General Electric : 4Q 2020 Presentation

GE 2020 fourth quarter performance

Financial results & company highlights

January 26, 2021

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS:

This document 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 that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statementsas 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. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

NON-GAAP FINANCIAL MEASURES:

In this document, 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 the appendix of this presentation, as applicable.

Our financial services business is operated by GE Capital Global Holdings, LLC (GECGH). In this document, we refer to GECGH and our financial services business as "GE Capital". We refer to the industrial businesses of the Company as GE Industrial.

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4Q & FY 2020 snapshot

GE Industrial

organic revenue

decline*

Adjusted GE Industrial

organic margin

contraction*

Adjusted EPS*

(includes impact of restructuring)

GE Industrial

free cash flow*

4Q'20		FY'20			2020 Dynamics
					• Organic top-line pressured… ~95% of order & revenue
(13.7)%		(12.9)%			declines Aviation-related
					• GE Industrial margins* of 3.4%... sequential
					improvement throughout year as more than $2B cost
(350) bps		(520) bps			actions took hold
					• Adjusted EPS* of $0.01 includes $(0.05) for
					restructuring recast
$0.08		$0.01
					• Positive GE Industrial FCF* of $0.6B… working capital
					improvement across businesses; more than $3B of
					cash actions realized
$4.4B		$0.6B
					• Momentum growing across businesses

Strong free cash flow* finish to a challenging year

* Non-GAAP Financial Measure

2

Meaningful progress against priorities

Continuing to strengthen

our businesses

• Protecting safety, serving customers & communities
• Building & empowering team with humility, transparency, focus
• Progress in operational execution driving improved results… $0.6B
  FCF* in 2020 (>$3B cash actions realized)

Solidifying our

financial position

• Strong liquidity & maintaining flexibility… $37B of cash
• De-riskingbalance sheet & pension… reduced debt $16B in
  2020, $30B since 2019
• Committed to reducing leverage over time

Driving long-term profitable growth

• Purpose … leading in energy transition, precision health, future of flight
• Lean… foundation built, scaling company-wide, driving performance & cultural change
• Focus… ruthless prioritization, unlocking upside potential with cash generation & deployment

Proud of how our team rose to the challenge… well-positioned into FY'21

* Non-GAAP Financial Measure

3

Earnings performance

($ in billions - except EPS)

	4Q'20		y/y		y/y (org.)		FY'20
Orders	$23.2	(7)%	(3)%	$72.0
Backlog	386.5	(4)%			386.5
Revenues	21.9	(16)%			79.6
- GE Industrial	20.3	(17)%	(14)%*	73.1
Adjusted GE Industrial profit*-a)	1.3	(52)%	(45)%	2.5
Adjusted GE Industrial profit margin*-a)	6.4%		(460)bps		(350)bps	3.4%
GAAP Continuing EPS	0.27		F			0.59
Adjusted EPS*	0.08	(60)%			0.01
Adjusted EPS* excluding restructuring-c)	0.10	(52)%			0.06

4Q'20 EPS walk

GAAP Continuing EPS

$0.27

Less: MTM & Gains

0.27

Less: Restructuring & other-b)

(0.03)

Less: Non-op. pension & other benefits (0.05)

Adjusted EPS*

$0.08

Improving results while managing through market volatility… actions taking hold

* Non-GAAP Financial Measure

(a - Excludes interest & other financial charges, non-operating benefit costs, gains (losses), restructuring & other, Steam asset impairment, and goodwill impairments4 (b - Includes legal reserves associated with the SEC investigation, debt extinguishment cost & BP related tax benefit

(c - Excluding $0.2B of after tax restructuring programs spend that are now included in segment profit and adjusted EPS

Industrial free cash flow*

($ in billions)

	4Q'20	y/y	FY'20	y/y
					•
Net earnings (loss)-a)	2.5	1.9	6.9	6.4
Goodwill impairments	-	(0.0)	0.9	(0.6)
Depreciation & amortization	0.8	(0.1)	3.5	(0.1)	•
Operating working capital-b)	3.4	1.3	(0.5)	2.0
Current receivables	(0.4)	1.1	(0.6)	3.3
Inventory	1.6	0.6	1.2	2.5	•
Accounts payable	0.5	0.2	(2.6)	(2.9)
Progress collections	1.0	(0.6)	(0.2)	(1.7)
Current contract assets	0.8	0.1	1.6	0.7
Other CFOA-c)	(2.0)	(3.1)	(8.4)	(10.2)
Gross CAPEX-d)	(0.3)	0.4	(1.7)	0.8
GE Industrial FCF*	4.4	0.5	0.6	(1.7)

4Q'20 commentary

Positive FCF* across all businesses… sequential improvement in earnings & working capital; +$0.9B y/y ex BioPharma

Healthcare earnings growth a highlight; earnings include non-cash items, offset in Other CFOA (primarily BKR MTM)

Revised definition of working capital to better align financials to operations:

• Receivables a use… billings on seasonal volume & reduced factoring
• Significant inventory release across all businesses, notably in Renewables & Aviation
• Progress inflow on large orders in Renewables… continued demand in Onshore Wind

4Q'20 GE Industrial FCF* results better y/y despite Aviation & BioPharma disposition headwinds

* Non-GAAP Financial Measure
(a - Aggregates the following: Net earnings (loss) and (earnings) loss from discontinued operations
(b - Aggregates the following: current receivables, inventory (including deferred inventory), accounts payable (& equipment project accruals), progress collections & deferred income, current contract assets	5
(c - Aggregates the following: (Gains) losses on sales of business interests, (Gains) losses on equity securities, principal pension plans (net), other post retirement benefit plans (net), income taxes (net), and all other operating
activities; excludes deal taxes and GE Pension Plan contributions
(d - Includes additions to property, plant & equipment (PP&E) and internal use software

4Q'20 Industrial segments results

($ in billions)

		Aviation		Healthcare			Power		Renewable Energy
					y/y				y/y			y/y			y/y
	$ / %		y/y	(org.)*	$ / %	y/y	(org.)*	$ / %	y/y	(org.)*	$ / %	y/y	(org.)*
Orders	$6.3		(41)%		(40)%	$5.0	(15)%		1%	$5.6	26%	27%	$6.3	34%	32%
Revenue	$5.8		(35)%		(34)%	$4.8	(11)%		6%	$5.4	-%	(1)%	$4.4	(6)%	(7)%
Segment	$0.6		(73)%		(72)%	$0.9	(17)%		27%	$0.3	3%	6%	$(0.1)	62%	63%
profit
Segment	9.6%		(1,340)bps	(1,360)bps	19.7%	(140)bps		310bps	5.7%	20bps	40bps	(2.0)%	280bps	290bps
margin

Momentum growing across our businesses … Aviation still hardest hit

* Non-GAAP Financial Measure: organic segment revenue, organic segment profit, and organic segment margin in columns labeled y/y (org.)

6

4Q'20 GE Capital & Corporate results

($ in billions)

GE Capital	Corporate

	$	y/y /
		sequential
Adjusted continuing	$(0.0)	U
earnings*-a)
	y/y
GE Capital cash-b)	$13.4	$(0.7)
		sequential
Assets	$103.0	$1.2
(ex-liquidity)*
	sequential

• Adjusted earnings* down y/y: lower gains and higher taxes partially offset by lower marks & impairments
• GECAS earnings $120M, down y/y primarily due to sale of PK platform in prior year; $50M-d) FY'20 ex Goodwill impairment despite COVID-19 challenges

	$	y/y
Functions & Operations	$(0.3)	5%
EH&S-c) and other items
$(0.1)	20%
Eliminations	$(0.0)	89%
Adjusted Corporate costs*	$(0.4)	23%

• Adjusted Corporate costs* better driven by continued functional cost-out & GE Digital progress
• Corporate headcount down ~(13)% in FY'20
• Accelerating decentralization across the organization

GE Capital pressured by end markets ...	continuing to streamline Corporate
* Non-GAAP Financial Measure
(a - Excludes legal reserves associated with the SEC investigation, debt extinguishment cost & BP related tax benefit
(b - Excludes $0.5B of discontinued operations cash and $0.5B of insurance cash.	7
(c - Environmental, Health, and Safety
(d - GECAS 2020 Net Income ($786)M excluding Goodwill charge $836M after-tax

Liquidity and de-leveraging update

($ in billions)

Liquidity

		4Q'20
GE Industrial cash	$23.2
GE Capital cash -a)	$13.4
Consolidated cash
$36.6

• Reduced liquidity needs $10.5B through '24
• Continue to improve cash operating processes
• Expect Industrial go-forward cash needs to be lower, reducing intra-quarter borrowing by $3.6B y/y
• Continue to hold elevated cash through this period of uncertainty

	GE Capital	Debt		GE Industrial
	Borrowings			Borrowings
$66	$59
	$52
		$40
			$33
					$24
'18	'19	'20	'18	'19	'20
Pension / Preferred / Op Lease	28	28	26
Cash at 75%		(12)	(13)	(17)

GE Industrial Net Debt*-b)

$55

$48

$32

• Debt reduced by $16B in '20… $30B since the beginning of '19, down 28%
• GE Industrial net debt* reduced $16B in '20… $23B since the beginning of '19, down 41%
• Actively de-risking the pension… pre-funded $2.5B to cover through 2023-c)

Significant progress in FY'20 on improving our financial position

* Non-GAAP Financial Measure
(a - Excludes $0.5B of discontinued operations cash and $0.5B of insurance cash.
(b - Includes GE Industrial borrowings, pension, preferred stock, operating leases offset by 75% cash	8
(c - GE Pension Plan ERISA funding requirement based on current assumptions

2021 overview

Revenues			Margins
LSD		250+ bps expansion
(GE Industrial organic*)		(Adjusted GE Industrial
			organic margin*)

Free cash flow*			EPS
$2.5B to $4.5B		$0.15 - $0.25
(GE Industrial FCF*)			(Adjusted EPS*)

Outlook assumptions

• Aviation market recovery beginning 2H… top line flat to up
• Gas continues to play important role in the energy transition… services growth, selective equipment deals
• Renewable market growth… expand international & services in Onshore, ramp up Offshore, optimize cost base
• Attractive Healthcare market with scans at pre-COVID levels… invest in Healthcare systems growth, PDx recovery
• FCF* performance driven by earnings growth & working capital, offsetting headwinds from '20 non-repeats

Key variables

• Aviation market recovery, timing of aircraft deliveries
• Renewable Energy operational execution, working capital
• Healthcare market recovery & growth
• Restructuring timing & execution

Positive trajectory in 2021, though still challenged by Aviation

* Non-GAAP Financial Measure

9

Wrap-up

Strong free cash flow* finish to a challenging year

Momentum growing across businesses

Delivering value for the long-term

• Sustaining lean efforts will drive performance improvements and cultural change
• Purpose… leadership positions in energy transition, precision health, future of flight
• Leading to HSD free cash flow* margin over time… unlocking upside potential with cash generation/deployment, profit, growth

Strengthening GE for the long-term

* Non-GAAP Financial Measure

10

Q&A

Appendix - supplemental information

1. GE Industrial free cash flow* by segment
2. Aviation & GECAS update: what we're seeing & doing
3. 2020 Earnings performance
4. Supplemental Information - Industrials Orders & backlog by segment
5. Supplemental Information - Industrial Equipment/Service revenue by segment
6. Supplemental Information - Units summary - orders & sales
7. Liquidity update
8. Maturity profile
9. Debt walk - 4Q'19 - 4Q'20
10. Supplemental Information - GE Capital segment results & assets

1. GECAS supplemental information
2. Financial reporting presentation updates
3. GE segment profit margin excluding restructuring expense
4. GE Industrial restructuring and other expense and cash
5. Balance sheet presentation - assets
6. Balance sheet presentation - liabilities
7. Balance sheet as of December 31, 2020
8. Changes to Statement of Cash Flows presentation
9. Statement of Earnings - Changes in presentation
10. 2020 Industrial Earnings
11. 2020 GE Industrial free cash flow* details
12. 2020 Industrial segments results

* Non-GAAP Financial Measure

GE Industrial free cash flow* by segment

($ in billions)

	2019	2020		y/y	2021
GE Industrial	2.3	0.6	(1.7)		2.5 to 4.5
Aviation	4.4	(0.0)	(4.4)	Up, partial recovery
Healthcare	2.5	2.9	0.3
Healthcare, ex. BP	1.2	2.6	1.3	Flat to slightly up
							~Flat
Power	(1.5)	0.0	1.5	(GP up & PP down)
Renewable Energy	(1.0)	(0.6)	0.3	Up & positive
Corporate	(2.1)	(1.6)	0.5		Steady with
some improvement

* Non-GAAP Financial Measure

13

Aviation & GECAS update: what we're seeing & doing

End market dynamics: departures-a)

Aviation-b)

GECAS

125	GE/CFM departures
	~(48)% compared to
100	weekly baseline
75
50
25

0

	1Q'20	2Q'20		3Q'20	4Q'20	Jan
		GE/CFM engines		Domestic departures			Int'l departures

• ~26% of GE/CFM fleet parked-c)
• Freight up ~14% vs. baseline-d)
• China now ~(26)% decline, Americas ~(39)% & Europe ~(75)% vs. baseline-d)

• Commercial Engines: installs and spares ~(30-40)%y/y; aligned to airframer production rates; managing MAX RTS
• Commercial Aftermarket: shop visits trend ~(45)% y/y and flat q/q; CSA billings ~(35)%
• Military: demand remains strong - supply chain execution impacted '20 growth
• $1B+ cost / $2B+ cash actions realized:
  ~25% workforce reduction in '20; further cost actions underway in '21
• Watching: 1) travel restrictions, 2) carrier and passenger behavior, 3) case trends, vaccine distribution/impact, 4) freight

• Current trending:

1. ~$0.4B deferral balance as of year end… customers paying with ~84% of invoices collected

1. Continue to restructure credit risk customers & maintain economics

• 1. 27 AOG… primarily driven by repossessions
• Reduced skyline, pursuing secondary volume deals
• Regulatory approval of PIMCO JV in 4Q supports additional off-book capacity

Demand remains challenged… planning for roughly flat market through the first half of '21 and acceleration thereafter

(a - Normalized rolling 7-day avg global departures vs. baseline global departures (baseline = avg of Jan 21-27 of 2020) (b - 1Q trending as of January

(c - as of January 21st

14

(d - Normalized rolling 7-day avg through January 23rd (baseline = avg of Jan 21-27 of 2020)

2020 Earnings performance

($ in billions - except EPS)

		2020		y/y		y/y (org.)
Orders	$72.0	(20)%	(17)%
Backlog	386.5	(4)%
Revenues	79.6	(16)%
- GE Industrial	73.1	(17)%	(13)%*
Adjusted GE Industrial profit*-a)	2.5	(70)%	(65)%
Adjusted GE Industrial profit margin*-a)	3.4%		(610)bps		(520)bps
GAAP Continuing EPS	0.59		F
Adjusted EPS*	0.01	(98)%
Adjusted EPS* excluding restructuring-c)	0.06	(91)%

	2020 EPS walk
GAAP Continuing EPS	$0.59
Less: MTM & Gains	1.13
Less: Restructuring & other-b)	(0.10)
Less: Non-op. pension & other benefits	(0.22)
Less: Goodwill impairment & related	(0.20)
Less: Steam asset impairment	(0.04)
Adjusted EPS*	$0.01

* Non-GAAP Financial Measure

(a - Excludes interest & other financial charges, non-operating benefit costs, gains (losses), restructuring & other, Steam asset impairment, and goodwill impairments

(b - Includes legal reserves associated with the SEC investigation, debt extinguishment cost & BP related tax benefit15 (c - Excluding $0.4B of after tax restructuring programs spend that are now included in segment profit and adjusted EPS

Supplemental information

($ in billions)

Orders by segment	4Q'20	y/y		y/y (org.)	2020		y/y	y/y (org.)
	$4.7
Gas Power	46%		47%			$12.2	(2)%	(2)%
Portfolio Power	0.9	(27)%		(27)%			3.8	(14)%	(11)%
Power	5.6	26%		27%			16.0	(5)%	(4)%
Renewable Energy	6.3	34%		32%			16.3	(3)%	(3)%
Aviation	6.3	(41)%		(40)%			21.6	(41)%	(41)%
Healthcare	5.0	(15)%		1%			18.6	(12)%	1%
GE Industrial	$23.2	(7)%		(3)%			$72.0	(20)%	(17)%
Backlog by segment			4Q'20		y/y
Power	$79.6	(7)%
Renewable Energy	30.0	9%
Aviation	260.4	(5)%
Healthcare	17.1	(7)%
GE Industrial	$386.5	(4)%

*Note: GE Industrial orders and backlog include Digital orders and backlog as well as eliminations between Industrial Segments. As a result, the sum of the segments may not add to the total.	16

Supplemental information

($ in billions)			Equipment revenue					Service revenue
				y/y		y/y					y/y				y/y
		4Q'20	(org.)*	2020	(org.)*		4Q'20		(org.)*	2020		(org.)*
	Gas Power	$1.4		12%	$4.7	17%	$2.4	(10)%	7.9		(12)%
	Power	$0.8		28%	$2.0	(8)%	$0.8	(11)%	$2.9		(8)%
	Portfolio
	Power	2.1		18%	6.7	8%	3.3	(10)%	10.9		(11)%
	Renewable	$3.8		(1)%	$12.9	7%	$0.7	(32)%	$2.8		(8)%
	Energy
	Aviation	$2.3		(31)%	$8.6	(31)%	$3.5	(36)%	$13.5		(33)%
	Healthcare	$2.7		10%	$10.0	8%	$2.1	2%	$8.0		(1)%
	GE Industrial	$10.7		(5)%	$37.6	(5)%		$9.6		(22)%	$35.5		(20)%

* Non-GAAP Financial Measure

17

Supplemental information

(in units unless otherwise noted)

Power

• GE Gas Turbines
• Heavy-DutyGas Turbines-a)
• HA-Turbines-b)
• Aeroderivative-a)
• GE Gas Turbine Gigawatts-c)
  Renewable Energy
• Wind Turbines-f)
• Wind Turbine Megawatts-c), -f)
• Repower Upgrades

Aviation

• Commercial Engines
• LEAP Engines-d)
• Military Engines

Orders
4Q'20	2020
			Power
36	68		-	GE Gas Turbine
34	57		-	Heavy-Duty Gas Turbine-a)
15	20		-	HA-Turbine-b)
2	11		-	Aeroderivative-a)
9	15
			Renewable Energy
1,266	3,602		-	Wind Turbines-f)
4,915	12,666		-	Wind Turbine Megawatts-c) -f)
305	504		-	Repower Upgrades
			Aviation
387	678		-	Commercial engines
305	351		-	LEAP Engines-d)
172	1,023		-	Military Engines
			- Spares rate-e) ($ in millions)

Sales

4Q'202020

28	71
22	51

1. 21

1. 20

1,013 3,744

3,066 10,836

146 1,022

366 1,487

1. 815

1. 683

$17.5 $18.0

(a - Heavy-Duty Gas Turbines and Aeroderivatives are subsets of GE Gas Turbines (b - HA-Turbines are a subset of Heavy-Duty Gas Turbines

(c - Gigawatts / Megawatts reported associated with financial orders in the periods presented (d - LEAP engines are a subset of commercial engines

(e - Commercial externally shipped spares and spares used in time & material shop visits in millions of dollars per day (f - Includes Onshore and Offshore units

18

Liquidity update

($ in billions)

GE Industrial cash balance walk

Industrial cash beginning balance - 3Q'20

GE Industrial FCF*

Pension pre-funding

Intercompany debt repayment

Capital contribution to GE Capital

All Other (includes BKR proceeds of $0.4B)

Industrial cash ending balance - 4Q'20

$24.3

4.4

(2.5)

(1.5)

(2.0)

0.6

$23.2

GE Capital cash balance walk

Capital cash beginning balance - 3Q'20 -a)

Business operations / other

Contractual debt maturities

Debt tender

Intercompany debt repayment

Capital contribution from GE Industrial

Capital cash ending balance - 4Q'20 -a)

$14.1

0.7

(2.8)

(2.2)

1.5

2.0

$13.4

* Non-GAAP Financial Measure
(a - Excludes discontinued operations cash and Insurance cash of $1.2B in 3Q'20 and $1.0B in 4Q'20.	19

Maturity profile

($ in billions)

GE Industrial

$19.2B long term debt maturities

outstanding as of December 31, 2020-a)

9.6

	1.9			2.4		2.1		1.8
	0.9
		0.4
2021	2022	2023	2024	2025	2026	2027	2028	2029 '30-'50

GE Capital

$50.9B long term debt maturities

outstanding as of December 31, 2020-a)

3.7

32.1

2.7	2.9	3.7		3.6		2.1
			1.7
			1.0		0.8	0.3
2021	2022	2023	2024	2025	2026	2027	2028	2029 '30-'55

(a - Principal amount outstanding on publicly traded long term debt

20

Debt walk - 4Q'19 to 4Q'20-a)

($ in billions)

GE Industrial

GE Capital

Beginning balance - 1/1/20

Debt issuance

Intercompany debt repayment

Debt tender

Commercial paper reduction

Other

Ending balance 4Q'20

$32.9

7.5 $6 in April, $1.5 in June

(9.0)	$6 in April (w/ BP proceeds), $1.5 June,
	$1.5 in December
(4.2)	'20 - '24 maturities
(3.0)
(0.6)	Other borrowings $(0.8), Maturity
	$(0.3), FX $0.6
$23.5

Beginning balance - 1/1/20	$59.0
Debt issuance	6.0	$4.5B in May; $1.5B in June
Intercompany debt repayment	9.0	$6 in April (w/ BP proceeds),
		$1.5 June, $1.5 in December
Debt tender	(11.9)	$5.4B April, $4.4B May, $2.2B
		December
Contractual debt maturities	(10.5)
Other	0.5	MTM $1.4, Alt Funding (1.3),
Ending balance 4Q'20		FX/Other $0.4
$52.1
Variance	$(6.9)

Variance

$(9.4)

4Q activity: Intercompany debt repayment $(1.5B)

4Q activity: $(2.8B) contractual debt maturities; $(2.2B) debt tender, $1.5B intercompany loan and $0.4B alternative funding

(a - Consolidated debt of $90.9B in 4Q'19 and $75.1 in 4Q'20, after intercompany eliminations of $(1.0)B at 4Q'19 and $(0.6B) in 4Q'20.

21

Supplemental information

GE Capital segment results ($ in millions)

	4Q'20	y/y	2020		y/y
GECAS	$120	(44)%	$(786)		U
EFS	39	F	52	(57)%
WCS	15	(50)%	66	(72)%
Insurance	112	69%	189		F
Other continuing	(438)	(73)%	(1,232)	6%
Continuing earnings	$(151)	U	$(1,710)		U
Less: goodwill impairment	-	-%	(836)		U
Less: Insurance LRT	-	-%	-		F
Less: debt extinguishment	(75)	U	(194)		U
Less: tax adjustments	47	F	145	46%
Less: SEC charge	(100)	U	(100)		U
Adjusted continuing	$(24)	U	$(724)		U
earnings*

GE Capital segment assets ($ in billions)

	4Q'20	3Q'20		Seq.
GECAS	$35.9	$35.8	0%
EFS	2.4	1.6	47%
WCS	5.9	6.8	(13)%
Insurance	50.8	50.0	2%
Other continuing	18.6	18.7	(1)%
Total segment assets	$113.5	$112.9	1%
Plus: assets of discontinued	3.4	3.4	(1)%
operations
Less: discontinued operations	0.5	0.5	3%
cash
Less: GE Capital cash	13.4	14.1	(5)%
Assets ex-liquidity*
$103.0	$101.7	1%

* Non-GAAP Financial Measure	22

	GECAS supplemental information
	($ in billions)			Loans and leases
Collateral type	4Q'20			3Q'20		4Q'19
		Narrow-body aircraft	$14.1		$13.9			$14.0
		Wide-body aircraft	6.0		6.3			6.8
		Cargo	1.6		1.6			1.4
		Regional jets	1.4		1.5			1.7
		Helicopters	5.0		4.9			5.0
		Engines	3.7		3.7			3.4
		Total by collateral type-a)	$31.9		$31.8		$32.2
Airline region
		U.S.	$7.6		$7.7			$6.8
		Europe	5.6		5.8			6.1
		Pacific Basin	6.6		6.5			6.5
		Americas	2.7		2.6			3.0
		Other	4.4		4.2			4.8
	Total by airline region-b)	$26.9		$26.9		$27.2
Aircraft vintage profile
		0 - 5 years	$11.7	$11.3			$11.4
		6 - 10 years	2.9	3.2			3.3
		11 - 15 years	4.2	4.4			5.0
		15+ years	3.9	4.0			3.8
	Total by aircraft vintage profile-c)	$22.7		$22.8		$23.5

(a - Includes loans and financing leases of $2.7 billion, $2.7 billion and $2.8 billion (less non-aircraft loans and financing leases of $0.0 billion, $0.0 billion and $0.0 billion) and ELTO of

$29.2 billion, $29.1 billion and $29.4 billion at December 31, 2020, September 30, 2020, and December 31, 2019 respectively, related to commercial aircraft at GECAS23 (b - Excludes helicopters

(c - Includes aircraft owned by GECAS and leased to others; excludes engines, loans and helicopters

Financial reporting presentation updates

As part of our continued efforts to align our financial statements with the way we operate the company, and for improved comparability with peers and best practices, we voluntarily elected to implement the below-referenced financial reporting changes. These changes are reflected in all periods presented in our presentation today and will be reflected in our 2020 10-K. A summary of these changes is enclosed in today's appendix.

• Changed our presentation of GE Industrial restructuring program costs | To drive increased visibility and accountability for restructuring expense in our businesses, we now include this in our segment profit and adjusted EPS, except for significant, higher-costprograms that continue to be recorded within Corporate Items and Eliminations. This change better aligns our restructuring expense with our cash spend at the segments, driving accountability in both managing costs and benefits. See pages 25-26.
• Classification of Statement of Financial Position (current and non-current) and revised working capital definition | To drive increased transparency to operational drivers for near- and long-termcash needs and enhanced linkage to Free Cash Flow metrics. See pages 27-30.
• Presentation of research and development (R&D) expenses separately as part of costs and expenses in our consolidated Statement of Earnings (Loss) | Provides increased transparency to R&D spend and trends as part of our total investment in innovation. See page 31.
• Ceased reporting GE Capital as an equity method investment within the GE Industrial column of our financial statements | The GE Industrial column now contains only the earnings and cash flows of GE Industrial. This change has no impact on the GE Capital or Consolidated columns. All commercial transactions between GE Industrial and GE Capital continue to be reported on arms-lengthterms and are eliminated upon consolidation. See page 31.

24

Non-GAAP reconciliation: GE segment profit margin excluding restructuring expense

(Dollars in millions)			Power				Renewable Energy			Aviation					Healthcare					Corporate				GE Industrial
		2020		2019		2018		2020		2019		2018		2020		2019		2018		2020		2019		2018		2020		2019		2018		2020		2019		2018
Total revenues (GAAP)	$	17,589	$	18,625	$	22,150	$	15,666	$	15,337	$	14,288	$	22,042	$ 32,875	$	30,566	$	18,009	$ 19,942	$	19,784	$	(932)	$	(305)	$	673	$	73,100	$	87,719	$	89,038
Profit (GAAP)	$	274	$	291	$	(1,105)	$	(715)	$	(791)	$	140	$	1,229	$	6,812	$	6,454	$	3,060	$	3,737	$	3,522	$	(1,328)	$ (1,736)	$	(1,514)	$	2,520	$	8,313	$	7,496
Less: restructuring expense		(16)		(94)		(297)		(200)		(125)		(152)		(26)		(8)		(12)		(134)		(159)		(176)		(172)		(43)		(260)		(549)		(430)		(896)
Profit excluding restructuring expense	$	290	$	386	$	(808)	$	(515)	$	(666)	$	292	$	1,255	$	6,820	$	6,466	$	3,194	$	3,896	$	3,698	$	(1,155)	$ (1,693)	$	(1,255)	$	3,069	$	8,743	$	8,392
(Non-GAAP)
Profit margin (GAAP)		1.6%		1.6%		(5.0%)		(4.6%)		(5.2%)		1.0%		5.6%		20.7%		21.1%		17.0%		18.7%		17.8%								3.4%		9.5%		8.4%
Profit margin excluding restructuring		1.6%		2.1%		(3.6%)		(3.3%)		(4.3%)		2.0%		5.7%		20.7%		21.2%		17.7%		19.5%		18.7%								4.2%		10.0%		9.4%
expense (Non-GAAP)
(Dollars in millions)			Power				Renewable Energy			Aviation					Healthcare					Corporate				GE Industrial
		4Q'20		4Q'19		4Q'18		4Q'20		4Q'19		4Q'18		4Q'20		4Q'19		4Q'18		4Q'20		4Q'19		4Q'18		4Q'20		4Q'19		4Q'18		4Q'20		4Q'19		4Q'18
Total revenues (GAAP)	$	5,383	$	5,401	$	5,381	$	4,442	$	4,747	$	4,646	$	5,847	$	8,936	$	8,456	$	4,823	$	5,402	$	5,398	$	(362)	$	(343)	$	142	$	20,271	$	24,460	$	24,437
Profit (GAAP)	$	306	$	297	$	(920)	$	(87)	$	(227)	$	(37)	$	564	$	2,054	$	1,721	$	949	$	1,138	$	1,140	$	(443)	$	(573)	$	(377)	$	1,289	$	2,689	$	1,527
Less: restructuring expense		(3)		(5)		(134)		(65)		(30)		(16)		(10)		(2)		(1)		(34)		(45)		(36)		(93)		3		(38)		(204)		(78)		(226)
Profit excluding restructuring expense	$	309	$	302	$	(786)	$	(22)	$	(197)	$	(21)	$	574	$	2,056	$	1,723	$	983	$	1,183	$	1,176	$	(350)	$	(577)	$	(339)	$	1,493	$	2,767	$	1,753
(Non-GAAP)
Profit margin (GAAP)		5.7%		5.5%		(17.1%)		(2.0%)		(4.8%)		(0.8%)		9.6%		23.0%		20.4%		19.7%		21.1%		21.1%								6.4%		11.0%		6.2%
Profit margin excluding restructuring		5.7%		5.6%		(14.6%)		(0.5%)		(4.1%)		(0.5%)		9.8%		23.0%		20.4%		20.4%		21.9%		21.8%								7.4%		11.3%		7.2%
expense (Non-GAAP)

* Non-GAAP Financial Measure

25

GE Industrial restructuring and other expense and cash

(Dollars in millions)		1Q'20		1Q'19		V$		2Q'20		2Q'19		V$		3Q'20		3Q'19		V$		4Q'20		4Q'19		V$		2020		2019		V$
Power	$	26	$	17	$	9	$	85	$	105	$	(20)	$	20	$	21	$	(1)	$	75	$	227	$	(152)	$	206	$	371	$	(165)
Renewable Energy		25		30		(5)		56		37		19		56		35		21		66		55		11		202		157		45
Aviation		68		1		67		176		3		173		65		2		63		87		2		85		397		8		389
Healthcare		30		49		(19)		44		27		17		27		39		(12)		34		45		(11)		134		159		(25)
Corporate		33		132		(99)		54		120		(66)		46		55		(9)		91		29		62		224		336		(112)
GE Industrial restructuring expense(a)	$	181	$	230	$	(49)	$	415	$	291	$	124	$	214	$	152	$	62	$	353	$	357	$	(4)	$	1,163	$	1,031	$	132
Other expense		27		28		(1)		19		53		(34)		12		170		(158)		9		34		(25)		66		285		(219)
GE Industrial restructuring and other	$	207	$	258	$	(51)	$	433	$	345	$	88	$	226	$	322	$	(96)	$	362	$	391	$	(29)	$	1,229	$	1,315	$	(86)
expense
GE Industrial restructuring and other	$	198	$	266	$	(68)	$	320	$	348	$	(28)	$	316	$	240	$	76	$	311	$	303	$	8	$	1,146	$	1,157	$	(11)
cash(b)
(Dollars in millions)		1Q'19		1Q'18		V$		2Q'19		2Q'18		V$		3Q'19		3Q'18		V$		4Q'19		4Q'18		V$		2019		2018		V$
Power	$	17	$	82	$	(65)	$	105	$	63	$	42	$	21	$	258	$	(237)	$	227	$	140	$	87	$	371	$	544	$	(173)
Renewable Energy		30		25		5		37		76		(39)		35		88		(53)		55		20		35		157		209		(52)
Aviation		1		6		(5)		3		3		-		2		1		1		2		1		1		8		12		(4)
Healthcare		49		62		(13)		27		42		(15)		39		37		2		45		36		9		159		176		(17)
Corporate		132		79		53		120		114		6		55		164		(109)		29		285		(256)		336		641		(305)
GE Industrial restructuring expense(a)	$	230	$	253	$	(23)	$	291	$	298	$	(7)	$	152	$	548	$	(396)	$	357	$	481	$	(124)	$	1,031	$	1,581	$	(550)
Other expense		28		131		(103)		53		170		(117)		170		942		(772)		34		128		(94)		285		1,371		(1,086)
GE Industrial restructuring and other	$	258	$	384	$	(126)	$	345	$	468	$	(123)	$	322	$	1,491	$ (1,169)	$	391	$	609	$	(218)	$	1,315	$	2,952	$	(1,637)
expense
GE Industrial restructuring and other	$	266	$	339	$	(73)	$	348	$	258	$	90	$	240	$	378	$	(138)	$	303	$	500	$	(197)	$	1,157	$	1,474	$	(317)
cash(b)

(a - expense amounts shown reflect total restructuring expense	26
(b - cash amounts shown recorded in segment CFOA (GAAP) and Other expense cash recorded in Corporate

Statement of Financial Position presentation - assets

(December 31, 2019 as presented in 3Q'20 10-Q; $ in million)

	Prior presentation	Current presentation
				GE
	Consolidated	GE	GE Capital Classification	Consolidated Industrial GE Capital

Cash, cash equivalents & restricted cash	$36,394	$17,613	$18,781	Current
Investment securities	48,521	10,008	38,514	Split	1)
Current receivables	16,769	13,883	-	Current
Financing receivables - net	3,134	-	6,979	Split	2)
Inventories	14,104	14,104	-	Current
Other GE Capital receivables	7,144	-	11,767	Split
Property, plant and equipment - net	46,186	17,447	29,886	Non-current
Receivable from GE Capital	-	19,142	-	Split
Investment in GE Capital	-	15,299	-	Ceased	4)
Goodwill	26,734	25,895	839	Non-current
Other intangible assets - net	10,653	10,461	192	Non-current
Contract and other deferred assets	16,801	16,833	-	Split	3)
All other assets	16,461	8,399	8,648	Split
Deferred income taxes	9,889	8,189	1,700	Non-current
Assets of businesses held for sale	9,149	8,626	241	Current
Assets of discontinued operations	4,109	202	3,907	Non-current
Total assets	$266,048	$186,100	$121,454

1. Investment in Baker Hughes current; Investments in GE Capital insurance business non-current
2. Loan receivables current and lease receivables non-current
3. Long-termservices agreements, Short-term & other services agreements and equipment contract current; Non-recurring engineering and customer advances and other non-current
4. Ceased reporting GE Capital as an equity method investment within the GE Industrial column
5. Reclassified cash in GE Capital insurance entities of $583 million to All other assets

Cash, cash equivalents & restricted cash 5)	$35,811	$17,613	$18,198
Investment securities	9,888	9,888	-
Current receivables	16,568	13,682	-
Financing receivables - net	1,077	-	4,922
Inventories, incl. deferred inventory costs 6)	17,215	17,215	-
Other GE Capital receivables	2,635	-	6,881
Receivable from GE Capital	-	2,104	-
Current contract assets 6)	7,390	7,390	-
All other current assets	3,362	852	2,936
Assets of businesses held for sale	9,149	8,626	241
Current assets	$103,096	$77,371	$33,177
Investment securities	$38,632	$120	$38,514
Financing receivables - net	2,057	-	2,057
Other GE Capital receivables	4,509	-	4,886
Property, plant and equipment-net	45,879	17,447	29,886
Receivable from GE Capital	-	17,038	-
Goodwill	26,734	25,895	839
Other intangible assets - net	10,653	10,461	192
Contract and other deferred assets 7)	5,737	5,769	-
All other assets 5)	13,882	7,748	6,294
Deferred income taxes	9,889	8,189	1,700
Assets of discontinued operations	4,109	202	3,907

6) Reclassified deferred inventory costs of $3,111 million from Current contract assets to Inventories

Total assets

$265,177

$170,238

$121,454

1. Reclassified $564 million from deferred income in liabilities to contract and other deferred assets for finance discount associated with customer advances at Aviation

27

Statement of Financial Position presentation - liabilities

(December 31, 2019 as presented in 3Q'20 10-Q; $ in million)

	Prior presentation				Current presentation
								GE
	Consolidated	GE	GE Capital	Classification		Consolidated	Industrial GE Capital
Short-term borrowings	$22,072	$5,606	$12,030	Current		Short-term borrowings 2)	$23,641	$5,606	$13,598
Short-term borrowings assumed by GE	-	5,473	2,104	Current		Short-term borrowings assumed by GE	-	5,473	2,104
Accounts payable	15,926	17,702	886	Current		Accounts payable & equipment project accruals 5)17,357	19,134	886
Progress collections and deferred income	20,508	20,694	-	Split	1)	Progress collections and deferred income	18,389	18,575	-
Other GE current liabilities	15,753	16,833	-	Current 4)	All other current liabilities 5)	17,821	15,251	4,052
Non-recourse borrowings	1,655	-	1,655	Split	2)	Liabilities of business held for sale	1,658	1,620	52
Long-term borrowings	67,155	15,085	26,175	Non-current	Current liabilities	$78,865	$65,660	$20,691
Long-term borrowings assumed by GE	-	25,895	17,038	Non-current	Deferred income 6)	$1,555	$1,555	$-
Insurance liabilities and annuity benefits	39,826	-	40,232	Non-current3)	Long-term borrowings 2)	67,241	15,085	26,261
Non-current compensation and benefits	31,687	31,208	472	Non-current	Long-term borrowings assumed by GE	-	25,895	17,038
All other liabilities	19,745	16,156	5,278	Split	4)	Insurance liabilities and annuity benefits	39,826	-	40,232
Liabilities of businesses held for sale	1,658	1,620	52	Current		Non-current compensation and benefits	31,687	31,208	472
Liabilities of discontinued operations	203	106	97	Non-current	All other liabilities	15,938	16,306	1,226
Total liabilities	$236,187	$156,379	$106,016			Liabilities of discontinued operations	203	106	97
						Total liabilities	$235,316	$155,815	$106,016

1. Progress collections current; Deferred income split
2. Amounts for non-recourse borrowings split in Short-term and Long-term borrowings lines
3. GE Capital Insurance liabilities are classified as non-current
4. Added split of GE Capital All other liabilities in current and non-current
5. Reclassified equipment project costs accruals of $1,432 million from Other current liabilities to Accounts payable
6. Reclassified $564 million from deferred income in liabilities to contract and other deferred assets for finance discount associated with customer advances at Aviation

28

Statement of Financial Position as of December 31, 2020

($ in million)
Assets	Liabilities
GE	GE
Consolidated Industrial GE Capital	Consolidated Industrial GE Capital

Cash, cash equivalents & restricted cash	$36,630	$23,209	$13,421
Investment securities	7,319	7,319	-
Current receivables	16,691	13,442	-
Financing receivables - net	1,265	-	5,110
Inventories, incl. deferred inventory costs	15,890	15,890	-
Other GE Capital receivables	3,331	-	5,069
Receivable from GE Capital	-	2,432	-
Current contract assets	5,764	5,764	-
All other current assets	1,522	835	1,021
Assets of businesses held for sale	-	-	-
Current assets	$88,412	$68,892	$24,621
Investment securities	$42,549	$36	$42,515
Financing receivables - net	1,771	-	1,771
Other GE Capital receivables	4,661	-	5,076
Property, plant and equipment - net	44,662	16,433	29,600
Receivable from GE Capital	-	16,780	-
Goodwill	25,524	25,524	-
Other intangible assets - net	9,774	9,632	143
Contract and other deferred assets	5,888	5,921	-
All other assets	14,597	7,948	7,068
Deferred income taxes	12,081	9,350	2,731
Assets of discontinued operations	3,532	144	3,388
Total assets	$253,452	$160,658	$116,914

Short-term borrowings	$4,778	$918	$2,028
Short-term borrowings assumed by GE	-	2,432	2,432
Accounts payable & equipment project accruals	16,476	16,380	947
Progress collections and deferred income	18,215	18,371	-
All other current liabilities	16,600	14,131	3,890
Liabilities of business held for sale	-	-	-
Current liabilities	$56,069	$52,232	$9,297
Deferred income	$1,801	$1,801	$-
Long-term borrowings	70,288	19,428	30,902
Long-term borrowings assumed by GE	-	19,957	16,780
Insurance liabilities and annuity benefits	42,191	-	42,565
Non-current compensation and benefits	29,752	29,291	453
All other liabilities	16,077	16,440	1,151
Liabilities of discontinued operations	200	139	61
Total liabilities	$216,378	$139,289	$101,210

29

Changes to Statement of Cash Flows presentation

	Prior			Current
STATEMENT OF CASH FLOWS (EXTRACT) - GE Industrial	presentation -a)		STATEMENT OF CASH FLOWS (EXTRACT) - GE Industrial	presentation
For the year ended December 31 (in billions)	2019		For the years ended December 31 (in billions)	2019
Net earnings (loss)	(5.4)		Net earnings (loss)	(5.0)
(Earnings) loss from discontinued operations	5.3		(Earnings) loss from discontinued operations	5.5
Adjustments to reconcile net earnings (loss) to cash provided from			Adjustments to reconcile net earnings (loss) to cash provided from operating
operating activities:			activities:
Depreciation and amortization of property, plant and equipment	2.0		Depreciation and amortization of property, plant and equipment	2.0
Amortization of intangible assets	1.5		Amortization of intangible assets	1.5
Goodwill impairments	1.5		Goodwill impairments	1.5
(Earnings) loss from continuing operations retained by GE Capital	0.5		(Gains) losses on purchases and sales of business interests	(0.0)
(Gains) losses on purchases and sales of business interests	(0.0)		(Gains) losses on equity securities	(0.7)
(Gains) losses on equity securities	(0.7)		Principal pension plans cost	3.9
Principal pension plans cost	3.9		Principal pension plans employee contributions	(0.3)
Principal pension plans employee contributions	(0.3)		Other postretirement benefit plans (net)	(1.2)
Other postretirement benefit plans (net)	(1.2)		Provision (benefit) for income taxes	1.3
Provision (benefit) for income taxes	1.3		Cash recovered (paid) during the year for income taxes	(1.9)
Cash recovered (paid) during the year for income taxes	(1.9)		Changes in operating working capital:
Decrease (increase) in GE current receivables	(3.9)		Decrease (increase) in GE current receivables	(3.9)
Decrease (increase) in inventories	(0.9)		Decrease (increase) in inventories, including deferred inventory costs	(1.3)
Decrease (increase) in contract and other deferred assets	0.1		Decrease (increase) in current contract assets	0.9
Increase (decrease) in accounts payable	0.7		Increase (decrease) in accounts payable and equipment project accruals	0.4
Increase (decrease) in GE progress collections	1.3		Increase (decrease) in GE progress collections and deferred income	1.5
All other operating activities	0.8		All other operating activities	0.5
Cash from (used for) operating activities - continuing operations	4.6		Cash from (used for) operating activities - continuing operations	4.6
Free Cash Flow*	2.3		Free Cash Flow*	2.3

* Non-GAAP Financial Measure	30
(a - Based on 3Q'20 presentation

Statement of Earnings | Changes in presentation

($ in million)
					Current Presentation							Prior Presentation
						2020							2019							2019
			Consolidated		GE Industrial		GE Capital	Consolidated		GE Industrial		GE Capital	Consolidated		GE		GE Capital
Sales of goods	$	49,464	$	49,443	$	57		$	58,949	$	59,138	$	79		$	58,949	$	59,138	$		79
Sales of services		23,558		23,656		-			28,538		28,581		-			28,538		28,581			-
GE Capital revenues from services		6,597		-		7,188			7,728		-		8,662			7,728		-			8,662
Total revenues		79,619		73,100		7,245			95,214		87,719		8,741			95,214		87,719			8,741
Cost of goods sold		42,041		42,030		48			45,902		46,115		61			48,406		48,620			61
Cost of services sold		18,380		15,951		2,527			21,009		19,051		2,019			21,622		19,665			2,019
Selling, general and administrative expenses		12,621		12,073		823			13,949		13,404		931			13,949		13,404			931
Research and development		2,565		2,565		-			3,118		3,118		-			-		-			-
Interest and other financial charges		3,273		1,333		2,186			4,227		2,115		2,532			4,227		2,115			2,532
Insurance losses and insurance annuity benefits		2,397		-		2,438			3,294		-		3,353			3,294		-			3,353
Goodwill impairments		1,717		877		839			1,486		1,486		-			1,486		1,486			-
Non-operating benefit costs		2,433		2,424		9			2,844		2,828		16			2,844		2,828			16
Other costs and expenses		384		-		469			458		-		480			458		-			480
Total costs and expenses		85,809		77,252		9,339			96,287		88,118		9,392			96,287		88,118			9,392
Other income		11,387		11,444		-			2,222		2,200		-			2,222		2,200			-
GE Capital earnings (loss) from continuing operations		-		-		-			-		-		-			-		(530)			-
Earnings (loss) from continuing operations before
income taxes		5,197		7,291		(2,095)			1,149		1,801		(652)			1,149		1,271			(652)
Benefit (provision) for income taxes		474		(388)		862			(726)		(1,309)		582			(726)		(1,309)			582
Earnings (loss) from continuing operations		5,672		6,904		(1,232)			423		492		(69)			423		(38)			(69)
Earnings (Loss) from discontinued operations, net of taxes		(125)		(35)		(90)			(5,335)		(5,527)		192			(5,335)		(5,335)			192
Net earnings (loss)		5,546		6,868		(1,322)			(4,912)		(5,035)		123			(4,912)		(5,373)			123
Less: Net earnings attributable to noncontrolling Interests		(158)		(161)		3			66		66		1			66		66			1
Net earnings (loss) attributable to the Company		5,704		7,029		(1,325)			(4,979)		(5,101)		122			(4,979)		(5,439)			122
Preferred stock dividends		(474)		-		(474)			(460)		-		(460)			(460)		-			(460)
Net earnings (loss) attributable to GE common
shareowners	$	5,230	$	7,029	$	(1,800)		$	(5,439)	$	(5,101)	$	(338)		$	(5,439)	$	(5,439)	$		(338)
		Reflects 4Q'20 reporting change for research and development costs (previously reported in costs of goods/services sold). No change to total costs and no impact to GE Capital column.			31
		Reflects cessation of reporting GE Capital as an equity method investment within the GE Industrial column. The line "GE Capital earnings (loss) from continuing operations" has been removed from

the income statement effective 4Q'20. No impact to GE Capital or Consolidated columns.

2020 GE Industrial earnings

($ in millions) (unaudited)

		1Q'20	2Q'20	3Q'20	4Q'20	2020
Industrial Revenue	18,844	16,066	17,918	20,271	73,100
Cost of goods sold	9,949	9,796	10,564	11,721	42,030
Cost of services sold	4,526	3,849	3,525	4,051	15,951
Research & development	723	611	595	635	2,565
Selling, general, & administrative expenses	2,949	2,979	3,105	3,039	12,073
Interest & other financial charges	370	396	313	254	1,333
Goodwill impairments	-	877	-	-	877
Non-operating benefit costs	616	596	603	609	2,424
Other costs & expenses	-	-	-	-	-
Total costs and expenses	19,133	19,105	18,705	20,310	77,252
Other income	6,874	2,116	(509)	2,964	11,444
Earnings (loss) from continuing operations before income taxes		6,585	(922)	(1,296)	2,925	7,291
Benefit (provision) for income taxes	(187)	66	143	(410)	(388)
Earnings (loss) from continuing operations	6,398	(856)	(1,153)	2,515	6,904
Earnings (loss) from discontinued operations, net of taxes	(14)	(10)	(10)	(2)	(35)
Net Earnings (loss)		6,384	(866)	(1,163)	2,513	6,868
Less net earnings (loss) attributable to noncontrolling interests	34	(147)	(51)	2	(161)
Net Earnings (loss) attributable to the Company		6,350	(720)	(1,112)	2,511	7,029
Continuing EPS	0.72	(0.27)	(0.13)	0.27	0.59
Adjusted EPS* -a)	0.04	(0.16)	0.05	0.08	0.01
Adjusted GE Industrial profit*	1,032	(666)	865	1,289	2,520
Adjusted GE Industrial profit margin*	5.5%	(4.1)%	4.8%	6.4%	3.4%

* Non-GAAP Financial Measure	32
(a - Excludes interest & other financial charges, non-operating benefit costs, gains (losses), restructuring & other, Steam asset impairment, and goodwill impairments

2020 GE Industrial free cash flow* details

($ in millions)

							2020
	1Q'20	2Q'20	3Q'20	4Q'20	Industrial	Power	Renewable	Aviation	Healthcare	Corporate
	Energy
Net earnings (loss)-a)
6,398	(856)	(1,153)	2,515	6,904	146	(618)	841	2,344	4,191
Depreciation & amortization	768	760	1,165	763	3,456	749	413	1,142	628	523
Goodwill impairments	-	877	-	-	877	-	-	-	-	877
Operating Working capital	(2,499)	(1,148)	(268)	3,373	(542)	(66)	407	(665)	75	(293)
Other CFOA-b)	(6,312)	(1,165)	1,096	(1,986)	(8,367)	(545)	(530)	(555)	95	(6,833)
Gross capex-c)	(563)	(535)	(326)	(299)	(1,722)	(269)	(313)	(798)	(279)	(63)
GE Industrial FCF*	(2,207)	(2,067)	514	4,367	606	15	(641)	(34)	2,863	(1,598)

* Non-GAAP Financial Measure

(a - Aggregates the following: Net earnings (loss) and (earnings) loss from discontinued operations

(b - Aggregates the following: (Gains) losses on sales of business interests, (gains) losses on equity securities, principal pension plans (net), other post retirement benefit plans (net), income taxes (net), and all 33 other operating activities; excludes deal taxes and GE Pension Plan contributions

(c - Includes additions to property, plant & equipment (PP&E) and internal use software

2020 Industrial segments results

($ in billions)

		Aviation		Healthcare			Power		Renewable Energy
					y/y				y/y			y/y			y/y
	$ / %		y/y	(org.)*	$ / %	y/y	(org.)*	$ / %	y/y	(org.)*	$ / %	y/y	(org.)*
Orders	$21.6		(41)%		(41)%	$18.6	(12)%		1%	$16.0	(5)%	(4)%	$16.3	(3)%	(3)%
Revenue	$22.0		(33)%		(32)%	$18.0	(10)%		4%	$17.6	(6)%	(5)%	$15.7	2%	4%
Segment	$1.2		(82)%		(82)%	$3.1	(18)%		17%	$0.3	(6)%	(7)%	$(0.7)	10%	6%
profit
Segment	5.6%		(1,510)bps	(1,540)bps	17.0%	(170)bps		190bps	1.6%	-bps	(10)bps	(4.6)%	60bps	50bps
margin

* Non-GAAP Financial Measure: organic segment revenue, organic segment profit, and organic segment margin in columns labeled y/y (org.)

34

Non-GAAP reconciliations

1. Consolidated & GE Industrial revenues excluding BioPharma
2. Adjusted GE Industrial profit & profit margin excluding BioPharma
3. Adjusted GE Industrial organic profit excluding BioPharma
4. BioPharma organic revenue, profit (loss) and profit margin
5. GE Industrial & GE Healthcare free cash flow (FCF) excluding BioPharma FCF
6. Gas Power & Power Portfolio organic revenues
7. Healthcare Systems & PDx organic revenues
8. Aviation Commercial Services, Commercial Engines & Military organic revenues
9. GE Industrial equipment & service organic revenues
10. Gas Power equipment & service organic revenues
11. Power Portfolio equipment & service organic revenues
12. Power equipment & service organic revenues
13. Renewable Energy equipment & service organic revenues
14. Aviation equipment & service organic revenues
15. Healthcare equipment & service organic revenues

1. GE Industrial organic revenue & profit
2. Adjusted GE Industrial profit & profit margin, 2020 by quarter
3. Adjusted GE Industrial organic profit & profit margin excluding Aviation
4. Organic revenue, profit (loss) & profit margin by segment - quarter
5. Organic revenue, profit (loss) & profit margin by segment - full year
6. GE Industrial net-debt
7. GE Industrial leverage EBITDA & net-debt/EBITDA ratio
8. Adjusted total Corporate costs
9. Adjusted earnings (loss)
10. Adjusted earnings (loss), 2020 by quarter
11. Adjusted earnings (loss) per share
12. Adjusted earnings (loss) per share, 2020 by quarter
13. Adjusted earnings & adjusted EPS excluding restructuring
14. GE Industrial free cash flow
15. Free cash flow by segment
16. Gas Power fixed costs
17. 2021 operating framework

Non-GAAP reconciliation: Consolidated revenues excluding BioPharma

CONSOLIDATED REVENUES (GAAP)

(Dollars in millions)	4Q'20	4Q'19	V%	2020	2019	V%
Consolidated revenues (GAAP)	$ 21,928	$ 26,238	(16%)	$ 79,619	$ 95,214	(16%)
Adjustments:
Less: BioPharma revenues (GAAP)	-	911		830	3,289
Consolidated revenues excluding BioPharma (Non-GAAP)	21,928	25,327	(13%)	78,789	91,926	(14%)

Non-GAAP reconciliation: GE Industrial revenues excluding BioPharma

GE INDUSTRIAL REVENUES (GAAP)

(Dollars in millions)	4Q'20	4Q'19	V%	2020	2019	V%
GE Industrial revenues (GAAP)	$ 20,271	$ 24,460	(17%)	$ 73,100	$ 87,719	(17%)
Adjustments:
Less: BioPharma revenues (GAAP)	-	911		830	3,289
GE Industrial revenues excluding BioPharma (Non-GAAP)	20,271	23,549	(14%)	72,270	84,430	(14%)

* Non-GAAP Financial Measure

36

Non-GAAP reconciliation: adjusted GE industrial profit & profit margin excluding BioPharma

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
GE Industrial total revenues (GAAP)	$	20,271	$	24,460	(17%)	$	73,100	$	87,719	(17%)
GE Industrial total costs and expenses (GAAP)		20,310		23,917	(15%)		77,252		88,118	(12%)
Less: GE Industrial interest and other financial charges		254		423			1,333		2,115
Less: non-operating benefit costs		609		1,144			2,424		2,828
Less: restructuring & other		170		340			693		922
Less: Steam asset impairments		-		-			363		-
Less: SEC settlement		-		-			100		-
Less: goodwill impairments		-		2			728		1,486
Add: noncontrolling interests		(0)		(11)			(161)		6
Adjusted GE Industrial costs (Non-GAAP)		19,276		21,998	(12%)		71,450		80,773	(12%)
GE Industrial other income (GAAP)		2,964		1,023	F		11,444		2,200	F
Less: unrealized gains (losses)		2,817		917			(1,911)		793
Less: restructuring & other		13		27			13		36
Less: gains (losses) and impairments for disposed or held for sale businesses		(160)		(148)			12,472		4
Adjusted GE Industrial other income (Non-GAAP)		294		227	30%		871		1,367	(36%)
GE Industrial profit (GAAP)	$	2,925	$	1,565	87%	$	7,291	$	1,801	F
GE Industrial profit margin (GAAP)		14.4%		6.4%	8.0pts		10.0%		2.1%	7.9pts
Adjusted GE Industrial profit (Non-GAAP)	$	1,289	$	2,689	(52%)	$	2,520	$	8,313	(70%)
Adjusted GE Industrial profit margin (Non-GAAP)		6.4%		11.0%	(4.6)pts		3.4%		9.5%	(6.1)pts
Less: BioPharma profit (GAAP)		-		409			382		1,472
Adjusted GE Industrial profit excluding BioPharma profit (Non-GAAP)	$	1,289	$	2,279	(43%)	$	2,139	$	6,841	(69%)
Adjusted GE Industrial profit margin excluding BioPharma profit margin (Non-GAAP)		6.4%		9.7%	(3.3)pts		3.0%		8.1%	(5.1)pts

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the	37
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: adjusted GE Industrial organic profit excluding BioPharma

ADJUSTED GE INDUSTRIAL ORGANIC PROFIT (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Adjusted GE Industrial profit (Non-GAAP)	$	1,289	$	2,689	(52%)	$	2,520	$	8,313	(70%)
Adjustments:
Less: acquisitions		5		12			(4)		6
Less: business dispositions		-		368			(3)		1,064
Less: foreign currency effect		7		-			22		-
Adjusted GE Industrial organic profit (Non-GAAP)	$	1,277	$	2,308	(45%)	$	2,505	$	7,244	(65%)
Adjusted GE Industrial organic profit margin (Non-GAAP)		6.4%		9.9%	(3.5)pts		3.4%		8.6%	(5.2)pts
BioPharma organic profit (Non-GAAP)		-		-			380		311
Adjusted GE Industrial organic profit excluding BioPharma organic profit (Non-GAAP)	$	1,277	$	2,308	(45%)	$	2,125	$	6,933	(69%)
Adjusted GE Industrial organic profit margin excluding BioPharma organic profit margin (Non-GAAP)		6.4%		9.9%	(3.5)pts		2.9%		8.3%	(5.4)pts

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	38
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: BioPharma organic revenue, profit (loss) and profit margin

(Dollars in millions)			Revenue			Segment profit (loss)	Profit margin
		2020		2019	V%		2020		2019	V%	2020	2019	V pts
BioPharma (GAAP)	$	830	$	3,289	(75%)	$	382	$	1,472	(74%)	46.0%	44.8%	1.2pts
Adjustments:
Less: acquisitions		-		-			-		-
Less: business dispositions		-		2,527			-		1,161
Less: foreign currency effect		(9)		-			2		-
BioPharma organic (Non-GAAP)	$	839	$	762	10%	$	380	$	311	22%	45.3%	40.8%	4.5pts

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	39
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: GE Industrial and GE Healthcare free cash flow* (FCF) excluding BioPharma FCF

GE INDUSTRIAL FREE CASH FLOW (FCF) (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19		V$		2020		2019		V$
GE Industrial CFOA (GAAP)	$	1,921	$	4,537	$	(2,616)		$	(1,254)	$	4,614	$	(5,868)
Add: gross additions to property, plant and equipment		(276)		(620)					(1,579)		(2,216)
Add: gross additions to internal-use software		(23)		(71)					(143)		(274)
Less: GE Pension Plan funding		(2,500)		-					(2,500)		-
Less: taxes related to business sales		(245)		(38)					(1,082)		(198)
GE Industrial free cash flow (Non-GAAP)	$	4,367	$	3,884	$	483		$	606	$	2,322	$	(1,716)
Less: BioPharma CFOA		-		434					315		1,446
Less: BioPharma gross additions to property, plant and equipment		-		(37)					(17)		(123)
Less: BioPharma gross additions to internal-use software		-		(4)					(2)		(11)
GE Industrial excluding BioPharma free cash flow (Non-GAAP)	$	4,367	$	3,491	$	876		$	310	$	1,010	$	(700)
HEALTHCARE FREE CASH FLOW (FCF) (NON-GAAP)
(Dollars in millions)		2020		2019		V$
Healthcare CFOA (GAAP)	$	3,143	$	3,024	$	119
Add: gross additions to property, plant and equipment		(256)		(395)
Add: gross additions to internal-use software		(24)		(79)
Healthcare free cash flow (Non-GAAP)	$	2,863	$	2,550	$	313
Less: BioPharma CFOA		315		1,446		(1,131)
Less: BioPharma gross additions to property, plant and equipment		(17)		(123)
Less: BioPharma gross additions to internal-use software		(2)		(11)
Healthcare excluding BioPharma free cash flow (Non-GAAP)	$	2,568	$	1,238	$	1,330
* Non-GAAP Financial Measure
We believe investors may find it useful to compare GE's Industrial free cash flow* performance without the effects of cash used for taxes related to business sales and contributions to the GE Pension	40
Plan. We believe this measure will better allow management and investors to evaluate the capacity of our industrial operations to generate free cash flows.

Non-GAAP reconciliation: Gas Power & Power Portfolio organic revenues

GAS POWER ORGANIC REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Gas Power revenues (GAAP)	$	3,778	$	3,880	(3%)	$	12,655	$	13,122	(4%)
Adjustments:
Less: acquisitions		-		-			-		-
Less: business dispositions		-		-			-		3
Less: foreign currency effect		9		-			(16)		-
Gas Power organic revenues (Non-GAAP)	$	3,769	$	3,880	(3%)	$	12,671	$	13,118	(3%)

POWER PORTFOLIO ORGANIC REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Power Portfolio revenues (GAAP)	$	1,605	$	1,521	6%	$	4,935	$	5,503	(10%)
Adjustments:
Less: acquisitions		-		-			19		19
Less: business dispositions		-		22			15		100
Less: foreign currency effect		38		-			(48)		-
Power Portfolio organic revenues (Non-GAAP)	$	1,567	$	1,499	5%	$	4,948	$	5,384	(8%)

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	41
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: Healthcare Systems & PDx organic revenues

HEALTHCARE SYSTEMS ORGANIC REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Healthcare Systems revenues (GAAP)	$	4,331	$	3,984	9%	$	15,387	$	14,648	5%
Adjustments:
Less: acquisitions		-		-			18		21
Less: business dispositions		-		-			-		-
Less: foreign currency effect		60		-			(26)		-
Healthcare Systems organic revenues (Non-GAAP)	$	4,271	$	3,984	7%	$	15,395	$	14,627	5%
PDx ORGANIC REVENUES (NON-GAAP)
(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
PDx revenues (GAAP)	$	492	$	508	(3%)	$	1,792	$	2,005	(11%)
Adjustments:
Less: acquisitions		19		-			36		-
Less: business dispositions		-		37			21		76
Less: foreign currency effect		9		-			(10)		-
PDx organic revenues (Non-GAAP)	$	465	$	471	(1%)	$	1,744	$	1,929	(10%)

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	42
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: Aviation Commercial Services, Military & Commercial Engines organic revenues

AVIATION COMMERCIAL SERVICES ORGANIC REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Aviation commercial services revenues (GAAP)	$	2,083	$	4,104	(49%)	$	8,177	$	15,259	(46%)
Adjustments:
Less: acquisitions		-		-			-		-
Less: business dispositions		-		-			-		-
Less: foreign currency effect		-		-			-		-
Aviation commercial services organic revenues (Non-GAAP)	$	2,083	$	4,104	(49%)	$	8,177	$	15,259	(46%)
AVIATION COMMERCIAL ENGINES ORGANIC REVENUES (NON-GAAP)
(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Aviation commercial engines revenues (GAAP)	$	1,229	$	2,318	(47%)	$	4,839	$	8,958	(46%)
Adjustments:
Less: acquisitions		-		-			-		-
Less: business dispositions		-		-			-		150
Less: foreign currency effect		-		-			-		-
Aviation commercial engines organic revenues (Non-GAAP)	$	1,229	$	2,318	(47%)	$	4,839	$	8,808	(45%)
AVIATION MILITARY ORGANIC REVENUES (NON-GAAP)
(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Aviation military revenues (GAAP)	$	1,314	$	1,316	(0%)	$	4,572	$	4,389	4%
Adjustments:
Less: acquisitions		-		-			-		-
Less: business dispositions		-		-			-		-
Less: foreign currency effect		-		-			(1)		-
Aviation military organic revenues (Non-GAAP)	$	1,314	$	1,316	(0%)	$	4,573	$	4,389	4%

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the	43
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: GE Industrial equipment & service organic revenues

GE INDUSTRIAL ORGANIC EQUIPMENT REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
GE Industrial equipment revenues (GAAP)	$	10,692	$	12,213	(12%)	$	37,620	$	43,080	(13%)
Adjustments:
Less: acquisitions		-		-			13		14
Less: business dispositions		-		1,081			19		3,193
Less: foreign currency effect		125		-			(174)		-
GE Industrial organic equipment revenues (Non-GAAP)	$	10,567	$	11,132	(5%)	$	37,761	$	39,873	(5%)
GE INDUSTRIAL ORGANIC SERVICE REVENUES (NON-GAAP)
(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
GE Industrial service revenues (GAAP)	$	9,579	$	12,246	(22%)	$	35,480	$	44,639	(21%)
Adjustments:
Less: acquisitions		35		(8)			125		23
Less: business dispositions		-		147			39		438
Less: foreign currency effect		59		-			(102)		-
GE Industrial organic service revenues (Non-GAAP)	$	9,484	$	12,108	(22%)	$	35,419	$	44,178	(20%)

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	44
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: Gas Power equipment & service organic revenues

GAS POWER ORGANIC EQUIPMENT REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Gas Power equipment revenues (GAAP)	$	1,350	$	1,194	13%	$	4,711	$	4,048	16%
Adjustments:
Less: acquisitions		-		-			-		-
Less: business dispositions		-		-			-		3
Less: foreign currency effect		9		-			(2)		-
Gas Power organic equipment revenues (Non-GAAP)	$	1,342	$	1,194	12%	$	4,713	$	4,044	17%

GAS POWER ORGANIC SERVICE REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Gas Power service revenues (GAAP)	$	2,428	$	2,686	(10%)	$	7,944	$	9,074	(12%)
Adjustments:
Less: acquisitions		-		-			-		-
Less: business dispositions		-		-			-		-
Less: foreign currency effect		-		-			(14)		-
Gas Power organic service revenues (Non-GAAP)	$	2,427	$	2,686	(10%)	$	7,958	$	9,074	(12%)

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	45
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: Power Portfolio equipment & service organic revenues

POWER PORTFOLIO ORGANIC EQUIPMENT REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Power Portfolio equipment revenues (GAAP)	$	767	$	587	31%	$	1,996	$	2,199	(9%)
Adjustments:
Less: acquisitions		-		-			18		14
Less: business dispositions		-		-			-		-
Less: foreign currency effect		15		-			(31)		-
Power Portfolio organic equipment revenues (Non-GAAP)	$	752	$	587	28%	$	2,009	$	2,185	(8%)

POWER PORTFOLIO ORGANIC SERVICE REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Power Portfolio service revenues (GAAP)	$	838	$	934	(10%)	$	2,939	$	3,304	(11%)
Adjustments:
Less: acquisitions		-		-			1		4
Less: business dispositions		-		22			15		100
Less: foreign currency effect		23		-			(17)		-
Power Portfolio organic service revenues (Non-GAAP)	$	815	$	912	(11%)	$	2,939	$	3,199	(8%)

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	46
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: Power equipment & service organic revenues

POWER ORGANIC EQUIPMENT REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Power equipment revenues (GAAP)	$	2,117	$	1,780	19%	$	6,707	$	6,247	7%
Adjustments:
Less: acquisitions		-		-			18		14
Less: business dispositions		-		-			-		3
Less: foreign currency effect		23		-			(33)		-
Power organic equipment revenues (Non-GAAP)	$	2,094	$	1,780	18%	$	6,722	$	6,229	8%

POWER ORGANIC SERVICE REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Power service revenues (GAAP)	$	3,266	$	3,620	(10%)	$	10,883	$	12,378	(12%)
Adjustments:
Less: acquisitions		-		-			1		4
Less: business dispositions		-		22			15		100
Less: foreign currency effect		24		-			(31)		-
Power organic service revenues (Non-GAAP)	$	3,242	$	3,598	(10%)	$	10,897	$	12,273	(11%)

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	47
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: Renewable Energy equipment & service organic revenues

RENEWABLE ENERGY ORGANIC EQUIPMENT REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Renewable energy equipment revenues (GAAP)	$	3,790	$	3,811	(1%)	$	12,859	$	12,267	5%
Adjustments:
Less: acquisitions		-		-			-		-
Less: business dispositions		-		34			8		94
Less: foreign currency effect		52		-			(140)		-
Renewable energy organic equipment revenues (Non-GAAP)	$	3,738	$	3,777	(1%)	$	12,990	$	12,174	7%

RENEWABLE ENERGY ORGANIC SERVICE REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Renewable energy service revenues (GAAP)	$	651	$	936	(30%)	$	2,807	$	3,069	(9%)
Adjustments:
Less: acquisitions		-		-			-		-
Less: business dispositions		-		-			-		-
Less: foreign currency effect		11		-			(27)		-
Renewable energy organic service revenues (Non-GAAP)	$	641	$	936	(32%)	$	2,834	$	3,069	(8%)

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	48
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: Aviation equipment & service organic revenues

AVIATION ORGANIC EQUIPMENT REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Aviation equipment revenues (GAAP)	$	2,348	$	3,442	(32%)	$	8,582	$	12,737	(33%)
Adjustments:
Less: acquisitions		-		-			-		-
Less: business dispositions		-		50			11		332
Less: foreign currency effect		(1)		-			1		-
Aviation organic equipment revenues (Non-GAAP)	$	2,349	$	3,392	(31%)	$	8,571	$	12,405	(31%)

AVIATION ORGANIC SERVICE REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Aviation service revenues (GAAP)	$	3,498	$	5,494	(36%)	$	13,460	$	20,138	(33%)
Adjustments:
Less: acquisitions		-		-			-		-
Less: business dispositions		-		20			2		38
Less: foreign currency effect		(1)		-			(3)		-
Aviation organic service revenues (Non-GAAP)	$	3,499	$	5,474	(36%)	$	13,461	$	20,100	(33%)

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	49
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: Healthcare equipment & service organic revenues

HEALTHCARE ORGANIC EQUIPMENT REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Healthcare equipment revenues (GAAP)	$	2,706	$	3,265	(17%)	$	9,992	$	11,585	(14%)
Adjustments:
Less: acquisitions		-		-			(4)		-
Less: business dispositions		-		843			-		2,328
Less: foreign currency effect		43		-			(5)		-
Healthcare organic equipment revenues (Non-GAAP)	$	2,663	$	2,423	10%	$	10,002	$	9,257	8%

HEALTHCARE ORGANIC SERVICE REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Healthcare service revenues (GAAP)	$	2,118	$	2,137	(1%)	$	8,017	$	8,357	(4%)
Adjustments:
Less: acquisitions		19		-			59		21
Less: business dispositions		-		105			21		275
Less: foreign currency effect		26		-			(41)		-
Healthcare organic service revenues (Non-GAAP)	$	2,073	$	2,032	2%	$	7,977	$	8,061	(1%)

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	50
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: GE Industrial organic revenue & profit

GE INDUSTRIAL ORGANIC REVENUES (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
GE Industrial revenues (GAAP)	$	20,271	$	24,460	(17%)	$	73,100	$	87,719	(17%)
Adjustments:
Less: acquisitions		35		(8)			138		37
Less: business dispositions		-		1,228			58		3,631
Less: foreign currency effect		185		-			(276)		-
GE Industrial organic revenues (Non-GAAP)	$	20,051	$	23,240	(14%)	$	73,180	$	84,051	(13%)
ADJUSTED GE INDUSTRIAL ORGANIC PROFIT (NON-GAAP)
(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Adjusted GE Industrial profit (GAAP)	$	1,289	$	2,689	(52%)	$	2,520	$	8,313	(70%)
Adjustments:
Less: acquisitions		5		12			(4)		6
Less: business dispositions		-		368			(3)		1,064
Less: foreign currency effect		7		-			22		-
Adjusted GE Industrial organic profit (Non-GAAP)	$	1,277	$	2,308	(45%)	$	2,505	$	7,244	(65%)
Adjusted GE Industrial profit margin (Non-GAAP)		6.4%		11.0%	(4.6)pts		3.4%		9.5%	(6.1)pts
Adjusted GE Industrial organic profit margin (Non-GAAP)		6.4%		9.9%	(3.5)pts		3.4%		8.6%	(5.2)pts
* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	51

industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: adjusted GE Industrial profit & profit margin, 2020 by quarter

(Dollars in millions)		1Q'20		2Q'20		3Q'20		4Q'20		2020
GE Industrial total revenues (GAAP)	$	18,844	$	16,066	$	17,918	$	20,271	$	73,100
GE Industrial total costs and expenses (GAAP)		19,133		19,105		18,705		20,310		77,252
Less: GE Industrial interest and other financial charges		370		396		313		254		1,333
Less: non-operating benefit costs		616		596		603		609		2,424
Less: restructuring & other		143		289		91		170		693
Less: Steam asset impairments		-		-		363		-		363
Less: SEC settlement		-		-		100		-		100
Less: goodwill impairments		-		728		-		-		728
Add: noncontrolling interests		36		(147)		(51)		-		(161)
Adjusted GE Industrial costs (Non-GAAP)		18,040		16,949		17,185		19,276		71,450
GE Industrial other income (GAAP)		6,874		2,116		(509)		2,964		11,444
Less: unrealized gains (losses)		(5,794)		1,825		(760)		2,817		(1,911)
Less: restructuring & other		-		-		-		13		13
Less: gains (losses) and impairments for disposed or held for sale businesses		12,439		74		119		(160)		12,472
Adjusted GE Industrial other income (Non-GAAP)		228		217		132		294		871
GE Industrial profit (GAAP)	$	6,585	$	(922)	$	(1,296)	$	2,925	$	7,291
GE Industrial profit margin (GAAP)		34.9%		(5.7%)		(7.2%)		14.4%		10.0%
Adjusted GE Industrial profit (Non-GAAP)	$	1,032	$	(666)	$	865	$	1,289	$	2,520
Adjusted GE Industrial profit margin (Non-GAAP)		5.5%		(4.1%)		4.8%		6.4%		3.4%

* Non-GAAP Financial Measure
We believe that GE Industrial profit and profit margins adjusted for these items included in the above reconciliation are meaningful measures because they increase the comparability of period-	52
to-period results.

Non-GAAP reconciliation: adjusted GE Industrial organic profit and profit margin excluding Aviation

ADJUSTED GE INDUSTRIAL ORGANIC PROFIT (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19	V%
Adjusted GE Industrial profit (Non-GAAP)	$	1,289	$	2,689	(52%)
Adjustments:
Less: acquisitions		5		12
Less: business dispositions		-		368
Less: foreign currency effect		7		-
Adjusted GE Industrial organic profit (Non-GAAP)	$	1,277	$	2,308	(45%)
Adjusted GE Industrial organic profit margin (Non-GAAP)		6.4%		9.9%	(3.5)pts
Aviation organic profit (Non-GAAP)		571		2,072
Adjusted GE Industrial organic profit excluding Aviation organic profit (Non-GAAP)	$	706	$	236	F
Adjusted GE Industrial organic profit margin excluding Aviation organic profit margin (Non-GAAP)		5.0%		1.6%	3.4pts

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	53
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: organic revenue, profit (loss) and profit margin by segment - quarter

(Dollars in millions)
Power (GAAP)	$
Less: acquisitions
Less: business dispositions
Less: foreign currency effect
Power organic (Non-GAAP)	$
Renewable Energy (GAAP)	$
Less: acquisitions
Less: business dispositions
Less: foreign currency effect
Renewable Energy organic (Non-GAAP)	$
Aviation (GAAP)	$
Less: acquisitions
Less: business dispositions
Less: foreign currency effect
Aviation organic (Non-GAAP)	$
Healthcare (GAAP)	$
Less: acquisitions
Less: business dispositions
Less: foreign currency effect
Healthcare organic (Non-GAAP)	$
Less: BioPharma organic (Non-GAAP)
Healthcare excluding BioPharma organic (Non-GAAP)	$

	Revenue			Segment profit (loss)	Profit margin
4Q'20		4Q'19	V%		4Q'20		4Q'19	V%	4Q'20	4Q'19	V pts
5,383	$	5,401	0%	$	306	$	297	3%	5.7%	5.5%	0.2pts
-		-			-		-
-		22			-		3
47		-			(7)		-
5,336	$	5,379	(1%)	$	313	$	294	6%	5.9%	5.5%	0.4pts
4,442	$	4,747	(6%)	$	(87)	$	(227)	62%	(2.0%)	(4.8%)	2.8pts
-		-			-		-
-		34			-		(3)
63		-			(4)		-
4,379	$	4,713	(7%)	$	(82)	$	(224)	63%	(1.9%)	(4.8%)	2.9pts
5,847	$	8,936	(35%)	$	564	$	2,054	(73%)	9.6%	23.0%	(13.4)pts
-		-			-		-
-		70			-		(18)
(1)		-			(8)		-
5,848	$	8,866	(34%)	$	571	$	2,072	(72%)	9.8%	23.4%	(13.6)pts
4,823	$	5,402	(11%)	$	949	$	1,138	(17%)	19.7%	21.1%	(1.4)pts
19		-			4		-
-		947			-		409
68		-			22		-
4,736	$	4,455	6%	$	923	$	729	27%	19.5%	16.4%	3.1pts
-		-			-		-
4,736	$	4,455	6%	$	923	$	729	27%	19.5%	16.4%	3.1pts

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	54
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: organic revenue, profit (loss) and profit margin by segment - full year

(Dollars in millions)

	Revenue		Segment profit (loss)		Profit margin
2020	2019	V%	2020	2019	V%	2020	2019	V pts

Power (GAAP)	$
Less: acquisitions
Less: business dispositions
Less: foreign currency effect
Power organic (Non-GAAP)	$
Renewable Energy (GAAP)	$
Less: acquisitions
Less: business dispositions
Less: foreign currency effect
Renewable Energy organic (Non-GAAP)	$
Aviation (GAAP)	$
Less: acquisitions
Less: business dispositions
Less: foreign currency effect
Aviation organic (Non-GAAP)	$
Healthcare (GAAP)	$
Less: acquisitions
Less: business dispositions
Less: foreign currency effect
Healthcare organic (Non-GAAP)	$
Less: BioPharma organic (Non-GAAP)
Healthcare excluding BioPharma organic (Non-GAAP)	$

17,589	$	18,625	(6%)	$	274	$
19		19			(3)
15		104			2
(64)		-			10
17,619	$	18,502	(5%)	$	266	$
15,666	$	15,337	2%	$	(715)	$
-		-			-
8		94			-
(167)		-			16
15,824	$	15,243	4%	$	(731)	$
22,042	$	32,875	(33%)	$	1,229	$
-		-			-
13		369			(2)
(3)		-			(5)
22,032	$	32,506	(32%)	$	1,237	$
18,009	$	19,942	(10%)	$	3,060	$
55		21			(13)
21		2,603			(2)
(46)		-			(6)
17,979	$	17,318	4%	$	3,081	$
839		762			380
17,140	$	16,557	4%	$	2,701	$

291	(6%)	1.6%	1.6%	(0.0)pts
(2)
7
-
287	(7%)	1.5%	1.6%	(0.1)pts
(791)	10%	(4.6%)	(5.2%)	0.6pts
-
(11)
-
(781)	6%	(4.6%)	(5.1%)	0.5pts
6,812	(82%)	5.6%	20.7%	(15.1)pts
-
(2)
-
6,814	(82%)	5.6%	21.0%	(15.4)pts
3,737	(18%)	17.0%	18.7%	(1.7)pts
(4)
1,111
-
2,630	17%	17.1%	15.2%	1.9pts
311
2,319	16%	15.8%	14.0%	1.8pts

* Non-GAAP Financial Measure
We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe that presenting organic revenues* and organic profit* separately for our	55
industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

Non-GAAP reconciliation: GE Industrial net-debt

GE INDUSTRIAL NET DEBT (NON-GAAP)

(Dollars in millions)		December 31, 2020		December 31, 2019
Total GE Industrial short- and long-term borrowings (GAAP)	$	42,736	$	52,059
Less: GE Capital short- and long-term debt assumed by GE Industrial		22,390		31,368
Add: intercompany loans from GE Capital		3,177		12,226
Total adjusted GE Industrial borrowings		23,523		32,917
Pension and principal retiree benefit plan liabilities (pre-tax)(a)		25,492		27,773
Less: taxes at 21%		5,353		5,832
Pension and principal retiree benefit plan liabilities (net of tax)		20,139		21,941
GE Industrial operating lease liabilities		3,133		3,369
GE Industrial preferred stock		5,918		5,738
Less: 50% of GE Industrial preferred stock		2,959		2,869
50% of preferred stock		2,959		2,869
Deduction for total GE Industrial cash, cash equivalents and restricted cash		(23,209)		(17,613)
Less: 25% of GE Industrial cash, cash equivalents and restricted cash		(5,802)		(4,403)
Deduction for 75% of GE Industrial cash, cash equivalents and restricted cash		(17,407)		(13,210)
Total GE Industrial net debt (Non-GAAP)	$	32,347	$	47,886

* Non-GAAP Financial Measure
a) Represents the total net deficit status of principal pension plans, other pension plans and retiree benefit plans.	56
In this document we use GE Industrial net debt*, which is calculated based on rating agency methodologies. We are including the calculation of GE industrial net debt* to provide investors
more clarity regarding how the credit rating agencies measure GE Industrial leverage.

Non-GAAP reconciliation: GE Industrial leverage EBITDA & net-debt/EBITDA ratio

GE INDUSTRIAL LEVERAGE EBITDA (NON-GAAP)

(Dollars in millions)		December 31, 2020		December 31, 2019
GE Industrial earnings (loss) from continuing operations before income taxes (GAAP)	$	7,291	$	1,801
Less: Interest and other financial charges		(1,333)		(2,115)
Less: Depreciation and amortization of property, plant and equipment and amortization of intangible assets		(3,456)		(3,513)
Less: Non-operating benefit costs		(2,424)		(2,828)
Less: goodwill impairments		(877)		(1,486)
Less: Other items(a)		10,196		739
Add: Disposition related adjustments(b)		267		350
Total GE Industrial leverage EBITDA (Non-GAAP)	$	5,453	$	11,354

GE INDUSTRIAL NET DEBT/EBITDA RATIO (NON-GAAP)

(Dollars in millions)		December 31, 2020		December 31, 2019
Total GE Industrial net debt (Non-GAAP)	$	32,347	$	47,886
Total GE Industrial leverage EBITDA (Non-GAAP)	$	5,453	$	11,354
GE Industrial net debt/EBITDA ratio (Non-GAAP)		5.9x		4.2x

* Non-GAAP Financial Measure

a) Other items is mainly comprised of adjustments for other income, long-term fixed operating lease expense and stock-related compensation expense. b) Includes the BKR dividend in both 2019 and 2020.

In this document we use GE Industrial leverage EBITDA*, which is calculated based on rating agency methodologies. We are including the calculation of GE Industrial leverage EBITDA* to	57
provide investors more clarity regarding how the credit rating agencies measure GE Industrial leverage.

Non-GAAP reconciliation: adjusted total Corporate costs

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Revenues
Corporate revenues	$	275	$	397	(31%)	$	1,313	$	1,791	(27%)
Eliminations and other		(637)		(740)			(2,245)		(2,096)
Total Corporate Items and Eliminations		(362)		(343)	(6%)		(932)		(305)	U
Operating profit (cost)
Gains (losses) on disposals and held for sale businesses		(160)		(148)			12,472		4
Restructuring and other charges		(157)		(313)			(680)		(886)
Unrealized gains (losses)(a)		2,817		917			(1,911)		793
Steam asset impairments		-		-			(363)		-
SEC settlement		-		-			(100)		-
Goodwill impairments(b)		-		(2)			(728)		(1,486)
Adjusted total corporate operating costs (Non-GAAP)		(443)		(573)			(1,328)		(1,736)
Total Corporate Items and Eliminations (GAAP)		2,057		(119)	F		7,362		(3,311)	F
Less: gains (losses) and restructuring & other		2,500		454			8,689		(1,575)
Adjusted total corporate operating costs (Non-GAAP)	$	(443)	$	(573)	23%	$	(1,328)	$	(1,736)	24%

1. Included non-cashpre-tax impairment charges of $429 million, net of $65 million attributable to noncontrolling interests for the Steam business within our Power segment for the twelve months ended December 31, 2020.
2. Included non-cashpre-tax impairment charge of $877 million, net of $149 million attributable to noncontrolling interests for the Additive reporting unit within our Aviation segment for the twelve months ended December 31, 2020.

* Non-GAAP Financial Measure

Adjusted total corporate operating costs* excludes gains (losses) on disposals and held for sale businesses, restructuring and other charges, unrealized gains (losses), Steam asset impairment and

goodwill impairments. We believe that adjusting corporate costs* to exclude the effects of items that are not closely associated with ongoing corporate operations provides management and investors 58 with a meaningful measure that increases the period-to-period comparability of our ongoing corporate costs.

Non-GAAP reconciliation: adjusted earnings (loss)

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Consolidated earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)	$	2,341	$	654	F	$	5,342	$	(45)	F
Add: Accretion of redeemable noncontrolling interests (RNCI)		(10)		-			(151)		-
Less: GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)		(151)		69	U		(1,710)		(530)	U
GE Industrial earnings (loss) (Non-GAAP)		2,482		585	F		6,901		485	F
Non-operating benefits costs (pre-tax) (GAAP)		(609)		(1,144)			(2,424)		(2,828)
Tax effect on non-operating benefit costs		128		240			509		594
Less: non-operating benefit costs (net of tax)		(481)		(904)			(1,915)		(2,234)
Gains (losses) and impairments for disposed or held for sale businesses (pre-tax)		(160)		(148)			12,472		4
Tax effect on gains (losses) and impairments for disposed or held for sale businesses		190		31			(1,080)		34
Less: gains (losses) and impairments for disposed or held for sale businesses (net of tax)		30		(117)			11,392		39
Restructuring & other (pre-tax)		(157)		(313)			(680)		(886)
Tax effect on restructuring & other		33		68			151		187
Less: restructuring & other (net of tax)		(124)		(244)			(529)		(699)
Less: SEC Settlement (pre-tax and net of tax)		-		-			(100)		-
Steam asset impairments (pre-tax)		-		-			(363)		-
Tax effect on Steam asset impairment		-		-			37		-
Less: Steam asset impairments (net of tax)		-		-			(326)		-
Goodwill impairments (pre-tax)		-		(2)			(728)		(1,486)
Tax effect on goodwill impairments		-		-			(23)		(55)
Less: goodwill impairments (net of tax)		-		(2)			(751)		(1,541)
Unrealized gains (losses) (pre-tax)		2,817		917			(1,911)		793
Tax effect on unrealized gains (losses)		(491)		(140)			460		(114)
Less: unrealized gains (losses) (net of tax)		2,326		777			(1,451)		679
Debt extinguishment costs		-					(63)		(255)
Tax effect on debt extinguishment costs		-					13		53
Less: debt extinguishment costs (net of tax)		-					(50)		(201)
BioPharma deal expense (pre-tax)		-					-		-
Tax on BioPharma deal expense		-		(633)			-		(647)
Less: BioPharma deal expense (net of tax)		-		(633)			-		(647)
Accretion of RNCI		(10)					(151)		-
		-
Tax effect on accretion of RNCI		-		-			-		-
Less: Accretion of RNCI (net of tax)		(10)		-			(151)		-
Less: GE Industrial U.S. tax reform enactment adjustment		-		-			(51)		(101)
Adjusted GE Industrial earnings (loss) (Non-GAAP)		742		1,708	(57%)		833		5,191	(84%)
GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)		(151)		69	U		(1,710)		(530)	U
Insurance premium deficiency test charge (pre-tax)		-		-			-		(972)
Tax effect on insurance premium deficiency test charge		-		-			-		204
Less: insurance premium deficiency test charge (net of tax)		-		-			-		(768)
Good will impairment (pre-tax)		-		-			(839)		-
Tax effect on goodwill impairment		-		-			3		-
Less: goodwill impairment (net of tax)		-		-			(836)		-
Less: SEC Settlement (pre-tax and net of tax)		(100)		-			(100)		-
Debt extinguishment costs (pre-tax)		(95)		-			(238)		-
Tax effect on debt extinguishment costs		20		-			44		-
Less: debt extinguishment costs (net of tax)		(75)		-			(194)		-
Less: GE Capital U.S. tax reform enactment adjustment		-		-			2		99
Less GE Capital tax benefit related to BioPharma sale		47		-			143		-
Adjusted GE Capital earnings (loss) (Non-GAAP)		(24)		69	U		(724)		139	U
Adjusted GE Industrial earnings (loss) (Non-GAAP)		742		1,708	(57%)		833		5,191	(84%)	59
Add: Adjusted GE Capital earnings (loss) (Non-GAAP)		(24)		69	U		(724)		139	U
Adjusted earnings (loss) (Non-GAAP)	$	718	$	1,777	(60%)	$	109	$	5,330	(98%)

* Non-GAAP Financial Measure

Non-GAAP reconciliation: adjusted earnings (loss), 2020 by quarter

(Dollars in millions)		1Q'20		2Q'20		3Q'20		4Q'20		2020
Consolidated earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)	$	6,315	$	(2,186)	$	(1,155)	$	2,341	$	5,342
Add: Accretion of redeemable noncontrolling interests (RNCI)		-		(135)		(6)		(10)		(151)
Less: GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)		(30)		(1,476)		(52)		(151)		(1,710)
GE Industrial earnings (loss) (Non-GAAP)		6,345		(845)		(1,109)		2,482		6,901
Non-operating benefits costs (pre-tax) (GAAP)		(616)		(596)		(603)		(609)		(2,424)
Tax effect on non-operating benefit costs		129		125		127		128		509
Less: non-operating benefit costs (net of tax)		(487)		(471)		(476)		(481)		(1,915)
Gains (losses) and impairments for disposed or held for sale businesses (pre-tax)		12,439		74		119		(160)		12,472
Tax effect on gains (losses) and impairments for disposed or held for sale businesses		(1,265)		30		(35)		190		(1,080)
Less: gains (losses) and impairments for disposed or held for sale businesses (net of tax)		11,174		104		84		30		11,392
Restructuring & other (pre-tax)		(143)		(289)		(91)		(157)		(680)
Tax effect on restructuring & other		30		61		27		33		151
Less: restructuring & other (net of tax)		(114)		(228)		(63)		(124)		(529)
Less: SEC settlement (pre-tax and net of tax)		-		-		(100)		-		(100)
Steam asset impairments (pre-tax)		-		-		(363)		-		(363)
Tax on Steam asset impairments		-		-		37		-		37
Less: Steam asset impairments (net of tax)		-		-		(326)		-		(326)
Goodwill impairments (pre-tax)		-		(728)		-		-		(728)
Tax effect on goodwill impairments		-		(23)		-		-		(23)
Less: Goodwill impairments (net of tax)		-		(751)		-		-		(751)
Unrealized gains (losses) (pre-tax)		(5,794)		1,825		(760)		2,817		(1,911)
Tax effect on unrealized gains (losses)		1,096		(277)		132		(491)		460
Less: unrealized gains (losses) (net of tax)		(4,697)		1,548		(628)		2,326		(1,451)
Debt extinguishment costs (pre-tax)		-		(63)		-		-		(63)
Tax effect on debt extinguishment costs		-		13		-		-		13
Less: debt extinguishment costs (net of tax)		-		(50)		-		-		(50)
BioPharma deal expense (pre-tax)		-		-		-		-		-
Tax on BioPharma deal expense		-		-		-		-		-
Less: BioPharma deal expense (net of tax)		-		-		-		-		-
Accretion of RNCI (pre-tax)		-		(135)		(6)		(10)		(151)
Tax on accretion of RNCI		-		-		-		-		-
Less: Accretion of RNCI (net of tax)		-		(135)		(6)		(10)		(151)
Less: GE Industrial U.S. tax reform enactment adjustment		-		-		(51)		-		(51)
Adjusted GE Industrial earnings (loss) (Non-GAAP)		468		(862)		458		742		833
GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)		(30)		(1,476)		(52)		(151)		(1,710)
Insurance premium deficiency test charge (pre-tax)		-		-		-		-		-
Tax effect on insurance premium deficiency test charge		-		-		-		-		-
Less: insurance premium deficiency test charge (net of tax)		-		-		-		-		-
Goodwill impairments (pre-tax)		-		(839)		-		-		(839)
Tax effect on goodwill impairments		-		3		-		-		3
Less: Goodwill impairments (net of tax)		-		(836)		-		-		(836)
Less: SEC settlement (pre-tax and net of tax)		-		-		-		(100)		(100)
Debt extinguishment costs (pre-tax)		-		(143)		-		(95)		(238)
Tax effect on debt extinguishment costs		-		24		-		20		44
Less: debt extinguishment costs (net of tax)		-		(119)		-		(75)		(194)
Less: GE Capital U.S. tax reform enactment adjustment		-		-		2		-		2
Less: GE Capital tax benefit related to BioPharma sale		88		-		8		47		143
Adjusted GE Capital earnings (loss) (Non-GAAP)		(118)		(522)		(61)		(24)		(724)
Adjusted GE Industrial earnings (loss) (Non-GAAP)		468		(862)		458		742		833	60
Add: Adjusted GE Capital earnings (loss) (Non-GAAP)		(118)		(522)		(61)		(24)		(724)
Adjusted earnings (loss) (Non-GAAP)	$	350	$	(1,384)	$	397	$	718	$	109

* Non-GAAP Financial Measure

Non-GAAP reconciliation: adjusted earnings (loss) per share

(Per share amounts in dollars)		4Q'20				4Q'19			V%		2020		2019	V%
Consolidated earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)	$	0.27	$		0.07			F	$	0.61	$	(0.01)	F
Add: Accretion of redeemable noncontrolling interests (RNCI)		(0.00)			(0.00)					(0.02)		(0.00)
Less: GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)		(0.02)			0.01			U		(0.20)		(0.06)	U
GE Industrial earnings (loss) (Non-GAAP)		0.28			0.07			F		0.79		0.06	F
Non-operating benefits costs (pre-tax) (GAAP)		(0.07)			(0.13)					(0.28)		(0.32)
Tax effect on non-operating benefit costs		0.01			0.03					0.06		0.07
Less: non-operating benefit costs (net of tax)		(0.05)			(0.10)					(0.22)		(0.26)
Gains (losses) and impairments for disposed or held for sale businesses (pre-tax)		(0.02)			(0.02)					1.42		0.00
Tax effect on gains (losses) and impairments for disposed or held for sale businesses		0.02			0.00					(0.12)		0.00
Less: gains (losses) and impairments for disposed or held for sale businesses (net of tax)		0.00			(0.01)					1.30		0.00
Restructuring & other (pre-tax)		(0.02)			(0.04)					(0.08)		(0.10)
Tax effect on restructuring & other		0.00			0.01					0.02		0.02
Less: restructuring & other (net of tax)		(0.01)			(0.03)					(0.06)		(0.08)
Less: SEC Settlement (pre-tax and net of tax)		-			-					(0.01)		-
Steam asset impairments (pre-tax)		-			-					(0.04)		-
Tax effect on Steam asset impairment		-			-					0.00		-
Less: Steam asset impairments (net of tax)		-			-					(0.04)		-
Goodwill impairments (pre-tax)		-			(0.00)					(0.08)		(0.17)
Tax effect on goodwill impairments		-			-					(0.00)		(0.01)
Less: goodwill impairments (net of tax)		-			(0.00)					(0.09)		(0.18)
Unrealized gains (losses) (pre-tax)		0.32			0.10					(0.22)		0.09
Tax effect on unrealized gains (losses)		(0.06)			(0.02)					0.05		(0.01)
Less: unrealized gains (losses) (net of tax)		0.26			0.09					(0.17)		0.08
Debt extinguishment costs		-									(0.01)		(0.03)
Tax effect on debt extinguishment costs		-									0.00		0.01
Less: debt extinguishment costs (net of tax)		-									(0.01)		(0.02)
BioPharma deal expense (pre-tax)		-				-					-		-
Tax on BioPharma deal expense		-				(0.07)					-		(0.07)
Less: BioPharma deal expense (net of tax)		-				(0.07)					-		(0.07)
Accretion of RNCI		(0.00)				-					(0.02)		-
Tax effect on accretion of RNCI		-			-					-		-
Less: Accretion of RNCI (net of tax)		(0.00)			-					(0.02)		-
Less: GE Industrial U.S. tax reform enactment adjustment		-			-					(0.01)		(0.01)
Adjusted GE Industrial earnings (loss) (Non-GAAP)		0.08			0.19	(58%)		0.10		0.59	(83%)
GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)		(0.02)			0.01			U		(0.20)		(0.06)	U
Insurance premium deficiency test charge (pre-tax)		-			-					-		(0.11)
Tax effect on insurance premium deficiency test charge		-			-					-		0.02
Less: insurance premium deficiency test charge (net of tax)		-			-					-		(0.09)
Good will impairment (pre-tax)		-			-					(0.10)		-
Tax effect on goodwill impairment		-			-					0.00		-
Less: goodwill impairment (net of tax)		-			-					(0.10)		-
Less: SEC Settlement (pre-tax and net of tax)		(0.01)			-					(0.01)		-
Debt extinguishment costs (pre-tax)		(0.01)			-					(0.03)		-
Tax effect on debt extinguishment costs		0.00			-					0.00		-
Less: debt extinguishment costs (net of tax)		(0.01)			-					(0.02)		-
Less: GE Capital U.S. tax reform enactment adjustment		-			-					0.00		0.01
Less GE Capital tax benefit related to BioPharma sale		0.01			-					0.02		-
Adjusted GE Capital earnings (loss) (Non-GAAP)		(0.00)			0.01			U		(0.08)		0.02	U
Adjusted GE Industrial earnings (loss) (Non-GAAP)		0.08			0.19	(58%)		0.10		0.59	(83%)	61
Add: Adjusted GE Capital earnings (loss) (Non-GAAP)		(0.00)			0.01			U		(0.08)		0.02	U
Adjusted earnings (loss) (Non-GAAP)	$	0.08	$		0.20	(60%)	$	0.01	$	0.61	(98%)

* Non-GAAP Financial Measure

Non-GAAP reconciliation: adjusted earnings (loss) per share, 2020 by quarter

(Per share amounts in dollars)		1Q'20		2Q'20		3Q'20		4Q'20		2020
Consolidated earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)	$	0.72	$	(0.25)	$	(0.13)	$	0.27	$	0.61
Add: Accretion of redeemable noncontrolling interests (RNCI)		-		(0.02)		(0.00)		(0.00)		(0.02)
Less: GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)		(0.00)		(0.17)		(0.01)		(0.02)		(0.20)
GE Industrial earnings (loss) (Non-GAAP)		0.73		(0.10)		(0.13)		0.28		0.79
Non-operating benefits costs (pre-tax) (GAAP)		(0.07)		(0.07)		(0.07)		(0.07)		(0.28)
Tax effect on non-operating benefit costs		0.01		0.01		0.01		0.01		0.06
Less: non-operating benefit costs (net of tax)		(0.06)		(0.05)		(0.05)		(0.05)		(0.22)
Gains (losses) and impairments for disposed or held for sale businesses (pre-tax)		1.42		0.01		0.01		(0.02)		1.42
Tax effect on gains (losses) and impairments for disposed or held for sale businesses		(0.14)		0.00		(0.00)		0.02		(0.12)
Less: gains (losses) and impairments for disposed or held for sale businesses (net of tax)		1.28		0.01		0.01		0.00		1.30
Restructuring & other (pre-tax)		(0.02)		(0.03)		(0.01)		(0.02)		(0.08)
Tax effect on restructuring & other		0.00		0.01		0.00		0.00		0.02
Less: restructuring & other (net of tax)		(0.01)		(0.03)		(0.01)		(0.01)		(0.06)
Less: SEC settlement (pre-tax and net of tax)		-		-		(0.01)		-		(0.01)
Steam asset impairments (pre-tax)		-		-		(0.04)		-		(0.04)
Tax on Steam asset impairments		-		-		0.00		-		0.00
Less: Steam asset impairments (net of tax)		-		-		(0.04)		-		(0.04)
Goodwill impairments (pre-tax)		-		(0.08)		-		-		(0.08)
Tax effect on goodwill impairments		-		(0.00)		-		-		(0.00)
Less: Goodwill impairments (net of tax)		-		(0.09)		-		-		(0.09)
Unrealized gains (losses) (pre-tax)		(0.66)		0.21		(0.09)		0.32		(0.22)
Tax effect on unrealized gains (losses)		0.13		(0.03)		0.02		(0.06)		0.05
Less: unrealized gains (losses) (net of tax)		(0.54)		0.18		(0.07)		0.26		(0.17)
Debt extinguishment costs (pre-tax)		-		(0.01)		-		-		(0.01)
Tax effect on debt extinguishment costs		-		0.00		-		-		0.00
Less: debt extinguishment costs (net of tax)		-		(0.01)		-		-		(0.01)
BioPharma deal expense (pre-tax)		-		-		-		-		-
Tax on BioPharma deal expense		-		-		-		-		-
Less: BioPharma deal expense (net of tax)		-		-		-		-		-
Accretion of RNCI (pre-tax)		-		(0.02)		(0.00)		(0.00)		(0.02)
Tax on accretion of RNCI		-		-		-		-		-
Less: Accretion of RNCI (net of tax)		-		(0.02)		(0.00)		(0.00)		(0.02)
Less: GE Industrial U.S. tax reform enactment adjustment		-		-		(0.01)		-		(0.01)
Adjusted GE Industrial earnings (loss) (Non-GAAP)		0.05		(0.10)		0.05		0.08		0.10
GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)		(0.00)		(0.17)		(0.01)		(0.02)		(0.20)
Insurance premium deficiency test charge (pre-tax)		-		-		-		-		-
Tax effect on insurance premium deficiency test charge		-		-		-		-		-
Less: insurance premium deficiency test charge (net of tax)		-		-		-		-		-
Goodwill impairments (pre-tax)		-		(0.10)		-		-		(0.10)
Tax effect on goodwill impairments		-		0.00		-		-		0.00
Less: Goodwill impairments (net of tax)		-		(0.10)		-		-		(0.10)
Less: SEC settlement (pre-tax and net of tax)		-		-		-		(0.01)		(0.01)
Debt extinguishment costs (pre-tax)		-		(0.02)		-		(0.01)		(0.03)
Tax effect on debt extinguishment costs		-		0.00		-		0.00		0.00
Less: debt extinguishment costs (net of tax)		-		(0.01)		-		(0.01)		(0.02)
Less: GE Capital U.S. tax reform enactment adjustment		-		-		0.00		-		0.00
Less: GE Capital tax benefit related to BioPharma sale		0.01		-		0.00		0.01		0.02
Adjusted GE Capital earnings (loss) (Non-GAAP)		(0.01)		(0.06)		(0.01)		(0.00)		(0.08)
Adjusted GE Industrial earnings (loss) (Non-GAAP)		0.05		(0.10)		0.05		0.08		0.10	62
Add: Adjusted GE Capital earnings (loss) (Non-GAAP)		(0.01)		(0.06)		(0.01)		(0.00)		(0.08)
Adjusted earnings (loss) (Non-GAAP)	$	0.04	$	(0.16)	$	0.05	$	0.08	$	0.01

* Non-GAAP Financial Measure

Non-GAAP reconciliation: adjusted earnings and adjusted EPS excluding restructuring

(Dollars in millions)		4Q'20		4Q'19	V%		2020		2019	V%
Adjusted earnings (loss) (Non-GAAP)	$	718	$	1,777	(60%)	$	109	$	5,330	(98%)
Restructuring (pre-tax)		(204)		(78)			(549)		(430)
Tax effect on restructuring		(43)		(16)			(115)		(90)
Less: Restructuring (net of tax)		(161)		(62)			(433)		(339)
Adjusted earnings (loss) excluding restructuring (Non-GAAP)	$	879	$	1,839	(52)%	$	542	$	5,669	(90)%

(Per share amounts in dollars)		4Q'20		4Q'19	V%		2020		2019	V%
Adjusted earnings (loss) (Non-GAAP)	$	0.08	$	0.20	(60%)	$	0.01	$	0.61	(98%)
Restructuring (pre-tax)		(0.02)		(0.01)			(0.06)		(0.05)
Tax effect on restructuring		(0.00)		(0.00)			(0.01)		(0.01)
Less: Restructuring (net of tax)		(0.02)		(0.01)			(0.05)		(0.04)
Adjusted earnings (loss) excluding restructuring (Non-GAAP)	$	0.10	$	0.21	(52)%	$	0.06	$	0.65	(91)%

* Non-GAAP Financial Measure

The service cost for our pension and other benefit plans are included in adjusted earnings*, which represents the ongoing cost of providing pension benefits to our employees. The components of non- operating benefit costs are mainly driven by capital allocation decisions and market performance. We believe the retained costs in Adjusted earnings* and Adjusted EPS* provides management and

investors a useful measure to evaluate the performance of the total company and increases period-to-period comparability. We also use Adjusted EPS* as a performance metric at the company level for 63 our annual executive incentive plan for 2020. We believe presenting Adjusted Industrial earnings* and Adjusted Industrial EPS* separately for our financial services businesses also provides

management and investors with useful information about the relative size of our industrial and financial services businesses in relation to the total company.

Non-GAAP reconciliation: GE Industrial free cash flow

GE INDUSTRIAL FREE CASH FLOW (FCF) (NON-GAAP)

(Dollars in millions)		4Q'20		4Q'19		V$		2020		2019		V$
GE Industrial CFOA (GAAP)	$	1,921	$	4,537	$	(2,616)	$	(1,254)	$	4,614	$	(5,868)
Add: gross additions to property, plant and equipment		(276)		(620)				(1,579)		(2,216)
Add: gross additions to internal-use software		(23)		(71)				(143)		(274)
Less: GE Pension Plan funding		(2,500)		-				(2,500)		-
Less: taxes related to business sales		(245)		(38)				(1,082)		(198)
GE Industrial free cash flow (Non-GAAP)	$	4,367	$	3,884	$	483	$	606	$	2,322	$	(1,716)

GE INDUSTRIAL FREE CASH FLOW (FCF) (NON-GAAP)

(Dollars in millions)		1Q'20		2Q'20		3Q'20		4Q'20		2020
GE Industrial CFOA (GAAP)	$	(1,662)	$	(1,604)	$	90	$	1,921	$	(1,254)
Add: gross additions to property, plant and equipment		(504)		(498)		(300)		(276)		(1,579)
Add: gross additions to internal-use software		(58)		(36)		(26)		(23)		(143)
Less: GE Pension Plan funding		-		-		-		(2,500)		(2,500)
Less: taxes related to business sales		(17)		(71)		(749)		(245)		(1,082)
GE Industrial free cash flow (Non-GAAP)	$	(2,207)	$	(2,067)	$	514	$	4,367	$	606

* Non-GAAP Financial Measure
We believe investors may find it useful to compare GE's Industrial free cash flows* performance without the effects of cash used for taxes related to business sales and contributions to the GE Pension	64
Plan. We believe this measure will better allow management and investors to evaluate the capacity of our industrial operations to generate free cash flows.

Non-GAAP reconciliation: free cash flow by segment

2020 FREE CASH FLOW (FCF) BY SEGMENT

				Renewable						Corporate &
(Dollars in millions)		Power		Energy		Aviation		Healthcare		Eliminations		GE Industrial
CFOA (GAAP)	$	285	$	(328)	$	763	$	3,143	$	(5,117)	$	(1,254)
Add: gross additions to property, plant and equipment		(245)		(302)		(737)		(256)		(40)		(1,579)
Add: gross additions to internal-use software		(25)		(11)		(61)		(24)		(23)		(143)
Less: GE Pension Plan funding		-		-		-		-		(2,500)		(2,500)
Less: taxes related to business sales		-		-		-		-		(1,082)		(1,082)
Free cash flow (Non-GAAP)	$	15	$	(641)	$	(34)	$	2,863	$	(1,598)	$	606
2019 FREE CASH FLOW (FCF) BY SEGMENT
				Renewable						Corporate &
(Dollars in millions)		Power		Energy		Aviation		Healthcare		Eliminations		GE Industrial
CFOA (GAAP)	$	(1,200)	$	(512)	$	5,552	$	3,024	$	(2,250)	$	4,614
Add: gross additions to property, plant and equipment		(277)		(455)		(1,031)		(395)		(59)		(2,216)
Add: gross additions to internal-use software		(46)		(14)		(107)		(79)		(28)		(274)
Less: GE Pension Plan funding		-		-		-		-		-		-
Less: taxes related to business sales		-		-		-		-		(198)		(198)
Free cash flow (Non-GAAP)	$	(1,523)	$	(980)	$	4,415	$	2,550	$	(2,139)	$	2,322

* Non-GAAP Financial Measure
We believe investors may find it useful to compare GE's Industrial free cash flows* performance without the effects of cash used for taxes related to business sales and contributions to the GE Pension	65
Plan. We believe this measure will better allow management and investors to evaluate the capacity of our industrial operations to generate free cash flows.

Non-GAAP reconciliation: Gas Power fixed costs

GAS POWER FIXED COSTS (NON-GAAP)

(Dollars in millions)		2021F		2020		2018
Gas Power total costs and expenses (GAAP)	11,000 - 12,000		12,302	$	14,239
Less: Gas Power variable costs (Non-GAAP)	8,500 - 9,500		9,635		10,773
Gas Power fixed costs (Non-GAAP)	$	2,500	$	2,667	$	3,466

* Non-GAAP Financial Measure
We believe that fixed costs* is a meaningful measure as it is broader than selling, general and administrative costs and represents the costs in the segments that generally do not vary with volume.
Segment variable costs* are those costs within our industrial segments that vary with volume. The most significant variable costs would be material and direct labor costs incurred to produce our products	66

and deliver our services that are recorded in the Statement of Earnings line items of cost of goods and cost of services sold.

Non-GAAP reconciliation: 2021 operating framework

2021 ADJUSTED EPS: We cannot provide a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measure for Adjusted EPS* in 2021 without unreasonable effort due to the uncertainty of timing of any gains or losses related to acquisitions & dispositions, the timing and magnitude of the financial impact related to the mark-to-market of our remaining investment in Baker Hughes, and the timing and magnitude of restructuring expenses. Although we have attempted to estimate the amount of gains and restructuring charges for the purpose of explaining the probable significance of these components, this calculation involves a number of unknown variables, resulting in a GAAP range that we believe is too large and variable to be meaningful.

2021 GE INDUSTRIAL FREE CASH FLOW: We cannot provide a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measure for GE Industrial Free Cash flow* in 2021 without unreasonable effort due to the uncertainty of timing of deal taxes related to business sales.

*Non-GAAP measure

67

Upcoming calendar

2021 outlook

March 10, 2021

1Q'21 earnings

April 27, 2021

Annual Shareholders Meeting May 4, 2021

2Q'21 earnings

July 27, 2021

3Q'21 earnings

October 26, 2021

4Q'21 earnings

January 25, 2022