GE Aviation. Scott C. Donnelly February 15, 2006

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1 GE Aviation Scott C. Donnelly February 15, 2006

2 "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 often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties arise from the behavior of financial markets, including fluctuations in interest rates and commodity prices; from future integration of acquired businesses; from future financial performance of major industries which we serve including, without limitation, the air and rail transportation, energy generation and healthcare industries; from unanticipated loss development in our insurance businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory 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." This presentation includes certain non-gaap measures as defined by SEC rules. As required by SEC rules, we have provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available in our Supplemental Information file on our investor relations website at 1 / Donnelly

3 Aviation industry is back Aircraft Orders Average '01 - '04 '05 Annual Pax (Bn) Average '01 - '04 '05 Yield Growth (%)* * Inflation & USD adjusted Cargo Growth Revenue Ton Kilometers (Bn) (4.0)% 0.4% Average Average '01 - '04 '05 2 / Donnelly

4 Passenger growth worldwide 2005 Annual Revenue Passenger Mileage Growth India 24% 20-25% China 16% Middle East 11% 10-20% Americas - 7% Europe - 6% Asia - 6% (w/o India & China) O 10% 3 / Donnelly

5 Under-equipped by Western standards Number of Aircraft in country U.S. 6,650 Europe 4,750 China 1,125 India 200 1,125 Middle-class & above population: 150 MM 250 MM 400 MM 300 MM 4 / Donnelly

6 GE Aviation business model Differentiate w/ technology Installed base Win lifecycle service CSA / upgrades / Inspections & repairs Position for future platforms R&D, NPI Everywhere in the world Global footprint 5 / Donnelly

7 Projected 2006 revenue ~$12.8B Military Engines & Services $3.7B Commercial Engine Services $5.7B Commercial Engines $3.4B Commercial Engine Services sales include GE s 50% share of its CFMI JV with Snecma 6 / Donnelly

8 Commercial aviation ~$9.1B revenue Military Engines & Services $3.7B Commercial Engine Services $5.7B Commercial Engines $3.4B Commercial Engine Services sales include GE s 50% share of its CFMI JV with Snecma 7 / Donnelly

9 GE & CFM: Leading the industry over the last 10 years Regionals (GE) Single Aisle (CFM) * Twin Aisle (GE) Jumbo Twin Aisle (GE) Bombardier Embraer (CFM) A /-300 No Application No Application A /-600 * No Application CFM International is a 50/50 JV with Snecma EA is a 50/50 JV between GE and Pratt & Whitney 8 / Donnelly

10 New technology next family additions Total Engines R&D spend $M 1,200 9/11 SARs Fuel Service 05 Service 08 Boeing ER GE90-115B Boeing 787 GEnx Service 05 Service EMBRAER 190 CF GEnx 400 Service 06 Service 10 Airbus A380 GP7000* Airbus A350 GEnx E Service 07 ARJ21 CF34-10 GE/Honda** HF118 *GP7200 developed by GE/P&W Engine Alliance **HF118 developed jointly by 50/50 JV between GE & Honda 9 / Donnelly

11 GE, CFM & EA: Well positioned for the next 10 years Regionals (GE) Single Aisle (CFM) Twin Aisle (GE) Jumbo Twin Aisle (GE) Service 04 Bombardier Boeing 737 Boeing Embraer Airbus A320 Airbus A330 Boeing 777 Boeing 787 A /-300 ARJ21 GEnx (CFM) A /-600 Airbus A350 No Application (EA) CFM International is a 50/50 JV with Snecma EA is a 50/50 JV between GE and Pratt & Whitney A / Donnelly

12 GE90 value ask the airlines that fly it Aircraft Orders Air Canada Cathay Pacific Avion ER/200LR A / Air India Jet Airways TAAG Angola Best operating economics 22% more fuel efficient per seat, 16% lower seat mile cost GE 777 installed base growing since Extended Range launch 11 / Donnelly

13 GP7000 certified taking flight Leading with 312 firm orders Significant hub to hub advantage cost & capacity Certified December 2005 A380 flight test 2Q06 First Emirates engine cores shipped in December International Lease Finance Korean Air *GP7200 developed by GE/P&W Engine Alliance 12 / Donnelly

14 CF34 now a 70 & 90 pax playing field Built from highly successful CFM56 technology CF34-10E departure reliability exceeds 99% 500+ engines to be delivered to Embraer over next 3 years Embraer 190 EMB190: jetblue, Copa, Air Canada CRJ700: -8C5 upgrade gaining traction CRJ900: more variants coming Bombardier CRJ705 Focusing on -8C5 upgrades & - 10 Block II SFC package 13 / Donnelly

15 CFM56 record year for single-aisle aircraft 1,602 new orders in 2005 Launched ER Kicked-off LEAP56 technology for the next generation 2006 focus: Support 15,400 engines around the world Grow services in China and India 5B/-7B Tech Insertion FAR33 certification LEAP56 define the engine and technologies CFM International is a 50/50 joint venture with Snecma LEAP56TM is a registered trade mark of CFM 14 / Donnelly

16 Next generation 737/A320 LEAP56 Harnessing GEnx technologies to set new standards for performance Fuel burn 10% better TAPS II Technology Lightweight / composite structures Component technology Maintenance cost 25% lower Lower parts count Longer Life-Limited-Parts Emissions 50% lower LEAP56 TM is a registered trade mark of CFM 15 / Donnelly

17 CF6 upgrades & 747 resurgence Strong order book for bridge to CF6-80E fuel burn advantage doubled by Airbus Services backlog increased by $1B+ Customers recognizing value & reliability CF6 technology upgrades underway Expand OnPoint Solutions 16 / Donnelly

18 GEnx what a difference a year makes 234 Air Canada Aviation Lease & Finance Company Continental Japan Airlines Korean Air Air India Qatar Royal Air Maroc TAM Brazilian Airlines US Airways 700 GEnx Engine Orders A January / Donnelly

19 Fleet growing despite cyclical market Engine Deliveries 2,000 1,500 Fleet in Service GE GE+CFM+EA (GE+CFM+EA) Engine Installed Base 40,000 30,000 1,000 20, , F 15F 0 CFM International is a 50/50 JV with Snecma EA is a 50/50 JV between GE and Pratt & Whitney 18 / Donnelly

20 Invest in technology grow installed base Engines 20, Forecast 15,000 10,000 5,000 0 GE CFM PW RR IAE GE CFM PW RR IAE GE CFM EA PW RR IAE CFM International is a 50/50 JV with Snecma EA is a 50/50 JV between GE and Pratt & Whitney Chart based on publicly available information & internal studies 19 / Donnelly

21 Grow services opportunities Engine lifecycle revenue Average age 8 yrs. Design and test New engines Parts and Services 7X Yrs GEnx GP7000** GE90 CF34 CFM* CF6 JT8 *CFM International is 50/50 joint venture with Snecma ** GE/P&W Engine Alliance is a JV between GE and Pratt & Whitney 20 / Donnelly

22 Strong Commercial outlook Revenues $6.4B ~10% AAGR $8.1B $3.1 ~$9.1B $3.4 Engines $2.2 $5.7 Services $4.2 $ E 21 / Donnelly

23 Military Systems ~$3.7B revenue Military Engines & Services $3.7B Commercial Engine Services $5.7B Commercial Engines $3.4B 22 / Donnelly

24 Largest portfolio of modern military engines Iraq, Afghanistan 75% of US Military frontline platforms are powered by GE Rotorcraft Combat Tanker/Transport Marine H-60 F/A-18C/D/E/F C-5 Perry Class Frigate AH1Y/Z F-16C/D KC-767 Ticonderoga Cruiser AH-64 T-50 C-40 Aegis Destroyer S-92 B-2 A330 Sea-Lift NASSCO Amphibious Assault Wasp Class US101 B-1B KC/RC-135R FREMM 23 / Donnelly

25 Sustaining development investment new product introduction every 5 months Military R&D Spend $M 600 F-16E/F F110/ SLEP F-15K H-60M US-101 UCAV X-45C E 07F C-5M LHD-8 MMA JSF LCA Korea PKX T-50 UH-1Y/Z UH-60M LHD-8 F-16E/F C5M F-16 SLEP LMS100 IN20 NH90/-8E MH-60M LM US101 PRV J-UCAS C-X Deepwater LCS Mako JSF FREMM 24 / Donnelly

26 Military utilizing commercial technology F110 Service Life Extension Program (SLEP) Military Commercial Warfighter Readiness F110 SLEP F-16 Service Life Extension 3-D Aero compressor Cooling optimized combustor N5 HPT Nozzles & Blades Improved HPT shrouds Redesigned augmenter 850 USAF Engine Upgrades Funded F101 B-1B F110 F-16/F-15 CFM56-2/3 B737 Durability Operability Fuel efficiency CFM56-5B/-7 A320/B737NG 3-D Aero Technology Maintainability CFM56-5A/C A320/A340 FADEC Worldwide Opportunity $1.3B 25 / Donnelly

27 Technology upgrades customer value and GE installed base revenue T700 engine upgrade for Apache & Blackhawk - $2B opportunity engines planned Funding plan defined Improves fleet commonality, durability and power - 5% power increase - 2X component life improvement Fleet Engines UH-60M Blackhawk US Army engine transition plan T700-GE-701C T700-GE-700 T700-GE-701 T700-GE-701D 05 10F 15F 26 / Donnelly

28 Services growth expanding PBLs Backlog ($B) New model for DoD Jacksonville, Corpus Christi Pay for performance 4X+ since Improved fleet readiness Asset efficiency focus E 27 / Donnelly

29 Significant international opportunity Singapore T700 for Seahawks F , option for additional 20 Korea CT7-8 Presidential Helicopter T700 Korean Helicopter Program LM500, option for additional 62 India F404 for Light Combat Aircraft (LCA) Turkey T700 for Seahawks F-15 LCA Seahawk US / Donnelly

30 Continue military installed base growth and create new service offerings Revenues ~6% AAGR Engines & Development $3.1B $1.6 $3.5B $1.9 $3.7B $2.0 Services $1.5 $1.6 $ E 29 / Donnelly

31 GE Aviation $11.9 $11.1 Revenue $2.6 $2.2 ~10% ~$12.8 ~15% ~$2.9 Invest in technology Grow installed base focus on departures Win in China, India, Middle East ($ in billions) OP Expand services footprint '04 '05 '06E Deliver customer productivity Aviation on track to deliver 2006 plan 30 / Donnelly

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