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Press Release

GE Receives Binding Offer for Sale of French Prime Mortgage Portfolio

August 12, 2016
  • Transaction Aligns with GE’s Strategy to Create Simpler, More Valuable Industrial Company
  • GE Capital’s Announced Sales Now Total Approximately US$192 Billion (ENI)

FAIRFIELD, Conn.- August 12, 2016 -GE (NYSE: GE) announced today that it has received a binding offer for the potential sale of its French prime mortgage portfolio from a newly established French FCT entity whose units are being subscribed to by BAWAG P.S.K. The sale would represent ending net investment (ENI) of approximately $1.9 billion as of the end of the second quarter of 2016. The proposed transaction will be submitted to the business works council for its information and consultation. The completion of the transaction is subject to regulatory approval and is targeted to close in the fourth quarter of 2016.

“We are pleased to receive a binding offer for our French prime mortgage portfolio,” said Keith Sherin, GE Capital chairman and CEO. “If completed, along with the potential sale of GE Money Bank France/DOMs announced on June 23, 2016, this would represent GE Capital’s exit from French consumer finance.”

As previously announced, GE is focusing on its high-value industrial businesses and is selling most of GE Capital’s assets. GE will retain the financing verticals that relate directly to GE’s industrial businesses.

Including this transaction, and since the announcement in April, 2015, GE Capital has signed agreements for approximately US$192 billion and has closed approximately US$169 billion of those deals. GE Capital plans to sell approximately $200 billion of GE Capital businesses worldwide and expects to have largely completed the process by the end of 2016. GE Capital believes it is on track to deliver about $35 billion of dividends to GE under this plan, subject to regulatory approval.

About GE

GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store”, through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com

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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 ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

Contacts

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Investors:
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Media:
Ned Reynolds, +1 203-840-5075
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