General Electric Company Financial Services Funding Policy
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1 General Electric Company Financial Services Funding Policy How we minimize interest rate and currency risk "This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of Forward-looking statements may be identified by words such as "expects", "anticipates","intends", "plans", "believes", "seeks", "estimates", "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of GE. Forward-looking statements are based on management's current expectations and assumptions, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially from these expectations and assumptions due to changes in global political, economic, business, competitive, market, regulatory and other factors. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise."
2 Centralized Treasury Operation Fixed Rate Strong Partnership With Businesses Optimized Funding Financial Assets Ensure Sufficient Capacity Exists to Fund Growth Provide Businesses With Tools to Help Compete Commercial Paper Floating Rate Debt Fixed Rate Debt Asset Securitization Deposits Floating Rate Solid Risk Management & Controllership Match Funded (Currency, Rate & Duration) No Speculative Trading Not Profit Center 2/
3 Legal structure & ratings commitment Explicit support GE support to ensure GECC 1.1x fixedcharge coverage ratio Implicit support Commitment to local markets GECC unconditional guarantee Parent rated Triple-A Proceeds used primarily to fund local assets Access to deeper investor base General Electric Company AAA/Aaa 100% General Electric Capital Services, Inc. 100% General Electric Capital Corporation Primary GE Issuer/Guarantor AAA/Aaa 100% Owns all of GE s financing assets GE Japan Funding KK GE Capital UK Funding GE Capital European Funding GE Capital New Zealand Funding GE Capital Australia Funding GE Capital Canada Funding GE Capital Mexico Funding GE/GECS legal framework and support agreements unchanged 3/
4 Matched Funding GE s Financial Services businesses match fund assets and liabilities to ensure financing spreads are maintained despite changes in interest rates Equipment Loan in U.K. Liability Asset & Equity Amount Currency No Currency Risk Term 3 Yrs. 3 Yrs. No Term Risk Type Fixed Fixed No Interest Rate Risk Equipment Loan in U.S.$ Liability Asset & Equity Amount $10 $10 Currency $U.S. $U.S. No Currency Risk Term 3 Yrs. 3 Yrs. No Term Risk Type Floating Floating No Interest Rate Risk 10% Revenue 8% 6% 4% 2% 0% Financing Spread Borrowing Cost 10% 8% 6% 4% 2% 0% Revenue Financing Spread Borrowing Cost We eliminate non-credit risk 4/
5 Liquidity risk management Target overall CP size ~$100B Manage program to ~55-65 days outstanding Maintain term maturities to ~$50bn per year Potential refinancing risk (e.g. extendibles, GE Interest Plus) CP Maturity Other Debt Maturities Bank Lines Cash Generation Other Liquidity Sources Contractual maturities of assets Adjusted net income $64B provided by 72 banks. 66% CP coverage No MAC clauses or conditions precedent to funding $37.2B in multi year facilities Term ABS securitizations Liquid investments Other available liquidity sources (e.g. Trinities) Multiple activities connected to manage liquidity 5/
6 GECS funding ($ in billions) Debt composition Unsecured term issuances FIN 46 $ $446 $501 9 $492 $545 8 $537 $90 ~$80-85 $60 LT debt % LT <1 yr. Other Comm l paper Q'07 4Q'07 2Q'08 Bank lines $61 $65 $64 CP coverage 66% 64% 66% 19% 18% '07 '08E 1H'08 Highlights Raised $60B term debt to support 08 business growth despite market volatility Global presence unsecured term issuances in 18 currencies 55% issuances in non-u.s. currencies Diversified funding ~$8B brokered CDs raised thus far Continuing to execute on solid funding & liquidity strategy 6/
7 GECS Long-term funding (Term debt) $90B 2008 YTD - ~$60B USD 58% EUR 16% GBP 9% USD 45% E UR 28% GBP 11% Other CHF 3% NZD 3% 1% JPY 3% AUD 2% CAD 5% Other 4% JPY 4% AUD 2% CAD 2% CHF SEK 2% 2% Access to 18 different currency markets Expect total year funding mix to be more similar to prior year Continued support from diverse investor base Triple A rating has proven valuable in flight to quality Continued Global Access 7/
8 GECC spreads comparison v/s peers Most financial companies have underperformed the Credit Index since April 2007 OAS (bps) /03/2007 7/03/2008 % Change U.S. Credit Index % FI Index % FinCo Index % Bank Index % GE 5yr Spreads % WFC 5yr Spreads % C 5yr Spreads % FinCo Index FI Index Bank Index C US Credit Index GECC WFC 50 0 Jul-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Source: Lehman Brothers U.S. Credit Index FI Index FinCo Index Bank Index GECC 5yr Spreads WFC 5yr Spreads C 5yr Spreads 8/
9 GECS commercial paper funding ($ in billions) Global Outstanding ($B) Currency Mix (as of 6/27/08) % U.S. Market share % Q CP % Most active issuer globally < $100B 11 currency markets 16 programs GECC is largest US issuer ~3.5% share 0 Edison (ABCP) Int l 30% US 70% USD 67.9 JPY 2.1 AUD 5.5 CAD 5.7 GBP 3.1 EUR 10.0 Direct placement in U.S., Europe, India Through dealers in Australia, Canada, Mexico, Japan, Taiwan, New Zealand Launched SEK in 1Q 2008 Other 1.8 INR 0.4 MXN 0.6 TWD 0.2 NZD 0.4 SEK 0.2 Global market reach and funding flexibility 9/
10 GECC CP Managing through the liquidity crisis Total US CP market down ~17% from July 2007 ABCP down 33% GECC stable benefiting from Flight to Quality Consistently maintained program and price discipline Managed daily placement volume maintained 55- to 65-day average maturity bps bps (10Aug 07) 43.0bps (19Sep 07) GECC spread to LIBOR (3M) Avg. spread under LIBOR Jun 07-8Aug 07: 5.9 9Aug 07 30Jun 08: bps (12Dec 07) 47.1bps (22Jan 08) 21.3bps (30Apr 08) 38.9bps (30Jun 08) Jun-07 Sept-07 Dec-07 Mar-08 Jun-08 Direct relationships, investor outreach differentiate GECC 10 /
11 Securitization Activity ($ in billions) Commercial Finance $11.3 Real Estate CMBS Business Property 2006 $2.8 $ Corporate CLO $2.7 $2.4 $0.9 YTD 2008 $0.06 Equipment Sm/Mid/Other Eq Floor plan Aircraft $2.9 $4.3 $1.1 $2.7 $2.0 $3.08 $0.75 $0.26 Factoring Third Party A/R GE A/R $0.2 $0.5 $2.8 $0.75 GE Money Credit Card Private Label $4.2 $8.7 $0.87 '05 '06 '07 $12.8 Sales Finance Sales Finance $4.1 WMC RMBS $0.9 GECC total securitization $20.6 $24.1 $5.77 Volume maintained despite market disruption across asset class, platform type 11 /
12 Rating agency relationship management Day-to-day interaction with Treasury team Proactive management of relationship Annual rhythm Segment reviews Company s senior leadership Ongoing communication Business reviews Regular rhythm enables proactive communication and transparency Capital allocation Multiple sessions Capital adequacy models Deep dive on product leverages Treasury and business participation Initiated by rating agencies and / or GE Risk management Insurance reviews FAS133 restatement Specific items Liquidity reviews Solid Triple A We don t take it for granted Annual sessions Review of liquidity strategy and stress scenarios Moody s liquidity model 12 /
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