GE Commercial Equipment Financing

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1 GE Commercial Equipment Financing Paul Bossidy President & Chief Executive Officer, GE Commercial Equipment Financing April 2, 2003 This presentation includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in GE's filings with the Securities and Exchange Commission. This presentation includes certain non-gaap financial measures as defined under SEC rules. As required by SEC rules, at the end of this slide presentation we have provided a reconciliation of those measures to the most directly comparable GAAP measure and a copy of the relevant slides is available on our investor relations website.

2 Business Profile Commercial Equipment Financing (CEF) ~4,000 Associates Worldwide A Leading Middle-Market Equipment & Facilities Finance Company 1,500-Person World-Class Global Origination Team $21B 02 New Loan / Lease Volume Diverse, High-Quality Global Portfolio Of $45B Secured Net Income 02 $719MM

3 Business Profile Products Leases & Loans Secured By Equipment Or Facilities Including Sale-Leasebacks Customers Middle Market Companies $5-500MM In Revenue 100,000+ Existing Customers Collaterals 40 Major Collaterals Machinery & Equipment Corporate Jets Single-Tenant Facilities Franchise Restaurants Asset Types We Understand Average Deal Size ~ $750K

4 Customer Value Proposition Direct Origination Strong Credit & Collections Culture Face-To-Face Dealing Flexible Lease And Loan Structures Speedy Execution Disciplined Underwriting Consistent Lending Appetite Through Economic Cycles Global Asset Management equality Focus Portfolio Diversification Ability To Re-Deploy Assets Globally Big Advantage vs. Banks Repeatable Efficient Processes Reduced Cycle-Time Ability To Serve Customer Needs Across 40 Major Collaterals, 14 Industry Groups And 24 Countries CEF Strengths Deliver Value To Customers And Shareholders

5 Portfolio Profile Geographic Latin America 2% Asia 1% Japan 4% Canada 5% Australia 7% 62% Europe 19% U.S. All Other Industry Food & Agriculture Construction & Mining Electronics Manufacturing Furniture / Fixtures Collateral Type All Others 3% 5% 6% 7% 22% 8% 9% 10% Retail & Restaurant Equipment 16% 14% Commercial Facilities Corporate Aircraft Trucks, Buses & Trailers Printing & Publishing Wholesale Food & Agriculture Electronics Construction Manufacturing 4% 4% 4% 4% 5% 11% 15% 12% 24% 17% Services Retail Transportation Strength In Diversification

6 02 Financial Performance Net Earning Assets ($ In Billions) $31 $34 14% AAGR $41 $ Fueled By Acquisitions And Core Growth

7 02 Financial Performance Net Income ($ In Millions) $437 $550 18% AAGR $640 $ Old Basis $429 $537 $642 $786 Great Year In A Tough Economic Environment

8 Business Model Consistent Execution Of Four Key Initiatives Core Growth Acquisitions Productivity Return On Equity Growing In Huge Fragmented Markets Quality Assets At Attractive Valuations Global Back Office Price & Fee Income 3 rd Party Capital Anchored by Sound Underwriting

9 Core Growth - Market U.S. Investment In Equipment ($ In Billions) $655B 02 U.S. Business Investment In New Equipment 02 U.S. Equipment Secured Financing Volume $204B CEF U.S. Equipment Financing Volume ~5% Tremendous Growth Opportunity for CEF In Markets We Know

10 Origination Better Selling Thru Technology Sales Force Automation Customer Self- Service System Prospecting Database Pricing/Proposal Generation Digitized Deal Processing Industry/Customer News Search Engine Contact & Activity Management Customer Account Info Available 24 / 7 Sales Reps Not Distracted With Routine Requests No Rummaging Thru Files More Time With Customers Less Time Behind The Desk Leveraging Technology to Increase Value-Added Customer Touch Time

11 Core Growth Creating Front-Room Capacity Contact Meet Opportunity Proposal Award Approved Funded Volume Conversion Rates 12% 14% 67% 48% 85% 83% 1% Improvement In Contact & Meet Ratios Yields ~$500MM Volume 150+ Six Sigma Projects To Improve Pipeline Yield & Create Capacity 6σ Creating Origination Capacity

12 Global Growth Global Investment In Equipment 02 ($ In Billions) CEF Volume $655 $500 $440 ~4% ~2% ~2% $72 3% $26 $13 1.5% 2% U.S. Europe Japan Canada Australia Mexico Large Growth Opportunities Around the World

13 Huge Growth Opportunity In Japan U.S. Investment In $655B Equipment Secured Financing $204B Volume CEF Volume ~5% Japan Investment $440B In Equipment Secured Financing $140B Volume CEF Volume ~2% Great Environment For CEF Growth Liquid Capital Markets Strong Regulatory Environment Direct Customer Origination Strong Credit & Collections Capability Six Sigma & Technology 5% In Japan = ~$4B Growth In Volume

14 Huge Growth Opportunity In Europe U.S. Investment In $655B Equipment Secured Financing $204B Volume CEF Volume ~5% European Investment $500B In Equipment Secured Financing $65B Volume CEF Volume ~2% Great Environment For CEF Growth Liquid Capital Markets Strong Regulatory Environment Direct Customer Origination Strong Credit & Collections Capability Six Sigma & Technology 5% In Europe = ~$2B Growth In Volume

15 Acquisitions Strategic $2.3 B Franchise Finance Corporation 2001 Heller Financial, Inc $2.8 B Capital Funding, Small Business & Franchise 2001 $500 MM Electronics Laboratory & Scientific 2002 Portfolios Expansion Of CEF Origination Capability $490 MM Franchise 2002 $2.2 B Equipment Leases & Loans 2002 Attractively Priced Properties In Markets We Know

16 Productivity Expenses As % Of Average Served Assets 2.0% 1.5% 1.0% 1.61% 1.28% 1.14% 13% AAGR 1.06% 0.5% Driving Productivity Through Back Room Digitization & Outsourcing

17 How Does CEF Get More Price? Pricing Leaders In Every Front End Overall CEF Pricing Leader With Authority Investment In Smart Pricing Tools For Sales Force Changed Sales Pay From Volume To Volume / Margin 20% 6σ Resources Assigned To Pricing Projects All Out Assault On Getting More Price

18 Changing The Way We Do Business Old Way Sales Force Finds Deal With 12% ROE New Way Sales Force Finds Deal With 12% ROE Put On CEF Balance Sheet Earn 12% ROE For 3 Yrs Sell To Another Finance Company / Securitize Dilutes CEF ROE Earn Fee On Deal Infinite ROE To CEF Leverage Other People s Capital To Increase CEF ROE

19 Portfolio Quality 30 Day Delinquencies As % Of Outstandings 2.5% 2.0% 1.5% 2.00% 2.50% 1.90% 1.22% 1.22% 1.12% Equipment Leasing Association (Q4 02) 1.0% 0.0% CEF Is ~50% Of Industry Average CEF

20 Portfolio Quality Losses % Net Receivables 3.0% 2.0% 2.71% 2.19% 3.00% Equipment Leasing Association (Q4 02) 1.0% 0.0% 0.99% 0.72% 0.50% CEF Holding Our Own In A Difficult Environment

21 03 Net Income Net Income ($ In Millions) Higher Return On Equity 15.8% 16.3% $640 $719 $ V 10% F Great CEF Team In Place To Deliver 03

22 Wrap Up Huge Equipment Markets Room To Grow World s Premier Sales Force Winning Despite Strong Competition From Banks, Finance Companies, Captives & Others Active, Disciplined Acquirer Diverse High-Quality Portfolio Disciplined Underwriting, Aggressive Collecting Rising Productivity Through Digitization & 6σ A Great Business With Huge Opportunities To Grow

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