March 9, 2023 | Cincinnati, Ohio

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 https://www.ge.com/investor-
relations/important-forward-looking-statement-information as well as our annual reports on Form 10-K and quarterly reports on
Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-
looking projected financial information that is based on 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 our earnings releases and the appendix of this presentation, as applicable.

Amounts shown on subsequent pages may not add due to rounding. Historical GAAP financial results and non-GAAP financial
measures are shown excluding the results of GE HealthCare. Forward projections for GE Aerospace and GE Vernova are
shown on a current GE-defined basis, and do not reflect costs or other changes for standalone financials in connection with the
planned spin-off.

GE’s Investor Relations website at www.ge.com/investor and our corporate blog at www.gereports.com, as well as GE's
LinkedIn and other social media accounts, contain a significant amount of information about GE, including financial and other
information for investors. GE encourages investors to visit these websites from time to time, as information is updated, and new
information is posted.

2023 GE INVESTOR CONFERENCE 2

GE 2023 Investor Conference agenda

7:00AM Breakfast

7:30AM Welcome Steve Winoker

Safety moment Jenna Fillmore

GE Overview Larry Culp

GE Aerospace, followed by Q&A Larry Culp & team

9:45AM Break

10:00AM GE Vernova, followed by Q&A Scott Strazik & team

Wrap, followed by Q&A Larry Culp & team

11:30AM Lunch & tours

Hosted at GE Aerospace’s Customer Technical Education Center

2023 GE INVESTOR CONFERENCE 3

GE Investor Conference I March 9, 2023

Safety Moment
Jenna Fillmore | Senior Health & Safety Manager, GE Aerospace

2023 GE INVESTOR CONFERENCE 4

Safety moment

Today at GE Aerospace:

• In case of emergency, use closest exit

↓
• In case of a tornado, seek safe shelter in
designated room
18.8 %
• Utilize appropriate Personal Protective Equipment
during site tours in injuries at GE Aerospace
from 2021 to 2022
• If you see unsafe behavior, please say something

2023 GE INVESTOR CONFERENCE 5

GE INVESTOR CONFERENCE | March 9, 2023

GE Overview
Larry Culp
Chairman & CEO, GE
CEO, GE Aerospace

2023 GE INVESTOR CONFERENCE 6

Propelling GE forward

Angela Foli working on a LEAP turbine center Thomas Riggs working on a generator stator Mark Honigman on GEnx test cell (Peebles, OH)

GE Aerospace ... GE Vernova ... New era at GE ...

a global leader uniquely positioned continuing to create value
defining flight for industry leader electrifying & for customers, employees &
today, tomorrow & the future decarbonizing the world shareholders

2023 GE INVESTOR CONFERENCE 7

Operating from a stronger foundation

Team
Acting with humility, transparency & focus to drive lasting culture change

Lean & decentralization

Continuous improvement & moving closer to the customer

Innovation
Significant investment to define future of flight & lead the energy transition

Michael Whalen works on a GEnx in Evendale, OH

2023 GE INVESTOR CONFERENCE 8

Two innovative, service-focused industry leaders

Aerospace Renewable Power

Energy

2022 backlog $353B $33B $74B

Services % of backlog 89% 39% 82%
2022 revenue $26B $13B $16B
Services % of revenue 70% 21% 71%
2022 profit margin % 18.3% (17.3)% 7.5%

~40,900 commercial-a)
~54,000 ~7,000
Global installed base & ~26,100 defense
wind turbines gas turbines
aircraft engines

Reported on current GE basis, not standalone basis

On a stand-alone basis, GE Vernova will include GE’s portfolio of energy businesses and Digital 2023 GE INVESTOR CONFERENCE 9
(a – Including GE & its joint venture partners
FY 2023 Guidance
Total company

2022 2023E
• Mid-to-high teens organic revenue growth*
• $5.3B-$5.7B operating profit Revenue growth*-b) +6% +HSD
• FCF* up year-over-year

-a) Adjusted EPS* $0.77 $1.60-$2.00

• LSD to MSD organic revenue growth*

• $(0.6)B-$(0.2)B operating profit
Free cash flow* $3.1B $3.4B-$4.2B

• FCF* flat to slightly improved

Confident in strong market demand & operational improvements across businesses

* Non-GAAP Financial Measure
(a – For purposes of 2023 guidance, GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments.
On a stand-alone basis, GE Vernova will include GE’s portfolio of energy businesses and Digital 2023 G E I N V E S T O R C O N F E R E N C E 10
(b – organic basis
More than doubling adjusted EPS* in 2023

2022 to 2023 dynamics

$1.60-$2.00
• HSD volume growth from backlog,
services ... negative mix from LEAP
& Offshore Wind growth

$0.77 • Price mitigating inflation headwinds

• Cost-out from productivity, quality,

restructuring & sourcing

• R&D & productivity investments

2022 Volume, Price/cost Productivity, Investments, Interest, 2023E
Adj. EPS* mix inflation restructuring other-a) preferreds Adj. EPS*
• Interest tailwind from debt reduction

GE Aerospace growth, GE Vernova cost out & interest tailwind from debt reduction
* Non-GAAP Financial Measure
(a – Includes non-repeat of 2022 market favorability in Corporate
2023 G E I N V E S T O R C O N F E R E N C E 11
Significant FCF* growth continues into 2023

2022 to 2023 dynamics

• Earnings significant FCF* driver

• Slight tailwind from working capital

$3.4-4.2B … DSO & inventory improvement,
$3.1B progress flow smaller in ‘23

• Increased AD&A outflows on aircraft

deliveries

• Interest reduction offset by higher

taxes, CapEx investments
2022 FCF* Adj. Working AD&A CapEx, 2023E
EBITDA* capital tax, interest FCF* • 100%+ FCF conversion*-a) includes
& other D&A > CapEx driven by amortization

FCF* growth from higher earnings & focused working capital improvements
* Non-GAAP Financial Measure
(a – FCF conversion*: FCF* / net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures. 2023 G E I N V E S T O R C O N F E R E N C E 12
Preparing to stand up two independent companies
Update Next steps

• 95% of employees focused on day-to-day • Working on operational separation ...

business performance systems, legal entities, finance, IT & more

• Dedicated Separation Management Office

driving workstreams across GE Aerospace,
GE Vernova & Corporate (e.g., allocation of • Implementing organizational & cost structure
Corporate shared services) improvements (e.g., Corporate restructuring)

• Continued progress ... filling key leadership

roles & adding to existing talent, completed • Establishing stand-alone capital structures,
European Works Council consultation & corporate governance & filings
announced company names, branding,
purpose, HQs

Advancing toward GE Aerospace & GE Vernova launches

2023 G E I N V E S T O R C O N F E R E N C E 13
GE ... creating value now & ahead
GE Aerospace ... defining flight for today, tomorrow & the future
Global leader in attractive, growing commercial & defense sectors
Differentiated technology & service for customers
Running the business with greater focus

GE Vernova ... electrifying & decarbonizing the world

Industry leader supporting customers through the energy transition
Power delivering FCF* from vast services installed base
Renewable Energy transforming now, plus secular tailwinds

New era at GE
Successfully executed first spin
Right team embedding lean & decentralization further
Sustainable performance with revenue & earnings growth, FCF conversion*-a)

Non-GAAP Financial Measure

(a – FCF conversion*: FCF* / net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures. 2023 G E I N V E S T O R C O N F E R E N C E 14
GE Investor Conference I March 9, 2023

GE Aerospace
Larry Culp I CEO, GE Aerospace
Russell Stokes I Commercial Engines & Services
Mohamed Ali I Engineering
Amy Gowder I Defense & Systems
Rahul Ghai I CFO

2023 G E I N V E S T O R C O N F E R E N C E 15
Video: Aerospace Opening

2023 G E I N V E S T O R C O N F E R E N C E 16
GE Aerospace – inventing the future of flight,
lifting people up & bringing them home safely

Global aerospace leader in attractive, growing commercial & defense sectors

Defining flight for today, tomorrow & the future with differentiated technology & service

Running the business with greater focus to drive long-term profitable growth

2023 G E I N V E S T O R C O N F E R E N C E 17
A global leader with large, growing businesses

Commercial Propulsion Defense & Systems

Sector size 2022-a) ~$50B ~$35B

Sector CAGR 2022-2025-a) Low-teens MSD-HSD

GE 2022 revenue $18.7B $7.4B-b)

% services ~70% >70%-c)

• Fleet renewal & expansion • Strong U.S. & international demand

Key demand drivers
• Return to flight; supporting GDP+ growth • Next-gen technology development

(a – Systems (~$12B in ‘22) includes Avionics (flight management system, standby displays), power generation, conversion & distribution, engine accessories, & large turboprop propellers
(b – For current presentation, Defense & Systems refers to the sum of our Military and Systems & Other businesses, without giving effect to eliminations & Corporate adjustments
2023 G E I N V E S T O R C O N F E R E N C E 18
(c – Services >70% of revenue for Military only, >60% for Military and Systems & Other businesses
Strength & reach by the numbers

Passengers flew People flying at any

~3B with GE technology-a)
under wing in 2022
70% Services % of
2022 revenue ~650K given time on GE or
JV-a) powered aircraft

Every
A GE or JV-a) Commercial &
2 powered aircraft
takes off
$350B+ Total
backlog ~67K defense engines in
service-a)
seconds

3 Commercial flights High-voltage, MW

out of powered by GE or ~45K Employees
globally 1st class, high-altitude
4 JV-a) engines Hybrid Electric test-b)

(a – Includes equipment made by CFM & Engine Alliance joint ventures

(b – Simulated altitude
2023 G E I N V E S T O R C O N F E R E N C E 19
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney
Demand is strong in attractive, growing sectors
Commercial air travel demand Global defense spending-b)
Revenue passenger kilometers-a) % of 2019 levels ($ in trillions)

120 5-year CAGR: 25% 1.8

100 3-year CAGR: LSD

1.7
80
1.6
60

1.5
40

20 1.4

- 1.3
'19
2019 '20
2020 '21
2021 '22
2022 '23
2023E '24
2024F '25
2025F 2019 2020 2021 2022 2023E 2024F 2025F

• Global recovery driving accelerated mid-term growth • U.S. & international spending up driven by heightened
... long-term aligned to 1.5x to 2x GDP global instability

(a – Source: Oxford Economics

(b – Source: US Dept of Defense, Aviation Week forecast, internal GE estimate; addressable market for GE 2023 G E I N V E S T O R C O N F E R E N C E 20
Uniquely positioned products & services to serve
strong demand
Installed base
# of engines in service (thousands)

Commercial Defense
~65
Largest & youngest fleet Diverse & growing portfolio
~41K engines ~26K engines
~50–a)
Others
Most complete value prop ... Rotorcraft & combat engine
efficiency, reliability, safety Others provider of choice ...
next gen U.S. &
~70% services revenue … international programs
extensive, open MRO
network means flexibility >70%-b) services revenue
for customers … engineering design
through full product
lifecycle support
Commercial Defense

Source: Cirium Dec 31, 2022, in-service fleets

(a – excludes business & general aviation aircraft & civil helicopters; Others includes 270 Engine Alliance engines
(b – Services >70% of revenue for Military only
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney
2023 G E I N V E S T O R C O N F E R E N C E 21
Executing on GE Aerospace’s priorities

Empower people through lean & decentralization

Safety, quality, delivery, cost improvements & investing in the team

Exceed customers’ expectations

Supporting customers on ramp & being the partner of choice

Pioneer flight technology of today & tomorrow

Developing technology to differentiate current & future fleet
LEAP-1B engine

Enabling our vision … the company that defines flight for today, tomorrow & the future

2023 G E I N V E S T O R C O N F E R E N C E 22
How we are defining flight

Today Tomorrow Future

Commercial
Keep the installed Grow & optimize Develop, certify & scale
Engines &
fleet flying LEAP & GE9X fleet next gen technology
Services

Defense & Lead with next gen

Recover delivery Deliver on growth
Systems technology

2023 G E I N V E S T O R C O N F E R E N C E 23
GE Aerospace: 2025 financial outlook

Revenue growth*-a) Profit margin FCF conversion*-b)

Low double-digits
to mid-teens
~20% 100%+

Long-term outlook-a): MSD to HSD revenue growth, continued margin expansion, FCF* in line with NI

* Non-GAAP Financial Measure; reported on current GE basis, not standalone basis

(a – organic basis 2023 G E I N V E S T O R C O N F E R E N C E 24
(b – FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures
Commercial Engines & Services
Russell Stokes | CEO

2023 G E I N V E S T O R C O N F E R E N C E 25
GE Aerospace is differentiated by its products,
technologies, service & customer support
Product breadth & quality Open services network Customer support

CFM LEAP GE9X

GE Aerospace customer support provides 24/7

CF34 Passport 20 LEAP services network service with centers across the globe

• Industry’s broadest portfolio spanning • Maximizes customer choices across risk • 10,000+ engineers supporting design,
narrowbody, widebody, regional, business transfer CSAs to spare parts contracts production & services
& turboprop aircraft serviced through external providers • ~500 specialists monitor 120M flight
• Leading technology enables best-in-class • Global network composed of overhaul, records & 41K engine assets digitally
reliability, fuel efficiency & durability repair, on-wing support with on-site customer & fleet support

Superior performance & economics through the lifecycle

2023 G E I N V E S T O R C O N F E R E N C E 26
 Powering the world’s most successful aircraft
(illustrative)

Engine program lifecycle revenue-a)

Boeing 777 Legacy
GE90 Airbus A330 widebodies
Airbus A380 GE CF6 CF6
GP7200
Boeing 787
GEnx
Widebody
Aircraft

Boeing
777X
GE9X Parts & services

New engines
40+ Years
Narrowbody
Regional &

Boeing 737Max
Aircraft

Airbus A320neo
COMAC C919 CRJ200
CFM LEAP Bombardier CRJ 700/900 Boeing 737NG & GE CF34 Boeing 737 Classic
& Embraer E170/190 Airbus A320CEO CFM56
CF34 CFM56

GE Aerospace portfolio presence across lifecycle, airframers & aircraft types

(a – Includes equipment made by CFM & Engine Alliance joint ventures.
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney 2023 G E I N V E S T O R C O N F E R E N C E 27
 Serving customers across engine lifecycle
(illustrative)

Engine workscope Quick turns-c) Performance restoration shop visit (PRSV)

Avg. revenue SV1 SV2 SV3+

Compressor per shop visit

Workscope
Fan LPT–a) variations-b)
Typical content

NB NB WB NB WB NB WB
Combustor & HPT-a)
Shop visit Typically early
Temperature ~5-10 years ~10-15 years ~15-20+ years
(SV) timing entry into service (EIS)
Modules exposure
Fan Narrowbody (NB)
workscope
Compressor
Widebody (WB)
Combustor workscope
HPT
Services Largely covered in Mostly CSA, some CSA or T&M, Mostly T&M or
LPT
offering-d) CSA / warranty T&M / external some external external

(a – HPT = High pressure turbine; LPT= Low pressure turbine

(b – Workscope variations include life limited parts (LLP) & line replaceable units (LRU)
(c – WB excluded due to varying mix of quick turns across WB product lines at various points in lifecycle 2023 G E I N V E S T O R C O N F E R E N C E 28
(d – CSA: Customized Service Agreements; T&M: Time & Material
Return to flight drives departure growth & strong
demand for Services across the portfolio
GE/CFM departures Internal shop visit forecast-a)
(% of 2019)
140 %
3,000
120 Widebody freight MDD CAGR

100
Total 2019 levels
2,000
80

60 Widebody Pax

40 Narrowbody 1,000

20
’22-’25 CAGR: HSD to LDD
0 0
Dec'19 Dec'20 Dec'21 Dec'22 Dec'23 Dec'24 Dec'25 2022 2023F
2023E 2024F 2025F
CFM56 LEAP Regional GE90, GEnx, CF6, GP7200

• Benefitting from cyclical COVID rebound & secular tailwinds • Aging fleets, Asia demand & international travel support
thereafter continued strong growth
• Services network largely capitalized to support demand
through ’25 … input material shortages challenge output
(a – Includes equipment made by CFM & Engine Alliance joint ventures
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney 2023 G E I N V E S T O R C O N F E R E N C E 29
New engine demand driven by airframer build rates,
underpinned by long-term industry health

Aircraft production-a) Total engine shipments-a)

2,000 Mid-teens CAGR Mid-20s CAGR

4,000

1,500 3,000

1,000 2,000

500 1,000

0 0
2022 2023E 2024F 2025F 2022 2023E 2024F 2025F
Airbus Boeing Embraer Bombardier Total CFM56 LEAP CF34 & Other GE90, GEnx, CF6 & Other Total

• Robust production driven by cyclical recovery, fleet renewal • Hard capacity largely in place, hiring on track to meet
& long-term global demand demand … partnering with suppliers to secure material inputs
• Broad-based demand increases across all customers / • Building spare engines to support customer fleet stability,
products typically ~10% to install ratio but varies

(a – Excludes aircraft families not powered by GE, CFM, or EA engines; source: GE internal estimates
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney 2023 G E I N V E S T O R C O N F E R E N C E 30
Managing product lifecycle to enable customer
success, while sustainably growing free cash flow

Today Tomorrow Future

Commercial
Keep the Grow & optimize Develop, certify & scale
Engines &
installed fleet flying LEAP & GE9X fleet next gen technology
Services

• Build on world-class safety • Meet production ramp to • Achieve mid-decade ground

& reliability to increase support airframer demand & flight test demos for CFM
fleet utilization • Improve product durability RISE Open Fan
• Support customers to meet customer • Execute hybrid electric
transitioning from CSA to expectations roadmap, including mid-
other services • Expand GE & partner MRO decade demo with NASA
• Deploy material solutions network to meet LEAP shop • Support alternative fuels
that meet customer cost of visit ramp (SAF & hydrogen)
ownership expectations
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines. CFM RISE is a registered trademark
2023 G E I N V E S T O R C O N F E R E N C E 31
Largest global fleet in service with incremental growth
coming from LEAP & 9X
GE /JV engine fleet in service-a)
45,000

GE9X

LEAP

30,000 GP7000
GEnx
GE90
CF6
CF34

15,000

CFM56

0
2022 E
2023F 2024F 2025F
Programs with >50% services mix-b) LEAP & 9X

(a – Includes equipment made by CFM & Engine Alliance joint ventures; excludes business & general aviation & aeroderivative engines
(b – >50% product line revenue comes from Services 2023 G E I N V E S T O R C O N F E R E N C E 32
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney
CFM56 fleet poised for continued strong performance

Total shop visit forecast-a) Fleet demographics-b) Aircraft retirements

600

2,000 500

SV2 400
300
1,000 No SV
200
100
SV1
0 0
2022 2025F 2028F 2022 2025F 2028F
Internal External SV '21 Fcst '22 Fcst

• Extending asset life with configurable • ~23,000 engines … best-in-class • Aircraft retirements pushed out as
material solutions ... largest used reliability enables fleet longevity demand outpaces production … total
material buyer globally forecasted quantity remains unchanged
• Nearly half of CFM56-5B/7B engines
• Breaking constraints & driving lean have not seen first shop visit • Average age of aircraft in service is 12
across extended supply chain to meet years … average forecasted retirement
SV ramp age 22 years

Supporting CFM56 longevity by enhancing total cost of ownership value prop for customers
(a – CFM56-5B/7B commercial engines
(b – CFM56-5B/7B in-service & stored fleet as of Dec 31, 2022, excluding military applications; Source: Cirium + GE internal estimates 2023 G E I N V E S T O R C O N F E R E N C E 33
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines
Video: Lean at Component Repair Technologies

2023 G E I N V E S T O R C O N F E R E N C E 34
Delivering on the LEAP ramp to drive growth

LEAP engine production ramp Lean case study

LEAP Turbine Center Frame in Terre Haute
40 100

Monthly Output
30 75

Delinquency
2,000+
20 50

~1,700
1,736

1,136
10 25
845
815

0 0
1Q'22 2Q'22 3Q'22 4Q'22 1Q’23E
1Q'23
2019 2020 2021 2022 2023E 2024F 2025F
Monthly Output Delinquency

• Aligned with airframers on demand through 2024, • Terre Haute increased quarterly output ~70% from 2021-
discussing 2025 as part of our standard process 2022, while reducing customer delinquency to zero
• Challenge is considerable … ~2,500 GE parts/engine • Leveraging value stream maps, 3P-a), & stronger supplier
across ~160 suppliers & ~20 GE shops with only 10% partnership to deliver operational improvements
common parts between LEAP 1A & 1B

Using lean to meet the ramp & enable LEAP growth

(a – Production preparation process
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines 2023 G E I N V E S T O R C O N F E R E N C E 35
Profitable LEAP growth requires focus on shop visit
volume, durability & cost
Durability & cost-a) Internal shop visit growth-b)
Time on wing (TOW) indexed to technical requirement (Mean TOW, cycles)
400

Customer expectation at maturity

1.00

0.80
LEAP-1A CFM56-5B
0.60 200

0.40 Better TOW v. CFM56

at comparable age
0.20

0.00
0
1 2 3 4 5 6 7 8 9 10
Delivery year, since EIS 2022 2023E 2024F 2025F

• Durability critical to profitability... short of customer expectations • Shop visit growth is key driver of profitability … expected to
but better than CFM56 at same point of life since EIS ramp considerably through balance of the decade
• Improving unit cost … targeting MSD reduction by 2025 as • Future growth will require external network build out &
inflation pressures productivity gains focused internal investments coupled with lean improvements

Program profitable & OE breakeven expected mid-decade

(a – LEAP-1A Low Thrust, Neutral environment, projections based on available field data; CFM56-5B Low Thrust (B4/B6), Neutral environment
(b – Excludes LEAP quick turns 2023 G E I N V E S T O R C O N F E R E N C E 36
CFM International is a 50-50 joint company between GE & Safran Aircraft Engines.
GE engines are well-positioned to serve broad range of
widebody operator needs
Multi-platform position allows GE to meet
customer needs across lifecycles & applications Internal shop visit forecast-b)
% Services-a) Demand driver GE strategic positioning (GE90, CF6, GEnx, GP7000)

787 ... the most versatile ~65% win rate ... reliability, fuel
~60% 1,500
widebody aircraft efficiency & durability advantage
GEnx HSD to LDD CAGR

777 ... Robust demand Supporting robust demand for

~80% 1,000
for PAX & freight new & used aircraft
GE90

Engine of choice for Differentiated reliability, support,

~90% 500
freighters cost of ownership
CF6
Continued support as fleet
A380 ... capacity for 0
~90% returns to service post
large hubs 2022 2023E 2024F 2025F
GP7200 COVID-19 storage

~80% of product line revenue is driven by services

(a – % of 2022 product line revenue; GP7000 % of 2023E revenue
(b – Includes equipment made by Engine Alliance joint venture. Engine Alliance is a 50-50 joint company between GE & Pratt & Whitney 2023 G E I N V E S T O R C O N F E R E N C E 37
GE9X imperatives through 2025

Program
Support 777X certification (GE9X certified in Sep. 2020) efforts through continued flight tests

Commercial
Partner with Boeing on commercial campaigns to fulfill demand & continue growing backlog

Technical
Use pre-entry into service period to proactively improve durability, cost & reliability by
leveraging learnings from LEAP & GEnx

Operational
Prepare supply chain for imminent product ramp, while focusing on unit cost productivity

2023 G E I N V E S T O R C O N F E R E N C E 38
Improving the Services network through lean &
differentiated technology investments
Lean case study Technology
CFM56 HPC Vane Repair Turnaround Time in Singapore -a) Leveraging AI & robotics to improve performance

52 days 40% reduction

36 days
31 days

3Q’22
Q3 4Q’22
Q4 Today GEnx HPT blade inspection tool

• Repair capability & speed critical to flexible service

• AI-assisted 360 inspection decreases services cost,
offerings & reducing cost
while improving customer outcomes
• Value stream mapping & kaizens reduced labor hours by
• Higher time on wing enables increased fleet stability & 60%
55% & distance traveled by 96% … Andon system
reduction in inspection time
implemented to enable real-time problem solving

Combination of technology & lean enable more predictable & efficient services
(a – HPC: High Pressure Compressor; turnaround time = 90th percentile average of all orders closed in the last week of the quarter
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines 2023 G E I N V E S T O R C O N F E R E N C E 39
Technology leadership for the next generation

CFM RISE open fan Hybrid electric Alternative fuels

Integrated hybrid electric powertrain to demonstrate

CFM RISE open fan demo flight readiness for single-aisle aircraft Illustrative hydrogen combustor

• Targeting 20% fuel efficiency • Developing capability to • Supporting industry efforts on

advantage over LEAP by support battery & fuel cell alternative fuels (H2 & SAF-a)) … all
mid-2030s energy sources GE engines approved to run on SAF
today

Supporting industry sustainability, product longevity & operating cost improvement

CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines. CFM RISE is a registered trademark
(a – Sustainable Aviation Fuels
2023 G E I N V E S T O R C O N F E R E N C E 40
Video: United Airlines

2023 GE INVESTOR CONFERENCE 41

The industry’s largest engine portfolio,
powering the world’s most successful aircraft platforms

Capitalizing on cyclical & secular tailwinds to grow well above GDP for foreseeable future

Large fleet in service supports global customer base & free cash flow generation for GE

Using lean & technology innovations to support customers today, tomorrow & in the future

2023 G E I N V E S T O R C O N F E R E N C E 42
Technology & Innovation
Mohamed Ali | VP, Engineering

2023 G E I N V E S T O R C O N F E R E N C E 43
World-class engineering expertise integrated
throughout the product lifecycle
Design & materials Supply chain Services

LEAP CMC shroud with cross-section Ultrasound cycle time & safety improvement tooling Robots apply thermal coating, extending TOW

Develop differentiated product portfolio Optimize manufacturing efficiency of Improve fielded product durability
through advanced technology new & legacy products & reliability
… focus on fuel burn, reliability & … focus on product ramp & … focus on maximizing asset value
durability for customers reducing cost

10,000+ global engineers bring unique depth to each stage of engine lifecycle ...
safety & quality top priorities
2023 G E I N V E S T O R C O N F E R E N C E 44
LEAP performing better than CFM56 at comparable
age & at/above expectations across most criteria
Reliability Utilization
Engine removal rate since EIS Days flown ratio
12-month rolling average % days with at least 1 flight flown
LEAP strengths 100%
LEAP

Engine Basic Removals / 1000 Effective flight hours

• Fuel burn … 15%
Pre-COVID
advantage versus prior CFM56-5B
generation engines
90%

• Reliability … superior to
CFM56 at comparable
age, longest running Today 80%

engine has >9,000 cycles

LEAP-1A
with no shop visit

• Utilization … strong airline 10 20 30 40 50 60 70

70%

utilization, highest of any Months since EIS

modern product in the world Source: FlightRadar24 & Cirium

Largest LEAP operating airlines with full return to service:
Southwest, American, IndiGo, Frontier, Pegasus, United

2023 G E I N V E S T O R C O N F E R E N C E 45
Proven roadmap for continuous durability
improvements over the product lifecycle
GE90-115B durability improvement
Mean TOW in cycles indexed to Customer expectation
customer expectation at maturity at maturity

Year 2-6 Year 7-12

Years since EIS 2 improvements 6 improvements 12
P10/15/16 shroud, P06/07 P17 shroud, P09 blade, G13+
blade, G07 nozzle nozzle, G07 Combustor Liner

Deep technical expertise

HPT Stage 1 P04
required to design, test & P09
Blade Example (EIS)
validate refinements

GE90-115B Thrust Rating field data in Neutral Environments; based on available field data
2023 G E I N V E S T O R C O N F E R E N C E 46
Achieving mature LEAP durability is top priority
LEAP durability improvements Actioning durability improvements
Shroud Fuel Nozzle • Shop visit removal rates & maintenance burden below
2018 2023-2024
expectations relative to mature CFM56 … but better
RDS-a) HPT Blade & at comparable point in lifecycle
EIS 2019 EIS Nozzle EIS
+6 2024-2025 +12
• Improvements implemented for top shop visits
removal drivers ... e.g., shroud (2018) & RDS (2019)
• Path to meet customer expectations in removal rate &
maintenance burden:
Fuel Nozzle
o HPT blade & nozzles: challenges primarily in severe
environments ... redesign progressing through
HPT Blade validation & software updated... ramping in
production 2024 to 2025
o Fuel nozzle: has been in flight testing since 2022 ...
RDS ramping in production year end 2023 through 2024
Shroud

High conviction in ability to meet customer expectations based on prior experiences with GE90 & CFM56

(a- RDS = Accessory Radial Drive Shaft

2023 G E I N V E S T O R C O N F E R E N C E 47
Breakthrough technologies to invent future &
secure installed fleet
Electrification Advanced architecture
• World’s 1st … tested • Super-computing power for
complete electric system up to performance & noise innovation
45,000 feet-a)
• Airbus flight test partnership for
• NASA & Boeing flight program mid-decade demo
... testbed for future commercial,
military applications • Leverages adaptive cycle
engine

Alternative fuels Product upgrades

• On track for H2 flight demo with • Super computing capability &

Airbus mid-decade new technologies to enable fleet
upgrades
• GE expert chairs 100% SAF
drop-in standards committee • Extends asset life, increases
asset value into the next decade

R&D spend 6-8% of revenue-b) … defining flight for today, tomorrow & the future
(a –Simulated altitude
(b – Inclusive of customer & company funded R&D 2023 G E I N V E S T O R C O N F E R E N C E 48
A380 image courtesy of Airbus
Defense & Systems
Amy Gowder | CEO

2023 GE INVESTOR CONFERENCE 2023 G E I N V E S T O R C O N F E R E N C E 49

Threat environment driving strong budgets
US Department of Defense budget-a) International defense budget-b)

LSD CAGR anticipated

in President’s Budget 2024+ LSD CAGR
+9.8% in 2023

744 817
2022 2023E 2024F 2025F 2019 2020 2021 2022 2023E 2024F 2025F

• Great power competition ... U.S. is focused on the threat • NATO & allies driving a reassessment of force structure
of China regionally & globally
• Increased demand for U.S. export fighters & rotorcraft
• Modernization ... maintaining superiority through new
technology • International indigenous capability an increasing priority
• Readiness ... upgrades to improve existing fleet capabilities

Defense departments focused on modernizing & scaling their forces

(a – Source: U.S. Dept of Defense, GE internal forecast
(b – Source: Aviation Week forecast + internal company estimate; addressable market for GE 2023 G E I N V E S T O R C O N F E R E N C E 50
 Powering a wide range of defense aircraft globally
(illustrative)

Engine program lifecycle revenue-a)

Apache/Black Hawk
F-16 T700 Legacy combat
F110 Various
USMC CH-53K Air Force F-15EX
T408 F110
Future P-8/E-7
U.S. platforms

Vertical Lift CFM56

T901 F/A-18
F404/F414
Air Force T-7A
Next Gen F404
Parts & services

New engines
40+ Years
Int’l platforms

Turkey Hurjet Korea KF-21 Turkey TF-X India Tejas Mk 1/2 Korea Surion Leonardo AW189 Sweden Gripen
F404 F414 F110 F404/F414 T700 CT7 F414

$11B backlog, 2.5x 2022 revenue-b) … 1.2x book to bill ratio 2021-2022
(a – Includes equipment made by CFM
(b – $4.4B Military revenue (excludes Systems & Other)
2023 G E I N V E S T O R C O N F E R E N C E 51
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines.
Delivering growth & innovating technology for the
future of combat

Today Tomorrow Future

Defense & Lead with next gen

Recover delivery Deliver on growth
Systems technology

• Lean improvements in • Execute new product • Lead in adaptive cycle

components & assembly introduction in rotorcraft engine technology
• Material input availability • Integrate & deliver on • Develop in hypersonic &
& supplier partnership international platforms small UAV propulsion
• Structured approach to • Refresh spares & services • Execute hybrid electric
reduce product costs go to market to drive technology roadmap
growth

2023 G E I N V E S T O R C O N F E R E N C E 52
Delivering improved operational performance

Investing in improved quality Lean impact in flow improving delivery

• Detailed part-to-print program on T700 to implement • Lean operating system is driving results:
sustainable improvements o F110 Compressor Case: delivery output rate up >2x
o >16,000 characteristics checked o F414 Actuator Ring: first time yield up 18pts. & cost out
o T700 unit output: 286 in 2021 → 378 in 2022 o T700 Shaft: output up 5x, 95% defect reduction

Defect reduction in parts that

90% have completed part-to-print

… resulting reduction in overall

28% T700 defect identification

Miguel Corporan working on a F414 in Lynn, MA

Investing in systematic approach to improve flow & yield

2023 G E I N V E S T O R C O N F E R E N C E 53
Growing through differentiation
Engine unit outlook Positioned on numerous U.S. & international platforms
Demand driver Platform selections & campaigns
1250 HSD CAGR
Engine of choice for Selected: Air Force T-7A, Turkey Hurjet,
U.S. & international Korea T-50 & FA-50
trainers & light fighters Campaigns: U.S. Navy & int’l trainers
1000 F404
Engine of choice on
Selected: Korea KF-21, India Tejas
international indigenous
750 Campaign: India fighter & AMCA
large fighters
F414
Engine of choice for
Selected: Air Force F-15EX, Turkey TF-X
500 U.S. & international
Campaigns: Israel F-15, India fighters
large fighters
F110
U.S. Marine Corps
250 Selected: CH-53K King Stallion
heavy lift engine with
Campaign: CH-47 re-engine
growing Int’l demand
T408
0
'23E '24F '25F '26F '27F '28F '29F '30F U.S. Army rotorcraft Selected: Apache, Black Hawk, U.S.
Rotorcraft Combat Mobility/Marine engine of the future Army Future Vertical Lift Program
T901

2023 G E I N V E S T O R C O N F E R E N C E 54
Leading in adaptive cycle engine technology

Adaptive is a generational change in propulsion Technology is mature & tested

$2B of tech Performance testing
High bypass efficiency + Performance on demand
maturation by Air Force customer

25% better fuel efficiency 30% range increase & While offering customer
50% more loiter time lifecycle cost savings
+
10% to 20% more thrust Combat performance

2X mission systems cooling

+ Survivability & lethality
$10B net lifecycle
cost savings-a)

(a – U.S. Air Force AETP lifecycle cost study for F-35

2023 G E I N V E S T O R C O N F E R E N C E 55
Innovating for the future in Edison Works
New capabilities are
Developing future of combat technology entering the combat fleet $7,000.00

$6,000.00

• Awarded significant classified programs,

$5,000.00

$4,000.00

competing on multiple additional classified programs $3,000.00

$2,000.00

$1,000.00

• Investing in key technologies associated with

$0.00

Stealth UAVs Hypersonics

hypersonics, hybrid electric & advanced UAVs
2022 2042

• Organic & inorganic investments, positioned for

ramjet/scramjet applications
>20% Revenue CAGR
2020-2025

• Expanding into new high-growth sectors

~$350M funding for classified
programs in 2022

Driving growth through advanced technology

2023 G E I N V E S T O R C O N F E R E N C E 56
Defense: growing in strong & resilient sector

Focused on driving a step change in performance today

Growing in both core & next generation products tomorrow

Technology shared across civil & defense products

2023 G E I N V E S T O R C O N F E R E N C E 57
Financials
Rahul Ghai | CFO

2023 G E I N V E S T O R C O N F E R E N C E 58
GE Aerospace, a global leader operating at scale
2022 revenue split Installed base-a) growth

70% ~60%
services 67K
51K
42K
$26B

30%
equipment
2000 2010 2022

Higher-margin services revenue fueled by growing fleet in service & higher utilization
(a – Number of commercial & military engines in-service; sourced from Cirium; includes 26,300 CFM56 & LEAP engines & 270 Engine Alliance engines as of Dec 31, 2022
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney 2023 G E I N V E S T O R C O N F E R E N C E 59
Consistent long-term growth … recovery continues
($ in billions)

+MSD CAGR
Growth drivers
32.9
26.0
Revenue

19.3 17.6
• Strong recovery after downturns
10.8 10.9

• Resilience driven by services & strong

positions on key platforms

+HSD CAGR
6.8 • Entering major platform renewal cycle
4.8
3.7 3.3
Profit

2.0 2.2
• Recovery from COVID continues in 2023
& growth beyond
2000 2005 2010 2015 2020 2022

Great
9/11 COVID-19
recession

Historical values are as reported in respective annual GE Form 10-K & reflect GE’s portfolio composition for the year reported
2023 G E I N V E S T O R C O N F E R E N C E 60
Continued profit growth in 2023

Profit bridge 2023 dynamics

• Services: high-teens to 20% revenue growth*-a);

internal SV up ~20%, largely driven by WB
$5.3-$5.7B
• OE: ~20% revenue growth*-a) ... LEAP units
$4.8B +50% … spare engine mix consistent with 2022

• Incremental LEAP mix impact ~(1) point,

including higher services warranty removals

• Price actions address inflationary pressures

• Productivity more than offsets continued

2022 Volume / mix Price / cost Productivity Investment / 2023E investments in RISE & next-gen programs
inflation other

* Non-GAAP Financial Measure

(a – organic basis 2023 G E I N V E S T O R C O N F E R E N C E 61
Strong cash generation in 2023

FCF* bridge 2023 dynamics

• Earnings & working capital driving

free cash flow* growth

Up
$4.9B • Working capital improvement from higher
$4.4B-a) Services billings & reduced days sales
outstanding

5.2
• AD&A $(0.5)B; aligns to airframer delivery
schedules

• FCF conversion*-b) 100%+

2019 2022 Earnings Working AD&A CapEx & 2023E
capital other

* Non-GAAP Financial Measure

(a – Not adjusted for the impact of factoring programs discontinued in 2021
(b – FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures. 2023 G E I N V E S T O R C O N F E R E N C E 62
GE Aerospace: 2025 financial outlook

Revenue growth*-a) Profit margin FCF conversion*-b)

Low double-digits
to mid-teens: ~20% 100%+
• Commercial: Mid-teens
• Defense-c): MSD-HSD

Strong top line driving high-teens profit growth & continued FCF* generation
* Non-GAAP Financial Measure; reported on current GE basis, not standalone basis
(a – organic basis
(b – FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures.
2023 G E I N V E S T O R C O N F E R E N C E 63
(c – Military only (excludes Systems & Other)
Path to ~20% margin in 2025

Profit bridge 2023 to 2025 dynamics

• Volume continues to offset platform mix

$7.6-$8.0B
pressure

• Expecting LEAP program & OE

$5.3-$5.7B breakeven by mid-decade

• Price contributing, offsetting inflation

and continued growth investments

• Continued lean deployment & focused

cost out
2023E Volume / mix Price / cost Productivity Investment / 2025F
inflation other

2023 G E I N V E S T O R C O N F E R E N C E 64
Driving a leaner, more efficient cost base
2023 to 2025 Productivity-a) SG&A % of revenue

Material

Labor &
2-3 pts. 9%
overhead per year 7% 7%

2019 2020 2023E 2025F

• Product cost reduction ... learning curve, loss/scrap • SG&A% slightly lower than pre-COVID levels in 2023
reduction & leveraging the supply base … disciplined additions to support higher revenue
• Opportunities for further reduction by managing IT
• Shop productivity improvement ... repair industrialization, infrastructure & other functional spend
reducing non-productive time & driving higher output
per FTE • Excludes incremental standalone cost & remaining GE
Corporate allocation … opportunity to offset over time

(a – Gross productivity on cost of goods sold

2023 G E I N V E S T O R C O N F E R E N C E 65
Opportunities supporting mid-term FCF* growth

CapEx/revenue ratio Days sales outstanding (DSO) Inventory turns

2019 2021 2023E 2025F 2019 2021 2023E 2025F 2019 2021 2023E 2025F

• Controlled spending while • 2022 DSO better than pre-COVID • Reduce peak inventory levels by
supporting LEAP shop visit ramp levels improving delivery with a
• CapEx stable at ~2% of revenue • Additional opportunities through stabilized supply chain
billing improvements & linear • Implementing a pull system with
collection management suppliers

Focused working capital & CapEx management drives FCF conversion*-a) above 100%
* Non-GAAP Financial Measure
DSO & inventory turns calculated on a 2pt basis to best reflect current operating performance. Average balance across 2 most recent quarters, annualizing current quarter volume 2023 G E I N V E S T O R C O N F E R E N C E 66
(a – FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures
Attractive financial profile

Strong revenue trajectory fueled by growing installed base & higher utilization

Expanding margins to ~20% in 2025 through price, productivity & growth

Higher FCF* driven by working capital opportunities & disciplined investments

Long-term outlook*: MSD to HSD revenue growth-a), continued margin expansion-a), FCF in line with NI

* Non-GAAP Financial Measure

(a – organic basis 2023 G E I N V E S T O R C O N F E R E N C E 67
Wrap
Larry Culp | CEO, GE Aerospace

2023 G E I N V E S T O R C O N F E R E N C E 68
GE Aerospace ... creating value now & ahead

Global aerospace leader in attractive, growing commercial & defense sectors

Most competitive value proposition for propulsion
Best commercial & defense platforms
Large installed base

Defining flight for today, tomorrow & the future with differentiated technology & service
Unique products & services, underpinned by deep engineering expertise
Importance of flight support & differentiated services creates customer intimacy
Pioneering future flight technology to decarbonize, lower costs & support mission readiness

Running the business with greater focus to drive long-term profitable growth
Embedding lean & decentralization further ... greater product line focus
Higher-margin services represent ~70% of revenue & infrequent equipment replacement cycles
Sustainable cash generation with low capital intensity

2023 G E I N V E S T O R C O N F E R E N C E 69
Q&A

2023 G E I N V E S T O R C O N F E R E N C E 70
GE INVESTOR CONFERENCE | March 9, 2023

Break

2023 G E I N V E S T O R C O N F E R E N C E 71
Video: Vernova Opening

2023 G E I N V E S T O R C O N F E R E N C E 72
GE Vernova
Scott Strazik I CEO, GE Vernova
Eric Gray I Gas Power
Philippe Piron I Grid Solutions & Power Conversion
Vic Abate I Onshore Wind

2023 G E I N V E S T O R C O N F E R E N C E 73
GE Vernova – March 2023 vs. March 2022
External developments Internal progress

• Inflation Reduction Act (IRA) a “game changer” for • Solidifying the leadership team … supporting
our U.S. customers stand-up of a new public company

✓ ONW tax credit extension (10+ years) improves ✓ Internal promotions with substantial depth &
certainty & cash flow profile domain in their respective businesses
✓ Nuclear credits support existing units
✓ New hires: Conventional Power leader, Chief
✓ CCUS-a) & hydrogen credits enhance viability People Officer, General Counsel, Investor
Relations
• Sentiment for natural gas/nuclear meaningfully
improved • Taking self-help steps across ONW, Grid & OFW to
drive substantially better results going forward
• Energy security & resiliency key, especially given
Russia/Ukraine • Accelerating lean across GE Vernova, leveraging
Gas Power learnings
(a – Carbon capture, utilization & storage

2023 G E I N V E S T O R C O N F E R E N C E 74
GE Vernova – the energy to change the world

Industry leader uniquely positioned to support customers through the energy transition

Power delivering strong, long-term FCF* generation from vast services installed base

Renewable Energy transforming now … secular tailwinds to drive long-term profitable growth

* Non-GAAP Financial Measure

2023 G E I N V E S T O R C O N F E R E N C E 75
Strength & reach by the numbers

World’s electricity
Global utilities
generated with Services
~30% the help of our ~50% revenue-b) 30% served by
our software
technology

Gas turbines 8M Hydrogen-

7K installed … world’s
largest fleet
$107B Backlog-b)
hours
blended output
on 100+ turbines

Small Modular
Wind turbines

54K installed > 50 2,200 Global Reactor commercial

countries …
#1 ONW in U.S.-a)
GW
installed
base 1st contract signed in
North America

(a – Source: American Clean Power Association

(b – GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments.
2023 G E I N V E S T O R C O N F E R E N C E 76
On a stand-alone basis, GE Vernova will include GE’s portfolio of energy businesses and Digital
Delivering what the energy system needs

Conventional Power Wind Electrification

Gas, Steam, Onshore & Grid, Power Conversion,
Global sectors Nuclear & Hydro Offshore Digital & Hybrids

Sector size 2022-a) ~$110B ~$80B ~$75B

Sector CAGR 2022-2030-a) LSD HSD MSD/HSD

GE 2022 revenue-b) ~$16B ~$9B ~$5B-c)

% services-b) ~70% ~25% ~30%

Key demand drivers • Electrification • Decarbonization • Distributed energy resources

• Intermittency • Decarbonization
• Energy security
(a – GE estimate of served available segment, capex & services
(b – Revenue represents best approximate sector view & does not include eliminations
(c – Includes Grid Solutions, Power Conversion, Hybrids & Digital
2023 G E I N V E S T O R C O N F E R E N C E 77
Driving the energy transition forward
Electrifying ... meeting the
Decarbonizing … decreasing CO2 world’s growing electricity needs
• Transitioning to low-carbon fuels like hydrogen & capturing carbon • Growing low & zero-carbon generating capacity

• Increasing capacity factors & utilization of low & zero-carbon

Buildings Other generation, displacing higher-carbon-emitting plants
Manmade CO2
8% • Powering economies & improving quality-of-life, through access
36 GT/Y Industry 4%
to reliable, affordable electricity
26% • Electrifying hard-to-abate sectors

40% Coal
9.7 GT
21%
Transport
Electricity Demand-a)
28K 43K 49K 58K (TWh/y)
POWER INDUSTRY
8K 16K 20K 27K Capacity
13 GT/Y …while generating 2021 2040
stated
2040
announced
2040
Net-zero
(GW)
policies pledges scenario
28K TWh/y Gas
Oil
0.5 GT
2.8 GT

Reducing carbon intensity as electrification accelerates

(a – IEA World Energy Outlook 2022 global electricity generation (thousands of TWh/y) & net installed capacity (GW)
2023 G E I N V E S T O R C O N F E R E N C E 78
 Solid revenue growth from secular demand tailwinds

Key drivers
2022 2023E 2024F
• Entering 2023 with strong backlog … ~80% revenue in hand

• Gas Power growing MSD* … services, turbine deliveries Revenue

growth*-a) $29B LSD/MSD MSD
• Steam as a service … smaller revenue base ~$1B in 2024+

Power $16.3B LSD LSD

• Wind up DD* in 2024 … OFW deliveries, ONW IRA volume
growth 2%

Renewable $13.0B MSD DD

• Grid growing MSD* in 2023/2024 … HVDC, Grid Automation Energy (13)%

• Price actions continue across GE Vernova in 2023+

Volume & price improving across GE Vernova through 2024

* Non-GAAP Financial Measure; note: reported on current GE basis & not stand-alone basis
(a – organic basis; GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone
basis, GE Vernova will include GE’s portfolio of energy businesses and Digital
2023 G E I N V E S T O R C O N F E R E N C E 79
 Power profit grows, Renewable Energy improves

2022 2023E 2024F

Key drivers

• Power achieving LDD margins in 2024 ... Gas LDD margins Profit-a) $(1.0)B $(0.6)-(0.2)B Profitable
in 2023+, Steam a higher margin services business in 2024
Profit margin-a) (3.5)% Better MSD
• ONW better in 2023 from price & cost-out … LSD+ margins
in 2024 from IRA volume, workhorse products $1.2B Slightly
Power LDD
7.5% better
• Grid reaching modest profitability in 2023, MSD margins in
Renewable $(2.2)B Significantly
2024 Profitable
Energy (17.3)% better

• Substantial cost & productivity opportunities remain with

lean further embedded across GE Vernova

Price, mix & cost-out driving significant profit improvement

(a –GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE
Vernova will include GE’s portfolio of energy businesses and Digital 2023 G E I N V E S T O R C O N F E R E N C E 80
Approaching significant FCF* inflection point

Power up with
Flat to slightly Renewable Energy Key drivers
improving approaching B/E
Power remains
Powera …
strong FCF*
strong generator
FCF generator
• HAearnings
• Gas Power & Aeroderivative
growth &sales increasing
services billings
• Steam as a service in ’24+
• Steam less capital intensive 2024+
$(0.2)B
• Collections ramp, disbursements slow
• >100% FCF conversion*-b)
• >100% FCF conversion in ’24+
Accelerated improvement at Renewable Energy
• Onshore
Renewables:
Wind ordersaccelerated improvement
& profit driving sequential
FCF* growth
• ONW in …
2023 & 2024
orders rising, cost decline
• OFW
• Offshore Wind … FCF improves
challenging withbetter
in 2023, deliveries
in
2022 2023E 2024F
2024 on
• more balanced now,
Grid profitable collections vs. in ’24+
DD growth
GE Vernova-a)
disbursements mix
Power Renewable Energy

Self-help & secular tailwinds driving sizeable FCF* improvement in ’24

* Non-GAAP Financial Measure; reported on current GE basis & not stand-alone basis
(a – GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova
will include GE’s portfolio of energy businesses and Digital 2023 G E I N V E S T O R C O N F E R E N C E 81
(b – FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures.
GE Vernova: long-term outlook

Revenue growth*-a) Profit margin FCF conversion*-b)

MSD HSD 90-110%

Improving margins & delivering higher FCF* across GE Vernova

* Non-GAAP Financial Measure; note: reported on current GE basis & not stand-alone basis
(a – organic basis
(b – FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures
GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova will 2023 G E I N V E S T O R C O N F E R E N C E 82
include GE’s portfolio of energy businesses
Uniquely positioned industry leader to support
customers through the energy transition
Secular demand Lean driving Existing & new
tailwinds productivity products

• Public policy, corporate • More margin expansion • Near-term: more

frameworks means opportunities at Gas efficient HA +
higher investment cycle Power … embedding Aeroderivatives Higher profit &
• Onshore Wind demand
lean deeper across GE
• … & HVDC, Grid
FCF* ... with a

+ + =
Vernova
growth rising now, Automation significant
Offshore Wind longer • Workhorse product
term strategy at Onshore • Grid SW = GridOS inflection in
Wind … quality, cost 2024-a)
• Electrification & • Long-term: SMR, H2,
better
decarbonization driving Offshore Wind, carbon
demand • Better underwriting, capture & direct air
inflation protection & capture
cost structure at
Offshore Wind

• Non-GAAP Financial Measure

(a – GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova
will include GE’s portfolio of energy businesses and Digital
2023 G E I N V E S T O R C O N F E R E N C E 83
Gas Power
Eric Gray | CEO, Gas Power

2023 G E I N V E S T O R C O N F E R E N C E 84
Gas Power delivering strong margin & FCF*
HDGT LTSA backlog provides HA services billings growing Fulfilling rising
~$45B revenue source to ~$1B/year by mid-20s Aeroderivative demand
• Expect LSD growth in global gas-based • Customer’s investing in latest baseload • Proving more important in renewables,
generation, driving services technology to meet demand needs … energy security & data centers
• ~75%+ of LTSA contracts with 10+ years • … more HA units in services + more • Margin accretive on turbine sales, adds
remaining & 70%+ renewal rates outages = more services revenue to services / repairs revenue stream
• ~7,000 units installed … largest global fleet

Years Units COD Outages Shipments Repairs (services)

remaining >110
>140
~100 >120
0-5 115
78 75
5-10 69 ~30
10-15 17 15 >10
15+ >50 >60
48
19
'21
2021 '22
2022 '23E
2023E '24F
2024F '21
2021 '22
2022 '23E
2023E '24F
2024F
HDGT LTSA backlog by remaining
contract length HA Units COD & outages Aeroderivative delivery trajectory

Reliable FCF* from a growing services franchise that contributes 70% of Gas Power revenue

* Non-GAAP Financial Measure 2023 G E I N V E S T O R C O N F E R E N C E 85

Lean continues to drive value
Services Supply chain
7F Live Outage Cycle Transformation Moving manufacturing hours onto ‘lean lines’

↓ 6x Injuries
49
Shifts
↓ 3x Quality escapes
Shifts to 38
33% ↓ 50% Lead time
complete Shifts
X 36 ↓ 30% Cost
Shifts

2021 2022 2023E

10 106 152
>2M hours
saved
of capacity
Outages

• Opportunity to reduce outages for customers by ~6 days • Moved 33% of total manufacturing hours to lean lines …
(24.5 to 18 days), increasing asset availability fewer injuries, better quality, lower lead time & cost
• … & reduce costs by double digits given fewer shifts … • Still material cost & cash flow improvement ahead as we
creates capacity to execute more outages in the year use more “lean lines” on the remaining 60%+ of hours

Delivering higher quality products & services – safer, faster & at lower costs

2023 G E I N V E S T O R C O N F E R E N C E 86
 Gas Power profit growth continues ahead

Profit margin trajectory

Key drivers LDD

• Continued services growth on higher outage HSD

volume

• Aeroderivative units favorable to equipment &

service volume & margin

• Improvement opportunities remain with lean,

including moving down HA cost curve

• Productivity gains, lower costs & price catching

up with inflation 2022 Aeroderivative HDGT Price, 2024F
growth service productivity &
growth inflation

Delivering top-line growth with LDD profit margins … further improvement beyond 2024

2023 G E I N V E S T O R C O N F E R E N C E 87
Video: Lean at GE Vietnam factory

2023 G E I N V E S T O R C O N F E R E N C E 88
Electrification
Philippe Piron | CEO, Grid Solutions & CEO, Power Conversion

2023 G E I N V E S T O R C O N F E R E N C E 89
Grid Solutions turnaround accelerating
Profitable growth trajectory

+MSD* +MSD*
$3.2 $3.1

Grid Systems Grid Power Grid Revenue

Integration Transmission Automation

2021 2022 2023E -a) 2024F -a)

Profitable growth Improved execution Profit Modestly
(11)% (3)% MSD%
• Market to grow HSD … ~$75B by 2025 • De-risking legacy project backlog margin profitable

• Disciplined underwriting … margin focus • Applying lean to  OTD,  lead-times

• Profitable in 4Q’22 … 1st time since 2018

• Pricing actions … supply chain dynamics

Lower cost structure Decentralized organization improving
• ~$0.3B cost out in last 3 years • 3 focused business lines, small HQ • HVDC & GA-b) opportunities growing with
• Continued footprint rationalization •  accountability, closer to customers industry facing capacity constraints

Transforming Grid Solutions into a profitable, FCF* generating business in 2023 onward
* Non-GAAP Financial Measure
(a – organic basis
(b – HVDC = High Voltage Direct Current; GA = Grid Automation 2023 G E I N V E S T O R C O N F E R E N C E 90
Grid is the backbone of the energy transition
HVDC: a key enabler for grid expansion, HVDC case study
interconnection & renewable integration
HVDC market
HVDC -a) size-a) $22B
+35%
$9B annual
growth
$1B-b) HVDC system: leveraging full Grid Solutions product range
(% of total project cost}
2022 2025F
• HVDC market in Europe accelerating driven by energy 1 Multilevel modular
security & net-zero ambition … North America to follow converters
1 (20%)
2 1
• Enhancing system capabilities by investing in new
modular multilevel converter & control system technology 2 Transformers, switchgears,
platforms breakers
3 2 2 (20%)
2
• Partnering with European TSOs-c)
on multi-year framework
agreements utilizing HVDC/Grid Automation offerings
2 Automation & controls –
systems engineering
B
• Well positioned as 1 of 3 global HVDC players (30%)
Installation & Commissioning (10%)
B Balance of Plant, warranty, logistics (20%)
(a – HVDC = High Voltage Direct Current. GE Market Estimate of Served Available Segment, Capex & Services
(b – Excludes Marine & Civil works & offshore platform manufacturing
(c – Transmission system operator 2023 G E I N V E S T O R C O N F E R E N C E 91
Video: NextEra Energy

2023 G E I N V E S T O R C O N F E R E N C E 92
Onshore Wind
Vic Abate | CTO, GE and CEO, Onshore Wind

2023 G E I N V E S T O R C O N F E R E N C E 93
Driving profitability by focusing on our core markets
IRA driving U.S. growth Demand visibility improving Favorable mix shift
U.S. Onshore Wind installations (GW) % planned U.S. units in agreement % of opening backlog
(GE forecast) with customers-a)
11% CAGR Entering 2022 Entering 2023 100% 1
rest of decade
0.8

0.6
’12-21 avg.
50%
0.4

0.2
8 10 13 14 19
0
2022 2023E 2024F 2025F 2030F 2022E 2023F 2024F 2023E 2024F 2025F 2022 2023E 2024F
% coverage ROW U.S.

• U.S. build-out cycle increasing by 2x • Greater visibility (2x) this year • Growing backlog with better price
versus prior decade … driven by PTC compared to March 2022 with aligned to competitive strengths …
extension far greater visibility 2 years out margin expansion opportunity

U.S. growth + competitive advantage = accelerated margin expansion

(a – Defined as secured orders plus tech selects
2023 G E I N V E S T O R C O N F E R E N C E 94
Onshore Wind strategic priorities
Lead with quality Workhorse products Simplify
Reduce product variants Best project economics Focus & lean

Better delivered cost in 80% of U.S. zip codes

2021 2025F vs 2021
Scalable by 2x with limited investment
Rotors 15 4 Countries bid 50%
Nacelles 9 4 Design hubs from 20 to 4
Towers 40 9 Spend $500M

• Larger fleets of same units • Best running fleet / availability • Better cross-functional alignment
• Faster closed-loop learning • Learning curve / service advantage • Faster problem solving
• More robust innovation introduction • Partnerships reinforcement • Less complexity, lower fixed cost

Approaching significant volume increase with clear priorities & stronger fundamentals

2023 G E I N V E S T O R C O N F E R E N C E 95
Importance of leading with quality
Energy transition success will require CO2 Taking actions to deliver that
free energy, decade after decade-a) promise every day

• Fleet Performance Management team … 200

Wind tWhrs 12,300 engineers dedicated as eyes & ears of the fleet
% Total generation ~25%

~2,000 ~10,000
tWhrs tWhrs • Starting every day with a staff-level, cross-
functional quality meeting … lean problem solving,
system by system
1,900
~7%
~50
<1% • Launched proactive enhancement program,15%
2000 2010 2021 2030 2040 completed, >50% targeted by end of 2023

World’s best running fleet with workhorse products … our true north
(a – Source: IEA (announced pledges scenarios), GE internal forecast
2023 G E I N V E S T O R C O N F E R E N C E 96
Improving Onshore Wind profit margin performance

Profit margin trajectory Key levers firmly in our control

• Proactive fleet mitigation & fewer

variants
LSD+

• Focused footprint & prioritized

spend

• Regional shift toward U.S. with IRA

• Price actions with better

2022 Quality Cost-out U.S. Price/cost 2024F
volume inflation commercial discipline

Operating plans in place to deliver significantly better results

2023 G E I N V E S T O R C O N F E R E N C E 97
Wrap

Scott Strazik | CEO, GE Vernova

2023 G E I N V E S T O R C O N F E R E N C E 98
Offshore Wind: key priorities to achieve profitability

Progressing through challenging backlog Disciplined underwriting in a growth market

Haliade-X existing backlog ($B) Global OFW installs (GW)-a)
181
27%

$3B
22%
60
2022 2023E 2024F 2025F
34
Product 45%
Margin
~ B/E
2022 2025F 2030F CAGR ’25-’30
W/C
flow
~flat ~flat
North America Europe Asia Pacific (ex. China)

• Accelerating product cost & project execution learning • Sustain progress on the new product launch … in
curve focused markets, with better economics & underwriting

Executing initial backlog & positioning business for profitable growth

(a – Source: WoodMac
2023 G E I N V E S T O R C O N F E R E N C E 99
New nuclear key to the energy transition
Nuclear important Taking disciplined approach
today & tomorrow for introducing SMR
• Provides zero emission, reliable baseload power ... • Investing smartly in a long-term nuclear NPI
~18% of TWh’s in the U.S. & ~10% globally-a)
✓ Developed new BWRX-300 small modular reactor
• …with most of the recent additions coming primarily (SMR) – leverages existing NRC license
in China
✓ Working with key partners (OPG, TVA, Synthos) …
• Energy security & decarbonization driving policy created breakthrough design to drive scalability / cost
support in U.S./Europe – existing units stay online
✓ …with cost sharing among partners
• New nuclear capacity globally may need to rise
~2x by 2040 to hit net zero targets-b)
• Initial project award with OPG ~300 MW
✓ Greater cost certainty needed given historical
challenges for new nuclear • Potential pipeline growing ... U.S., Canadian &
European opportunities emerging
✓ …design standardization required

(a – U.S. Energy Information Administration

(b – IEA World Energy Outlook 2022

2023 G E I N V E S T O R C O N F E R E N C E 100
Innovating to support customers through energy
transition
Sustainable Affordable Resilient Secure

workhorse product
Onshore Wind positioned to ramp
investing for higher availability
pairing with storage for
increased dispatch
14 MW turbine investing to scale
Offshore Wind commissioned in ‘23 with current platform improved energy
security through
1st SMR commercial contract reducing capex through diverse generation mix
Nuclear in North America modular, repeatable design
dispatchable power

investing in H2, CCUS-a) & investing in fleet upgrades to dispatchable & flexible
Gas Power DAC-a) paths to decarbonize improve dispatch aeroderivative, CC-a) plants

Electrification HVDC connecting offshore; grid automation & control orchestrating system reliability
cybersecurity solutions
& Digital hybrids & storage solutions for cost & reliability through GridOS software

near-term longer-term

Our investments will deliver multi-year profit & FCF* opportunities

* Non-GAAP Financial Measure
(a – CCUS = carbon capture utilization & storage; DAC = direct air capture; CC = combined cycle
2023 G E I N V E S T O R C O N F E R E N C E 101
GE Vernova: long-term outlook

Revenue growth*-a) Profit margin FCF conversion*-b)

MSD HSD 90-110%

Improving margins & delivering higher FCF* across GE Vernova

* Non-GAAP Financial Measure; note: reported on current GE basis & not stand-alone basis
(a – organic basis
(b – FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures
GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova will 2023 G E I N V E S T O R C O N F E R E N C E 102
include GE’s portfolio of energy businesses and Digital
GE Vernova … positioned to create value

Gas Power a strong franchise, leading Power to LDD margins & >100% FCF conversion*-a) in 2024+

Onshore Wind orders & profit visibility increasing now, focused on improving Offshore Wind

Grid Solutions modestly profitable in 2023, demand accelerating & facing capacity constraints

Continuing to invest in innovative solutions with long-term growth potential

+ + =
Higher profit & FCF*
Secular demand Lean driving Existing & new with a significant
tailwinds productivity products inflection ahead in 2024

* Non-GAAP Financial Measure

(a – FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures.
GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova will
include GE’s portfolio of energy businesses and Digital 2023 G E I N V E S T O R C O N F E R E N C E 103
Q&A

2023 G E I N V E S T O R C O N F E R E N C E 104
GE INVESTOR CONFERENCE | March 9, 2023

Wrap
Larry Culp
Chairman & CEO, GE
CEO, GE Aerospace

2023 G E I N V E S T O R C O N F E R E N C E 105
GE Vernova

• Industry leader uniquely positioned to support

customers through the energy transition

• Power delivering strong, long-term FCF* generation

from vast services installed base

• Renewable Energy transforming now … secular 3.0-3.4 MW Sierra onshore wind turbine

tailwinds to drive long-term profitable growth 9F gas turbine

Long-term outlook-a)

Revenue growth*-b) +MSD

Profit margin HSD

FCF conversion*-c) 90%-110%

* Non-GAAP Financial Measure; reported on current GE basis, not standalone basis

(a – For the purposes of long-term outlook, GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to
eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova will include GE’s portfolio of energy businesses and Digital
(b – organic basis
(c – FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP
financial measures. 2023 106
G E I N V E S T O R C O N F E R E N C E 106
GE Aerospace

• Global leader in attractive, growing commercial &

defense sectors

• Defining flight for today, tomorrow & the future with

differentiated technology & service

• Running the business with greater focus to drive F110 powering F-15EX

long-term profitable growth GE9X engine on wing

Long-term outlook

Revenue growth*-a) +MSD to +HSD

Profit margin Continued expansion

FCF*-b) In line with net income

* Non-GAAP Financial Measure; reported on current GE basis, not standalone basis

(a – organic basis
(b – FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our
non-GAAP financial measures.
2023 G E I N V E S T O R C O N F E R E N C E 107
Future is bright ... a new era at GE

GE Aerospace GE Vernova
is defining flight for is electrifying &
today, tomorrow & decarbonizing the
the future world

Continuing to create value for customers, employees & shareholders

2023 G E I N V E S T O R C O N F E R E N C E 108
Q&A

2023 G E I N V E S T O R C O N F E R E N C E 109
GE INVESTOR CONFERENCE | March 9, 2023

Tour logistics

2023 G E I N V E S T O R C O N F E R E N C E 110
Directions for after lunch

Tour groups: Luggage: Departure:

Please check your badge to You will pick up your luggage All buses will be departing for
determine your tour group. when you depart CTEC for the the airport by 3:00pm ET.
If you do not have a number, last time. A small luggage van
please let a GE team member will travel with your bus. Your luggage with be with you
know. at your final tour stop whether
it is CTEC, BladeworX or
Evendale.
• Groups 1–4 will be starting
here at CTEC

• Groups 5–7 will be starting

at Evendale

2023 G E I N V E S T O R C O N F E R E N C E 111
March 9, 2023 | Cincinnati, Ohio
GE INVESTOR CONFERENCE | March 9, 2023

Appendix &
non-GAAP reconciliations

2023 G E I N V E S T O R C O N F E R E N C E 113
Other 2023 guidance items
Interest ~$(1)B expense & cash

Taxes* Adjusted tax rate* mid-20s; adjusted cash taxes roughly aligned

Adj. corporate costs* ~Flat vs. 2022

Separation costs Expecting ~$1B of remaining separation costs, excluding tax costs, cash lagging expense

Non-op. benefit costs Positive & up driven by lower amortization of historical losses & investment gains

Preferred dividends Expense recorded within adjusted EPS* … LIBOR + 333bps

AER/GEHC stakes Mark-to-market remaining investment; treated as non-GAAP EPS adjustment

Insurance Stable performance ... impacted by COVID & first principles adoption

Restructuring Expense flat (in & out of segment), total cash slightly down (excl. Corporate separation)

* Non-GAAP Financial Measure

2023 G E I N V E S T O R C O N F E R E N C E 114
Organic revenues, profit (loss) & profit margin by segment
Excludes GE HealthCare results

ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)

REVENUES PROFIT (LOSS) PROFIT MARGIN

(Dollars in millions) 2022 2021 V% 2022 2021 V% 2022 2021 V pts

Aerospace (GAAP) $ 26,050 $ 21,310 22 % $ 4,775 $ 2,882 66 % 18.3 % 13.5 % 4.8pts

Less: acquisitions — — — —
Less: business dispositions — — — —
Less: foreign currency effect (80) — 101 3
Aerospace organic (Non-GAAP) $ 26,129 $ 21,311 23 % $ 4,674 $ 2,879 62 % 17.9 % 13.5 % 4.4pts

Renewable Energy (GAAP) $ 12,977 $ 15,697 (17)% $ (2,240) $ (795) U (17.3)% (5.1)% (12.2)pts
Less: acquisitions — (55) — (17)
Less: business dispositions — — — —
Less: foreign currency effect (702) 2 55 52
Renewable Energy organic (Non- $ 13,678 $ 15,749 (13)% $ (2,295) $ (831) U (16.8)% (5.3)% (11.5)pts
GAAP)

Power (GAAP) $ 16,262 $ 16,903 (4)% $ 1,217 $ 726 68 % 7.5 % 4.3 % 3.2pts
Less: acquisitions — — — —
Less: business dispositions — 502 — (2)
Less: foreign currency effect (503) (5) (78) (40)
Power organic (Non-GAAP) $ 16,765 $ 16,405 2% $ 1,295 $ 768 69 % 7.7 % 4.7 % 3.0pts

* Non-GAAP Financial Measure

We believe these measures provide management & investors with a more complete understanding of underlying operating results & trends of established, ongoing operations by 2023 G E I N V E S T O R C O N F E R E N C E 115
excluding the effect of acquisitions, dispositions & foreign currency, which includes translational & transactional impacts, as these activities can obscure underlying trends.
Organic revenues
Excludes GE HealthCare results

ORGANIC REVENUES (NON-GAAP)

(Dollars in millions) 2022 2021 V%
Total revenues (GAAP) $ 58,096 $ 56,474 3%
Less: Insurance revenues 2,954 3,106
Adjusted revenues (Non-GAAP) $ 55,143 $ 53,368 3%
Less: acquisitions 2 (55)
Less: business dispositions — 158
Less: foreign currency effect (1,307) (2)
Organic revenues (Non-GAAP) $ 56,448 $ 53,267 6%

* Non-GAAP Financial Measure

We believe these measures provide management & investors with a more complete understanding of underlying operating results & trends of established, ongoing operations by
excluding the effect of revenues from our run-off Insurance business, acquisitions, dispositions & foreign currency, which includes translational & transactional impacts, as these activities
2023 G E I N V E S T O R C O N F E R E N C E 116
can obscure underlying trends.
Adjusted profit & profit margin
Excludes GE HealthCare results

ADJUSTED PROFIT AND PROFIT MARGIN (EXCLUDING CERTAIN ITEMS) (NON-GAAP)

(Dollars in millions) 2022
Total revenues (GAAP) $ 58,096
Less: Insurance revenues 2,954
Adjusted revenues (Non-GAAP) $ 55,143

Total costs and expenses (GAAP) $ 60,212

2,894
Less: Insurance cost and expenses
Less: interest and other financial charges 1,423
Less: non-operating benefit cost (income) (409)
Less: restructuring & other 836
Less: debt extinguishment costs 465
Less: separation costs 715
Less: Steam asset sale impairment 824
Less: Russia and Ukraine charges 263
Add: noncontrolling interests 16
Add: EFS benefit from taxes (213)
Adjusted costs (Non-GAAP) $ 53,004

Other income (loss) (GAAP) $ 1,172

Less: gains (losses) on equity securities 76
Less: restructuring & other 31
Less: gains (losses) on purchases and sales of business interests 45
Adjusted other income (loss) (Non-GAAP) $ 1,020

Profit (loss) (GAAP) $ (944)

Profit (loss) margin (GAAP) (1.6) %

Adjusted profit (loss) (Non-GAAP) $ 3,159

Adjusted profit (loss) margin (Non-GAAP) 5.7 %

* Non-GAAP Financial Measure

We believe that adjusting profit to exclude the effects of items that are not closely associated with ongoing operations provides management & investors with a meaningful
measure that increases the period-to-period comparability. Gains (losses) & restructuring & other items are impacted by the timing & magnitude of gains associated with 2023 G E I N V E S T O R C O N F E R E N C E 117
dispositions, & the timing & magnitude of costs associated with restructuring & other activities.
Adjusted earnings (loss) & adjusted earnings (loss) per share
Excludes GE HealthCare results
ADJUSTED EARNINGS (LOSS) (NON-GAAP) 2022
(Dollars in millions, per-share amounts in dollars) Earnings EPS
Earnings (loss) from continuing operations (GAAP) $ (1,211) (1.11)
Insurance earnings (loss) (pre-tax) 65 0.06
Tax effect on Insurance earnings (loss) (21) (0.02)
Less: Insurance earnings (loss) (net of tax) 44 0.04
Earnings (loss) per share excluding Insurance (Non-GAAP) $ (1,255) (1.15)
Non-operating benefit (cost) income (pre-tax) (GAAP) 409 0.37
Tax effect on non-operating benefit (cost) income (86) (0.08)
Less: Non-operating benefit (cost) income (net of tax) 323 0.30
Gains (losses) on purchases and sales of business interests (pre-tax) 45 0.04
Tax effect on gains (losses) on purchases and sales of business interests 57 0.05
Less: Gains (losses) on purchases and sales of business interests (net of tax) 102 0.09
Gains (losses) on equity securities (pre-tax) 76 0.07
Tax effect on gains (losses) on equity securities(a)(b) (17) (0.02)
Less: Gains (losses) on equity securities (net of tax) 58 0.05
Restructuring & other (pre-tax) (806) (0.74)
Tax effect on restructuring & other 176 0.16
Less: Restructuring & other (net of tax) (630) (0.58)
Debt extinguishment costs (pre-tax) (465) (0.42)
Tax effect on debt extinguishment costs 68 0.06
Less: Debt extinguishment costs (net of tax) (397) (0.36)
Separation costs (pre-tax) (715) (0.65)
Tax effect on separation costs 23 0.02
Less: Separation costs (net of tax) (692) (0.63)
Steam asset sale impairment (pre-tax) (824) (0.75)
Tax effect on Steam asset sale impairment 84 0.08
Less: Steam asset sale impairment (net of tax) (740) (0.68)
Russia and Ukraine charges (pre-tax) (263) (0.24)
Tax effect on Russia and Ukraine charges 15 0.01
Less: Russia and Ukraine charges (net of tax) (248) (0.23)
Less: Accretion of preferred share repurchase (pre-tax and net of tax) 3 —
Less: U.S. and foreign tax law change enactment 126 0.11
Adjusted earnings (loss) per share (Non-GAAP) $ 839 0.77
* Non-GAAP Financial Measure
(a) Includes tax benefits available to offset the tax on gains in equity securities.
(b) Includes related tax valuation allowances.
Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total.
The service cost for our pension & 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 & market performance. We believe the retained costs in Adjusted earnings* provides 2023 G E I N V E S T O R C O N F E R E N C E 118
management & investors a useful measure to evaluate the performance of the total company & increases period-to-period comparability.
Free cash flows (FCF) by quarter
Excludes GE HealthCare results

FREE CASH FLOWS (FCF) (NON-GAAP)

(Dollars in millions) 1Q'22 2Q'22 3Q'22 4Q'22 2022
CFOA (GAAP) $ (924) $ 490 $ 813 $ 3,644 $ 4,023
Less: CFOA from insurance (15) 70 (7) 88 136
CFOA excluding Insurance (Non-GAAP) $ (909) $ 420 $ 820 $ 3,556 $ 3,887
Add: gross additions to property, plant and equipment(a) (239) (262) (223) (337) (1,061)
Add: gross additions to internal-use software(a) (22) (26) (30) (35) (113)
Less: separation cash expenditures (3) (10) (60) (106) (178)
Less: Corporate restructuring cash expenditures — — — (38) (38)
Less: taxes related to business sales — (50) (69) (10) (129)
Free cash flows (Non-GAAP) $ (1,169) $ 192 $ 697 $ 3,338 $ 3,059

* Non-GAAP Financial Measure

(a) Included in Gross CAPEX
We believe investors may find it useful to compare free cash flows* performance without the effects of CFOA related to our run-off Insurance business, separation cash
expenditures, Corporate restructuring cash expenditures (associated with the separation-related program announced in October, 2022), taxes related to business sales &
eliminations related to our receivables factoring & supply chain finance programs. We believe this measure will better allow management & investors to evaluate the capacity
of our operations to generate free cash flows. 2023 G E I N V E S T O R C O N F E R E N C E 119
Free cash flows (FCF) by segment
Excludes GE HealthCare results

2022 FREE CASH FLOWS (FCF) (Non-GAAP)

(Dollars in millions) Aerospace Renewables Power Corporate Total Company
CFOA (GAAP) $ 5,514 $ (1,759) $ 2,078 $ (1,810) $ 4,023
Less: Insurance CFOA — — — 136 136
CFOA excluding Insurance (Non-GAAP) $ 5,514 $ (1,759) $ 2,078 $ (1,946) $ 3,887
Add: gross additions to property, plant and equipment(a) (543) (275) (210) (34) (1,061)
Add: gross additions to internal-use software(a) (81) (7) (18) (7) (113)
Less: separation cash expenditures — — — (178) (178)
Less: Corporate restructuring cash expenditures — — — (38) (38)
Less: taxes related to business sales — — — (129) (129)
Free cash flows (Non-GAAP) $ 4,890 $ (2,040) $ 1,850 $ (1,642) $ 3,059

2019 FREE CASH FLOWS (FCF) (Non-GAAP)

(Dollars in millions) Aerospace
CFOA (GAAP) $ 5,552
Less: Insurance CFOA —
CFOA excluding Insurance (Non-GAAP) $ 5,552
Add: gross additions to property, plant and equipment(a) (1,031)
Add: gross additions to internal-use software(a) (107)
Less: CFOA impact from receivables factoring and supply chain finance eliminations —
Less: taxes related to business sales —
Free cash flows (Non-GAAP) $ 4,415

* Non-GAAP Financial Measure

(a) Included in Gross CAPEX
We believe investors may find it useful to compare free cash flows* performance without the effects of CFOA related to our run-off Insurance business, separation cash
expenditures, Corporate restructuring cash expenditures (associated with the separation-related program announced in October, 2022), taxes related to business sales &
eliminations related to our receivables factoring & supply chain finance programs. We believe this measure will better allow management & investors to evaluate the capacity of
our operations to generate free cash flows. The CFOA impact from receivables factoring & supply chain finance eliminations represents activity related to those internal programs
previously facilitated for our industrial segments by our Working Capital Solutions business. 2023 G E I N V E S T O R C O N F E R E N C E 120
2023 adjusted EPS (non-GAAP)
We cannot provide a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measure for Adjusted EPS* in 2023 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 GE HealthCare, AerCap and 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.

2023 free cash flows & conversion (non-GAAP)

We cannot provide a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measure for free cash flows* in 2023 without
unreasonable effort due to the uncertainty of timing of taxes related to business sales.

* Non-GAAP Financial Measure

2023 G E I N V E S T O R C O N F E R E N C E 121