1. General Electric (GE) Buy Presentation September 22, 2011

2.  Provides technology and financial services  100 counties served 5 Business Segments:  1. Energy Infrastructure  2. Technology  Aviation, Healthcare, Transportation  3. NBC Universal  51% stake  4. GE Capital  Financial services, loans, credit cards  5. Home and Business Solutions  Appliances

3. Business Drivers ENERGY: Acquisitions, HD gas turbines, solar power OIL AND GAS: Subsea CONSUMER: Eco trends, “Green” lighting GE CAPITAL: Lower losses, Real Estate Turnaround TRANSPORTATION: Emerging markets, Hybrid Technology AVIATION: Global Airline Strength HEALTHCARE: Global growth

4.  GE’s Energy Infrastructure is expected to increase 32.16% over the next two years.  GE Capital is being scaled back.  Technology is expected to increase 20.70% over the next two years. 21% increase in Aviation 15.54% increase in Healthcare.

6. StrengthsWeaknesses Broad range of productsPending law suits Wide geographic presenceGE Capital? Increasing profitability OpportunitiesThreats Increased dividend PayoutWeak economy AcquisitionsHighly regulated Emerging economiesStrong competition

12. Detail fundamental data

13. Methodology: Target yield / PE Justification: DCF / DDM difficult to apply given significant business changes on the horizon Current Price: $15.93 Bull case: Reference Spreadsheet Dividend 2012E Dividend: $0.71 Target Yield / Price: 3.0% / $29.67 P/E Multiple 2012E EPS: $2.02 Target Multiple / Price: 14.0x / $28.25 Average PT: $28.96 (+81%) 2011 Peak Valuation: Dividend Yield: 2.8% P/E: 15.8x

14. Risk/reward is favorable @ 1:2.5 Downside should be limited to $12 ~1x book value ~5% div yield (assuming no increase from GE Cap)

15.  BUY 200 shares of GE at limit of ~$15 ($3,000)  Total position after purchase: 600 shares / 2.1% of portfolio Industrials  Target Sector Allocation: 7.3%,  Current Sector Allocation: 4.9%  Allocation after purchase: 6.3%