearheaded the company's expansion efforts thatresulted in an agreement for the merger of NBC and Vivendi Universal Entertainment. This significant transaction, whichis expected to be completed in the first half of 2004, will result in the formation of one of the world's most profitable andfastest−growing media companies, NBC Universal. Today, NBC is the only network to hold the lead among keydemographic groups in every significant daypart: morning news, daytime, primetime, evening news, late−night andSunday morning. With a stable of popular comedies and dramas such as "The West Wing," "Law & Order," "ER,""Friends," and "Will & Grace." NBC is the top network for accumulating high−income viewers in the demographiccategories most important to advertisers. Among upscale audiences, NBC is No. 1 in both the 18−49 and 25−54demographic groups. In cable, NBC owns CNBC, which during Wright's tenure has become the global leader in businessnews, providing real−time financial−market information to more than 86 million households in the United States and 175million homes worldwide. In addition, seven years after its launch, MSNBC, NBC's joint venture with Microsoft, reaches80 million U.S. cable subscribers. NBC also has equity stakes in the A&E Network, the History Channel, andValueVision's home shopping network, and a non−voting interest in Paxson Communications Corporation.Internationally, NBC has distribution, programming, and new−media partnerships with companies such as Dow Jones andDeutsche Fernsehnachrichten Agentur. NBC programming can now be seen in nearly 100 countries on six continents.NBC is also a leader in interactive and new−media businesses. MSNBC.com, operated in conjunction with Microsoft, isthe preeminent news service on the Internet, while CNBC on MSN Money, NBC's newest partnership with Microsoft, is aleading personal−finance Web site. Prior to his association with NBC, Wright served as president of General ElectricFinancial Services and, before that, as president of Cox Cable Communications. He has had a diversified career in generalmanagement, marketing, and broadcasting. Much of it has been with General Electric, NBC's parent company. Wright hasbeen the recipient of numerous awards, including the Golden Mike Award from the Broadcasters' Foundation, the StevenJ. Ross Humanitarian of the Year award from the UJA−Federation of New York, and the Gold Medal Award from theInternational Radio & Television Society Foundation. He has been honored by the Center for Communication for hisindustry leadership and has received the Ad Council's Public Service Award in recognition of his commitment to publicservice in both the public and private sectors. He has also been inducted into the Broadcasting & Cable Hall of Fame.Wright is on the board of trustees of the American Film Institute and the Museum of Television and Radio, and serves onthe board of directors of the Motion Picture and Television Fund Corporation and the Damon Runyon Cancer ResearchFoundation. He is an honorary trustee of the Foundation of American Women in Radio and Television. In addition,Wright is on the board of governors of New York−Presbyterian Hospital and is a member of the Society of New YorkHospital Inc. He is also a trustee of the College of the Holy Cross. Wright is a graduate of the College of the Holy Crossand the University of Virginia School of Law, where he received his LL.B. degree. He and his wife, Suzanne, live inConnecticut and have three grown children.


Yoshiaki (Fuji) Fujimori, Age 52

President and CEO, GE Asia

Biography

Yoshiaki Fujimori is President and CEO, GE Asia, responsible for working on behalf of all GE businesses to expandcustomer relationships and to develop new business markets across Asia. He is based in Tokyo, Japan. Fujimori joined GEJapan in October 1986 as Manager, Business Development. Since 1988 he has been in GE Medical Systems, successivelyholding General Manager and Global Manager positions in key segments including Nuclear Medicine, CT, and MR. Hespent seven years at the company's global headquarters in Milwaukee, WI, before returning to Tokyo as President andCEO, GE Medical Systems−Asia in October 1997. He was named a GE Company Vice President in 1997. From May


2001 to January 2003, Fujimori was President and CEO of GE Plastics, headquartered in Pittsfield, MA. Prior to joiningGE, he spent 11 years with Nissho Iwai Corporation as an analyst and manager. Fujimori attended the University ofTokyo and received a bachelor's degree in petroleum engineering in 1975. He received an M.B.A. from Carnegie−MellonGraduate School of Business.


Ferdinando F. (Nani) Beccalli, Age 54

President and CEO, GE Europe, the Middle East, and Africa

Biography

Ferdinando "Nani" Beccalli is President and Chief Executive Officer, Europe, the Middle East and Africa. He isresponsible for working on behalf of all GE businesses to expand customer and government relationships and to developnew business markets across Europe, the Middle East and Africa. He is based in Brussels, Belgium. Mr. Beccalli waspreviously Executive Vice President, GE Capital Services, where he had oversight responsibilities for GE Capital'sEquipment Management Businesses, including Americom, Fleet Services, Rail Services, TIP/Modular Space and PenskeTruck Leasing. He also oversaw GE Capital India, GE Capital Global Sourcing, GE Capital Container Finance and the GESeaCo JV. Mr. Beccalli joined GE Plastics in 1977 in the Strategic Planning group at the company's Europeanheadquarters in Bergen op Zoom, The Netherlands. In 1981, Mr. Beccalli joined GE Plastics global headquarters inPittsfield, MA, where he held management positions in Specialty Plastics, NORYL ® resin, LEXAN ® resin andMarketing divisions. In 1987, Mr. Beccalli returned to Bergen op Zoom as the Director of Marketing, and in 1990, hebecame the Managing Director of SPE. From 1993−96 he served as the President of GE Plastics Japan Ltd. Mr. Beccalliserved as Vice President and General Manager, GE Plastics Americas from January 1997 until May 2001, when he joinedGE Capital. A native of Italy, Mr. Beccalli earned a master's degree in chemical engineering from the Polytechnic ofTorino in Italy, and he has completed graduate work in business administration at Xavier University in Cincinnati, Ohio.


Keith S. Sherin, Age 45

SVP, Finance and CFO

Biography

Keith Sherin joined the GE Financial Management Program in Medium Steam Turbine after graduating from theUniversity of Notre Dame in 1981. After three years, he joined the Corporate Audit Staff where he progressed toExecutive Audit Manager and later Manager, Programs and Planning. Sherin earned an M.B.A. from Columbia Universityin 1991 and was promoted to Manager, Finance for Commercial Engine Operations at GE Aircraft Engines in early 1992.In mid−1993, Sherin was named Director, Finance for GE Plastics Europe, located in Bergen op Zoom, The Netherlands.In the fall of 1995, Sherin joined GE Medical Systems as Manager−Global Finance and Financial Services and waspromoted to Vice President−Finance & Financial Services Operation for GEMS in June 1996. Sherin has been SeniorVice President, Finance, and Chief Financial Officer for General Electric Company since December 1998.



Gary M. Reiner, Age 49

SVP and CIO


General Electric CompanyTitle held until 2002: SVP and CIO; Chairman, Global eXchange Services♦

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Biography

Gary M. Reiner is Senior Vice President and Chief Information Officer of GE, a position he has held since 1996. Reinerjoined GE in 1991 as Vice President−Corporate Business Development where he was responsible for evaluating newbusiness ideas and acquisitions, strategic planning, company−wide sourcing and driving best practices throughout thebusiness. In 1996, he led the company's Six Sigma Quality initiative, driving process implementation and programexecution across all GE businesses. As part of his current role, Reiner leads the GE information technology, sourcing andSix Sigma efforts company−wide. Reiner received a B.A. in economics from Harvard in 1976 and earned an M.B.A. fromHarvard Business School in 1980. He joined the Boston Consulting Group in 1980 and was elected a partner in 1986. Hiswork there focused on strategic and process issues for high−technology businesses.


Robert A. Jeffe, Age 53

SVP, Corporate Business Development

Biography

Robert A. Jeffe is Senior Vice President for Corporate Business Development. Prior to joining GE in December 2001, Mr.Jeffe had been a managing director of Credit Suisse First Boston, serving as co−chairman of the Global Energy Group andas a member of the Investment Banking Management Committee and Leadership Group. He previously was a managingdirector at Smith Barney Inc., heading up the Global Natural Resources and Power Group. For the previous 20 years, hewas a managing director at Morgan Stanley, where he also served as the head of the Global Natural Resources Group. Mr.Jeffe earned a Master of Business Administration from Stanford University Graduate School of Business and a bachelor'sdegree in economics from Dartmouth College, where he became a member of Phi Beta Kappa.


Scott C. Donnelly, Age 42

SVP, Global Research



GE Global Research SVP, Global Research




General Electric CompanySVP Corporate Research and Development♦

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Biography

Scott C. Donnelly currently serves as Senior Vice President of Corporate Research and Development (CR&D) based inSchenectady, NY. Most recently, Donnelly served as Vice President, Global Technology Operations for GE MedicalSystems. Donnelly began his career in the aerospace and semiconductor industries as a design engineer developingadvanced computer architecture for special purpose processors and systems. He joined GE Aerospace in Syracuse, NewYork, in 1989 and led large engineering organizations in the Ocean, Radar and Sensor Systems business. In 1995, hetransferred to GE Industrial Systems where he became General Manager, Industrial System Technology. Donnellyattended the University of Colorado and graduated with a bachelor's degree in electrical engineering in 1984. Scott serveson the Industrial Advisory Committee of several engineering colleges, the Research Foundation of the Medical College ofWisconsin and the Center for Innovation in Minimally Invasive Therapy at Massachusetts General Hospital.


William J. (Bill) Conaty, Age 58

SVP, Human Resources

Biography

Bill Conaty is a native of Binghamton, New York, and graduated from Bryant College in Providence, Rhode Island, witha B.S. degree in business administration in 1967. Upon college graduation, he joined the General Electric Company ontheir Corporate Manufacturing Management Program. After graduation from the three−year management program and atour of military duty, he joined GE Transportation Division in 1971 and held several employee and labor relationsassignments in Erie and Grove City, Pennsylvania. In 1978, he functioned as Plant Manager of the GE Diesel EnginePlant in Grove City, Pennsylvania, prior to moving to Valley Forge, Pennsylvania, with the Aerospace Human ResourcesOperation in 1979. In 1981, he became Manager−Plant Relations in Syracuse, New York, and in 1984 joined GE AircraftEngines in Lynn, Massachusetts, as Manager−Human Resources for the Lynn Production Division. In 1987, he assumedtotal human resources responsibilities for the Lynn area. In November 1990, Bill was elected a GE Company officer andbecame Vice President−Human Resources for GE Aircraft Engines headquartered in Evendale, Ohio. In October 1993,Bill became Senior Vice President of Corporate Human Resources and reports to GE Chairman and CEO, Jeff Immelt. Inhis current role, he has overall human resources responsibility for 315,000 GE employees worldwide.


Benjamin W. (Ben) Heineman Jr., Age 60

SVP, Law and Public Affairs, $1,475,000 salary, $2,890,000 bonus


General Electric Company2002:, $1,350,000 salary, $2,580,000 bonus♦ 2001: SVP, General Counsel, and Secretary, $1,250,000 salary, $2,225,000 bonus♦

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Title held until 2004: SVP, General Counsel, and Secretary♦

Biography

Ben W. Heineman, Jr. is Senior Vice President for Law and Public Affairs. Previously, Mr. Heineman was Senior VicePresident, General Counsel and Secretary of GE since 1987. Before joining GE, he was managing partner at Sidley &Austin in Washington, D.C., focusing on Supreme Court and test case litigation. Prior to that he was the AssistantSecretary for Planning and Evaluation at the U.S. Department of Health, Education and Welfare. Mr. Heineman is agraduate of Harvard College, Oxford University and Yale Law School (1971). A former Rhodes Scholar, editor−in−chiefof the Yale Law Journal and law clerk to Supreme Court Justice Potter Stewart, he is the author of books on British racerelations and the American presidency. Mr. Heineman is on the boards of the Center for Strategic and InternationalStudies and Memorial Sloan Kettering Cancer Center.


Brackett B. Denniston III, Age 56

VP and General Counsel


General Electric CompanyTitle held until 2004: VP and Senior Counsel, Litigation and Legal Policy♦

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Biography

Brackett B. Denniston is GE's Vice President, General Counsel. He is responsible for the worldwide GE legalorganization and for all GE legal operations, reporting directly to Mr. Immelt. He is a member of GE's CorporateExecutive Council, the GE Capital Corporation Board of Directors and is chair of the Company's Policy ComplianceReview Board. Mr. Denniston joined GE as Vice President, Senior Counsel For Litigation and Legal Policy in September1996. Prior to joining GE, he was Chief Legal Counsel to Governor William F. Weld of Massachusetts from 1993 to1996. His responsibilities included judicial selection, litigation, criminal justice issues and legislation. He was a partner,and earlier an associate, at Goodwin, Procter and Hoar in Boston (1974−1982, 1986−1993) where he specialized incomplex civil litigation, securities matters and white−collar crime. He represented parties in matters ranging from insidertrading cases, pharmaceutical prosecutions, securities fraud and banking cases. He was a member of the firm's ExecutiveCommittee and numerous other firm committees. From 1982 to 1986, Mr. Denniston was Chief of the Major Frauds Unitof the U.S. Attorney's Office, responsible for white−collar crime prosecutions, and a member of the Attorney General'sWhite Collar Crime Operations Committee. He was awarded the Department of Justice's Director's Award for SuperiorPerformance for his role in over one hundred successful prosecutions. Mr. Denniston served as a law clerk to theHonorable Herbert Y. Choy of the United States Court of Appeals for the Ninth Circuit in 1973−74. He is a summa cumlaude graduate of Kenyon College and a magna cum laude graduate of Harvard Law School, where he was an editor of the"Harvard Law Review."


Pamela Daley, Age 51

VP and Senior Counsel, Transactions




Genworth Financial, Inc. Director

Kathryn A. Cassidy, Age 49

VP and Treasurer

Biography

Cassidy was vice president and treasurer of GE Capital Services (GECS), with responsibility for GE's treasury operations,including cash operations and the issuance of the debt that funds the activities of GE's financial services businesses.Cassidy held that position since November 2001. In 2002, she oversaw the issuance of approximately $86 billion in termdebt and expanded GECS back−up bank lines by $21 billion. She has held leadership positions in a variety of GE'sfinancial services businesses over the past 23 years. She holds a B.A. from the University of Connecticut at Storrs and anM.B.A. in international finance from Fordham University.

Source: Company Press Release, December 23, 2002

Kathryn (Katy) McCarthy, Age 35

VP, Corporate Audit Staff

Biography

Kathryn McCarthy recently was named Vice President, Corporate Audit Staff. Katy began her GE career at GE PowerSystems on the Financial Management Program. She then moved to GE's Corporate Audit Staff and progressed toExecutive Audit Manager. Katy joined GE Plastics Europe in 1998 as Manager, Financial Planning & Analysis. She wasthen appointed Manager, Global Operations Analysis for Plastics. In 2001, Katy was appointed the Chief FinancialOfficer for GE Transportation Systems. She received her undergraduate degree in Business Administration from theUniversity of Massachusetts.

Source: Company Press Release, August 5, 2003

Robert L. Corcoran

VP, Corporate Citizenship, Chief Learning Officer, and President, GE Foundation

Biography

On December 1, 2003, Robert L. Corcoran was named vice president, Corporate Citizenship for GE, and president of theGE Foundation. Corcoran succeeds Marc Saperstein who now serves in a senior leadership position at NBC. As GE'sChief Learning Officer since 2001 and a 20+year veteran of the company, Corcoran drives GE's Learning Culture throughinnovative, universally−recognized leadership and development programs. This background fits extremely well with theFoundation's primary commitment to education, which encourages student achievement, strengthens teacher developmentand builds the capacity of schools and communities around the world. Prior to becoming GE's Chief Learning Officer,



Corcoran was vice president of human resources for GE Medical Systems in Milwaukee. He was elected a corporateofficer by GE's board of directors in 2000 and has served GE in a wide range of HR leadership roles.


William H. (Bill) Cary, Age 44

VP, Corporate Investor Communications


General Electric Capital CorporationLast position held, President and CEO, GE Capital Vendor Financial Services♦

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General Electric CompanyTitle held until 2004: VP, Financial Planning and Analysis♦ Title held until 2002: President and CEO, GE Capital Vendor Financial Services♦

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Biography

William H. Cary is vice president of corporate investor communications. Cary previously served as corporate vicepresident for financial planning and analysis and president and CEO of GE Vendor Financial Services, where hesuccessfully lead the effort to diversify the business into new growth areas, and as vice president and manager of financialplanning and analysis for GE Capital. In his 17−year GE career, he has also served as chief financial officer of globalconsumer finance and business development for GE Capital in Asia, and a variety of operating, marketing, and financialpositions. He holds a bachelor of science degree in finance from San Jose State University and is a graduate of GE'sFinancial Management Program.

Source: Company Press Release, February 4, 2004

Mark Krakowiak, Age 41

VP, Corporate Risk and Financing

Biography

Krakowiak joined GE in 1983, and is a graduate of GE's Financial Management Program. During his 19 years at GE hehas held a variety of financial planning and analysis leadership roles at GE Corporate, GE Aircraft Engines, NBC, and GEPlastics. He holds a BA in Business Information Systems from University of Cincinnati and an MBA in BusinessAdministration from Bellarmine College.

Source: Company Press Release, 12/23/02

Shane Fitzsimons, Age 36

VP, Financial Planning and Analysis


Biography

Previously, Shane Fitzsimons was general manager, finance for GE Aircraft Engines Services, and has held severalfinancial leadership positions, including financial planning & analysis at aircraft engines, commercial finance for plasticsin Europe, and financial analysis at corporate.


Elizabeth J. (Beth) Comstock, Age 43

VP, Marketing and Chief Marketing Officer




General Electric CompanyTitle held until 2003: VP, Corporate Communications♦

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Biography

As chief marketing officer and corporate vice president, Comstock oversees commercial excellence and development ofthe marketing function across the General Electric Company. Comstock is responsible for GE's corporate sales andmarketing efforts, and integrated communications including advertising, branding, internal communications, marketingcommunications and public relations. She has led the company's efforts to position GE's identity with its future throughthe launch of the successful imagination at work campaign. This earned her recognition in 2003 as "Marketing Executiveof the Year" by "Btob Magazine." Comstock has been a GE company officer since 1998, at which time she was namedGE's vice president of corporate communications. Previously Comstock was senior vice president of NBCcommunications from 1996, and vice president of NBC News communications from 1993. She held a succession ofcommunications positions at NBC, Turner Broadcasting and CBS Entertainment. She began her career covering theVirginia State Legislature for a Richmond−based news service. A native of Virginia, Comstock is a graduate of theCollege of William and Mary. She resides in Connecticut with her husband and two daughters.


Michael S. Idelchik

VP, Technology and Sourcing, GE China



GE Global Research VP, Technology and Sourcing −− GE China





GE LightingLast position held, VP, Global Technology♦

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Biography

Michael Idelchik is Vice President, Technology and Sourcing for GE China. In this role, Michael oversees GE's newtechnology center in Shanghai and the countrywide sourcing of engineering components and services. Prior to this role,Michael was Vice President of Global Technology for GE Lighting. Michael first joined GE as an engineer at AircraftEngines in 1978. He progressed through a number of engineering positions with increasing responsibility before joiningGE Medical Systems in 1994 as the Global X−Ray Tube Engineering Manager. In 1998, he was named General Manager,Global Components Engineering at GEMS, where he led the successful introduction of a LightSpeed Detector for theworld's first multi−slice CT scanner and the delivery of the first 41cm Digital X−ray Detectors for clinical evaluations.Michael attended Columbia University, receiving a B.S. degree in mechanical engineering, and he completed his Mastersdegree from the Massachusetts Institute of Technology.

Source: GE Global Reseach ws, 2004

J. Jeffrey Schaper

Chief Commercial Officer



GE Consumer & Industrial President and CEO, SupplyBiography

Schaper has been Vice President, Sales for GE Industrial Systems since 1997. As GE's CCO, he will be responsible fordeveloping the talent and tools necessary to support GE customers. He will provide leadership for boundaryless sales,customer programs, the Commercial Leadership Program and initiatives on sales force effectiveness.

Source: Company Press Release, March 18, 2002

James A. Parke, Age 58

SVP; Vice Chairman and CFO, GE Capital Services




General Electric Capital CorporationLast position held, Vice Chairman and CFO♦

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General Electric CompanyTitle held until 2002: SVP; Vice Chairman, GE Capital Services; Vice Chairman and CFO, GE Capital;President and CEO, GE Equity and GE Information Technology Solutions

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Heller Financial, Inc.Last position held, Director; Vice Chairman and CFO, General Electric Capital♦

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Biography

James A. Parke is Vice Chairman and Chief Financial Officer of GE Capital Services where he has oversight of CapitalMarkets, Controllership, Tax and Treasury, critical functions shared by the four GE Financial services businesses. He isalso a Senior Vice President of the General Electric Company. During his 13−year tenure as CFO, Jim has implementedcompany−wide processes that have improved the reporting and standardization of the finance function globally as thecompany has grown from a $1 billion net income−generating business to one that contributes more than $7 billion of netincome to the General Electric Company. After completing the GE Financial Management Program and assignments atAerospace Electronic Systems, he joined the Corporate Audit Staff in 1973. In 1978, he was appointed AuditAdministrator. Subsequent assignments included Manager of Financial Section at Lighting Systems Department in 1980,Manager of Financial Operation and Commercial and Industrial Financing Division at General Electric Credit Corporationin 1982, and Manager of Lighting Finance Operation at Lighting Business Group in 1983. Parke became Vice President ofthe Corporate Audit Staff in 1987 and was named Vice President of Finance and Information Systems at Aircraft Enginesin 1989. In November 1989, Parke became Senior Vice President and Chief Financial Officer of GE Capital and wasnamed Vice Chairman and Chief Financial Officer in June 2000. He is active in the community as a director of Buildingwith Books and the Norwalk Community College Foundation. Parke also serves on the Board of Regents of ConcordiaCollege and from 1999 to 2003 served as a member of the Financial Accounting Standards Advisory Council. Hegraduated with a B.A. in history, political science and economics from Concordia College in Minnesota in 1968.


Pramod Bhasin

President, GE Capital Asian Operations


General Electric Capital CorporationLast position held, President, GE Capital Asian Operations♦

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Biography

Pramod Bhasin is President−GE Capital Asian Operations, with oversight responsibilities for India, Southeast Asia, Chinaand Taiwan. Previously Pramod was head of GE Capital's India operations since 1997, during which time he built aleading edge, high volume, and high quality processing business for GE, as well as established a major presence in theconsumer and commercial financing market in India. He began his career with GE in 1979 with the former RCACorporation as RCA's International Audit Director in London until moving to the United States in 1984 in the samecapacity. During his career with GE, Pramod has held leadership positions on the audit staff, in Financial Planning andAnalysis, and in the Corporate Finance Group. Bhasin is a Chartered Accountant from Thomson McLintock & Co.London and holds a Bcom degree from Delhi University.



Charles Alexander

President, GE Capital Europe


General Electric Capital CorporationLast position held, President, GE Capital Europe♦

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Biography

Charles Alexander (British) joined GE as President of GE Capital Europe on 1/11/99 after a 25−year career at investmentbank N. M. Rothschild & Sons Limited. His career at Rothschilds focused on international mergers and acquisitions,privatisations, and equity capital markets in Spain, Italy and Latin America. Based in London, Mr. Alexander willoriginate and execute acquisition opportunities for GE Capital. Mr. Alexander is married with three children and speaksfluent Spanish, French, and Italian.

Source: GE Capital Web site, 2004

Mark Norbom

President and CEO, GE Capital Japan


General Electric Capital CorporationLast position held, President and CEO, GE Capital Japan♦

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Biography

Mark was born on February 20, 1958 in Washington DC. He attended Pennsylvania State University and graduated magnacum laude with a B.S. degree in Economics in 1980. Mark entered the Financial Management Program with GEInformation Services in Rockville, MD and held various finance positions at that business until 1989, when he moved toGE Capital Home & Recreation Services in Charlotte, NC as Manager of Business Planning & Financial Support. In1990, Mark moved to Stamford, CT and spent several years in the office of the EVP as Manager, Business Development.In 1992, Mark moved to Auto Financial Services as Manager, International Business Development and in late 1993, wasgiven the position as President & General Manager of GE Capital Taiwan. In 1995, Mark was moved to Country Presidentof GE Capital Indonesia and was subsequently named to Country President of GE Capital Thailand and NationalExecutive of General Electric Thailand in January 1998. In March 2000, he was newly appointed as President & CEO ofGE Capital Japan. In his current position, he is responsible for GE Capital's activities, including strategic direction,business development and external relations in Japan. Mark is married to his wife, Mersene and they have two children.They reside in Tokyo, Japan.

Source: GE Capital ws, 2004

Steven F. Kluger

VP; President and CEO, GE Capital Markets Services



General Electric Capital CorporationLast position held, President and CEO, GE Capital Markets Services♦

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Biography

Mr. Kluger is President and Chief Executive Officer of GE Capital Markets Services (CMS) as well as an officer of GECapital (GEC) and a Vice President of the General Electric Company. In 1997, Mr. Kluger was named President andGeneral Manager of CMS, a newly−formed operating unit. During his tenure, Mr. Kluger has built CMS into a sharedservices center of excellence which provides innovative capital markets financial solutions and advisory expertise to theGE businesses and their customers around the world. Mr. Kluger has expanded CMS to employ over 250 professionals in22 cities worldwide that have arranged more than 300 securitization, syndication, placement and export financetransactions worth over US$35 billion in the past year.


William L. Meddaugh, Age 60

President and CEO, GE Supply Mexico



IKON Office Solutions, Inc. Director

John H. Myers, Age 58

Chairman and President, GE Asset Management



Hilton Hotels Corporation Director

David L. Calhoun, Age 46

President and CEO, GE Transportation



GE Aircraft Engines President and CEO, GE Transportation

GE Transportation Systems President and CEO






Biography

Prior to his current position as President and CEO of GE Transportation, Mr. Calhoun served as President and CEO of GEAircraft Engines; President and CEO of Employers Reinsurance Corporation; President and CEO of GE Lighting; andPresident and CEO of GE Transportation Systems. Mr. Calhoun graduated from the Virginia Polytechnic Institute in1979. Joining GE upon graduation, Mr. Calhoun completed the GE Financial Management Program, and in 1981 joinedthe GE Corporate Audit Staff. Mr. Calhoun held positions of increasing responsibility, and in 1986 was named Managerof Programs and Planning for the GE Corporate Audit Staff. After managing GE Capital marketing programs forleveraged buyouts, Mr. Calhoun was appointed staff executive at the GE Corporate executive office in 1989, and later thatyear moved to GE Plastics, where he was named Manager of Marketing for the Americas. Mr. Calhoun was subsequentlynamed Vice President of GE Corporate Audit Staff and was elected an officer of General Electric Company. In 1994, Mr.Calhoun rejoined GE Plastics, as President of the Pacific region. Appointed President and CEO of GE TransportationSystems in August 1995, Mr. Calhoun was subsequently named President and CEO of GE Lighting in 1997. In 1999 hewas named President and CEO of GE Employers Reinsurance Company. Mr. Calhoun joined GE Aircraft Engines in July2000 and was named President and CEO in December 2000. In December 2003 he was named to his present position asPresident and CEO of GE Transportation.


Ron Carapezzi, Age 45

President, GE Commercial and Industrial Financing, GE Commercial Equipment Financing

Biography

Ron Carapezzi is President, GE Commercial & Industrial Financing, part of GE Commercial Equipment Financing (CEF).Prior to this, Ron was SVP & General Manager for CEF's US Equipment Financing business. Ron spent 15 years withCEF, during which time he began the successful Capital Funding unit. Ron left CEF in 2001 to become Senior ManagingDirector of GE Merchant Banking. A 20−year GE veteran, Ron began his GE career in the Financial ManagementProgram (FMP), taking on assignments in the U.S. and the Middle East. Ron also held various sales and sales leadershippositions throughout the U.S. Ron holds a B.A. in Finance from Fairfield University.


Paul T. Bossidy

President and CEO, Commercial Equipment Financing, GE Commercial Finance


General Electric Capital CorporationLast position held, President and CEO, GE Capital Commercial Equipment Financing♦

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Biography

Paul T. Bossidy, became the President & CEO of Commercial Equipment Financing on January 2, 2001. Prior to hisappointment at CEF, he was the President & CEO of Vendor Financial Services. Prior to that, he was the Vice President& General Manager of North America Lighting headquartered at Nela Park, Cleveland, Ohio. He was appointed a GECompany officer in 1996. Paul has had a number of senior positions in industry and financial services. Prior to his


position at GE Lighting, he was General Manager of GE Appliance's − Refrigeration business and before that GeneralManager for Appliance's Dishwasher business. Paul was also Manager of Audit Services for Coopers & Lybrand and heldother positions with JP Morgan and Prudential Investment Corporation. Paul is a Certified Public Accountant, and holdsan MBA from Columbia University and an MS in Accounting from New York University. He also holds a BA degreefrom Williams College. Paul, his wife Tricia, and their two sons − Paul, Jr. and Brendan, reside in Ridgefield,Connecticut.


Michael A. Neal, Age 50

SVP; President and CEO, GE Commercial Finance



GE Commercial Finance President and CEORecent Work Highlights

General Electric Capital CorporationLast position held, President and COO; SVP, GE Company♦

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General Electric CompanyTitle held until 2002: President and COO, GE Capital♦

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Biography

Michael A. Neal is President and Chief Executive Officer of GE Commercial Finance, an array of businesses that offerfinancial services and products to businesses of any size, with particular expertise in the mid−market segment. With assetsof more than $180 billion, GE Commercial Finance provides loans, operating leases, financial programs and otherservices. Previously, Neal was President and Chief Operating Officer of GE Capital Corporation. He is a Senior VicePresident of GE Company, and a member of the Advisory Committee, Penske Truck Leasing Co., L.P. Neal has heldvarious assignments at General Electric Company since he began in 1979. He joined GE Capital in 1987 as Vice Presidentand General Manager of Vendor Financial Services. In 1990, he became General Manager of Commercial EquipmentFinancing. Under Neal's direction, Commercial Equipment Financing, the world's largest supplier of middle−marketfinancing, recorded consistent growth, becoming one of the most profitable GE businesses. He was appointed ExecutiveVice President of GE Capital in 1994 and has been recognized for planning and implementing successful GE Capital coregrowth strategies, acquiring and building throughout Asia but notably in Japan, while driving Six Sigma and e−Businessto deliver breakthrough productivity. Recently, he led the effort to acquire Heller Financial Services, which at $20 billionis largest−ever GE Capital acquisition. Neal is a member of the U.S. Advisory Board of the European Institute of BusinessAdministration (INSEAD) and has recently been appointed to the board of trustees of Fairfield University. Neal is also aTrustee of the Georgia Tech Foundation and is on the Board of Stamford based Soundwaters. He has been the chairman ofthe GE Capital New York/Connecticut/New Jersey tri−state United Way campaign and participates in several localcommunity volunteer activities through GE ELFUN.




Michael A. Gaudino

President and CEO, GE Corporate Financial Services, GE Commercial Finance



GE Capital Commercial Finance President and CEORecent Work Highlights

General Electric Capital CorporationLast position held, VP and General Manager, GE Capital Commercial Finance♦

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Biography

Michael A. Gaudino has served as Vice President and General Manager of GE Corporate Financial Services. Gaudino hasled Corporate Financial Services, GE's principal corporate lending business, from its founding in 1993 to its positiontoday as a leading global provider of long−term credit facilities. He has a broadly diversified background with over 30years of experience in mergers and acquisitions, accounting and corporate finance. Corporate Financial Services is aleading provider of innovative financing solutions for primarily non−investment grade companies and specializes in loansgreater than $2 million. Corporate Financial Services was created in 1993 and is headquartered in Stamford, Connecticut.Consisting of nine customer−focused business segments, Corporate Financial Services has over $15 billion in assets, andemploys more than 1,600 professionals worldwide. Gaudino joined GE Capital in 1989 as vice president and manager ofbusiness development in the executive vice president's office, a position he held until 1992. Prior to joining GE Capital, heworked for Primerica Corporation, where he served in various executive positions in the mergers and acquisitionsdivision. He also served as Director of New Business Development and Manager of Capital Evaluation for American CanInternational. Earlier in his career, Gaudino worked for Pfizer in accounting, operations analysis and planning. He beganhis career at Peat, Marwick and Mitchell in public accounting. Gaudino holds an MBA degree in finance from New YorkUniversity, from which he graduated magna cum laude. He is also a magna cum laude graduate of Manhattan Collegewhere he earned a B.B.A. degree in accounting. Gaudino is a Certified Public Accountant and is an officer of the GeneralElectric Company. He sits on the Board of the Stamford YMCA. Gaudino and his wife, Laurie, and their three childrenlive in Wilton, Connecticut.


Daniel S. (Dan) Henson, Age 41

President and CEO, GE Vendor Financial Services, GE Commercial Finance


General Electric Capital CorporationLast position held, President and CEO, GE Capital Fleet Services♦

•

General Electric CompanyTitle held until 2002: President and CEO, GE Capital Fleet and Auto Financial Services♦

•



Biography

Dan Henson was named President and Chief Executive Officer of GE Vendor Financial Services (VFS), effective October1, 2002. He joined VFS from GE Capital Fleet Services in Eden Prairie, MN, where he had served as President and CEOsince 2001. Prior to joining Fleet, Dan was President and General Manager of GE Capital Auto Financial Services, andappointed an officer of GE Company in October 1999. Dan began his career with General Electric in May 1987 as aDistrict Marketing Manager for Vendor Financial Services, where he worked in a variety of sales, business developmentand management roles. In 1995, Dan moved to Europe as the General Manager of European Equipment Finance. Underhis leadership, EEF was named a GE Capital "bubble business" in 1997, and in 1998 it was recognized with a President'sAward. Later in 1998, Dan was named Vice President and Chief Quality Officer where he oversaw all of GE Capital's SixSigma Quality initiatives. GE Vendor Financial Services (VFS) is a trusted financing partner for many leadingmanufacturers, dealers, resellers and end−users. VFS develops and provides world−class financing solutions andvalue−added services that further the growth and financial success of its customers. Those solutions and services include:private label and co−branded third party equipment financing programs, wholesale programs, outsourced sales financingoperations, working capital management solutions, and management of off−lease assets. VFS serves a broad range ofmarkets and industries, such as manufacturing, software, telecommunications, transportation, banking, construction, officeimaging, industrial, federal/state/local government, multimedia, and information technology. With over $20 billion inserved assets worldwide, VFS serves approximately 100 manufacturers, 4,500 dealers, and currently has over 500,00accounts in 33 countries. VFS is one seven GE Commercial Finance businesses. GE Commercial Finance is a subsidiaryof General Electric Company, a diversified manufacturing, technology and services company with operations worldwide.


Henry A. Hubschman

President and CEO, GE Aviation Services, GE Commercial Finance


General Electric Capital CorporationLast position held, President and CEO, GE Capital Aviation Services♦

•

Biography

Henry A. Hubschman has been President of GE Aviation Services since 1997. Aviation Services (GECAS) offers fleet,financing and productivity solutions to the global aviation industry. With three decades of expertise and long−standingcustomer relationships in more than 60 countries, Aviation Services has a fleet of more than 1,200 owned aircraft andmanages nearly 300 for others. Aviation Services provides operating leases, finance leases and secured debt financing;engine leasing through GE Engine Leasing, and productivity services through its affiliate network. Before joining GEAviation Services, Hubschman served as General Counsel of GE Aircraft Engines. At Aircraft Engines, Mr. Hubschmanalso had supervisory responsibility for its Business Development Operation, which handled strategic planning,acquisitions and divestitures, Aircraft Engines' relationships with its revenue sharing participants and negotiated AircraftEngines' industrial "offset" deals. GEAE's Public Affairs and Executive Communications offices also reported toHubschman. From September 1980 to February 1992, Henry Hubschman was a partner in the Washington, D.C. office ofFried, Frank, Harris, Shriver & Jacobson. He was a member of the firm's Steering and Finance Committees and chairedthe Senior Recruitment Committee of its Washington office.



Robert L. Lewis

President and CEO, GE Structured Finance, GE Commercial Finance



GE Equipment Services VP Strategic InitiativesRecent Work Highlights

General Electric Capital CorporationLast position held, President and CEO, GE Capital Structured Finance Group♦

•

Biography

Robert Lewis is President and Chief Executive Officer of GE Structured Finance (GESF) and a Vice President of theGeneral Electric Company. As president of GESF, he is responsible for its global financing and investment activities.Appointed to this position in 1989, Lewis has built GESF into a recognized global leader providing innovative, structuredfinancial solutions for clients in the commercial & industrial, energy, technology, telecommunications, and transportationsectors. During his tenure as President, Lewis has successfully extended GESF's business franchise from a US to globalfocus with a large and profitable asset base of over $18 billion. In the past year alone, the company has structured andfinanced more than 100 transactions aggregating US $6 billion. Its 2001 revenue was $1,093 million and new earningswere $385 million. Lewis joined the former GE Capital division in 1973, and has since held positions of increasingresponsibility in various components of the company. In 1984, he became an officer of GE Capital, President of GESF in1989, and was appointed an officer of the General Electric Company in 1993. Lewis received a BS degree in businessfrom the University of Colorado in 1969 and a MBA from Boston University in 1973. He and his wife reside inSouthwestern Connecticut and have three children.


Roman Oryschuk

President and CEO, GE European Equipment Finance, GE Commercial Finance

Biography

Roman Oryschuk was named President and Chief Executive Officer of GE European Equipment Finance (GE EEF),effective March 2003. He joined GE EEF from GE Canada Equipment Financing in Montréal, Canada, where he hadserved as President and CEO since 1993. Prior to GE Canada Equipment Financing, Roman was President and CEO, ofNational Bank Leasing, a division of National Bank of Canada, which GE acquired in May 1993. Roman began his careerwith Gulf Oil Canada in May 1976 as a Marketing Analyst before moving to City of Montréal where he worked as aBudget Officer. In 1979, Roman moved to The Royal Bank of Canada where he worked in a variety of managerial roles insales, business development and project management. In 1987, Roman became Vice President Finance of National BankLeasing, a division of National Bank of Canada, before becoming President and CEO in 1988. Under his leadership,National Bank Leasing became the leading finance provider in Canada before being acquired by GE. GE EuropeanEquipment Finance (GE EEF) is a trusted finance provider for many manufacturers, resellers, dealers and end−users. GEEEF develops and provides equipment leasing, financing solutions and value−added services that further growth andfinancial success for their customers. Those solutions and services include : private label and co−branded third party



equipment financing programs, e−business and a full range of innovative solutions such as financial and operating leases,hire purchase, loans and sale and leaseback. GE EEF serves a broad range of markets and industries and finances a rangeof assets including : corporate aircraft, electronics, industrial and manufacturing equipment, transportation, constructionequipment, information technology, telecommunications and office equipment. GE EEF employs 1,500 people, has $9.5billion in net served assets and serves 15 countries throughout Europe. GE EEF is part of GE Commercial Finance. GECommercial Finance is a subsidiary of General Electric Group, a diversified manufacturing, technology and servicescompany with operations worldwide. Roman is a 1976 graduate of McGill University in Montréal, Canada. He alsograduated with a MBA from McGill University in 1993.

Source: GE Commercial Finance ws, 2004

Michael E. Pralle

President and CEO, GE Real Estate, GE Commercial Finance



GE Real Estate President and CEORecent Work Highlights

General Electric Capital CorporationLast position held, President and CEO, GE Capital Real Estate♦

•

General Electric CompanyTitle held until 2003: President and CEO, GE Capital Real Estate♦

•

Biography

Michael E. Pralle is President and CEO of GE Real Estate, one of the industry's leading global sources for commercialreal estate capital through Structured Finance, Equity and Capital Markets products. GE Real Estate has a portfolio ofover $18 billion in assets, and is invested in more than 2,500 properties in 15 countries around the world. Prior tobecoming President of GE Real Estate Michael served as President of GE Equity, the business responsible for makingcommon equity, preferred stock, and convertible debt investments in private companies in the US, Europe and Asia. GEEquity is a global business with over $5 billion in assets invested in more than 300 companies in 25 countries around theworld. Michael served as President GE Capital Asia Pacific, where he supervised GE Capital's activities in 15 countriesacross North and Southeast Asia. He held this position from August, 1993 until March, 1996. From July, 1991 throughAugust, 1993, Michael was Vice President and General Manager of Distribution Financial Services, a $1.5 Billioncommercial automobile financing unit. He joined GE Capital in August, 1989 as Vice President Business Development onthe corporate headquarters staff responsible for M&A activities for half the GE Capital businesses. Prior to joining GE,Michael spent six years with management consultants, McKinsey and Co., working in their London and Hong Kongoffices. Michael attended Harvard University where he received his B.A. in Economics, magna cum laude, in 1978, andthe Stanford Graduate School of Business where he received his M.B.A. in 1982 and was awarded an Arthur D. LittleFellowship. Michael serves on the Board of Family Centers of Stamford and Greenwich, a non−profit community serviceorganization and has been a member of Young President's Organization since 1994.




Frederick E. (Rick) Wolfert, Age 47

President and CEO, GE Healthcare Financial Services


Heller Financial, Inc.Last position held, President, COO, and Director♦

•

Biography

Rick has 24 years of diverse financial services experience. From 1997 until October 2001, Rick served as the Presidentand Chief Operating Officer of Heller Financial, a $20 billion global commercial finance company. Prior to 1988, he helda series of senior management positions with KeyCorp and U.S. Leasing Corporation. Rick is a graduate of LouisianaState University (LSU) where he received a Bachelor's degree in Business Administration. Rick is also a graduate of theStonier Graduate School of Banking at the University of Delaware.

Source: GE Commercial Finance ws, 2004


Overview

From jet engines to TV broadcasting, plastics to power plants, General Electric (GE) is plugged in to most businesses thathave shaped the modern world. The company produces aircraft engines, locomotives and other transportation equipment,appliances (kitchen and laundry equipment), lighting, electric distribution and control equipment, generators and turbines,nuclear reactors, medical imaging equipment, and plastics. Its financial arm, which includes commercial finance,consumer finance, equipment management, and insurance businesses, accounts for nearly half of the company's sales,making GE one of the largest financial services companies in the U.S. Other operations include the NBC televisionnetwork.

CEO Jeff Immelt wants to push forward with the main initiatives of his predecessor, Jack Welch: to continue expandingGE outside the US, to build the service businesses tied to many of its products, and to do more business on the Web.

But first, Immelt will have to lead the company through a painfully slow US economic recovery. When airlines and powerproducers, for example, face tough times, so do the GE businesses that serve them.

Immelt, though, has wasted no time making sweeping changes. In a move intended to provide a clearer picture forinvestors, Immelt in 2002 divided the former GE Capital into four units −− GE Commercial Finance, GE ConsumerFinance, GE Equipment Management, and GE Insurance.

GE is also busy building an entertainment industry dynasty. In fourth quarter 2003, GE's NBC announced plans to mergewith Vivendi UNIVERSAL Entertainment, the US subsidiary of Vivendi Universal S.A. GE will own 80% of the newentity, to be named NBC Universal.

Also in 2003, GE entered into an agreement to acquire U.K.−based Amersham plc, a medical diagnostics and life sciencescompany. That same year, GE completed acquisitions of First National Bank, Allbank, and the retail sales financebusiness of Conseco. Finally, in November 2003 GE announced its intent for an initial public offering (IPO) of a newcompany, Genworth Financial, Inc., comprised of its life and mortgage insurance businesses.

The company didn't just acquire in '03, it also divested itself of numerous businesses. It sold Tokyo−based Edison Lifeand U.S. Auto and Home businesses to American International Group, its FGIC business to a group of investors includingThe PMI Group, and its ERC Life business to Scottish Re Group Limited.

To help lower operating costs and accommodate growth, GE simplified its organization in January 2004. The new GE has11 operating segments (from 13−plus). Most impacted are Advanced Materials (plastics, silicones, and quartz),Infrastructure (water, security, sensors, and Fanuc Automation), Transportation (aircraft engines and rail), Consumer andIndustrial (appliances, lighting, and industrial), Commercial Finance (it combined Commercial Finance with FleetServices, a business that was previously part of Equipment Management), and finally, Equipment and Other Services (itcombined Equipment Management with the former "All Other GECS" segments).

In early 2004, Commercial Finance acquired approximately $8.5 billion in managed assets from commercial lenderTransamerica Finance Corporation.


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History

General Electric (GE) was established in 1892 in New York, the result of a merger between Thomson−Houston andEdison General Electric. Charles Coffin was GE's first president, and Thomas Edison, who left the company in 1894, wasone of the directors.

GE's financial strength (backed by the Morgan banking house) and its research focus contributed to its initial success.Early products included such Edison legacies as lightbulbs, elevators, motors, toasters, and other appliances under the GEand Hotpoint labels. In the 1920s GE joined AT&T and Westinghouse in a radio broadcasting venture, Radio Corporationof America (RCA), but GE sold off its RCA holdings in 1930 because of an antitrust ruling.

By 1980 GE had reached $25 billion in revenues from plastics, consumer electronics, nuclear reactors, and jet engines.But it had become rigid and bureaucratic. Jack Welch became president in 1981 and shook up the company. Hedecentralized operations and adopted a strategy of pursuing only high−achieving ventures and dumping those that didn'tperform. GE shed air−conditioning (1982), housewares (1984), and semiconductors (1988), and with the proceedsacquired Employers Reinsurance (1984); RCA, including NBC (1986, but sold RCA in 1987); CGR medical equipment(1987); and investment banker Kidder, Peabody (1990).

In the early 1990s GE grew its lighting business. It bought mutual fund wholesaler GNA in 1993, and GE InvestmentManagement (now GE Financial Network) began selling mutual funds to the public.

GE sold scandal−plagued Kidder, Peabody to Paine Webber in 1994. General Electric Capital Services (GECS) expandedits lines, buying Amex Life Insurance (Aon's Union Fidelity unit) and Life Insurance Co. of Virginia in 1995 and FirstColony the next year. The company sold its struggling GEnie online service in 1996 and formed an NBC and Microsoftventure, the MSNBC cable news channel. In 1997 GE Engine Services bought aircraft engine maintenance firmsGreenwich Air Services and UNC.

GE acquired Lockheed Martin's medical imaging unit in 1997 and added to the medical systems business with the 1998purchase of Marquette Medical Systems. In 1998 GECS became the first foreign company to enter Japan's life insurancemarket when it bought assets from Toho Mutual Life Insurance and set up GE Edison Life.

In 1999 GECS bought the 53% of Montgomery Ward it didn't already own, along with the retailer's direct marketing arm,as Montgomery Ward emerged from bankruptcy. (Ward declared bankruptcy again in 2000.) In 2000 it reorganized GEInformation Systems to form an e−commerce unit, Global eXchange Services (GXS). (GE sold 90% of GXS to buyoutfirm Francisco Partners in 2002.)

Later in 2000 the company announced its biggest acquisition of the Welch era. Moving in at the last minute, GE trumpeda rival bid from United Technologies and agreed to pay $45 billion in stock for manufacturing giant HoneywellInternational and to assume $3.4 billion in Honeywell debt.

Welch, by then viewed as one of the best corporate leaders in the US, had agreed to postpone his retirement from April2001 until the end of that year in order to oversee the completion of the Honeywell acquisition. But European regulators,concerned about the potential strength of the combined GE−Honeywell aircraft−related businesses, blocked theHoneywell deal that summer. Welch then stepped down, and Jeff Immelt, formerly president and CEO of GE MedicalSystems, succeeded him in September 2001.

Also in 2001, GE Capital expanded by buying commercial lender Heller Financial for $5.3 billion. The next year formerbusiness segment GE Industrial Systems acquired electronic security company Interlogix for $777 million.



Products/Operations

General Electric has some 188 manufacturing plants located in 36 states and Puerto Rico and 250 manufacturing plantslocated in 35 other countries.

2003 Sales

$ in mil. % of total

US 80,101 60

Europe 30,505 23

Pacific Basin 13,119 10

Americas 5,854 4

Other international 4,608 3

Total 134,187 100

2003 Sales

$ in mil. % of total

Insurance 26,194 20

Commercial Finance 18,869 14

Power Systems 18,462 14

Consumer Finance 12,845 9

Aircraft Engines 10,703 8

Medical Systems 10,198 7

Industrial Products and Systems 8,396 6

Consumer Products 8,282 6

NBC 6,871 5

Plastics 5,245 4

Equipment Management 4,707 3

Specialty Materials 3,126 2

Transportation Systems 2,543 1

All other 1,664 1

Corporate items and eliminations (3,918) −

Total 134,187 100

Selected Products and Services• Financial services (consumer and specialized financial services; property and casualty insurance)•

Power systems (products for generating electricity, including gas turbines, centrifugal compressors, steamturbine−generators, and nuclear reactors)Industrial products and systems (lighting, electric distribution and controlequipment, industrial automation products, locomotives and transportation system products)Aircraft engines (jet engines,replacement parts, and service for commercial aircraft)Technical products and services (medical and network−basedinformation services)Materials (plastics, resins, silicones, laminates, and abrasives)Appliances (major householdappliances sold under the GE, Hotpoint, Monogram, Profile, and Profile Performance bands; and relatedservices)Broadcasting (National Broadcasting Company, the NBC Television Network)


Selected Subsidiaries

American Silicones, Inc.• Bently Nevada, LLC• Caribe GE International Electric Meters Corp.• Cardinal Cogen, Inc.• Datex−Ohmeda, Inc.• Elano Corporation• GEAE Technology, Inc.• GE CGR Europe• GE Drives and Controls, Inc.• GE Druck Holdings Limited• GE Electric Canada, Inc.• GE Energy Europe, BV• GE Energy Parts, Inc.• GE Energy Products, Inc.• GE Energy Services, Inc.• GE Energy Services−Dallas, LP• GE Engine Services Distribution, LLC• GE Engine Services, Inc.• GE Fanuc Automation Corporation• GE Hungary Co., Ltd.• GE Interlogix, Inc.• GE Investment, Inc.• GE Keppel Energy Services PTE, Inc.• GE Medical Global Technology Co., LLC• GE Medical Systems Information Technologies, Inc.• GE Medical Systems, Inc.• GE Packaged Power LP• GE Petrochemicals, Inc.• GE Plastic Finishing, Inc.• GE Plastics Espana, ScPa• GE Plastics Pacific PTE, Ltd.• GE Polymerland, Inc.• GE Power Systems Licensing, Inc.• GE Quartz, Inc.• GE Silicones WV, LLC• GE Superabrasives, Inc.• GE Transportation Parts, LLC• GE Transportation Services, LLC• GE Transportation Systems Global Signaling, LLC• GEA Products LP• General Electric International, Inc.• Granite Services, Inc.• National Broadcasting Company (NBC)• Nuclear Fuel Holding Co., Inc.• Nuovo Pignone Holdings S.P.A.• PII Limited• Reuter−Stokes, Inc.• Sensing Solutions, Inc.• Viceroy, Inc.• General Electric Capital Services, Inc.• General Electric Capital Corporation•


GE Global Insurance Holding Corporation•

Archived Charts

2002 Sales $ mil. % of totalInsurance 23,296 18 Power Systems 22,926 17Commercial Finance 16,040 12Aircraft Engines 11,141 9 Consumer Finance 10,266 9Industrial Products and Systems 9,755 7Technical Products and Services 9,266 7Consumer Products 8,456 6Materials 7,651 6NBC 7,149 5Equipment Management 4,254 3All Other GE Capital Services 4,331 3Eliminations and Corporate Items (2,833) (2)

Total 131,698 100

2002 Sales $ mil. % of totalUS 86,295 66Europe 24,301 18 Asia/Pacific 12,026 9 Other regions 9,076 7

Total 131,698 100

Selected Subsidiaries

Caribe GE Distribution Components, Inc. (Puerto Rico)• GE Aircraft Engine Services, Ltd. (UK)• GE Energy Parts Inc.• GE Energy Products, Inc.• GE Energy Europe, BV (Netherlands)• GE Engine Services, Inc.• GE Engine Services Distribution, LLC• GE Fanuc Automation Corporation• GE Financial Network• GE Information Services, Inc.• GE Hungary Co. Ltd.• GE Marquette Medical Systems• GE OEC Medical Systems, Inc.• GE Plastics Pacific Pte. Ltd. (Singapore)• GE Power Systems Licensing Inc.• GE Superabrasives, Inc.• GE Yokogawa Medical Systems, Ltd. (75%, Japan)• GEA Parts Ltd.• General Electric Canada, Inc.• Harmon Industries, Inc.• National Broadcasting Company, Inc.• Nuovo Pignone SpA (Italy)•

2002 Sales $ mil. % of total


US 86,295 66Europe 24,301 18 Asia/Pacific 12,026 9 Other regions 9,076 7

Total 131,698 100


Other Resources Available On Hoover's Online

News for GE (last 90 days)

Company Press Release Archive

Other Resources

Headquarters Map• SEC Filings

10−K Filings♦ •

Stock Quote• Stock Chart• Earnings Estimates• ValuEngine Analysis• Annual Report • Investor Relations • Financial Data Definitions• Market Data Definitions• Comparison Data Definitions• Historical Financials & Employees Definitions•

Related Products From Our Trusted Partners

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General Electric Co Inc Branch Report(Harris Company Reports, Aug 12, 2003, Business Reports)

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General Electric Company: Company Profile(Datamonitor, Apr 1, 2004, Business Reports)

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Quantitative Report for GE(ValuEngine, Inc., Mar 1, 2004, Business Reports)

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Entertainment En Masse: An Overview of Media Conglomerates(Hoover's, Inc., Feb 1, 2004, Business Reports)

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Aerospace Mfg Deluxe Set(Harris Industry Reports, Aug 12, 2003, Business Reports)

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New Distribution Trends for P&C and General Insurance(Gartner, Inc., Apr 14, 2003, Business Reports)

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Aerospace & Defense Parts Manufacturing: Financial Analysis Profiles(BizMiner, Dec 23, 2003, Business Reports)

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Aerospace Product and Parts Manufacturing in the US(IBISWorld, Nov 12, 2003, Business Reports)

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Additional 3rd Party Libraries

Additional Research On GE

Manufacturing Branches • Corporate Hierarchy •


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Annual Financials

All amounts in millions of US Dollars

Income Statement Dec 03 Dec 02 Dec 01

Revenue 132,890.0 130,685.0 125,679.0

Cost of Goods Sold 44,250.0 46,858.0 42,008.0

Gross Profit 88,640.0 83,827.0 83,671.0

Gross Profit Margin 66.7% 64.1% 66.6%

SG&A Expense 51,848.0 49,409.0 45,705.0

Depreciation & Amortization 6,956.0 5,998.0 7,089.0

Operating Income 29,836.0 28,420.0 30,877.0

Operating Margin 22.5% 21.7% 24.6%

Nonoperating Income 602.0 1,013.0 234.0

Nonoperating Expenses 10,432.0 10,216.0 11,062.0

Income Before Taxes 20,194.0 19,217.0 20,049.0

Income Taxes 4,315.0 3,758.0 5,573.0

Net Income After Taxes 15,879.0 15,459.0 14,476.0

Continuing Operations 15,589.0 15,133.0 14,128.0

Discontinued Operations 0.0 0.0 0.0

Total Operations 15,589.0 15,133.0 14,128.0

Total Net Income 15,002.0 14,118.0 13,684.0

Net Profit Margin 11.3% 10.8% 10.9%

Diluted EPS from Continuing Operations ($) 1.55 1.51 1.41

Diluted EPS from Discontinued Operations ($) 0.00 0.00 0.00

Diluted EPS from Total Operations ($) 1.55 1.51 1.41

Diluted EPS from Total Net Income ($)

Dividends per Share 0.76 0.72 0.64

Balance Sheet Dec 03 Dec 02 Dec 01

Assets

Current Assets

Cash 12,664.0 8,910.0 9,082.0

Net Receivables 273,359.0 253,627.0 222,044.0

Inventories 8,752.0 9,247.0 8,565.0


Other Current Assets 120,724.0 116,862.0 101,017.0

Total Current Assets 415,499.0 388,646.0 340,708.0

Net Fixed Assets 53,382.0 47,204.0 42,140.0

Other Noncurrent Assets 178,602.0 139,394.0 112,175.0

Total Assets 647,483.0 575,244.0 495,023.0

Liabilities and Shareholders' Equity Dec 03 Dec 02 Dec 01

Current Liabilities

Accounts Payable 19,824.0 18,874.0 18,158.0

Short−Term Debt 134,917.0 138,775.0 153,076.0

Other Current Liabilities 21,789.0 24,178.0 27,670.0

Total Current Liabilities 176,530.0 181,827.0 198,904.0

Long−Term Debt 170,004.0 140,632.0 79,806.0

Other Noncurrent Liabilities 203,342.0 171,089.0 147,144.0

Total Liabilities 568,303.0 511,538.0 440,199.0

Shareholders' Equity

Preferred Stock Equity 0.0 0.0 0.0

Common Stock Equity 79,180.0 63,706.0 54,824.0

Total Equity 79,180.0 63,706.0 54,824.0

Shares Outstanding (mil.) 10,063.1 9,969.9 9,925.9

Cash Flow Statement Dec 03 Dec 02 Dec 01

Net Operating Cash Flow 30,289.0 29,488.0 32,195.0

Net Investing Cash Flow (22,903.0) (61,949.0) (40,114.0)

Net Financing Cash Flow (3,632.0) 32,938.0 8,806.0

Net Change in Cash 3,754.0 477.0 887.0

Depreciation & Amortization 6,956.0 5,998.0 7,089.0

Capital Expenditures (24,174.0) (34,921.0) (27,949.0)

Cash Dividends Paid (7,643.0) (7,157.0) (6,358.0)

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia


http://www.mgfs.com

Quarterly Financials

All amounts in millions of US Dollars except per share amounts.

Income StatementQuarter

Ending Dec 03Quarter

Ending Sep 03Quarter

Ending Jun 03Quarter

Ending Mar 03Quarter

Ending Dec 02

Revenue 36,076.0 33,188.0 33,225.0 30,264.0 34,963.0

Cost of Goods Sold 13,379.0 10,548.0 10,570.0 9,753.0 12,695.0

Gross Profit 22,697.0 22,640.0 22,655.0 20,511.0 22,268.0

Gross Profit Margin 62.9% 68.2% 68.2% 67.8% 63.7%

SG&A Expense 13,028.0 13,377.0 13,183.0 12,123.0 15,259.0

Depreciation &Amortization

1,832.0 1,741.0 1,855.0 1,528.0 1,709.0

Operating Income 7,837.0 7,522.0 7,617.0 6,860.0 5,300.0

Operating Margin 21.7% 22.7% 22.9% 22.7% 15.2%

Nonoperating Income 193.0 206.0 148.0 55.0 415.0

Nonoperating Expenses 2,622.0 2,531.0 2,683.0 2,596.0 2,626.0

Income Before Taxes 5,596.0 5,197.0 5,082.0 4,319.0 3,089.0

Income Taxes 965.0 1,099.0 1,216.0 1,035.0 (89.0)

Net Income After Taxes 4,631.0 4,098.0 3,866.0 3,284.0 3,178.0

Continuing Operations 4,560.0 4,021.0 3,794.0 3,214.0 3,102.0

Discontinued Operations 0.0 0.0 0.0 0.0 0.0

Total Operations 4,560.0 4,021.0 3,794.0 3,214.0 3,102.0

Total Net Income 4,560.0 4,021.0 3,794.0 2,999.0 3,102.0

Net Profit Margin 12.6% 12.1% 11.4% 9.9% 8.9%

Diluted EPS fromContinuing Operations ($)

0.45 0.40 0.38 0.32 0.31

Diluted EPS fromDiscontinued Operations ($)

0.00 0.00 0.00 0.00 0.00

Diluted EPS from TotalOperations ($)

0.45 0.40 0.38 0.32 0.31

Diluted EPS from Total NetIncome ($)

Dividends per Share 0.19 0.19 0.19 0.19 0.18

Balance SheetQuarter

Ending Dec 03Quarter

Ending Sep 03Quarter

Ending Jun 03Quarter

Ending Mar 03Quarter

Ending Dec 02


Assets

Current Assets

Cash 12,664.0 8,321.0 6,535.0 9,499.0 8,910.0

Net Receivables 273,359.0 263,873.0 265,361.0 252,010.0 253,627.0

Inventories 8,752.0 9,047.0 9,218.0 9,198.0 9,247.0

Other Current Assets 120,724.0 119,070.0 109,430.0 121,111.0 116,862.0

Total Current Assets 415,499.0 400,311.0 390,544.0 391,818.0 388,646.0

Net Fixed Assets 53,382.0 49,196.0 50,249.0 47,430.0 47,204.0

Other Noncurrent Assets 178,602.0 177,426.0 174,064.0 144,386.0 139,394.0

Total Assets 647,483.0 626,933.0 614,857.0 583,634.0 575,244.0

Liabilities andShareholders' Equity

QuarterEnding Dec 03

QuarterEnding Sep 03

QuarterEnding Jun 03

QuarterEnding Mar 03


Current Liabilities

Accounts Payable 19,824.0 20,567.0 20,786.0 18,859.0 18,874.0

Short−Term Debt 134,917.0 127,519.0 134,203.0 129,706.0 138,775.0

Other Current Liabilities 21,789.0 22,105.0 23,037.0 23,559.0 24,178.0

Total Current Liabilities 176,530.0 170,191.0 178,026.0 172,124.0 181,827.0

Long−Term Debt 170,004.0 162,911.0 169,002.0 155,701.0 140,632.0

Other Noncurrent Liabilities 203,342.0 203,033.0 177,564.0 171,342.0 171,089.0

Total Liabilities 568,303.0 554,452.0 542,889.0 517,276.0 511,538.0

Shareholders' Equity

Preferred Stock Equity 0.0 0.0 0.0 0.0 0.0

Common Stock Equity 79,180.0 72,481.0 71,968.0 66,358.0 63,706.0

Total Equity 79,180.0 72,481.0 71,968.0 66,358.0 63,706.0

Shares Outstanding (mil.) 10,063.1 10,040.9 10,018.8 9,994.4 9,969.9

Cumulative Cash FlowStatement


QuarterEnding Sep 03

QuarterEnding Jun 03

QuarterEnding Mar 03


Net Operating Cash Flow 30,289.0 22,904.0 11,798.0 3,499.0 29,488.0

Net Investing Cash Flow (22,903.0) (16,000.0) (25,188.0) (4,462.0) (61,949.0)

Net Financing Cash Flow (3,632.0) (7,480.0) 11,631.0 1,552.0 32,938.0

Net Change in Cash 3,754.0 (576.0) (1,759.0) 589.0 477.0

Depreciation &Amortization

1,832.0 1,741.0 1,855.0 1,528.0 1,709.0


Capital Expenditures (24,174.0) (17,021.0) (12,731.0) (1,880.0) (34,921.0)

Cash Dividends Paid (7,643.0) (5,729.0) (3,821.0) (1,895.0) (7,157.0)

Data Definitions



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Historical Financials & Employees

Income Statement

YearRevenue

($ mil.)Net Income

($ mil.)Net Profit

MarginEmployees

Dec 03 132,890.0 15,002.0 11.3% 305,000

Dec 02 130,685.0 14,118.0 10.8% 315,000

Dec 01 125,679.0 13,684.0 10.9% 310,000

Dec 00 129,417.0 12,735.0 9.8% 313,000

Dec 99 110,832.0 10,717.0 9.7% 340,000

Dec 98 99,820.0 9,296.0 9.3% 293,000

Dec 97 88,540.0 8,203.0 9.3% 276,000

Dec 96 78,541.0 7,280.0 9.3% 239,000

Dec 95 69,276.0 6,573.0 9.5% 222,000

Dec 94 59,316.0 4,726.0 8.0% 221,000

Stock History

YearStock Price ($) P/E Per Share ($)

FYHigh

FYLow

FYClose

High Low Earns. Div.BookValue

Dec 03 32.4 21.3 31.0 20.9 13.7 1.5 0.8 7.9

Dec 02 41.8 21.4 24.4 27.7 14.2 1.4 0.7 6.4

Dec 01 53.5 28.5 40.1 38.0 20.2 1.4 0.6 5.5

Dec 00 60.5 41.6 47.9 47.6 32.8 1.3 0.6 5.1

Dec 99 53.1 31.3 51.5 49.6 29.3 1.1 0.5 4.3

Dec 98 34.6 23.0 34.0 37.2 24.7 0.9 0.4 4.0

Dec 97 25.5 16.0 24.4 31.1 19.5 0.8 0.3 3.5

Dec 96 17.7 11.6 16.5 24.5 16.1 0.7 0.3 3.2

Dec 95 12.2 8.3 12.0 19.0 13.0 0.6 0.3 3.0

Dec 94 9.1 7.5 8.5 19.9 16.3 0.5 0.2 2.6

2003 Year−End Financials

Debt ratio 214.7%

Return on equity 18.9%

Cash ($ mil.) 12,664.0

Current ratio 2.35

Long−term debt ($ mil.) 170,004.0


Shares Outstanding (mil.) 10,063.1

Dividend yield 2.5%

Dividend payout 49.0%

Market Cap ($ mil.) 311,755.5

Data Definitions



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Market Data

Current Information

Last Close 16−Apr−2004 $31.23 Price/Sales Ratio 2.37

52−Week High $34.57 Price/Book Ratio 3.97

52−Week Low $26.86 Price/Earnings Ratio 20.15

60−Month Beta 1.1 Price/Cash Flow Ratio 13.94

Market Cap (mil.) $314,756.8Return on Assets 2.4%

Shares Outstanding (mil.) 10,078.7 Return on Equity 19.7%

Dividend Rate 0.80 Current Ratio 2.35

Dividend Yield 2.6% Long−Term Debt/Equity 2.15

# of Institutional Holders 1,969 % Owned by Institutions 53.5%

Latest Short Interest Ratio 1.40 Latest Net Insider Transactions 20,103.00

Growth Rates 12 Month 36 Month 60 Month

Revenue Growth 1.7% 1.2% 5.5%

EPS Growth 2.7% 6.9% 11.1%

Dividend Growth 5.6% 11.5% 14.1%

Data Definitions



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Comparison Data

Profitability Company Industry 1 Market 2

Gross Profit Margin 66.70% 45.84% 48.35%

Pre−Tax Profit Margin 15.20% 10.17% 7.55%

Net Profit Margin 11.73% 7.41% 4.59%

Return on Equity 19.7% 15.1% 8.9%

Return on Assets 2.4% 3.0% 1.5%

Return on Invested Capital 6.3% 6.8% 4.2%

Valuation Company Industry 1 Market 2

Price/Sales Ratio 2.37 1.69 1.39

Price/Earnings Ratio 20.15 22.80 29.74

Price/Book Ratio 3.97 3.45 2.70

Price/Cash Flow Ratio 13.94 14.12 13.25

Operations Company Industry 1 Market 2

Days of Sales Outstanding 740.53 304.32 57.97

Inventory Turnover 4.9 5.1 7.7

Days Cost of Goods Sold in Inventory 73 70 47

Asset Turnover 0.2 0.4 0.3

Net Receivables Turnover Flow 0.5 1.2 6.4

Effective Tax Rate 21.4% 25.0% 38.4%

Financial Company Industry 1 Market 2

Current Ratio 2.35 2.03 1.43

Quick Ratio 2.3 1.8 1.0

Leverage Ratio 8.18 5.11 6.09

Total Debt/Equity 3.85 1.99 1.51

Interest Coverage 2.90 3.70 2.40

Per Share Data ($) Company Industry 1 Market 2

Revenue Per Share 13.19 22.75 20.17

Fully Diluted Earnings Per Sharefrom Total Operations

1.55 1.69 0.94

Dividends Per Share 0.76 0.72 0.43

Cash Flow Per Share 2.24 2.73 2.11

Working Capital Per Share 23.71 16.53 2.31

Long−Term Debt Per Share 16.87 13.62 11.81

Book Value Per Share 7.86 11.17 10.36


Total Assets Per Share 64.24 57.02 63.10

Growth Company Industry 1 Market 2

12−Month Revenue Growth 1.7% 3.8% 9.0%

12−Month Net Income Growth 3.0% 97.6% 174.9%

12−Month EPS Growth 2.7% 101.2% 168.6%

12−Month Dividend Growth 5.6% 14.3% 4.9%

36−Month Revenue Growth 1.2% 0.6% 3.1%

36−Month Net Income Growth 7.0% (10.4%) (5.0%)

36−Month EPS Growth 6.9% (11.2%) (5.4%)

36−Month Dividend Growth 11.5% 8.4% 2.2%1Industry: ConglomeratesIndustry classifications are from Media General Financial Services, Inc. .

2 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions



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Competitive Landscape

KEY: Best of Group. Companies listed are Top Competitors.

Key Numbers GE ALSTOM CIT Group Siemens

Annual Sales ($mil.) 132,890.0 23,264.0 4,588.8 86,467.0

Employees 305,000 109,671 5,800 417,000

Market Cap ($mil.) 314,756.8 636.6 7,630.8 66,562.6

Profitability GE ALSTOM CIT Group Siemens Industry 2 Market 3

Gross Profit Margin 66.70% −− −− 33.13% 45.84% 48.35%

Pre−Tax Profit Margin 15.20% −− 20.43% 4.96% 10.17% 7.55%

Net Profit Margin 11.73% (10.28%) 12.35% 3.60% 7.41% 4.59%

Return on Equity 19.7% −− 10.5% 10.3% 15.1% 8.9%

Return on Assets 2.4% (8.8%) 1.2% 3.3% 3.0% 1.5%

Return on Invested Capital 6.3% (78.5%) 1.9% 7.0% 6.8% 4.2%

Valuation GE ALSTOM CIT Group Siemens Industry 2 Market 3

Price/Sales Ratio 2.37 0.03 1.66 0.77 1.69 1.39

Price/Earnings Ratio 20.15 −− 13.54 21.53 22.80 29.74

Price/Book Ratio 3.97 2.97 1.41 2.19 3.45 2.70

Price/Cash Flow Ratio 13.94 −− 13.44 9.42 14.12 13.25

Operations GE ALSTOM CIT Group Siemens Industry 2 Market 3

Days of Sales Outstanding 740.53 133.54 −− 75.25 304.32 57.97

Inventory Turnover 4.9 −− −− 4.8 5.1 7.7

Days Cost of Goods Sold in Inventory 73 −− −− 76 70 47

Asset Turnover 0.2 0.9 0.1 1.0 0.4 0.3

Net Receivables Turnover Flow 0.5 2.9 −− 5.0 1.2 6.4

Effective Tax Rate 21.4% −− 38.9% 24.4% 25.0% 38.4%

Financial GE ALSTOM CIT Group Siemens Industry 2 Market 3

Current Ratio 2.35 0.81 −− 1.36 2.03 1.43

Quick Ratio 2.3 0.6 −− 0.8 1.8 1.0

Leverage Ratio 8.18 125.87 8.59 3.12 5.11 6.09

Total Debt/Equity 3.85 33.23 6.24 0.52 1.99 1.51

Interest Coverage 2.90 −− 1.70 7.60 3.70 2.40

Per Share Data ($) GE ALSTOM CIT Group Siemens Industry 2 Market 3

Revenue Per Share 13.19 81.25 21.66 97.42 22.75 20.17

Fully Diluted Earnings Per Sharefrom Total Operations

1.55 (8.65) 2.66 3.47 1.69 0.94




















Dividends Per Share 0.76 0.00 0.60 1.00 0.72 0.43

Cash Flow Per Share 2.24 −− 2.68 7.93 2.73 2.11

Working Capital Per Share 23.71 (12.64) −− 15.61 16.53 2.31

Long−Term Debt Per Share 16.87 9.88 116.54 15.85 13.62 11.81

Book Value Per Share 7.86 0.76 25.46 34.10 11.17 10.36

Total Assets Per Share 64.24 95.19 218.75 106.35 57.02 63.10

Growth GE ALSTOM CIT Group Siemens Industry 2 Market 3

12−Month Revenue Growth 1.7% 18.9% (13.0%) 9.5% 3.8% 9.0%

12−Month Net Income Growth 3.0% −− −− 31.4% 97.6% 174.9%

12−Month EPS Growth 2.7% −− −− 29.5% 101.2% 168.6%

12−Month Dividend Growth 5.6% −− −− −− 14.3% 4.9%

36−Month Revenue Growth 1.2% 6.4% −− 5.4% 0.6% 3.1%

36−Month Net Income Growth 7.0% −− −− (17.1%) (10.4%) (5.0%)

36−Month EPS Growth 6.9% −− −− (17.3%) (11.2%) (5.4%)

36−Month Dividend Growth 11.5% −− −− −− 8.4% 2.2%

1 Data unavailable.2 Industry: ConglomeratesIndustry classifications are from Media General Financial Services, Inc. .3 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions






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