CAMPUT Mark Little May 3rd, 2005

The GE Portfolio … GE Energy GE Advanced Materials GE Healthcare GE Transportation GE Equipment Services GE Consumer & Industrial GE Consumer Finance GE Commercial Finance NBC Universal GE Infrastructure GE Insurance Solutions

GE Energy Business Profile Currently operating in more than 100 countries … 100+ years Over 37,000 employees … 500 locations 2004 revenue ~$17B 2005 estimate ~ $20B

GE Energy … Broad Range of Technologies NuclearO&GAeroServicesPower Generation Gas / SteamWindHydro

Global Fundamental Energy Challenges … Energy consumption % Population, +30% Consumption Environment … +1%/yr increase in CO 2 emissions from energy Energy security … 25% of NA Energy is Imported Fuel challenge … Oil Price at record levels Energy poverty … 1B people without enough energy Infrastructure adequacy … NE(USA+Canada) blackout of ‘03

Need for More Energy, More Choices, More Flexibility Cleaner … more efficient … more affordable

Cost of electricity (COE) Affordable, reliable & environmentally responsible ConversionFuels Gas Oil Coal Nuclear Geothermal Biomass Hydro Wind Solar Gas Oil Coal Nuclear Geothermal Biomass Hydro Wind Solar Efficiency Delivery Reliability Power Generation Technology Objectives Emissions

France / Germany Denmark … Multiple Conversion Platforms Essential US Russia Japan China Brazil Australia Source: IEA Electricity Information Coal Gas Nuclear Hydro Solar / Wind Coal Hydro Nuclear Gas Coal Canada (560 TWh) Hydro

Technology Choices of the Future … Allow Tradeoffs Fuel Fossil Project Turbine 70% Wind Project Turbine & BOP 40% Cost Fuel Availability Limited Price Predictability Intermittent Hydro Project Limited 74% Civil Work Seasonal & limited High Fuel Mkt based

World Power Generation Market Orders Gas GW Order year Coal Wind + Other Source: EPM S1 Forecast Hydro 12% Wind & Other 2% Coal 26% Petroleum 4% Gas 53% Nuclear 3% Hydro 13% Wind 3% Coal 41% Gas 35% Petroleum 3% Nuclear 3% Other 2%

Alternatives Becoming a Significant Contributor … and Growing Source: Shell Global Scenarios 0% 20% 40% 60% 80% Coal Nuclear Oil Gas Hydro Traditional (Wood, etc.) Wind, PV, other renewables % of Primary Energy Renewable Targets W. Europe 10% by % by 2020 US … 17 states NY 25% by 2013 California 20% by 2017 China … 26 GW by 2020

What’s Next? Real Time: 2005 – 2008 Prime Time: 2009 – 2011 In Time: 2012 – 2015

In-Time Prime-Time Real –Time Technology is Critical … Requires Long Term Support ¢ per kWhr ¢ 5 ¢ 0 ¢ 15 ¢ 10 ¢ $$ Ideas Pure research Niche applications Gas CC, Coal, Nuclear, Hydro Fuel cell Photovoltaic Next “WOW” Hybrids Wind Biomass OEM Look for …

What’s Next … Real Time at GE Thermal Commercial launch of H System TM … 60% combined cycle efficiency Launched LMS100TM … 46% simple cycle efficiency Oil & Gas … world’s largest LNG train, cost economies down 50% last 10 years Renewables and Zero Emissions Wind … MW units worldwide, developing new family of multi-megawatt turbines Biomass – Jenbacher leads in low BTU application - increased fuel flexibility Hydro – Reversible pump turbine for storage Thermal Commercial launch of H System TM … 60% combined cycle efficiency Launched LMS100TM … 46% simple cycle efficiency Oil & Gas … world’s largest LNG train, cost economies down 50% last 10 years Renewables and Zero Emissions Wind … MW units worldwide, developing new family of multi-megawatt turbines Biomass – Jenbacher leads in low BTU application - increased fuel flexibility Hydro – Reversible pump turbine for storage

What’s Next … Prime Time at GE Cleaner Coal … targeting bids for COE equivalent to pulverized coal by 2008 Solar … COE from 30¢/kWh to 18¢/kWh by 2008, targeting 10 by 2010 Solid Oxide Fuel Cells... 1 MW, competitive COE, 65%+ efficiency, low emissions (<1.5 ppm NOx), available in Nuclear … More economical, generates electricity and hydrogen Cleaner Coal … targeting bids for COE equivalent to pulverized coal by 2008 Solar … COE from 30¢/kWh to 18¢/kWh by 2008, targeting 10 by 2010 Solid Oxide Fuel Cells... 1 MW, competitive COE, 65%+ efficiency, low emissions (<1.5 ppm NOx), available in Nuclear … More economical, generates electricity and hydrogen

What’s Next … In Time at GE ($MM) Hydrogen Infrastructure game changer No greenhouse emissions Solid oxide fuel cells Advanced hybrid cycle … 65% efficiency Next generation coal Carbon capture & CO 2 sequestration Next generation nuclear More economical Generate electricity and hydrogen

Wind…Technology Synergies Drive Improvement Pitch Control GE Energy & GE GRC Gearbox & Drivetrain GE Transportation Blades GE Advanced Materials & GE Transportation Power Electronics GE Energy Utilizing GE Technology Availability ‘02 ‘04 96 % 88 % Size (MW) ‘85‘90‘95‘00‘05 ‘10 Cost of Electricity Size (MW) CoE (¢/kWh)

Canada: Wind & Hydro Complement Each Other While Hydro inflow is low … Wind blows during peak hrs

Biogas Sewage Gas Jenbacher … Applications Non-Natural Gas Biomass…another renewable energy source Capturing/using gas that would otherwise be vented or flared Natural Gas, Low-Emissions Industrial cogeneration & trigeneration Municipal CHP (district heating) Greenhouse … CHP + CO 2 injection

Marketable Byproducts: Sulfur Removal Syngas Electricity Steam Combined Cycle Power Block Marketable Byproducts: Solid feed – Slag Gas/Liquid feed - Ash Gasifier IGCC… Cleaner Coal Power GE now offering single point IGCC solution Driving Cost of Energy towards parity with pulverized coal

Solar … Photovoltaic Technology Roadmap Industry Leadership ‘06-’07 Improve What We Acquired Introduce Game-changer Building-integrated PV Module COE 30 ¢/kWh Future COE 18 ¢/kWh ‘04-’05 COE 10 ¢/kWh

Environmental Issues will continue to grow in importance A balanced energy portfolio requires multiple conversion technologies. Stable economic & policy environment allows industry to invest more quickly in emerging technologies Industry is focused on providing value- add solutions to customers There is No Crystal-ball to Predict the Future … But as Power Suppliers We Know

Thank You! Mark Little May 3rd, 2005