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Industry Research Monitor: Additive Manufacturing 1

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Fall 2013
Contents
The Return of Manufacturing for Competitive Advantage ................................................................................... 2
Q&A with Christine Furstoss, Technology Director, GE Global Research Center ............................................ 8
Q&A with David Abbott, Sr. Staff Engineer/Technologist, GE Aviation ............................................................11
M&A & Financing Highlights ........................................................................................................................................14
Resources/Links ..............................................................................................................................................................16
GE is making signicant
investments in novel materials
and processes that maximize
the potential offered by
Additive Manufacturing.
Breakthroughs in this class
of advanced manufacturing
are enabling the development
of products featuring
performance characteristics
that are virtually impossible
to replicate with traditional
manufacturing methods.
Additive Manufacturing
Redening Whats Possible
Industry Research Monitor: Additive Manufacturing 2
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Fall 2013
The Return of Manufacturing for Competitive Advantage
Manufacturing is a major source of competitive advantage. After decades of
outsourcing capability, we now see companies rebuilding their manufacturing
strength. Companies used to make investment decisions purely on labor cost.
However, there are new materials that can revolutionize performance, and precision
technologies and high-power computing are transforming how we manufacture.
GE will insource more manufacturing content. We are investing in processing
technologies such as additive manufacturing.
Jeff Immelt, GE Chairman and CEO;
Excerpt From Letter to Shareholders 2012 GE Annual Report
Given all of the recent attention in the mainstream media, one might think that
Additive Manufacturing (interchangeably referred to as AM or 3D printing) is a recent
breakthrough in advanced manufacturing. But in fact GE has been working with the
technology for many years and the know-how has been around for more than three
decades. It is only recently however, thanks to the publicity generated by several
public manufacturers of 3D printers and likewise growing media coverage and investor
interest, that 3D printing has enjoyed the media spotlight. What was once known only
in the shadows of the industrial world as a tool for rapidly prototyping new designs has
now developed into a generational phenomenon within reach of everyone.
Estimates for the size and growth of the market for Additive Manufacturing hardware
and services vary widely, but across the board all suggest varying degrees of rapid
growth. According to IBISWorld, U.S. based suppliers of 3D printers and related services
generated combined revenue of $2.4 billion in 2012, which is expected to grow nearly
14% annually through 2017.
Source: IBISWorld
CORPORATE VISION
Jeff Immelt
GE Chairman and CEO

Manufacturing is the new basis for
competitive advantage for industrial
companies and for that matter
countries. The notion of manufacturing
has changed and the era of labor
arbitrage is ending. You can make
whatever you want, whenever you want.
Entrepreneurs inhabit the manufacturing
space like never before. Manufacturing
is being digitized, decentralized and
democratized.
GE is in the lead of most, if not all of
this. We are making big investments
at the GE Global Research Center in
high-performance computing, novel
processes and additive manufacturing.
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2012 2013 2014 2015 2016 2017
Services Hardware
3D Printing Hardware & Services
U.S. Suppliers Revenue ($ Billions)
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Fall 2013
DEFINITION: ADDITIVE MANUFACTURING

n Process of joining materials to make
objects from 3D model data, usually layer
upon layer, as opposed to subtractive
manufacturing methodologies.

Synonyms: additive fabrication, additive
processes, additive techniques, additive layer
manufacturing, layer manufacturing and
freeform fabrication

*ASTM E2792-009 Standard Terminology for
Additive Manufacturing Technologies
The Allure of Additive Manufacturing
Simply put, 3D printing uses Computer Aided Design (CAD) les as a blueprint to build
physical objects by repeatedly applying thin layers of materials in a build-up or additive
process. But 3D printing is not a single technology. Depending on the material and
objective of the nal application, there are at least seven different additive processes
commercially available. Nonetheless, the basic concept of building-up layer-by-layer
is common across all of the different additive processes. Contrast this to traditional
manufacturing processes where material is often removed from a larger form in a
subtractive process by cutting, milling, grinding or drilling. Since there are no wasted
shavings or other excess materials, the additive process substantially lowers the cost
of raw materials. Although more exotic materials such as ceramic matrix composites
are likely to be used in the future, the most common materials currently used in additive
manufacturing are generally in the classes of plastics and various industrial metals such
as Aluminum, Nickel and Steel.
Aside from the potential for lower costs of materials, labor and other overhead, the
primary allure of the additive process is centered on the ability to shorten cycle times and
rapidly transition product concepts into physical products. What used to take weeks or
months to develop a physical prototype, is now taking hours or days. Additionally, the
additive process can accommodate nearly limitless degrees of customization of complex
design geometries as well as the manipulation of physical properties throughout the
product such as heat tolerance, density and weight. David Joyce, president and CEO of
GE Aviation, says that additive technology liberated his business from the limitations of
machining. It gives the designer a whole different palette of colors to paint with, and truly
on a whole new canvas.
But as much as additive processes are well suited for highly customized, intricate and
relatively low volume applications, the technology is not necessarily well suited for all
applications. Very large objects as well as most homogenous applications with simple
geometries requiring high volume production runs (tens or hundreds of thousands of units)
and very fast throughput are currently still better served by traditional manufacturing
processes. In that sense, the additive process is best thought of as a complementary
manufacturing technology rather than a near-term replacement for all traditional
manufacturing processes.
Not surprisingly much of the mainstream media most closely associates 3D printing with
the potential for consumers to manufacture almost any common household item (plates,
utensils, coffee mugs, garden gnomes, toys and all kinds of tchotchkes) at a moments
notice in their homes. With consumer oriented 3D printer hardware generally priced
around $2,000 and some low-end printers selling for as little as $100, the technology
is already very much within reach of many consumers. Although the early consumer
adopters are still mostly hobbyists, broader consumer adoption is likely to accelerate
as equipment prices continue to fall and the breadth of usable materials and printable
designs continues to expand.
INTRODUCTION TO ADDITIVE
MANUFACTURING

To see a brief video outlining the basics
of additive manufacturing at GEs Global
Research Center, please click on the link
below:

Video Intro to Additive Manufacturing
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Fall 2013
Printed Lunch Anyone?
The list of industries adopting or at least experimenting with 3D printing is rapidly
expanding into areas such as clothing, jewelry and even food. To date however, the
jump from prototype to production components used in mission critical applications
has been most common in the aerospace, medical and dental device, automotive and
electronics industries. Applications in these industries usually require relatively small
quantities of high value parts that are lightweight, strong and geometrically complex.
Take for example, the forthcoming (expected to enter service in 2016) LEAP (Leading
Edge Aviation Propulsion) jet engine produced by CFM International, a joint-venture
between GE and Frances Snecma. The LEAP will be the rst commercial jet engine to
incorporate fuel nozzles printed by a laser that sinters ultra-thin layers of a Cobalt-
Chromium alloy powder. Using conventional manufacturing techniques, each fuel
nozzle would have been assembled with up to 20 parts welded together. Using additive
processes, the fuel nozzles will now be grown as a single piece that is 25 percent
lighter and ve times more durable than its conventionally manufactured counterpart.
Weight reduction is particularly important in aviation applications given that just a
single kilogram reduction of an aircrafts weight can mean fuel savings of up to $3,000
per year. LEAP reduces fuel burn by 15% over its predecessor engine. That adds up
to several million dollars saved per year per plane, says GE Aviation spokesman Rick
Kennedy. Overall, GE estimates that by 2020, there will be some 100,000 3D printed
parts in service within GE (GE9X) and CFM (LEAP) engines.
In the area of medical and dental device manufacturing, some companies have already
moved rapidly toward manufacturing hearing aids, prosthetics and dental braces
using additive processes. But no doubt the most eye opening recent developments
in additive manufacturing have occurred in the eld of medical research where the
boundaries of material usage and functionality have been pushed the furthest.
For instance, the technology has allowed engineers to mimic the physical and
functional properties of bones with the ability to create structures that are more porous
at the center and denser near the perimeter. Even more remarkable, scientists have
already successfully bio-printed live kidney and liver cells into miniature replicas of
organs that within a laboratory setting have demonstrated the ability to perform most
of the same functions as the real things. While still many years away from being used
for human transplants, the possibility of no longer having to wait on a long list for a
lifesaving organ transplant can at least be contemplated.
ADDITIVELY MANUFACTURED FUEL NOZZLE
CFM LEAP JET ENGINE
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Fall 2013
Next Steps in the Advancement of Additive Manufacturing
Even the most well versed experts in additive manufacturing admit that they really have
no idea exactly what types of exotic applications the technology will lead to 20 or even 10
years from now the future is wide open to imagination with very few boundaries to the
limits of whats possible. However, what seem clearer are the near-term steps necessary
for the technology to continue advancing toward its long term potential.
These next steps include the continued maturation of an industry ecosystem. Increasing
adoption in both the commercial and consumer markets will follow the development and
increased access to an entire ecosystem of equipment distribution, services, maintenance,
materials supplies, software development etc. We want to develop an ecosystem of
designers, engineers, materials scientists, and other partners who can learn with us, says
Michael Idelchik, who runs GEs advanced technologies research. We have a number of
products that we are going to be launching and we want to challenge people to get into
business with us. If the ecosystem grows, the entire industry will grow.
Additionally, most 3D printed products are currently made from a single material
and are used primarily for a single, static function. Experts believe that eye opening
breakthroughs in additive applications will be driven by the continued progression toward
additive processes that incorporate numerous materials. For example, using a variety
of materials, one section of a part could be optimized for heat tolerance while another
section could be optimized for strength. Also, new applications will develop when printed
products are capable of multiple functions - the ability to adapt and change their function
in response to changes in operator input or automatically in response to changes in the
operating environment.
GE & ADVANCED MANUFACTURING

To see a brief commercial overview of GEs
vision for Advanced Manufacturing, please
click on the link below:

Video: GE & Advanced Manufacturing
RECENT HEADLINES ASSOCIATED WITH
ADDITIVE MANUFACTURING
Sigma Labs, Inc. announced that its
wholly-owned subsidiary, B6 Sigma,
Inc., was among the winners of a $5
million grant by the U.S. Department
of Commerces National Institute of
Standards and Technology (NIST).
German 3D printer company VoxelJet led
for a $100 million IPO.
For the second year in a row, 3D Systems
has made Fortune Magazines 2013 list
of the fastest-growing companies. The
company ranked second in the tech
category and fth overall out of the 100
global companies listed.
The MIT Technology Review recently
named Additive Manufacturing as one of
the top 10 breakthrough technologies of
2013. Read the article highlighting GEs
use of the technology by clicking on the
link below:

MIT Technology Review
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Fall 2013
GE Leading by Example While Remaining Open to Suggestion
For more than two decades hundreds of engineers and scientists at GEs Global Research
Center (GRC) have been exploring the boundaries of additive manufacturing, materials
science, thermodynamics, nanotechnology and jet engine design among many other
research pursuits. Underscoring GEs commitment to infuse advanced technologies into
its own manufacturing processes, in 2011 the company established a new lab at the
GRC entirely dedicated to additive manufacturing. The new lab galvanizes GEs effort
to develop and propagate additive manufacturing applications across many of the
companys business units including aviation, energy, oil and gas, and healthcare.
Scientists at the GRC have also teamed up with engineers at GE Aviation to develop
applications for advanced materials including a new kind of ceramic (Ceramic Matrix
Composites CMCs) that outperforms the most advanced metal alloys. Jet engine
components made from CMCs weigh two-thirds less than similar components made from
advanced alloys, but can perform at temperatures as high as 2,400 degrees Fahrenheit,
where most alloys grow soft. In addition to 3D printed parts, the LEAP will incorporate
advanced materials such as turbine components made from CMCs as well as fourth
generation carbon ber fan blades. Altogether, the usage of parts made from advanced
materials and additive processes will reduce the overall weight of each LEAP engine by up
to 1,000 pounds.
GEs efforts in additive manufacturing were signicantly bolstered by the recent
acquisition of Morris Technologies as well as its sister company Rapid Quality
Manufacturing. The two companies specialize in the use of metals in additive
manufacturing for rapid prototypes as well as volume production of high-value
components for the aerospace, energy, oil & gas and medical industries. Now operating
within GEs Aviation division, Morris and Rapid were no strangers to GE and for several
years prior to the acquisition had been supplying parts to GE Aviation, GE Power Systems
and the GRC. In addition to supplying GE, the two companies have made everything
from lightweight parts for unmanned aerial vehicles (UAVs) for the U.S. military to hip
replacement prototypes.
DID YOU KNOW?
By 2020, there will be 46,000 GE jet
engines in service, up from 4,100 in 1990.
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Prior to its rst test in early September
2013, CFM had already received nearly
5,500 orders for the LEAP valued at more
than $70 billion.
Each LEAP jet engine will incorporate 19
additively manufactured fuel nozzles.
1% reduction in fuel consumption would
save the global aviation industry $30
billion over a 15 year period.
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1
GE 2012 annual report

2
GE Industrial Internet 101
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Fall 2013
While engineers at GE Aviation have been experimenting with a new way to make jet
engine parts for over a decade, other GE businesses are now coming up the curve on
3D printing and pushing the technology into new areas. GE Power and Water recently
acquired a 3D laser printer that is ve times as powerful as any other at GE and can work
with two lasers simultaneously. We are learning how to use this technology, says Jon
Schaeffer, senior manager for materials and processing engineering for Power and Water.
Weve got to spread the word and change the design paradigm that metallurgists,
designers and manufacturing teams have had for a long time.
Recently, GE has also tapped into the crowdsourcing phenomenon by challenging the
Maker community to develop designs that can be used to additively manufacture
complex parts for medical equipment as well as a redesigned bracket used for jet
engines with a goal of making it 30 percent lighter than its conventionally manufactured
incumbent. The bracket is a key component as it supports the weight of the engine
and must withstand strong vibrations during ight. GE calls these challenges additive
manufacturing quests and within weeks of the initial posting received more than 700
additive design submissions.
We have entered into a new era of manufacturing that is leveraging the proven power
of open innovation, said Mark Little, chief technology ofcer at GE Global Research.
Additive manufacturing is allowing GE, together with the maker community, to push the
boundaries of traditional engineering. These nalists have demonstrated what can be
achieved by embracing this more open, collaborative model.
In the interviews that follow, we discuss with GE experts in materials sciences and aviation
manufacturing how GE is developing technology that will lead to many new possibilities in
the next generation of manufacturing.
New Yorks Museum of Modern Art recently
included in its Architecture and Design
Collection a GE90 jet engine fan blade
made from carbon ber composites
(pictured above).
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Fall 2013
Q&A with Christine Furstoss
Director, GE Global Research Center
We recently sat down with Christine Furstoss, Technical Director for Manufacturing and
Materials Technologies at GEs Global Research Center (GRC), for an overview of GEs vision
for Additive Manufacturing.

Michael Zimm: My rst question has to do with the type of materials that are currently in
use or thought of as most conducive for AM (Additive Manufacturing) applications as the
technology stands today. Is it titanium or other metals? Is it plastic or a combination of
materials? And just to follow on with that, what does the materials roadmap look like in
GEs R&D labs?

Christine Furstoss: Right now we are building on the extensive base that has been
developed over the past thirty years for AM using plastics. These are plastics that are
used to make original prototype parts to be able to quickly get a good view of what a
conguration may look like. So what we are doing now is taking all of that great learning
and applying it to true engineering materials. So, whether that is a titanium based
material, a nickel based material or cobalt based. Any true engineering material used in
heavy duty industrial components is open for use in AM.
But that doesnt mean that we are ready to go and print everything up in the world.
There are still some major hurdles that we have to face but also so many exciting
possibilities. In most types of manufacturing processes where you start with a piece of
material be it from a forging or a casting or an extrusion, you know the properties - so
you know how strong it is, you know how tough it is. What is really so exciting to me is
that when you open AM to the world of engineering materials in the future, specically
metals and potentially ceramics, you will have the ability to truly create new material
properties specically tailored for those parts.
Michael Zimm: So just to follow that up a little bit, what type of parts are currently best
suited or conversely not well suited for current AM technology either by application, size
of the part, the weight, thermal properties, small or large lot sizes etc. Can you speak a
little bit to that?

Christine Furstoss: Sure. There are a lot of great existing processes that will continue
to be used within GE and across the industry - advanced machining processes, drilling
processes and processes for parts that t optimally into existing tooling. Well continue
to work on controlling those processes with more accuracy than ever before. So,
despite all of my passion for 3D printing, it wont take over the world. Simple shapes
probably will continue to be produced faster and more economically by more traditional
manufacturing processes. That being said, we are going to continue to push those, we
are going to continue to want ner features and be able to do things faster and with
more exibility and agility. Global Research will continue to invest in those technologies.
But when you are looking at components that currently are made from multiple types
of fabrications, perhaps you are brazing together multiple pieces. You have to weld just
for that accessibility, to get different types of features across the part throughout the
cross-section, throughout the length of the part. That is where 3D printing can really
open up new possibilities because you do not have to limit yourself by having to access
INTERVIEW WITH
Christine Furstoss
Director, GE Global Research Center
Christine Furstoss is the Technical
Director for Manufacturing and Materials
Technologies based at GEs Global Research
Center in Niskayuna, New York. Christine
is responsible for working with leadership
and R&D teams across the Company, as
well as with strategic partners, to assess,
set strategy for growth, and implement
critical process and materials developments
for industry-leading products and
manufacturing.
In addition to working with the product
teams across the Company, Christine leads
approximately 450 researchers at GE Global
Research; her team is located across North
America, Europe, and Asia.
Christine joined GE in 1989. In addition to
GE Global Research, Christine has worked in
numerous divisions of GE Power & Water.
She received her B.S. and M.S. degrees in
Materials Engineering from Rensselaer
Polytechnic Institute (RPI).
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Fall 2013
DID YOU KNOW?
Each year GE les approximately 2,000
patents in the U.S., which puts the
company in the top 10 for innovation.
GE is the worlds largest user of
additive technologies in metals. To
date, there are more than 300 3D
printers in use across GE.
3
that certain area. Because you are literally building layer by layer, you can put features
in that in the past had to be made in a multi-piece component. Thats where initially we
see the ability to dramatically change some of our component designs with 3D printing.
But we are also nding that because some limitations of current tooling or processes are
removed with 3D printing, we are able to reduce the weight of some parts by up to 30%.
Michael Zimm: Im also curious about any other technical issues that may be gating
factors to the adoption of AM for mass production of all types of parts. For instance,
any limitations around printer technology that you or others are currently working on
that would improve the speed or increase the size of parts that can be accommodated.
Whats being done in that area?

Christine Furstoss: I would say that there are four factors that will truly enable Additive
Manufacturing to incorporate more types of materials and more types of parts. For
simplicity Ill limit the discussion to looking at extending AM to metallic parts. As I
mentioned, whats exciting and also a challenge is that we are building up material
properties at the same time we are building the geometry or the form. But, the software
and the predictability of outcomes to be able to do that on a large scale just arent quite
ready. And thats not a surprise. In the casting industry and the forging industry it has
taken decades to really be able to predict how a process leads directly to the properties
you get out of the material. We are really just at the birth of that with AM. But I think
with all the advances in high performance computing and a dramatic increase in the
number of simulations that we can look at, we shouldnt take decades anymore. But it is
not going to be a simple path. So, thats one of the biggest gaps that we are working on
across GE and with our strategic partners.
The second area I would like to mention is the equipment itself. Again, the equipment
used with plastics for rapid prototyping, making things that dont have to hold industrial
tolerances, are already very good and from very good suppliers. However, the equipment
for metallic applications is still emerging and we are working closely with suppliers,
providing them with feedback on what we are nding as we try to use these machines
24 hours a day 7 days a week using multiple types of materials. The industrialization
of a new technology is always a challenge and something thats not surprising, but
something that we have to pay attention to.
The third area is the fact that there arent a lot of materials that are made specically for
AM. Materials need to be developed that are specically made for the additive process.
We are starting to work with some material suppliers, which we hope will encourage
other material suppliers to come forward.
The fourth and nal area to mention is that as a gating factor, the whole ecosystem
around the industry still has to evolve. Not only companies who make printers but
people who service them, people who inspect them, people who make materials etc.
thats all still in the very early stages. So, at GE we are trying to initiate activities including
hosting supplier summits and working with local governments to encourage companies
to get engaged with AM. We need to grow that ecosystem and we need to grow it
quickly.
GES INVESTMENT IN RESEARCH AND
DEVELOPMENT
GEs annual spending on R&D has more than
doubled over the past 10 years to more than
$4.5 billion in 2012.
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Source : GE Annual Reports

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2002 2007 2012
GEs Spending on Research &
Development ($B)
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GE Global Research Center
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Fall 2013
Michael Zimm: We know that GEs Global Research Center (GRC) is one of the worlds
most respected R&D labs. But Im curious to know if the GRC has a mechanism or
business model for monetizing its expertise in AM. My guess is that some manufacturers
of 3D parts may be interested in possibly licensing the AM technology that you are
working on. Is that something the GRC is doing or are you just channeling the technology
through GEs industrial units?
Christine Furstoss: Currently we are still in development mode with AM. We want to
make sure that we always have technologies that are robust and that we also have a
complete understanding of the technologys limitations. But we do have a model within
GE and specically at Global Research to be able to work with strategic partners and in
some cases with licensing opportunities. In fact the Corporate Licensing Group, because
it is so focused on technology transfer, is located right here at GE Global Research two
hours north of New York City. But at this point we are still developing our patent portfolio
around AM and are still in the process of understanding both the potential and limitations
of the technology. So again, our emphasis right now is around fostering the growth of
a whole additive community. In time, we will be looking to form strategic partnerships
that may include licensing and sharing of intellectual property. But, we are still in the
formative stages and more opportunities to share technology will arise down the road.
Michael Zimm: Christine, thank you very much.
WHATS NEW (AND COOL) AT THE GRC?

A representative sample of recent key initia-
tives at the GE Global Research Center (GRC):
New EV Battery Technology: Working
with Berkeley Lab on a new low cost water
based ow battery designed to provide
an electric vehicle with a 240 mile range.
These new batteries could be just the
cost of comparable EV batteries on the
market today.
More Efcient Wind Turbine Blades:
Working with Sandia National Laboratories
on researching designs for new wind
turbine blades that will be quieter while
generating electricity more efciently than
current turbines. GE predicts a 1 decibel
quieter rotor design would result in a two-
percent increase in annual energy yield
per turbine. With approximately 240GW of
new wind installations forecasted globally
over the next ve years, a two-percent
increase would create 5GW of additional
wind power capacity. Thats enough to
power every household in New York City,
Boston, and Los Angeles, combined.
On-Demand Infectious Disease
Detection: Working with University of
Washington on an instrument free, paper
based, fully disposable device that can
detect a wide range of diseases in less
than an hour. Click HERE to see a video
simulation of how such a device could
work.
Cooling electronics with a device as thin
as a credit card: Developing a device that
is half as thick as current cooling devices
and requiring half the power. Modeled
after the way human lungs move air in
and out of the body, which could be a
breakthrough leading to ultra-thin tablets
and laptops. To view a demonstration of
the technology, click HERE.
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Fall 2013
Q&A with Dave Abbott
Sr. Staff Engineer, GE Aviation
We recently sat down with Dave Abbott, Senior Staff Engineer and Technologist at GE
Aviation, for an overview of GE Aviations history with additive manufacturing as well as
their roadmap for incorporating additively manufactured parts in future jet engines.

Michael Zimm: I was wondering if we can focus rst on the current scope of production
and the use of AM manufactured parts by GE Aviation. Can you address the current state
of AM parts used in engines that are currently ying?

Dave Abbott: Certainly. AM has been around for a while. What we consider
conventional AM is laser additive manufacturing, which is a powder spray deposition
process. We have been developing that and using that for several decades now and we
have parts that are ying. We do blade tip buildup and also where we have parts that
are mis-machined or where we want to change the design or add a feature to it, we can
use a laser additive process. The process is very exible and we can build up features
and machine it back to tolerance and go ahead and y it. Thats been going on for a
while. The powder bed process, which is the newer form that weve been working with
since about 2005, is more along the lines of the plastic process thats been developed
over the past thirty years. That process allows us to make more complex geometry.
Those parts arent ying just yet but they are in the bill of materials on our near term
future engines. So I would expect that in the next three to ve years those parts will also
be ying.
Michael Zimm: And a similar question to what we were discussing with Christine, what
are the most common materials that you are currently working with?

Dave Abbott: Right now we are working with the workhorse alloys Ti-6-4, Inco 625 and
Inco 718. These alloys are very easy to weld so they lend themselves very well to the
additive process, which in the form that we are using is a melting process. As time goes
on, the materials we are going to start looking at will be a little more difcult to process
and we are going to require more technology development. But they are still materials
that could be additively processed. Well also start looking at more of the hot section
type alloys, the Ren type alloys, anything that can take higher temperatures.
INTERVIEW WITH

Dave Abbott
Sr. Staff Engineer/Technologist, GE Aviation
Dave is a recognized expert in the eld
of Additive Manufacturing for metals. He
has a BS and MS in Welding Engineering,
specializing in laser welding, with over
20 years laser additive experience for
aerospace including gas turbine engines
and airframe structures.
He holds several patents related to
additive technologies and has authored
several publications and given several
presentations specically on additive
manufacturing for the aerospace industry.
Dave has worked for GE Aviation for 8
years focusing solely on additive processes,
having spent the past 5 years transitioning
powder-bed additive technology from the
laboratory to the factory oor.
Industry Research Monitor: Additive Manufacturing 12
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GE Capital
Fall 2013
Michael Zimm: What can you tell us about the relative cost of AM parts compared to
their conventionally manufactured equivalents?

Dave Abbott: Compared to conventionally processed parts and parts that are designed
with conventional processes in mind, the additive technologies are very competitive
if you are doing a one-time build, a one-off or something you want to do in a test. Its
when you go into production that the cost benet of additive manufacturing tends to
diminish. So, where we see the real benet is when we take advantage of the enabling
capabilities of the process. With additive technology we can not only improve the
performance of a part but also build parts that were not possible using conventional
processes. For example, we are looking at light weight structures with topology
optimization so we can actually reduce the weight of the part by 30% and then with the
technology and the direction that additive is going, we should be able to improve the
performance of that part without adding to the cost.
Michael Zimm: And by performance, you mentioned weight as a characteristic, but are
there are other mechanical properties such as durability, heat tolerance etc. that can be
improved?

Dave Abbott: Right. Christine talked about being able to build a mechanical property
of a part. So, we can improve the performance of a part by being able to tailor the
properties of the material as we build layer by layer. So if a certain portion of the part
requires higher temperatures, we can look to higher temperature alloys for that portion
while still making that part as a single piece rather than having to come up with a
complex geometry or having to have additional steps where were brazing or welding
different pieces of the part together. So we can improve the performance of the part in a
one step process while tailoring different sections of the part. We can actually come up
with very complex parts in the way they are tailored to perform.
Michael Zimm: What would you say would be the trajectory of the content of AM parts
(powder bed process) as a percentage of the overall content in a typical GE engine? How
pervasive will AM parts be say ten years from now in a typical GE engine?

Dave Abbott: We are going to start off with a few parts that go into production and as
the technology develops and we develop our material properties database, AM parts will
denitely become more pervasive. And we will go beyond just metals. We are looking at
polymers, ceramics and polymer composites. So, AM will start off as a small percentage
but it is denitely going to increase and become a signicant portion of the engine. It
really depends on the complexity and requirements of the part.
ADDITIVE MANUFACTURING USE BY
GE AVIATION

To see a brief video overview of GE
Aviations use of Additive Manufacturing,
please click on the link below:

Video: AM within GE Aviation
Industry Research Monitor: Additive Manufacturing 13
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GE Capital
Fall 2013
Michael Zimm: Lets talk about the Morris acquisition - maybe you could give us an idea
about the rationale in making that acquisition. What capabilities does Morris bring to GE
that GE thought it would be best to bring in-house?

Dave Abbott: Morris has been in the additive business for a while and is recognized
as a world leader in the technology. Bringing them in house really gives us instant
capacity in terms of technology knowledge, development capacity and capability. We
are very familiar with our requirements and what we want to do with the technology and
they are very familiar with the technology and how to implement it since theyve been
working with it for quite a while now. So the marriage of the two and bringing them
in-house allows us to focus Morris on our applications and gives us direct access to the
technology and technology developments.
In terms of Morris plans for the future, right now they are working primarily for
GE Aviation. But, they will also work with the rest of the corporation on other GE
applications. Additionally, as Christine talked about developing an AM ecosystem, theres
the possibility of transferring the technology out to our supply chain and our strategic
partners. So there is a really good opportunity for us to focus Morris and utilize them
near-term for aviation applications and then we can broaden that to include the whole
corporation and then from there help to develop that ecosystem.
There are still a lot of things that need to be developed for this technology to move
forward. But, if you look back at where we were ve years ago in terms of additive
manufacturing there was nothing. We started working with the technology in 2005
(from a powder bed standpoint) and there was no supply chain, no standards and no
equipment manufacturers. There was a rapid prototyping business that started making
machines that use metal but they really werent being used to make production parts.
So in less than 10 years we have come a long way. Now we have specications, we
have parts that are being designed specically for this process and we have designs
to take advantage of the unique capabilities of the process. As Christine alluded to, we
can take an assembly that was previously made out of maybe twenty parts with 4 or 5
braze cycles and reduce that down to one part and no braze cycles. That reduces cost
in terms of touch labor, scrap and even the braze alloys themselves are very expensive.
So, weve come a long way and the rate that were developing the technology is
accelerating.
Michael Zimm: Dave, we really appreciate your very informative insights into the
real world application of AM. Thank you.
GE9X: THE WORLDS NEXT
GREAT ENGINE

To see a brief video preview of the GE9X
engine, please click on the link below:

Video Intro to the GE9X Engine
DID YOU KNOW?
The GE90-115B engine reigns in the
Guinness Book of World Records as the
worlds most powerful jet engine. The
engine generated 127,900 pounds of
thrust at a GE test stand in Peebles, Ohio,
in 2002. Thats more than the combined
total horsepower of the Titanic (46,000
pounds) and the Redstone rocket (76,000
pounds) that took the rst American, Alan
Shepard, to space.
The GE9X will be the most fuel-efcient
engine GE has ever produced on a per-
pounds-of-thrust basis, designed to
achieve a 10% improved aircraft fuel burn
versus the GE90-115B-powered 777-
300ER and a 5% improved specic fuel
consumption versus any twin-aisle engine
at service entry.
Industry Research Monitor: Additive Manufacturing 14
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GE Capital
Fall 2013
Recent M&A/Financings
Given the tremendous growth outlook coupled with a fragmented competitive landscape, its not surprising to see an active pattern of
consolidation in the Additive Manufacturing space. Clearly, 3D Systems has been the most active industry consolidator.
Additive Manufacturing has also attracted a signicant amount of interest from both private and public investors willing to provide growth
capital. But its not just the traditional (private equity/VC) avenues of capital thats taken notice of the industrys prot potential. The popular
crowd-sourced funding website Kickstarter, which has helped raise $810 million from nearly 5 million people to fund nearly 50,000 projects
of all varieties, recently said that six of the top thirteen most funded projects on its website are somehow related to 3D printing.
Recent Notable M&A Transactions
Date Buyer Target Value ($M) Description
Sep-13 Pexco Spectrum Plastics Group Rapid prototyping services
Sep-13 3D Systems The Sugar Lab 3D printed edible confections
Aug-13 3D Systems CRDM UK provider of rapid prototyping services
Aug-13 3D Systems TeamPlatform Collaborative design and project mgt platform
Jul-13 3D Systems Phenix Systems $24 Manufacturer of powder bed equipment
Jun-13 Stratasys MakerBot $615 Leading provider of consumer desktop printers
May-13 3D Systems RPDG Service bureau specializing in on demand parts
Mar-13 Massive Dynamics PrintForge 3D 3D printer manufacturer
Jan-13 3D Systems COWEB $1 Content hosting and publishing platform for 3D goods
Jan-13 3D Systems Geomagic $55 3D design and authoring software
Nov-12 General Electric Morris Technologies & Rapid Quality Mfg. 3D printing services for high value components
Oct-12 3D Systems Rapidform $35 3D scan-to-CAD software
Oct-12 3D Systems The Innovative Modelmakers Netherlands-based service bureau
Sep-12 In Tech Industries Vista Technologies 3D printer manufacturer
Jul-12 SPEX Services Cognity Ltd 3D printing and rapid prototyping services
Jul-12 3D Systems Viztu Technologies $1 Online platform to turn photos/videos into 3D creations
May-12 3D Systems Bespoke Innovations Provider of custom designed prostetics and orthotics
May-12 3D Systems Fresh Fiber $1 3D printed consumer goods
Apr-12 Stratasys Objet $665 Leading polyjet 3D printer manufacturer
Apr-12 3D Systems Paramount Industries $7.4 Services specializing in Aerospace and Medical Devices
Apr-12 3D Systems Resolutex 50
Apr-12 3D Systems My Robot Nation Consumer oriented 3D platform
Nov-11 3D Systems Z Corp & VIDAR Systems $136 Multijet 3D printer manufacturer
Recent Notable Financing Transactions
Date Company Amount Type Investor
Sep-13 Stratasys $463 million Follow-on Equity Public
Sep-13 VoxelJet $100 million (Filed) IPO Public
Sep-13 ExOne $65 million Follow-on Equity Public
Jun-13 Arcam $8.75 million Private Undisclosed
May-13 Arcam $9 million Private Undisclosed
May-13 3D Systems $250 million Common Stock Public
Apr-13 Shapeways $30 million Private Andreessen Horowitz
Feb-13 ExOne $95 million IPO Public
Dec-12 Sculpteo $2.5 million Private Xange
Jun-12 Shapeways $6 million Private Lux Capital, Index Ventures
Aug-11 MakerBot $10 million Private Foundry Group

Sources: S&P Capital IQ, Company Press Releases
Industry Research Monitor: Additive Manufacturing 15
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GE Capital
Fall 2013
Industry Research Monitor: Additive Manufacturing 16
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GE Capital
Fall 2013
50
BILLION
IN INVESTMENTS
ACROSS THE
VALUE CHAIN
4.2
BILLION
OF DIRECT
AEROSPACE & DEFENSE
CORPORATE FINANCINGS
GE CAPITAL HAS
2
SECONDS
A GE-POWERED
AIRCRAFT
TAKES OFF
EVERY
$
$
Our capital is already at work
building the business you know
AEROSPACE
& DEFENSE
Resources/Links

GE Global Research Center Manufacturing & Materials Technologies
GE Additive Manufacturing Website
Webinar - Additive Manufacturing at GE
Webinar The Future of Additive Manufacturing
Christine Furstoss White Paper Adding the Next Layer to Additive Manufacturing
Access GE Bringing the full breadth of GE to our customers
GE Capital Corporate Finance Aviation Supplier Financing Solutions
Industry Research Monitor: Additive Manufacturing 17
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GE Capital
Fall 2013
FINANCING AND KNOW-HOW.
DESIGNED TO HELP AVIATION PARTS
MANUFACTURERS UPGRADE AND GROW.
At GE Capital, Corporate Finance, were not just bankers. Were builders. Especially when it comes to
aviation. As one of the worlds leading producers of jet engineswe built Americas frstwe have a deep
understanding of what it takes for aviation parts manufacturers and suppliers to succeed. Thats why,
in addition to being one of the largest providers of commercial aviation equipment fnance, we ofer
something unique. Access to GE tools and insights that can help you take advantage of the innovations
revitalizing our industry. So your business can take of and grow. Stop just banking. And start building.
To learn more, contact Gib Bosworth at 949-838-3014 or email gib.bosworth@ge.com.
GECapital.com/aviationsuppliers
GE Capital
Corporate Finance
Industry Research Monitor: Additive Manufacturing 18
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GE Capital
Fall 2013
GE Capital is an extension of GEs rich
heritage of building and supporting growth.
Investing in the sectors we know best, we
can provide more than just nancing: We
bring insight, knowledge and expertise to
every loan. And as a result, businesses that
nance with GE Capital benet from the
global know-how and expertise of GE.
gecapital.com
Michael Zimm, CFA 646-428-7015
Aerospace & Defense michael.zimm@ge.com
Technology & Business Services
Truck Transportation
Special thanks to contributing editor:
Frances Spencer
Richard Aldrich, CFA 646-428-7365
Chemicals & Plastics richard.aldrich@ge.com
Metals & Mining
Auto & Auto Parts
Ben Abramovitz, CFA 646-428-7129
Media & Telecom ben.abramovitz@ge.com
Jeffrey Englander, CFA 646-428-7135
Healthcare jeffrey.englander@ge.com
Construction
Industrial Products & Services
Loren Trotta 203-229-1877
Food, Beverage & Agribusiness loren.trotta@ge.com
Financial Services
GE CAPITAL AMERICAS
INDUSTRY RESEARCH TEAM
GE Capital Spotlight Transaction

In October 2013, GE Capital, Corporate Finance - Aerospace & Defense provided
equipment nancing to Morton Manufacturing for manufacturing equipment needed
to help meet the demands of commercial aviation customers.
Morton Manufacturing is a small, minority, woman-owned business located in Santa
Clarita, California. Founded in 1967, Morton is the leading supplier of nickel-alloy bolts
for gas-turbine aircraft engines, as well as aero-derivative gas-turbine engines for
industrial use worldwide.
GE Idea Works www.geideaworks.com
GE Idea Works connects GEs internal intellectual property, technology and resources
with the external world to help meet the demands of commercial aviation customers.
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entirety, including this disclaimer.
IMPORTANT DISCLAIMER: This presentation provides general information and should not be used or taken as legal, regulatory, business, nancial, tax, accounting or other advice, or relied upon
in substitution for the exercise of your independent judgment. For your specic situation or where otherwise required, expert advice should be sought. Although GE believes that the information
contained in this presentation has been obtained from and is based upon sources GE believes to be reliable, GE does not guarantee its accuracy and it may be incomplete or condensed. GE makes
no representation or warranties of any kind whatsoever in respect of such information. GE accepts no liability of any kind for loss arising from the use of the material presented in this presentation.
Although General Electric Capital Corporation (GE) believes that the information contained in this newsletter has been obtained from and is based upon sources GE believes to be reliable, we do
not guarantee its accuracy and it may be incomplete or condensed. GE makes no representation or warranties of any kind whatsoever in respect of such information. GE accepts no liability of any
kind for loss arising from the use of the material presented in this newsletter. This newsletter is not to be relied upon in substitution for the exercise of your independent judgment or legal advice.