GE Capital

Mike Neal

June 4, 2010
This document contains “forward-looking statements”- that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future
business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” Forward-looking statements
by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our
forward-looking statements include: the severity and duration of current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and
the value of financial assets; the impact of U.S. and foreign government programs to restore liquidity and stimulate national and global economies; the impact of conditions in the financial and
credit markets on the availability and cost of General Electric Capital Corporation’s (GECC) funding and on our ability to reduce GECC’s asset levels as planned; the impact of conditions in the
housing market and unemployment rates on the level of commercial and consumer credit defaults; our ability to maintain our current credit rating and the impact on our funding costs and
competitive position if we do not do so; the soundness of other financial institutions with which GECC does business; the adequacy of our cash flow and earnings and other conditions which
may affect our ability to maintain our quarterly dividend at the current level; the level of demand and financial performance of the major industries we serve, including, without limitation, air
and rail transportation, energy generation, network television, real estate and healthcare; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance
risks, including the impact of proposed financial services regulation; strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses; and numerous
other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties may cause our actual future results to be
materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.”

“In this document, “GE” refers to the Industrial businesses of the Company including GECS on an equity basis. “GE (ex. GECS)” and/or “Industrial” refer to GE excluding Financial Services.”

GE Capital summary

GE Capital has a strong and advantaged business model

Have strengthened our liquidity position

Strong risk practices … underwrite to hold on our balance sheet

Portfolio margins improve in 2010

Losses have peaked and Real Estate risk is manageable

Supportive of regulatory reform, preparing for more oversight

Profitable

Solid, long-term value creation

CFPA1537 Bernstein _ June, 2010 2

Risk: GE Capital retrospective
Core competencies
+ Underwrite to hold/senior secured
+ Domain expertise/asset operator
+ Broad spread of risk
+ Not a trader… avoided exotics
+ Match funded
+ Strong brand… high rating
What we don’t do
• Did not originate CDOs, SIVs, etc.
• Did not sell credit default insurance
• Do not trade securities… minimal MTM
• Do not originate mezzanine
• Do not originate high yield debt/bonds

Successes in crisis Learnings

Raised FICO cut-offs early (in 2007)

High collateral recoveries

Residual realization at ~120% vs. ’08

Early to exit LBO, CMBS, U.S. mortgages

Portfolio insulated from rate swings

Overall size too big/CRE

Liquidity back-up… system failure

Markets want more disclosure

Safer and lower risk

CFPA1537 Bernstein _ June, 2010 3

GE Capital business model

Advantage Pre-crisis Today
• Largest direct • Still largest direct
1• Substantial origination capability origination team origination team

2• Deep domain expertise • Advantaged in key • Growing advantage

– Healthcare, Energy, Media, Aircraft verticals

3• Experts at collateral/asset management • Strong residual • Strong collateral and

realization residual realization

4• Experienced, disciplined risk management

and capital allocation • On balance sheet • Core to business model
– Spread of risk, secured underwriting

5• GE operational headset & tools • Scale focus • >25% lower costs

6• Match funded • Core value • Important differentiator

Well positioned to compete

CFPA1537 Bernstein _ June, 2010 4

GE Capital franchise… CLL Americas
($ in millions)
Net Income World class offering
Healthcare
Sponsor Equipment
$1,194 Finance

$659 Corp
Inventory Finance
Leading provider of Finance
senior secured
financing to middle
$249 market companies
Fleet
Bank Loan Services
Group
Franchise

TY'08 TY'09 1Q'10

ENI ($B) $125 $108 $115

• Leasing and lending against hard, foreclosable assets

• Organized by product & industry
• Spread of risk through over 400K customers and dealers

Disciplined underwrite to hold approach

CFPA1537 Bernstein _ June, 2010 5

GE Capital franchise… GECAS

($ in millions)
Net income Current environment

$1,140 • Airline traffic recovering: emerging

markets/short haul faster than
$1,016 developing markets/long haul

• Market remains competitive –

traditional players in flux … Asian
players active
$317
• Maintained strong skyline … 3 AOG;
new order placement 100% 2010, 68%
2011
TY'08 TY'09 1Q'10 • Portfolio holding … non-earnings down
ENI ($B) $39 $40 $40 50% to $77MM, delinquencies at 0.7%

Excellent management through a tough cycle

CFPA1537 Bernstein _ June, 2010 6

 GE Capital franchise… Retail Finance
ROA – Industry vs. Retail Key differences vs. industry
(Post-Tax ROA; ’04-’13) 1Q’10, Percent, pretax ROA GE +3.5%
2.8% ROA–a) ROA vs.
competition
4.0%
(3.8%) (2.8%) (0.8%)

Big
Bank #3
3.0% Big
Big Bank #2
Bank #1
GE +14% vs.
2.0% GP Cards 1 CV competition
16.6%
14.3% 15.4%
11.4%
1.0%

Big Big Big

0.0% Bank #1 Bank #2 Bank #3

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 Charge Off % Competition
NCO +17%
-1.0% 13.5%
11.6% 11.8%
1
McKinsey Payments Practice forecast – Base case , historical; Federal 9.8%
Reserve Credit Card Industry Statistics; company annual reports

Big Big Big

-a) Excluding reserves Bank #1 Bank #2 Bank #3

GE continues to outperform

CFPA1537 Bernstein _ June, 2010 7

Safe & secure

($ in billions)
Long-term debt funding GECS commercial paper Leverage–c)
$84–a) Target 7.7:1
$70–b) $20-25B ’11 $72 GECS
pre-funding 5.5:1 5.8:1
$47 $46
GECC 7.1:1 4.9:1
5.2:1 5.5:1 ex-FAS 167
$8

'08 '09 '10 4Q'08 4Q'09 1Q'10 4Q'08 4Q'09 1Q'10

(a- Includes $13B ’09 pre-funding (c- Net of cash & equivalents with hybrid
(b- Includes $38B ’10 pre-funding Cash & backup bank lines ~2.5X CP debt as equity, ex-non-controlling interests

Tier 1 common ratio 7.8% GECC ending net investment ~$25B

ex-FAS 167 per year
7.6% 7.8% $538 $(22) $516
5.7% $472 66–f) ~$440
GECC
FX ($6)
6.6 6.8
GECS 4.7
4Q’09–e) 1/1/10 Business 1Q’10 2012E
GECS 4Q'08 4Q'09 1Q'10 reduction
equity–d) $53 $71 $69 (e- Capital Finance at 4Q’08 FX
(d- Before non-controlling interest (f- Recast for FAS 167 $37, 4Q’09 FX $21 & 1Q’10 HQ ENI $8, excluding cash

Strong liquidity and capital positions

CFPA1537 Bernstein _ June, 2010 8
 Volume and margins
($ in billions)
2009
Global volume (includes flow) Commercial margin-b)
4.6%

2.9%
$313B Portfolio
Int’l. 167 margin trend-b)
5.7% 1Q
Run-off New volume 5.4% margins
U.S. small ~5.0%
~5.0%
and medium 2009 4.8%
businesses-a) Consumer margin-b)
12.2% 4.6%
U.S. 146
$41B 8.9%
2006 2007 2008 2009 2010F

2009A Run-off New volume

a) - Businesses with annual revenues <$50MM b) - CV ex-gains; ex-Restructuring operations

Portfolio margins expand in 2010

CFPA1537 Bernstein _ June, 2010 9

Losses and impairments

($ in billions)
~$19.0 Dynamics

Strong work out, collections and

collateral capabilities
~$13.6
~$12.0 Better • U.S. Consumer
• U.K. Mortgage

~Base case • Commercial loans

and leases
• Global Banking

Still challenging • Commercial

2010 2010 1Q but improving Real Estate
Fed Fed 2010
base case adverse case annualized

Expect lower losses in 2010

CFPA1537 Bernstein _ June, 2010 10

GE Capital portfolio quality
($ in billions)
30+ delinquencies Drivers

8.77% 8.82% 8.85% 8.72% Consumer
Equipment delinquencies better…

8.25%
down two consecutive quarters
2.84% 3.01%
Equipment
2.78% 2.81% 2.71%

Consumer delinquencies better…
1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 strong improvement in North
America Retail and U.K. home
Non-earnings lending

4.75% 4.81% 4.94% 4.75%

4.24% Consumer
Real Estate delinquencies up…
Equipment pace of valuation declines
2.86% 2.98% 2.86%
2.27% 2.45% moderating
1Q'09 2Q'09 3Q'09 4Q'09 1Q'10

Coming through a tough environment … signs of stabilization

CFPA1537 Bernstein _ June, 2010 11

Commercial Real Estate

Levers ($MM) 1Q’10 Status vs. ’09 Unrealized equity loss (Est.) ($B)
NOI $1,488
(pretax, annualized)

Debt margin $219

(pretax)
~$(1) ~$1-1.5
~$(7) ~$(6.5)-(7.0)
Gains $38
(net) 2009 Value Losses/ 2Q’10
estimate decline depreciation estimate
Depreciation/ $1,075
losses
(pretax) • Value declines moderating
over last 6 months
Occupancy 79%
• Loss run rate at Fed adverse
Leasing 7.2 • Property level execution focus
(MM sq. ft.)

Realistic about valuations…managing through cycle

CFPA1537 Bernstein _ June, 2010 12

Europe
($ in billions)
GECC exposure (assets)

~75% secured lending
$13.4 – Equipment
Consumer 0.1
– Mortgage
– Auto
Commercial 13.3

No major concentration risk
$7.4

Minimal direct sovereign exposure
3.8

Italy: primarily Interbanca commercial

$2.8 assets
1.0
3.6 $1.2
April delinquencies down ~10 bps.
1.8 0.3 $0.6 0.3
0.9 0.3 vs. 1Q’10
Italy Spain Ireland Portugal Greece

Limited exposure … manageable risk

CFPA1537 Bernstein _ June, 2010 13

Regulatory reform
Key areas of legislation GE position
1 Fed as consolidated supervisor • Regulated today… preparing for increased
oversight

2 Resolution authority • Improves system; Priority of lenders should be

respected… predictability

3 Derivatives • More transparency a good thing

• We use derivatives to hedge risk… should not
be penalized

4 Consumer protection agency • A good thing; Working closely with our

partners
• Pre-emption important

5 Volcker Rule • Not a proprietary trader … expect impact to be

manageable

GE Capital supportive of systemic regulation

… preparing for more oversight

CFPA1537 Bernstein _ June, 2010 14

2010 outlook
Outlook
vs. plan Dynamics ’10 vs. ’09
Revenue =/- • Ahead on ENI reduction plan
Commercial ++
Lending & Leasing
Margins +/= • ROIs holding ~3%
• Volume up ~20% vs. ’09 U.S. consumer ++
Losses + • Better… RE as expected
• Lower delinquency rates Global banking +

Expenses + • Continued execution U.K. mortgage +

Pre-tax + • Better Verticals +

CRE –/=
Earnings + • Better

Trends improving

CFPA1537 Bernstein _ June, 2010 15

Focused & profitable GE Capital

2010 dynamics Strong franchise

Funding on plan

High-margin origination

Delinquencies have stabilized

+ Direct origination … domain based

+ Industrial skills … ACFC

Reserve coverage near all-time highs
+ Risk & asset management

+ Attractive markets

Capital ratios improving
+ Less competition

CFPA1537 Bernstein _ June, 2010 16