General Electric : 2022 Sustainability Report

2022

SUSTAINABILITY REPORT

1. Transformative Era of Action

Building a World that Works for Tomorrow

United States

Lowering emissions with carbon capture technology

United States

World's first for the future of hybrid electric flight

Ukraine

Emergency power when and where it's most needed

Poland

Supporting Poland's decarbonization targets

Italy	Greece
New European hybrid electric	Digital twin technology for
technology demonstrator	reliable energy

Our Commitment

We build the technology that enables a more sustainable tomorrow.

Energy Transition

~30%

of the world's electricity generated with the help of GE technology

Future of Flight

3 out of 4 commercial flights powered by GE or partner1 engines

The U.S. Department of Energy awarded $5.7 million to GE Vernova to lead a carbon capture technology integration project targeting a 95% reduction of carbon emissions. The study will serve as a template for lowering carbon emissions for other 7F gas power plants worldwide.

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GE Aerospace is the first to test a megawatt-class and multi-kilovolt hybrid electric propulsion system in altitude conditions that simulate single-aisle commercial flight. It is an important step in GE's work with NASA and Boeing to develop a hybrid electric propulsion system for flight tests later this decade and for entry into service in the mid-2030s.

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GE Vernova provided crucial support to Ukraine during the ongoing war, working with the United States Agency for International Development and Tetra Tech by delivering a GE TM2500 aeroderivative gas turbine. This mobile gas generator can power over 100,000 Ukrainian homes and can be trucked to a location within weeks.

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GE's 9HA.02 heavy-duty gas turbine will power Ostroleka C combined cycle power plant in northeast Poland. The flexible and efficient natural gas fired plant will enable Poland to increase its power supply security while continuing to phase out coal and expand the deployment of renewable and nuclear energy resources.

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Avio Aero launched a new hybrid electric technology demonstration program, called AMBER, that supports efforts to make air transport more fuel efficient by reducing CO2 emissions. The program is funded by the Clean Aviation Joint Undertaking, a public- private partnership between the European Commission and the European aeronautics industry. The demonstrator will study integration of hybrid electric components with fuel cells for rig testing in the mid-2020s using Avio Aero's advanced Catalyst turboprop engine.

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GE Digital's Asset Performance Management Reliability application has been selected by the first independent energy producer in Greece, ELPEDISON S.A., to improve the reliability of its combined cycle fleet. This makes ELPEDISON the country's first energy producer to cover an entire combined cycle plant with digital twin technology.

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Global R&D

We invest in R&D to build a world that works for tomorrow:

$4.2B

in 2022

GE company-wide (inclusive of GE HealthCare), customer and partner funded.

1. CFM International is a 50-50 joint company between GE and Safran Aircraft Engines; Engine Alliance is a
   50-50 joint company between GE and Pratt & Whitney.
2. CFM International is a 50-50 joint company between GE and Safran Aircraft Engines. RISE is a registered trademark of CFM.

United States & France

CFM International RISE2 Program

As part of CFM International's Revolutionary Innovation for Sustainable Engines (RISE)2 Program, plans were announced to flight test hydrogen combustion and open fan technologies with Airbus in the mid-2020s. The CFM International RISE Program will demonstrate and mature a range of new, disruptive technologies for future engines targeting at least 20% lower fuel consumption, which translates to 20% fewer carbon dioxide (CO2) emissions compared to today's engines.

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Puerto Rico

Improving grid resiliency

GE Research, along with GE's Renewable Energy and Digital businesses, are working with the National Renewable Energy Laboratory, LUMA Energy and Sandia National Laboratories to develop and demonstrate an automated power system with sensors, software, distributed solar and storage, and other features that would enable grid operators to rapidly restore electricity following severe weather events.

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Egypt

A hydrogen first for Africa

GE Vernova successfully operated a GE LM6000 aeroderivative gas turbine on hydrogen-natural gas blended fuel at the Sharm El Sheikh Power Plant during the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 27).

In less than five months, the project overcame logistical and operational challenges-getting hydrogen to the plant and building the infrastructure

for hydrogen distribution and blending at the site-all with a commitment to safety.

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United Arab Emirates

A milestone for 100% Sustainable Aviation

Fuel

Emirates operated the first demonstration flight in the Middle East using 100% Sustainable Aviation Fuel (SAF) in one of the two GE90 engines powering a Boeing 777-300ER. The flight supported collective industry efforts to help enable a future of 100% SAF flying andhelp advance the UAE's sustainability objectives.

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China

Pumped hydro storage

Supported by four GE 300 megawatt (MW) pumped storage turbines, a new hydro power plant in Jinzhai is now online and providing

1.2 gigawatt (GW) of power. The sustainable giant energy storage system will save up to 120,000 tons of coal and reduce 240,000 tons of

CO2 emissions every year. Worldwide, more than 30% of hydro storage plants are equipped with GE technology.

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Australia

Identifying inefficiencies at 30,000 feet

Qantas Airlines, which operates Australia's largest commercial fleet, announced plans to implement GE Digital's Airspace Insight solution. By using this first-of-its-kind tool, which aggregates data from air traffic control (ATC), airlines, airports, airspace designers and communities, Qantas can better understand what is happening in their airspace from both a safety and efficiency perspective.

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FORWARD-LOOKING STATEMENTS

This report contains "forward-looking statements"- that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements, see https://www.ge.com/investor-relations/important-forward-looking-statement-information, as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements.

NON-GAAP FINANCIAL

MEASURES

In this report, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our annual reports on Form 10-K, our quarterly reports on Form 10-Q and our earnings releases.

FACING PAGE

GE's next-generation3.0-3.4 MW onshore wind turbine, designed specifically for the North America region.

COVER

Michael Whalen, Development Assembly Mechanic, Aerospace; Will Martin, Edison Engineering Development Program, GE Vernova; and Alejandra Aragon Gallegos, Leader, GE HealthCare.

Fellow Stakeholders,

the beginning of a new era for where we are unleashing our full

as three independent industry across energy, flight and health. Our

3 employees served customers in countries to drive decarbonization

through the energy transition, create a smarter and more efficient future of flight, and enable precision care. With a

commitment to embedding lean more deeply, and embracing a culture of humility, transparency and focus, we are living our purpose every day of rising to the challenge of building a

world that works.

We successfully launched GE HealthCare and are preparing for the separation of GE Vernova, our portfolio of energy businesses, and GE Aerospace sometime early in 2024. We did this while navigating inflationary pressure, geopolitical conflict and global supply chain challenges. And in the spirit

kaizen, "change to make it better," accelerated a culture of continuous

improvement that ultimately allows us to serve our customers.

2023, GE completed the planned

its healthcare business, launching GE Technologies Inc. (GE HealthCare). As of 2022, GE had ~123,000 employees

HealthCare employees who are now part company.

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WE RISE TO THE	"It all starts with our unique ability to innovate new technology
the world needs to address the most pressing sustainability		GE BY THE NUMBERS
CHALLENGE OF	challenges. By sharpening our focus on the specific missions		6
of each business, we gain more opportunity for GE Vernova to		~172,000
BUILDING A WORLD	electrify and decarbonize the world, for GE Aerospace to invent		employees served customers
the future of flight and for the newly independent GE HealthCare		reaching ~170 countries worldwide to drive
THAT WORKS	to create a world where healthcare has no limits."
H. Lawrence Culp, Jr.
		decarbonization through the energy transition and create a
	Chairman of the Board and Chief Executive Officer, GE		smarter and more efficient future of flight.
	Chief Executive Officer, GE Aerospace

In launching these three independent public companies, we are advancing our commitment to sustainability and to GE's more than 130-year legacy of lifting up the quality of life for people around the world. By sharpening our focus on the specific missions of each business, we gain more opportunity for GE Vernova to electrify and decarbonize the world,

for GE Aerospace to invent the future of flight and for the newly independent GE HealthCare to create a world where healthcare has no limits.

Ibrahima Ndiaye is helping to modernize the electrical grid at GE Research's transformer lab in Niskayuna, New York.

on those actions, including letters from Scott Strazik and myself addressing sustainability within GE Vernova and GE Aerospace, respectively.

It all starts with our unique ability to innovate new technology the world needs to address the most pressing sustainability challenges. At GE Vernova, our technology helps generate approximately 30% of the world's electricity and we have a meaningful role to help solve the trilemma of delivering more sustainable, reliable and affordable energy. We're working with customers like Kindle Energy in Louisiana to transition to hydrogen as a fuel source for power turbines traditionally powered by natural gas, and with countries like Vietnam

to improve the reliability and stability of the electrical grid to support renewable sources of energy. We're bringing the world's only 12+ megawatt wind turbine with three years of operating experience-theHaliade-X-to important new projects like the Dogger Bank offshore wind farm off the coast of England. We're deploying advanced nuclear technologies like our BWRX-300 small modular reactor, which produces

partnership with Safran, is developing a new engine architecture and advanced materials with an aim to reduce fuel consumption and CO2 emissions by more than 20% compared with today's most efficient engines. We're also working with NASA and Boeing to mature and fly a megawatt-class hybrid electric propulsion system, and announced new flight test programs for open fan and for a hydrogen combustion engine with Airbus. And our Avio Aero team will lead a European project to test a hybrid electric motor powered by hydrogen fuel cells.

GE Aerospace's Tatum Ross works on

a Passport engine in Evendale, Ohio.

The GE team is excited for the path ahead. GE HealthCare is already well along its journey, and GE Vernova and GE Aerospace will follow sometime early in 2024. I am confident that we will achieve our full potential, thanks to our people. Our teams are motivated by the respective missions of each business, precisely because they are so important to creating a sustainable future for the world.

H. LAWRENCE CULP, JR.

Chairman of the Board and Chief Executive Officer, GE Chief Executive Officer, GE Aerospace

These are important missions that will have a lasting impact on our planet. We are focused on improving our impact on our people, communities and planet. Respecting human rights around the world has long been a part of our culture of unyielding integrity and is embedded in our environmental, social and governance priorities. We know the actions we are taking today within GE Vernova and GE Aerospace support our climate and sustainability goals over the near and long term. In this report, you'll find more detailed discussions

no carbon during operation, in key markets including North America and Europe. And we're modernizing electrical grids for clean energy integration, using our GridOS®, the world's first software designed for grid orchestration.

At GE Aerospace, nearly 3 billion people flew with our technology under wing in 20224. We are continuing our efforts to support use of Sustainable Aviation Fuel (SAF), which is vital to enabling the aviation industry to meet its decarbonization goals. The revolutionary CFM RISE5 technology demonstration program, in

GE Board Member and former U.S. Secretary of Defense Ash Carter sadly passed away last fall. We miss him every day and again express our deepest sympathies to his wife and family. Ash once said to me, "I like the ethos of GE," and how GE sits on the same side of the table with customers when it comes to technology and efficient production. I couldn't agree more. We approach our work with our customers as "one team with one fight," as Ash would describe it. That has been true for more than 130 years, and we will carry that ethos into our future.

6 On January 3, 2023, GE completed the planned separation of its healthcare business, launching GE HealthCare. As of December 31, 2022, GE had ~123,000 employees

1. Including GE and its joint venture partners.
2. CFM International is a 50-50 joint company between GE and Safran Aircraft Engines. RISE is a registered trademark of CFM.

excluding GE HealthCare employees who are now part of the standalone company.

7 CFM International is a 50-50 joint company between GE and Safran Aircraft Engines; Engine Alliance is a 50-50 joint company between GE and Pratt & Whitney.

We are united by a single, urgent purpose to help electrify and decarbonize the planet: because together, we have the energy to change the world.

We have equipped
90%		Every
of the	We invent the	2 seconds
world's power
future of flight,	a GE or partner7
transmission	powered aircraft
utilities with our	lift people up	takes off.
technology.	and bring them
	home safely.

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2022: A Transformative Era of Action

As someone who has focused their career on the environment, energy, climate and sustainability for almost 30 years, I've never experienced so much consensus from governments, companies and NGOs around one common theme-action.

2022 marked a tipping point toward accelerating action. Throughout the year, we've seen three key transformations that are helping to solve some of the world's most pressing sustainability challenges. And GE's own transformation is perfectly timed and aligned to ensure success.

ROGER MARTELLA

Chief Sustainability Officer

Contents

1. CEO Letter

1. CSO Letter

1. Our Sustainability Priorities
2. United Nations Sustainable Development Goals

1. About This Report
2. Key Metrics: Our Performance and Priorities

1. GE's Commitment to the People of Ukraine

First, the relationship between governments and companies is rapidly reconfiguring toward partnership of shared goals. One key catalyst: the United States' passage of its first climate change law-the Inflation Reduction Act-is one of the most impactful energy policies in decades and is bringing the government and companies together to solve for climate change, energy security and supply chain together. Another is the European Union's RePowerEU package, which is helping address the energy market disruption caused by Russia's invasion and promote energy security while accelerating the energy transition. Importantly, this is not just a U.S. and Europe transformation. We are rapidly expanding our engagement with governments-across the Middle East, South America, Africa and Asia-to help build a clean energy supply chain across the communities in which we operate.

The work our GE Vernova team has done together to provide emergency power to Ukraine, documented on page 14, is perhaps the best example of a public-private partnership I've seen.

At GE Aerospace, we're working with the European Commission's Clean Aviation program and the U.S. Federal Aviation Administration's Continuous Lower Energy, Emissions and Noise (CLEEN) program to innovate jet engine technologies and help decarbonize the aviation industry.

Second, the urgency of electrification and energy security is creating additional incentives to act on climate change. In the last 12 months, we've seen more severe weather events threatening energy reliability, risks from cybersecurity, growing variability from renewable energy and the need to harden the grid so that other sectors can decarbonize through electrification.

All these factors have ignited a sense of urgency of acting today on both power generation and grid modernization. While doing so within the context of electrification, these investments bring equal benefits to decarbonization and climate change goals. Thus, we are increasingly seeing action that solves both climate change and the energy trilemma-growing access to more sustainable, reliable and affordable electricity for the nearly 775 million people who lack access. We launched GridOS®, the world's first grid orchestration software, which is designed to enable secure and reliable grid management while delivering the resiliency and flexibility needed by utilities worldwide.

Third, we've seen a transformation and increasingly unified global action plan for climate change. For example, countries like Egypt and the United Arab Emirates (UAE) are now putting their climate commitments front and center in their economic plans. They are aggressively pursuing climate change investments as ways to

advance their economies and inspire a new generation of diverse leaders and workforce. We were honored to work in Egypt to run a gas turbine on a hydrogen blend for the first time for the African continent in 2022, and we're prioritizing our partnership with the UAE, which I believe will emerge in 2023 as one of the world's leaders on innovating technology to decarbonize industrial and energy sectors. In addition, members of Air Transport Action Group, including GE Aerospace, previously adopted a goal of net zero CO2 emissions by 2050, confirming the aviation industry's support of the Paris Climate Agreement. We want to enable the world to

be invested both in cleaner and more affordable energy, and the economic benefits with it.

As I reflect on these transformations, I feel fortunate that GE's most significant transformation is aligning at this pivotal time.

With our announcement in 2021 to launch three companies focused on critical, growing sectors in energy, aerospace and healthcare, we used last year to the fullest-preparing each company to independently continue and build upon the legacy of GE's established ESG program, including our climate commitments and ambitions. All GE companies operate from the principle that sustainability is a business imperative and a necessary condition for long-term growth and success. That includes GE Vernova and GE Aerospace, which are, respectively, uniquely positioned to lead the energy transition and the future of flight, and GE HealthCare, which successfully completed its separation in January 2023 and will release its own sustainability report detailing and further developing its own ESG strategy and goals.

I am already a witness to how each of our three businesses are more strongly positioned to serve these three critical areas of energy, aviation and healthcare through focus. And, importantly, I'm confident in their success both for their shareholders as a business and for sustainability in innovating the solutions the world most needs to accelerate action.

2022 marked the beginning of a transformative era not only for sustainability, but also for GE. One where we are unleashing our full potential as three independent industry leaders. With a continued commitment to our sustainability priorities and innovation, and technology as our North Star, I am optimistic about the path to improve our impacts on our people, communities and planet.

ROGER MARTELLA

Chief Sustainability Officer

PART I

1. Our Innovation and Technology: Propelling GE into a New Era
2. Innovation Timeline: Tackling the World's Challenges for 130 Years

1. Innovating Solutions for the World's Most Pressing Challenges

1. Leading the Energy Transition: Electrification and Decarbonization

1. Developing the Future of Flight: Defining Flight for Today, Tomorrow and the Future

1. GE Research: Delivering Innovation to Build a More Sustainable World

PART II

1. Our Process: How GE Operates to Succeed in Our Mission
2. Board Oversight

1. Integrated Approach to Strategy, Risk and Sustainability

1. Lean Management Supporting Sustainability Priorities

1. Product Safety and Quality

1. Culture: Leading with Integrity and The Spirit & The Letter

1. Always with Unyielding Integrity: GE's Ethics & Compliance Program

1. Privacy and Cybersecurity

1. Human Capital: Investing in Our People

1. Advancing Diversity, Equity and Inclusion

PART III

1. Our Commitments: GE Respects Our People, Our Planet and Our Communities
2. Safety

1. Environment
2. Climate Change

1. Human Rights

1. Freedom of Association
2. The GE Foundation

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