O-STA

GE Reports Third-Quarter Earnings of$4.1 Billion with 15% Revenue Growth, 27% Orders Growth and 32%Year-to-Date Cash Flow Growth

    FAIRFIELD, Conn.--(BUSINESS WIRE)--Oct. 8, 2004--GE's third
quarter 2004 earnings were $4.051 billion, 1% higher than last year's
third quarter before the effect of a required accounting change in
2003, the Company announced today.
    "We continued our excellent operating performance in the third
quarter and built momentum for future growth," said GE Chairman and
CEO Jeff Immelt. "We delivered $.38 per share despite approximately
$300 million after tax of hurricane-related insurance losses.
Excluding the impact of our insurance portfolio repositioning and
earnings from our principal pension plans, earnings grew 13% and
earnings per share grew 6%.
    "The economy we see continues to be very strong, with our total
orders for the quarter up 27%. Eight of our 11 businesses delivered at
least double-digit earnings growth with continued strong performance
on cash flow from operating activities. GE Energy performed as
expected, and we saw real earnings momentum at Transportation,
Commercial Finance, Consumer Finance and in services across our
businesses.
    "Our cash performance was exceptional, with 32% growth
year-to-date. This reflects our continued focus on cash management and
larger dividends from our financial services businesses. We are also
ahead of our plan to reduce the 'parent-supported' debt of our
financial services businesses.
    "NBC Universal and GE Healthcare both made excellent progress
integrating their respective major acquisitions. NBC Universal made
full use of its new cable networks and produced a terrific Olympics
broadcast watched by more than 200 million Americans. Healthcare
launched a new molecular diagnostics unit that combines the strengths
of Amersham and GE Medical Systems.
    "We also continued to invest in our growth initiatives, with
launches of new technology such as Healthcare's Vivid i(TM) portable
ultrasound; global growth such as Consumer Finance's entry into Russia
and expansion in Korea; and significant customer wins for 600 of our
low-emission and fuel-efficient GE Evolution Series(TM) locomotives.
I'm proud of the GE team and its passion for imagination and growth."
    "This continued performance," Immelt said, "further strengthens
our confidence in our outlook for double-digit earnings growth in the
fourth quarter of 2004 and in 2005."
    GE will discuss third quarter results on a conference call and
Webcast at 8:30 a.m. EDT today. Call information and related charts
are available at www.ge.com/investor.

    Third Quarter 2004 Financial Highlights

    --  Earnings of $4.051 billion were up 1% from last year's $4.021
        billion before the effect of a required accounting change in
        2003. Eight of GE's 11 businesses -- Commercial Finance,
        Consumer Finance, Consumer & Industrial, Equipment & Other
        Services, Healthcare, Infrastructure, NBC Universal and
        Transportation -- contributed at least double-digit earnings
        growth. A decline in earnings from Insurance reflected the
        exit from several businesses and hurricane losses.

        Earnings per share (EPS) before the accounting change were
        $.38, down from last year's $.40, reflecting dilution from
        additional shares issued in connection with the Amersham and
        Vivendi Universal Entertainment transactions.

    --  Revenues were $38.3 billion, 15% higher than last year's $33.4
        billion. Industrial sales increased 27% to $21.0 billion,
        reflecting the combined impact of acquisitions, the stronger
        economy and the Olympics broadcasts by NBC Universal. Organic
        industrial sales grew 12%. Combined Commercial Finance and
        Consumer Finance revenues grew 15% over last year to $10.0
        billion, while total financial services revenues grew 3% to
        $17.5 billion, principally reflecting the reduction in the
        company's insurance businesses.

    --  Cash generated from GE's operating activities (CFOA) in the
        first nine months of 2004 was $9.7 billion, up 32% over last
        year's $7.4 billion. Special dividends from GE Capital
        Services, from proceeds of business dispositions, were up $.8
        billion. Industrial CFOA in the first nine months increased
        25% over last year. GE expects approximately 15% growth in
        CFOA for the full year.

    --  Net earnings were $4.051 billion in third quarter 2004, up 11%
        from $3.649 billion in third quarter 2003, when the company
        recorded a non-cash transition charge of $372 million ($.04
        per share) upon adoption of FASB Interpretation No. 46, which
        required the consolidation of certain entities by companies
        that do not control those entities.

    "We have strong momentum going into the fourth quarter, and we are
narrowing our earnings target for 2004 to $1.57-$1.60 per share, the
high end of our range," Immelt said. "We also remain confident that we
will achieve 10-15% earnings per share growth in 2005. We have a
terrific set of businesses, great people to lead them and excellent
prospects for the future."

    Third Quarter 2004 Business Highlights

    Healthcare

    --  Increased total orders 42% over third quarter 2003 to $3.4
        billion; excluding Amersham, orders grew 15% to $2.8 billion
        driven by 41% growth in PET (positron emission tomography)
        orders and 7% services growth.

    --  Launched the revolutionary LightSpeed VCT(TM), an ultra-high
        speed CT (computed tomography) scanner that can capture images
        of the heart and coronary arteries in less than five
        heartbeats.

    --  Announced the development of the Vivid i(TM), the world's
        first miniaturized cardiovascular ultrasound system, which
        offers the functionality and performance of full-featured,
        larger-scale ultrasound devices in a portable "stethoscope of
        the future."

    --  Helped open Saint Francis Heart Hospital in Tulsa, Oklahoma,
        the world's most advanced all-digital heart hospital, which
        integrates GE's leading cardiac imaging, picture archiving and
        communications systems into a comprehensive, seamless
        workflow.

    --  In conjunction with The University of Illinois at Chicago,
        announced the world's most powerful MRI (magnetic resonance
        imaging) machine for human studies, ushering in a new age of
        metabolic imaging that will help researchers understand the
        workings of the human brain, detect diseases before their
        clinical signs appear and develop targeted drug therapies for
        illnesses such as stroke.

    Transportation

    --  Received aircraft engine, locomotive and services orders in
        the quarter totaling $4.1 billion, up 40% over third quarter
        last year.

    --  Selected to provide 108 CF34(TM) regional jet engines to Air
        Nostrum, Finnair and Chautauqua Airlines, and eight
        extended-range GE90-115B(TM) engines to Emirates Airlines.

    --  Through CFMI, a 50/50 joint company of GE and Snecma Moteurs
        of France, selected to provide engines to airlines including
        CEBU Pacific, Royal Air Maroc and AZAL (Azerbaijan Hava
        Yollari).

    --  Received new orders in the quarter for 600 GE Evolution Series
        locomotives, the world's cleanest diesel-electric locomotives,
        and 37 other locomotives for international customers.

    --  Certified the CF6-80C2 engine for the U.S. Air Force's C-5
        heavy aircraft modernization program, worth $2.6 billion of
        potential total revenues for GE Transportation.

    --  Selected to provide Canada's Maritime Helicopter Program with
        the CT7 engine.

    Energy

    --  Announced on Oct. 4 the largest single award for new wind
        generation capacity in the history of the global wind energy
        industry, with a request from Hydro-Quebec to supply up to 660
        wind turbines, totaling 990 megawatts of wind-generated
        electricity, for eight Canadian projects to be placed on line
        from 2006 to 2012.

    --  Announced on Oct. 4 the intent to establish an alliance with
        Bechtel Corp. to develop a standard commercial offering for
        "cleaner coal" projects in North America.

    --  Signed new contractual service agreements totaling $1.4
        billion, increasing the number of gas turbines covered by 7%
        over the same period last year and the number of sites by 8%.

    --  Installed the 2,500th 1.5-megawatt GE wind turbine during the
        quarter and shipped 49 1.5-megawatt wind turbines.

    --  Completed the acquisition of BHA Group Holdings, Inc., an
        environmental services leader in particulate matter control
        systems, and the acquisition of three business units from S.D.
        Myers, Inc., a leader in transformer and substation
        maintenance services.

    --  Received global equipment orders from Mexico, Turkey and
        China; in China, received orders for eight gas turbines, and
        turbine-generators for the Pubugou Hydropower plant.

    --  Shipped 29 heavy-duty gas turbines from Greenville, S.C., and
        Belfort, France, compared with 44 in third quarter 2003.

    Commercial Finance

    --  Increased the volume of financing for mid-market customers
        (businesses with $50 million-$1 billion in annual revenues) by
        22% over third quarter 2003 to $13.3 billion.

    --  Arranged $1.4 billion of financing for healthcare
        organizations in the quarter, 84% more than in third quarter
        2003, including a $165 million credit facility to Beth Israel
        Medical Center and a $25 million revolving credit facility to
        Mount Sinai Hospital, both in New York City.

    --  Through a joint venture with Southern Union, submitted the
        winning bid for CrossCountry Energy, the holding company
        formed from Enron's remaining U.S. gas pipelines.

    --  Completed the $1.2 billion acquisition of Benchmark, PLC, a
        U.K.-listed real estate property company, adding 41 assets in
        London's West End to Commercial Finance's U.K. real estate
        portfolio.

    --  Ended the quarter with one aircraft on the ground out of a
        fleet of more than 1,300 owned aircraft.

    --  Introduced a new aircraft component management service that
        helps airlines finance and manage their spare parts
        inventories, reduce capital investment, lower costs and
        improve operational efficiency.

    Consumer Finance

    --  Entered into a strategic joint venture with Hyundai Capital
        Services, Korea's leading consumer finance company, purchasing
        a 38% stake and acquiring immediate scale in one of the
        world's largest economies.

    --  Developed a new program with Dillard's and agreed to purchase
        its private label credit card business, comprising the
        sixth-largest in-house private label credit card program in
        the U.S. and adding 5.5 million active card members to
        Consumer Finance's customer base.

    --  Teamed with SAM'S CLUB to launch the new Premier Line of
        Credit(SM), which offers small business owners a credit line
        of up to $100,000 and interest rates as low as prime to help
        them start and grow their businesses with the same level of
        financial flexibility typically afforded to mid- to
        large-sized companies.

    --  Agreed to acquire DeltaBank in Russia, entering one of the
        world's fastest-growing consumer markets through GE's largest
        single investment in Russia to date.

    --  Agreed to purchase the credit card receivables of Target
        Corporation's Mervyn's retail subsidiary (with 257 stores in
        13 states, primarily in the West and South), reinforcing GE's
        commitment to the retail card segment and building on Consumer
        Finance's strategy to grow in the United States market.

    NBC Universal

    --  Attracted 203 million total U.S. viewers -- 86% of all U.S.
        television households -- with unprecedented, 24-hour-a-day
        coverage of the 2004 Summer Games in Athens on the networks of
        NBC Universal, making the Games the third-most watched event
        in the history of television.

    --  Led primetime broadcast TV viewing for the quarter in the key
        demographic of adults 18-49.

    --  Drove double-digit ratings growth on every NBCU Cable
        entertainment network -- Bravo, USA Networks and SciFi -- with
        the group's ratings growing faster in the quarter than those
        of any other cable group.

    --  Increased Telemundo's Monday-Friday prime-time ratings among
        adults 18-49 by 70% compared to the year-ago quarter.

    --  Completed the 2003-04 season of Today with the largest total
        viewers in the program's history, and continued NBC's
        late-night leadership, with Jay Leno and Conan O'Brien leading
        their respective competitors in ratings by 29% and 67%
        respectively; NBC also extended Leno's contract through 2009
        and named O'Brien his successor.

    --  Completed the quarter with The Bourne Supremacy having 
        garnered a worldwide theatrical gross of more than $230
        million since its July 23 release.

    --  Shipped more than 1.5 million units in the first week of
        release of the DVD of Eternal Sunshine of the Spotless Mind.

    --  Increased MSNBC's primetime viewership in the quarter by 55%
        over third quarter 2003, which represents faster growth than
        any other cable channel in the quarter and almost three times
        the growth of CNN.

    Infrastructure

    --  Provided EntryScan(TM) and Itemiser(TM) explosives detection
        devices to protect attendees of the Olympic Games, the
        Democratic and Republican national conventions and the
        re-opened Statue of Liberty.

    --  Concluded successful trials for the U.S. Transportation
        Security Administration (TSA) of GE's walk-through EntryScan
        at four U.S. airports, with the TSA choosing to make the
        installations permanent.

    --  Entered the global cargo security industry with
        CommerceGuard(TM), a palm-sized security device that helps
        detect unauthorized access to a container and monitors the
        container in transit for signs of intrusion; also was selected
        for a new TSA pilot program to screen air cargo for
        explosives.

    --  Signed new water and process technologies contracts,
        generating a customized services backlog of more than $50
        million while driving new growth in pure water outsourcing,
        emergency mobile water and equipment, with customers in the
        transportation, chemical, power, hydro-carbon processing,
        energy and microprocessing industries.

    Advanced Materials

    --  Introduced new LNP(TM) resin additives used to manufacture
        self-lubricating, wear-resistant gears for sectors as diverse
        as consumer electronics, automotive, power tools and
        appliances.

    --  Introduced a tough, custom-colorable thermoplastic compound
        for the electronics industry with permanent antistatic and
        electrostatic-dissipative properties.

    Consumer & Industrial

    --  Named The Home Depot's 2004 "Partner of the Year" in the
        Kitchen and Bath Department for consistently outstanding
        performance.

    --  Began rolling out a lighting products program for all of The
        Home Depot's 1,500-plus U.S.-based stores.

    --  Increased margins on high-end Monogram(R) and Profile(TM)
        appliances by 39% and 24% respectively over third quarter
        2003.

    --  Increased margins through several new product launches
        including the new Profile 42" Built-In Refrigerator, Monogram
        Integrated Dishwasher, Transformore(TM) Transformer and
        several stainless steel appliance upgrades.

    --  Completed the disposition of the Commercial AC motor business
        to Regal-Beloit Corporation.

    GE (NYSE: GE) is a diversified technology, media and financial
services company dedicated to creating products that make life better.
>From aircraft engines and power generation to financial services,
medical imaging, television programming, and plastics, GE operates in
more than 100 countries and employs more than 300,000 people
worldwide. For more information, visit the company's Web site at
http://www.ge.com.

    Caution Concerning Forward-Looking Statements

    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.

                       GENERAL ELECTRIC COMPANY
                    Condensed Statement of Earnings

                                              Consolidated
                                   -----------------------------------
Three months ended September 30            2004        2003      V%
-------------------------------    -----------------------------------
Revenues
  Sales of goods and services           $21,607     $16,925
  Earnings of GECS before
   accounting change                          -           -
  GECS revenues from services            16,476      16,263
  Other income                              189         206
                                   -------------------------
        Total revenues                   38,272      33,394     15%
                                   -------------------------

Costs and expenses
  Cost of sales, operating and
   administrative expenses               25,328      20,245
  Interest and other financial
   charges                                2,943       2,723
  Insurance losses and 
   policyholder and annuity
   benefits                               3,858       4,168
  Provision for losses on
   financing receivables                    785       1,061
  Minority interest in net
   earnings of consolidated
   affiliates                               269          77
                                   -------------------------
        Total costs and 
         expenses                        33,183      28,274     17%
                                   -------------------------

Earnings before income taxes 
 and accounting change                    5,089       5,120
Provision for income taxes               (1,038)     (1,099)
                                   -------------------------
Earnings before accounting 
 change                                  $4,051      $4,021      1%
Cumulative effect of accounting
 change                                       -        (372)
                                   -------------------------
Net earnings                             $4,051      $3,649     11%
                                   =========================

Per-share amounts before 
 accounting change
  Diluted earnings per share              $0.38       $0.40     (5)%
  Total average equivalent 
   shares                                10,610      10,085      5%

  Basic earnings per share                $0.38       $0.40     (5)%
  Total average equivalent 
   shares                                10,566      10,031      5%


Per-share amounts after 
 accounting change
  Diluted earnings per share              $0.38       $0.36      6%
  Total average equivalent 
   shares                                10,610      10,085      5%

  Basic earnings per share                $0.38       $0.36      6%
  Total average equivalent
   shares                                10,566      10,031      5%

Dividends declared per share              $0.20       $0.19

                              GE                   Financial Services
                                                         (GECS)
                 --------------------------------- -------------------
Three months ended                                              
 September 30           2004     2003       V%      2004    2003    V%
-------------------- -------- --------      ---    ------- ------- ---
Revenues
     Sales of
      goods and
      services       $20,967  $16,463                $706    $527
     Earnings of
      GECS before
      accounting
      change           2,233    2,207                   -       -
     GECS
      revenues
      from
      services             -        -              16,843  16,480
     Other income        193      235                   -       -
                     -------- --------             ------- -------
        Total
         revenues     23,393   18,905       24%    17,549  17,007   3%
                     -------- --------             ------- -------

Costs and
 expenses
     Cost of sales,
      operating and
      administrative
      expenses        18,394   14,136               7,204   6,303
     Interest and
      other
      financial
      charges            355      282               2,703   2,558
     Insurance
      losses and
      policyholder
      and annuity
      benefits             -        -               3,910   4,168
     Provision for
      losses on
      financing
      receivables          -        -                 785   1,061
     Minority
      interest in
      net earnings
      of
      consolidated
      affiliates         143       44                 126      33
                     -------- --------             ------- -------
        Total
         costs
         and
         expenses     18,892   14,462       31%    14,728  14,123   4%
                     -------- --------             ------- -------

Earnings before
 income taxes and
 accounting change     4,501    4,443               2,821   2,884
Provision for
 income taxes           (450)    (422)               (588)   (677)
                     -------- --------             ------- -------
Earnings before
 accounting
 change               $4,051   $4,021        1%    $2,233  $2,207   1%
Cumulative effect of
 accounting change         -     (372)                  -    (339)
                     -------- --------             ------- -------
Net earnings          $4,051   $3,649       11%    $2,233  $1,868  20%
                     ======== ========             ======= =======


                                               Consolidated
                                    ----------------------------------
Nine months ended September 30         2004         2003      V%
----------------------------------------------------------------------
Revenues
     Sales of
      goods and
      services                      $59,372      $51,210
     Earnings of GECS before
      accounting change                   -            -
     GECS revenues from services     48,635       45,604
     Other income                       650          409
                                    ---------------------
        Total
         revenues                   108,657       97,223           12%
                                    ---------------------

Costs and
 expenses
     Cost of sales, operating and
      administrative expenses        71,630       59,415
     Interest and other financial
      charges                         8,503        8,002
     Insurance losses and
      policyholder and annuity
      benefits                       11,190       12,409
     Provision for losses on
      financing receivables           2,744        2,799
     Minority interest in net
      earnings of consolidated
      affiliates                        539          219
                                    ---------------------
        Total
         costs
         and
         expenses                    94,606       82,844           14%
                                    ---------------------

Earnings before income taxes and
 accounting changes                  14,051       14,379
Provision for
 income taxes                        (2,836)      (3,350)
                                    ---------------------
Earnings before accounting changes  $11,215      $11,029            2%
Cumulative effect of accounting
 changes                                  -         (587)
                                    ---------------------
Net earnings                        $11,215      $10,442            7%
                                    =====================

Per-share amounts before accounting changes
     Diluted
      earnings
      per share                       $1.08        $1.10          (2)%
     Total average equivalent shares 10,398       10,065            3%

     Basic
      earnings
      per share                       $1.08        $1.10          (2)%
     Total average equivalent shares 10,353       10,007            3%

Per-share amounts after accounting changes
     Diluted
      earnings
      per share                       $1.08        $1.04            4%
     Total average equivalent shares 10,398       10,065            3%

     Basic
      earnings
      per share                       $1.08        $1.04            4%
     Total average equivalent shares 10,353       10,007            3%

Dividends
 declared per
 share                                $0.60        $0.57



                       GENERAL ELECTRIC COMPANY
                    Condensed Statement of Earnings


                                                         Financial
                                                         Services
                                       GE                 (GECS)
                    ------------------------------ -------------------
Nine months ended                                                
 September 30                  2004     2003    V%  2004    2003   V%
------------------           -------- -------- --- ------- ------- ---
Revenues
  Sales of goods
   and services              $57,642  $49,861      $2,010  $1,582
  Earnings of GECS
   before accounting
   change                      5,774    5,479           -       -
 GECS revenues
  from services                    -        -      49,615  46,179
     Other income                660      458           -       -
                             -------- --------     ------- -------
        Total
         revenues             64,076   55,798  15% 51,625  47,761   8%
                             -------- --------     ------- -------

Costs and
 expenses
     Cost of sales,
      operating and
      administrative
      expenses                50,555   41,885      21,861  18,130
     Interest and
      other
      financial
      charges                    643      705       8,192   7,554
     Insurance
      losses and
      policyholder
      and annuity
      benefits                     -        -      11,342  12,409
     Provision for
      losses on
      financing
      receivables                  -        -       2,744   2,799
     Minority
      interest in
      net earnings
      of
      consolidated
      affiliates                 291      123         248      96
                             -------- --------     ------- -------
        Total
         costs
         and
         expenses             51,489   42,713  21% 44,387  40,988   8%
                             -------- --------     ------- -------

Earnings before
 income taxes and
 accounting changes           12,587   13,085       7,238   6,773
Provision for
 income taxes                 (1,372)  (2,056)     (1,464) (1,294)
                             -------- --------     ------- -------
Earnings before
 accounting changes          $11,215  $11,029   2% $5,774  $5,479   5%
Cumulative effect of
 accounting changes                -     (587)          -    (339)
                             -----------------     ---------------
Net earnings                 $11,215  $10,442   7% $5,774  $5,140  12%
                             =================     ===============

Dollar amounts and share amounts in millions; per-share amounts in
dollars; unaudited. Supplemental consolidating data are shown for "GE"
and "Financial Services (GECS)." Transactions between GE and GECS have
been eliminated from the "consolidated" columns. See note 1 to the
consolidated financial statements in the 2003 Annual Report to
Shareowners for further information about consolidation matters.

Summary of Operating Segments (unaudited)
General Electric Company and Consolidated Affiliates

                         Three Months Ended      Nine Months Ended
                             September 30            September 30
                        ---------------------- -----------------------
(Dollars in millions)      2004     2003   V%      2004     2003   V%
                         -------  ------- ----  --------  ------- ----

Revenues
    Advanced Materials  $ 2,035  $ 1,739   17  $  5,968  $ 5,158   16
    Commercial Finance    6,028    5,205   16    17,151   15,161   13
    Consumer Finance      4,011    3,499   15    11,430    9,304   23
    Consumer &
     Industrial           3,423    3,212    7    10,010    9,386    7
    Energy                4,113    4,343   (5)   12,096   13,374  (10)
    Equipment & Other
     Services             1,966    1,479   33     5,993    3,312   81
    Healthcare            3,330    2,336   43     9,197    6,878   34
    Infrastructure          857      797    8     2,495    2,233   12
    Insurance             5,544    6,824  (19)   17,051   19,984  (15)
    NBC Universal         4,096    1,517    F     8,545    4,943   73
    Transportation        3,777    3,156   20    11,085    9,524   16
    Corporate items and
     eliminations          (908)    (713) (27)   (2,364)  (2,034) (16)
                         -------  -------       --------  -------

Consolidated revenues   $38,272  $33,394   15  $108,657  $97,223   12
                         =======  =======       ========  =======

Segment profit (a)
    Advanced Materials  $   131  $   159  (18) $    463  $   415   12
    Commercial Finance    1,246    1,060   18     3,176    2,762   15
    Consumer Finance        681      595   14     1,883    1,655   14
    Consumer & Industrial   163      124   31       516      425   21
    Energy                  639      986  (35)    1,923    2,941  (35)
    Equipment & Other                                              
     Services               186      (52)   F       132     (562)   F
    Healthcare              503      383   31     1,426    1,129   26
    Infrastructure          146      132   11       393      331   19
    Insurance               120      604  (80)      583    1,624  (64)
    NBC Universal           536      431   24     1,698    1,462   16
    Transportation          773      604   28     2,220    1,846   20
                         -------  -------       --------  -------
      Total segment
       profit             5,124    5,026    2    14,413   14,028    3

  GE corporate items and                                            
   eliminations            (268)    (301)  11    (1,183)    (238)   U
  GE interest and other
   financial charges       (355)    (282) (26)     (643)    (705)   9
  GE provision for
   income taxes            (450)    (422)  (7)   (1,372)  (2,056)  33
                         -------  -------       --------  -------

Earnings before
 accounting change        4,051    4,021    1    11,215   11,029    2

   Cumulative effect of
    accounting change         -     (372)             -     (587)
                         -------  -------       --------  -------

Consolidated net
 earnings               $ 4,051  $ 3,649   11  $ 11,215  $10,442    7
                         =======  =======       ========  =======

(a) Segment profit always excludes the effects of principal pension
    plans and accounting changes, and may exclude matters such as
    charges for restructuring; rationalization and other similar
    expenses; in-process research and development and certain other
    acquisition-related charges; certain gains/losses from
    dispositions; and litigation settlements or other charges,
    responsibility for which precedes the current management team.
    Segment profit excludes or includes interest and other financial
    charges and segment income taxes according to how a particular
    segment management is measured - excluded in determining operating
    profit for Advanced Materials, Consumer & Industrial, Energy,
    Healthcare, Infrastructure, NBC Universal, and Transportation, but
    included in determining net earnings for Commercial Finance,
    Consumer Finance, Equipment & Other Services, and Insurance.

Condensed Statement of Financial Position
General Electric Company and consolidated affiliates

(Dollars in billions)
            
                 Consolidated             GE        Financial Services
                                                          (GECS)
             ------------------- ------------------ ------------------
Assets        9/30/04  12/31/03  9/30/04  12/31/03  9/30/04  12/31/03
             --------- --------- -------- --------- -------- ---------
Cash &
 marketable
 securities    $135.4   $135.0      $1.8     $2.0    $133.7    $133.2
Receivables      12.5     10.7      12.7     11.0         -         -
Inventories       9.7      8.8       9.5      8.6       0.2       0.2
GECS
 financing
 receivables
 - net          253.3    247.9         -        -     253.3     247.9
Plant &
 equipment -
 net             61.4     53.4      16.1     14.6      45.3      38.8
Investment in
 GECS               -        -      49.0     45.3         -         -
Goodwill &
 intangible
 assets          81.4     55.0      54.0     30.2      27.4      24.8
Other assets    150.9    136.7      38.1     30.4     117.5     109.6
             --------- --------- -------- -------- --------- ---------

Total assets   $704.6   $647.5    $181.2   $142.1    $577.4    $554.5
             ========= ========= ======== ======== ========= =========

Liabilities
 and equity
Borrowings     $339.5   $329.7     $11.3    $10.9    $329.5    $320.3
Insurance
 reserves       138.2    136.3         -        -     138.5     136.3
Other
 liabilities
 & minority
 interest       125.1    102.3      68.1     52.0      60.4      52.6
Shareowners'
 equity         101.8     79.2     101.8     79.2      49.0      45.3
             --------- --------- -------- -------- --------- ---------

Total
 liabilities
 and equity    $704.6   $647.5    $181.2   $142.1    $577.4    $554.5
             ========= ========= ======== ======== ========= =========

September 30, 2004 information is unaudited. Supplemental
consolidating data are shown for "GE" and "Financial Services (GECS)."
Transactions between GE and GECS have been eliminated from the
"consolidated" columns. See note 1 to the consolidated financial
statements in the 2003 Annual Report to Shareowners for further
information about consolidation matters.

Financial Measures That Supplement GAAP
----------------------------------------------------------------------
General Electric Company and Consolidated Affiliates

We sometimes refer to data derived from consolidated financial
information but not required by GAAP to be presented in financial
statements. Certain of these data are considered "non-GAAP financial
measures" under SEC regulations. Specifically, we have referred to:

--  Earnings and earnings per share growth excluding the impact of
    GE's insurance portfolio repositioning and earnings from GE's
    principal pension plans;

--  Organic Industrial sales growth; and

--  Increase in Industrial CFOA in the first nine months of 2004.

Reconciliation of these non-GAAP financial measures to their most
directly comparable GAAP financial measures - reported earnings before
accounting change, earnings per share, Industrial sales growth and
cash from operating activities - follow.

(Dollars in millions; per-share amounts in dollars)

                                                 THREE MONTHS ENDED
                                                     SEPTEMBER 30
                                                ----------------------
                                                   2004     2003    V%
                                                -------- --------  ---

Earnings before accounting change                $4,051   $4,021
                                                -------- --------
Less: Impact of insurance portfolio
 repositioning
       Total Insurance segment                      120      604
       Less: Insurance Solutions (Formerly
        ERC)                                        (39)     120
                                                -------- --------
       Impact of insurance portfolio
        repositioning                               159      484
Less: Earnings from GE's principal pension
 plans                                               25      102
                                                -------- --------
Earnings excluding impact of insurance
 portfolio repositioning and earnings from GE's
 principal pension plans                         $3,867   $3,435   13%
                                                ======== ========
EPS excluding impact of insurance portfolio
 repositioning and earnings from GE's principal
 pension plans                                    $0.36    $0.34    6%

                                                 THREE MONTHS ENDED
                                                     SEPTEMBER 30
                                                ----------------------
                                                   2004     2003    V%
                                                -------- --------  ---

Industrial sales as reported                    $20,967  $16,463
Less: Effects of acquisitions/dispositions and
 currency exchange on Industrial sales            2,727      180
                                                -----------------
Industrial sales excluding the effects of
 acquisitions/dispositions and currency
 exchange (Organic Industrial Sales)            $18,240  $16,283   12%
                                                =================

                                                  NINE MONTHS ENDED
                                                     SEPTEMBER  30
                                                ----------------------
                                                   2004     2003   V%
                                                -------- --------  ---

Cash from GE's operating activities as reported  $9,708   $7,378
Less: GECS dividends                              2,064    1,252
                                                -----------------
Cash from GE's operating activities excluding
 dividends from GECS (Industrial CFOA)           $7,644   $6,126   25%
                                                =================

We believe that meaningful analysis of our financial performance
requires an understanding of the factors underlying that performance
and our judgments about the likelihood that particular factors will
repeat. In some cases, short-term patterns and long-term trends may be
obscured by large factors or events. For example, events or trends in
a particular segment may be so significant as to obscure patterns and
trends of our industrial or financial services businesses in total.
For this reason, we believe that investors may find it useful to see
our third quarter 2004 earnings and earnings per share without the
impact of insurance portfolio repositioning and the decline in
earnings from our principal pension plans. Similarly, we believe
presentation of third quarter 2004 growth in Industrial sales without
the effects of acquisitions, dispositions, and currency exchange is
useful to investors. We also believe that investors would find it
useful to compare our cash flow from operating activities for the
first nine months of 2004 against the comparable period of 2003
without the impact of GECS dividends, principally proceeds from the
Genworth initial public offering in 2004 and other business
dispositions in 2003.


    CONTACT: General Electric, Fairfield
             David Frail, 203-373-3387
             david.frail@ge.com