GE OG Minds + Machines 2016 Investor meeting November, 2016
Imagination at work.

Additional Information and W here to Find It In connection
with the proposed transaction between GE and Baker Hughes
Incorporated ("BHI"), Bear Newco, Inc. ("Newco") will
prepare and file with the SEC a registration statement on
Form S-4 that will include a combined proxy
statement/prospectus of Newco and BHI (the "Combined Proxy
Statement/Prospectus"). BHI and Newco will prepare and file
the Combined Proxy Statement/Prospectus with the SEC, and
BHI will mail the Combined Proxy Statement/Prospectus to its
stockholders and file other documents regarding the proposed
transaction with the SEC. This communication is not a
substitute for any proxy statement, registration statement,
proxy statement/prospectus or other documents BHI and/or
Newco may file with the SEC in connection with the proposed
transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO
READ CAREFULLY AND IN THEIR ENTIRETY THE COMBINED PROXY
STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, ANY
AMENDMENTS OR SUPPLEMENTS TO THE COMBINED PROXY
STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS FILED BY BHI OR
NEWCO WITH THE SEC IN CONNECTION WITH THE PROPOSED
TRANSACTION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT
INFORMATION. Investors and security holders will be able to
obtain free copies of the Combined Proxy
Statement/Prospectus and other documents filed with the SEC
by BHI and/or Newco through the website maintained by the
SEC at www.sec.gov. Investors and security holders will also
be able to obtain free copies of the documents filed by
Newco and/or BHI with the SEC on BHI's website at
http://www.bakerhughes.com or by contacting BHI Investor
Relations at alondra.oteyza@bakerhughes.com or by calling
+1-713-439-8822.

No Offer or Solicit at ion This communication is for
informational purposes only and not intended to and does not
constitute an offer to subscribe for, buy or sell, the
solicitation of an offer to subscribe for, buy or sell or an
invitation to subscribe for, buy or sell any securities or
the solicitation of any vote or approval in any jurisdiction
pursuant to or in connection with the proposed transaction
or otherwise, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in contravention
of applicable law. No offer of securities shall be made
except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended, and
otherwise in accordance with applicable law.

Participants in the Solicitation GE, BHI, Newco, their
respective directors, executive officers and other members
of its management and employees may be deemed to be
participants in the solicitation of proxies in connection
with the proposed transaction. Information regarding the
persons who may, under the rules of the SEC, be deemed
participants in the solicitation of proxies in connection
with the proposed transaction, including a description of
their direct or indirect interests, by security holdings or
otherwise, will be set forth in the Combined Proxy
Statement/Prospectus and other relevant materials when it is
filed with the SEC. Information regarding the directors and
executive officers of GE is contained in GE's proxy
statement for its 2016 annual meeting of stockholders, filed
with the SEC on March 16, 2016, its Annual Report on Form
10-K for the year ended December 31, 2015, which was filed
with the SEC on February 26, 2016, its Quarterly Report on
Form 10-Q/A for the quarter ended September 30, 2016, which
was filed with the SEC on November 9, 2016 and certain of
its Current Reports filed on Form 8-K. Information regarding
the directors and executive officers of BHI is contained in
BHI's proxy statement for its 2016 annual meeting of
stockholders, filed with the SEC on April 11, 2016, its
Annual Report on Form 10-K/A for the year ended December 31,
2015, which was filed with the SEC on February 19, 2016, its
Quarterly Report on Form 10-Q for the quarter ended
September 30, 2016 which was filed with the SEC on October
25, 2016 and certain of its Current Reports filed on Form
8-K. These documents can be obtained free of charge from the
sources indicated above

2

Caution concerning forward-look ing statements This
communication contains "forward-looking" statements as that
term is defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended by the Private Securities Litigation
Reform Act of 1995, including statements regarding the
proposed transaction between GE and BHI. All statements,
other than historical facts, including statements regarding
the expected timing and structure of the proposed
transaction; the ability of the parties to complete the
proposed transaction considering the various closing
conditions; the expected benefits of the proposed
transaction such as improved operations, enhanced revenues
and cash flow, synergies, growth potential, market profile,
customers' business plans and financial strength; the
competitive ability and position of the combined company
following completion of the proposed transaction, including
the projected impact on GE's earnings per share; the
projected future financial performance of GE Oil & Gas, BHI
and Newco; oil and natural gas market conditions; costs and
availability of resources; legal, economic and regulatory
conditions; and any assumptions underlying any of the
foregoing, are forward-looking statements. Forward-looking
statements concern future circumstances and results and
other statements that are not historical facts and are
sometimes identified by the words "may," "will," "should,"
"potential," "intend," "expect," "endeavor," "seek,"
"anticipate," "estimate," "overestimate," "underestimate,"
"believe," "could," "project," "predict," "continue,"
"target" or other similar words or expressions.
Forward-looking statements are based upon current plans,
estimates and expectations that are subject to risks,
uncertainties and assumptions. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by such
forward-looking statements. The inclusion of such statements
should not be regarded as a representation that such plans,
estimates or expectations will be achieved. Important
factors that could cause actual results to differ materially
from such plans, estimates or expectations include, among
others, (1) that one or more closing conditions to the
transaction, including certain regulatory approvals, may not
be satisfied or waived, on a timely basis or otherwise,
including that a governmental entity may prohibit, delay or
refuse to grant approval for the consummation of the
proposed transaction, may require conditions, limitations or
restrictions in connection with such approvals or that the
required approval by the stockholders of BHI may not be
obtained; (2) the risk that the proposed transaction may not
be completed in the time frame expected by GE or BHI, or at
all; (3) unexpected costs, charges or expenses resulting
from the proposed transaction; (4) uncertainty of the
expected financial performance of the combined company
following completion of the proposed transaction; (5)
failure to realize the anticipated benefits of the proposed
transaction, including as a result of delay in completing
the proposed transaction or integrating the businesses of
GE, BHI and Newco; (6) the ability of the combined company
to implement its business strategy; (7) difficulties and
delays in achieving revenue and cost synergies of the
combined company; (8) inability to retain and hire key
personnel; (9) the occurrence of any event that could give
rise to termination of the proposed transaction; (10) the
risk that stockholder litigation in connection with the
proposed transaction or other settlements or investigations
may affect the timing or occurrence of the contemplated
merger or result in significant costs of defense,
indemnification and liability; (11) evolving legal,
regulatory and tax regimes; (12) changes in general economic
and/or industry specific conditions, including oil price
changes; (13) actions by third parties, including government
agencies; and (14) other risk factors as detailed from time
to time in GE's and BHI's reports filed with the SEC,
including GE's and BHI's annual report on Form 10-K,
periodic quarterly reports on Form 10-Q, periodic current
reports on Form 8-K and other documents filed with the SEC.
The foregoing list of important factors is not exclusive.

Any forward-looking statements speak only as of the date of
this communication. Neither GE nor BHI undertakes any
obligation to update any forward-looking statements, whether
as a result of new information or development, future events
or otherwise, except as required by law. Readers are
cautioned not to place undue reliance on any of these
forward-looking statements.

3

Business Discussions Turbomachinery Solutions Downstream
Technology Solutions Surface Subsea Systems & Drilling
Digital Solutions Financial Update Deal Overview Q&A Lorenzo
Simonelli Matthias Heilmann Rod Christie Hasan Dandashly
Uwem Ukpong Neil Saunders Matthias Heilmann Brian Worrell
Lorenzo Simonelli

4

OG industry ... strong long-term fundamentals Factors
driving industry Oil Gas Customer expectations (MBOE/D)
(BCM/Y) 1 Increasing requirements for solutions offering
Demand 102+ MBOE/D ~1% CAGR 95~102 Demand 4.0+ BCM/Y ~2%
CAGR ~4.0 Existing production ~20% decline New supply
Existing production 3.5 Existing production ~20% decline New
supply Existing production 2 Focusing on cost savings
standardization 2015 2025F o NAM unconventionals ~25% E P
spend o New fields emerging in international onshore o
Subsea offshore required 2015 2025F o Gas ~1.5% to 2040 o
LNG growing 2-3x faster o NAM long-term, low cost source 3
Driving efficiency productivity with digital 4 Capex to
opex switch

5

GE O and G

6

GE O and G ... providing cutting edge technology and service
solutions throughout the value chain

U P S T R E A M M I D S T R E A M D O W N S T R E A M -
Subsea - Offshore - Onshore - LNG - Pipeline Storage -
Refinery - Petrochemical Digital solutions ~40,000 EMPLOYEES
~$16.5B REVENUES '15 Improving the health productivity of
your operations from extraction to end of use.

7

Building GE Oil and Gas Focusing where technology makes the
difference ($ in billions) $14B+ invested 30+ acquisitions
1994 2004 2007 2008 2011 2012 2013 2014 2015 Total O and G
orders $1 $4 $10 $10 $16 $19 $20 $20 $15 A Turbo Machinery
company Developed Service model and expanded in Inspection
Technologies Entered Subsea segment Expanded Capital
Drilling segment Expanded to Flow and Artificial Lift Became
Standalone GE segment Expanded in Artificial and Rod Lift
segment Continue to build out capabilities to focus on
specific segments

8

Experienced team with deep domain expertise Experienced
leadership team Talent acquisition through the cycle-a)
Maria Borras VP Commercial >20 years in O and G Rod Christie VP
Turbomachinery >10 years in O and G Neil Saunders VP Subsea,
Drilling >20 years in O and G Matthias Heilmann CEO, Digital
Solutions >20 years in Software Uwem Ukpong Integration
Leader >20 years in O and G Michele Stangarone Leader Europe +
UK >25 years in O and G 161 '14 435 '14 92 '14 104 '15 118 '15
44 '15 93 '16 133 '16 38 '16 1,000+ external talent acquired
since 2014 ... strong pipeline (a- employee hires within
respective year

9

GE O and G product companies Offering a leading portfolio of
advanced technology and optimization support across all oil
and gas segments 2015 Revenues $5.4B $2.2B $2.2B $4.3B $2.3B
TURBOMACHINERY SOLUTIONS Technology leader with strong
differentiation Attractive service business - 10-20+ year
contracts DOWNSTREAM TECHNOLOGY SOLUTIONS Large Installed
Base More Stable through cycles SURFACE Short-cycle, service
focused offerings Expanding presence in unconventionals
SUBSEA SYSTEMS and DRILLING Long-cycle, high technology
segment Industry first: 20K PSI BOP, Performance based
contracts DIGITAL SOLUTIONS Leading positions in high-tech
niches Cutting-edge next-gen measurement and controls

10

Broad Services portfolio ($ in billions) Services backlog
Key wins $12.7 2Q15 $14.4 3Q16 +13% Subsea Systems and
Drilling Industry first performance based CSA ... 10 years
GE Energy Financial Services support Turbomachinery
Solutions 20+ year service agreement Follow-up to Sabine
Pass $1B 4Q14 Turbomachinery Solutions SapuraKencana GE Oil
and Gas Services Floating LNG long term maintenance agreement
Backlog growth in down cycle ... more in pipeline

11

Capitalizing on the GE Store at Oil and Gas SOFTWARE CENTER
Smart BOP and advanced controls POWER Water injection and
processing DIGITAL SOLUTIONS Leak detection and multiphase
flow measurement AVIATION Valve coatings and advanced
materials TURBO MACHINERY Pumps and compressor technology
ENERGY CONNECTIONS Power transmission and distribution
SUBSEA SYSTEMS Subsea production equipment and services
HEALTHCARE Diagnostic software imaging GLOBAL RESEARCH
CENTER Flow assurance and advanced riser technology
Continuously using the entire company toolkit ... solutions
for customers

12

GE Strategy: Becoming a Digital Industrial Company One goal
in sight - Drive Productivity and Increase Relevance in the
World GE for GE GE for Customers GE for World Productivity o
Digital thread o Predix + data o Digital twin/1st principle
model o Services Transformation Apps o Outcomes for
customers o Optimize GE equipment o Industrial apps
portfolio, micro services o Digital extensions Operating
System o Enable industrial companies o Predix industrial
operating system o Industrial-focused security

13

Outcome-based digital eco system Partnering across the value
chain and providing transformative solutions on Predix
PRODUCTION OPTIMIZATION Optimize production operations,
maximize production levels, minimize costs OPERATE: ASSET
PERFORMANCE MANAGEMENT Drive reliability and availability of
equipment , minimize total cost of ownership, and reduce
operational risks Paradigm Partnership for reservoir driven
production optimization System 1 Optimized plant operations
and condition driven maintenance Field Vantage LNG Equipment
Reliability Analysis Offshore Reliability and Availability
Intelligent Pipeline Solutions TRANSFORM TRANSPORT PRODUCE
DRILL EXPLORE DESIGN and BUILD Build digital into the
engineering, procurement and construction process Reservoir
engineering modeling and capital planning

14

Connecting legacy to future Bringing 124 years of industrial
excellence to the cloud Equipment and Production Data Edge
On-Ramp to Predix Cloud Predix Cloud-Based Applications O
and G Sensors Safire (2) SeaLytics (2) LWM System 1 O and G
Controls Predix Field Agents, Gateway Predix enabled
Controllers APM O and G Extensions APM Predix O and G
Specific, from Reservoir to Refinery Common Building Blocks
across GE

15

O and G Digital roadmap o Non-Productive Time Avoidance o
Production Optimization O and G Vertical Applications APM
Upstream o Onshore o Offshore o Subsea APM LNG/FPSO o LNG o
FPSO o FLNG APM Midstream o Pipelines o Storage APM
Downstream o Refinery o Petrochemical o Utilize and extend
Predix, APM and Meridium cloud services o Contribute to GE
Store Core Services System Health Visualization Digital Twin
Foundation Asset Services Incident Management Collaboration
Analytics Orchestration Digital Inspections Risk Management
Data Management Maintenance Optimization Operations
Optimization Simulation Edge and On-Ramp Services
Connectivity Edge Inspections On-ramp System 1 On-ramp

16

Turbomachinery Solutions Key offerings Gas Turbines o Heavy
duty o Aeroderivative o Industrial Centrifugal compressors
Small-scale and modular liquefied natural gas Long-term
service agreements Transactional services Applications Large
scale liquefied natural gas Offshore power and processing
Oilfield power and gas (re)injection Pipeline Compression
Small-scale modular LNG Business drivers New Units ~55% 2015
Revenues o Greenfield projects: liquefied natural gas,
offshore, onshore fields, pipelines o Brownfield extensions
and upgrades o Delivery ~2 years after order/final
investment decision Aftermarket Services ~45% 2015 Revenues
o Long-term agreements (55%) ... typically signed with
equipment award o Transactional and event-based (45%)

17

Turbomachinery competitive differentiation Technology o
Innovating with proven solutions - robust NPI deck o Best in
class production integration, compressors and drivers
Execution o Project execution excellence - end-to-end
project control o Predictability - planning platform and
testing capabilities o Cost , cycle - scalability Expertise
o Global and local partnerships / teams o Industry know-how
Applying GE services experience to the total portfolio

18

Services driving predictivity Installed base and data
acquisition ... the foundation + Experience and insight ...
industry expertise + Connectivity and big data ... software
and analytics After market services and installed base o TMS
installed base: o ~3,500 centrifugal compressors o ~3,000
gas turbines o LNG installed base: o ~410 centrifugal
compressors o ~330 gas turbines o Deep OEM domain knowledge
and service expertise o Integrated software architecture
Services ++ Driving productivity ... no unplanned downtime

19

Serving the LNG industry across the plant lifecycle ... 20+
with long-term service agreements CAPEX Knowledge advisory o
Pre-FEED/FEED equipment selection and studies (iO JV) Best
in class main refrigerant equipment and upstream completions
o Equipment provision and full string test o Installation
supervision and training o Safety and initial parts -6 -4 -3
0 20+ OPEX Best in class availability commitment o
ReliabilityMax (5 active LNG plants). Zero unplanned
downtime. Up to 99% availability guarantee. Enablers o CSA
.... beyond traditional maintenance o Digital ...
Predictivity maintenance o Predix ... Remote services and
APM o Power Peak and Trip Reduction Program o Unified Ops
.... move beyond GE assets Pre- Feed/Feed FID EPC award COD
Plant operations Years

20

Downstream Technology Solutions Key offerings Applications
Downstream Products and Services (DPandS) o Steam turbines o
Reciprocating compressors o Services and diagnostics
Refining, Petrochem and Fertilizers Process and general
industrial Compression for upstream oil and gas Flow and
Process Technologies (FandPT) o Valves o Pumps o Regulators
and Actuators Major customers Oil Companies International
National Independent Petrochemical companies General
industrial companies Reciprocating compression o High speed
compressors o Ajax integral and separable compressors o
Modular CNG solutions Business drivers o DPandS: project
business + aftermarket for refineries, petrochem and
fertilizer plants o FandPT: project + flow for downstream
and process industries o Reciprocating compressors ...
mainly upstream ... gas lift, natural gas for power
generation. Shale gas infrastructure levered

21

Refinery and Petrochemical Solutions Refineries
Petrochemical Plants Fertilizer Plants o Hydro Skimming o
Catalytic Cracking (FCC) o Coking o Ethylene o LDPE, HDPE o
Polypropylene o Urea o Methanol o Nitric Acid Reciprocating
and Centrifugal Compressors Steam Turbines and
Turbo-Expanders Pumps, Motors and Valves + GE and Channel
Service Network Service and Digital Solutions

22

Leveraging GE Store for Industrial Solutions Power Plants
Industrial Powergen and Flow Control Natural Gas Production
and Distribution o Steam Turbines - Utility 0-140 MW - Solar
and Geothermal o Boiler Feed - Pumps and Turbines o Fuel Gas
Boosting Thermodyn o Biomass o Mining o Pulp and Paper o
Food and Beverage o Gas Lift o Gas Gathering and Processing
o Gas Transmission o CNG Fueling Integrated Customer
Solutions

23

Strong Service Franchise with large Installed Base Mission
critical units in Downstream ... Our fleet Plant Outages and
Overhaul ... Expertise and Flexibility Brownfield projects
.... Technology and Execution Installed Base Refineries -
Reciprocating: ~1,300 - Centrifugal: ~700 - Other: ~700
Petrochemical Plants - Reciprocating: ~1,300 - Centrifugal:
~700 - Other: ~300 Fertilizer Plants - Centrifugal: ~550 -
Steam: ~250 High-speed recips ~17k GE and Channel Partner
Service Network Digital for APM and Process Management

24

Surface Key offerings Major customers '15 Revenue profile
Key brands Production solutions o Artificial Lift -
Electrical submersible pumps - Rod lift systems -
Progressing cavity pumps o Well services - Production and
cased hole logging services, E-line, slickline - Pipe
Recovery and perforation International, National, and
Independent Oil Companies EandP operators NAM ~55% RoW ~45%
Wood Group Well Support Evaluation and optimization o
Downhole tools o Drilling measurements and sensing o
Monitoring and completion systems EandP operators Oilfied
service companies NAM ~25% RoW ~75% Field Vantage Pressure
control o Well control equipment o Surface wellheads o
Production trees o Frac rentals and flowback Mostly Onshore
International, National, and Independent Oil Companies EandP
operators NAM ~35% RoW ~65% Wood Group Well Support

25

Focus on customer outcomes Full well-lifecycle offering
Responding to customer needs o Flexible lift solutions as
flow changes ESP Rod Lift o Flexible power and compression
solutions o Well optimization ... Zenith downhole sensing +
ESP + Intelligent Platforms o Performance-based contracts o
Lease/rental models Recovery Speed Costs Cash flow Sensing,
Control and Automation Oilfield power and compression Asset
and well optimization Case study: Middle East Customer o
Field automation system ... Downhole sensing + ESP o Manage
equipment and adjust production rates Value o Targeting 5%
production per well o predictability and intervention
planning o exposure to production loss and cost Presence in
upstream value chain Broadest lift portfolio + lifecycle
offering Utilizing decades of GE reliability experience

26

Subsea Systems and Drilling Key offerings Major customers
Business drivers Key brands Subsea Production Systems and
Services Wellstream flexible pipes o Trees, Manifolds and
Connections o Controls and Actuators o Wellheads, Connectors
and Pipes o Power and Processing o Life of field management
o Well construction and intervention o Flexible production
risers, flowlines and jumpers o Riser integrity management
International, National, and Independent Oil Companies
Specialized developers International, National, and
Independent Oil Companies Engineering and Procurement o
Subsea project FIDs ... greenfield and brownfield o Mid-life
upgrades ... electrical submersible pump. controls o Well
intervention and workover campaigns o Adoption of flexible
risers for FPSO projects o Riser integrity management
activity Compaies Drilling products and services o Blowout
Preventers (BOPs) o Marine drilling risers o BOP controls
and monitoring o Inspection and repair services o Long-term
service agreements Drilling companies International,
National, and Independent Oil Companies o Deepwater drilling
vessel newbuilds/upgrades o Post-Macondo BOP standards o
Inspection and certification o Adoption of performance based
service agreements

27

Case study: inserting technology to improve reliability and
analytic capability for Statoil ~150 ~140 ~10 ~20% Trees 30%
upgraded Control pods 60% upgraded Manifolds supplied Well
recovery lag globally CAPEX Driven 2-3yrs OPEX Driven ~25yrs
INSTALLATION LIFECYCLE SERVICES WH/SPS Install/Recovery Well
Intervention Controls Upgrades Equipment Repairs Remote
Monitoring Well Abandonment 21st century technology Improved
availability Better analytics Extended field life
Obsolescence mitigation

28

Proven track record ... successful subsea EPC projects
worldwide IDD - Chevron ENI 15-06/Mpungi - ENI o Indonesia o
2013-2016 10 Manifolds, 27 Trees, PLEMs, Controls,
Connections and Tooling o Angola o 2014-2016 o 1100m 3
Manifolds, 9 Trees, 5 SDU, Controls, Connections and Tooling
ONGC - Vashishta Julimar - Apache o India o 2015-2017 o 700m
-a) 3 Trees, Well head system, Connections, UTA/UTDA/SDU,
Controls and MCS, Services and tooling o Australia o
2012-2016 o 250m 2 Manifolds, 2 PLETs, 8 Trees, Controls,
Jumpers, Connections Ichthys SPS - Inpex Kizomba Satellite
Ph2 - ExxonMobil o Australia o 2012-2016 o 340m 5 Manifolds,
22 Trees, 6 SDU, Controls, Jumpers, Connections and Tooling
o Angola o 2012-2016 o 300m 6 Manifolds, 24 Trees, Controls,
Jumpers, Connections and Tooling Lianzi - Chevron ENI 15-06
/West Hub - ENI o Rep. of Congo o 2012-2016 o 820-1070m 4 x
Prod. Trees, 3 x WI Trees, Conns and Flex Jumpers, IWOCS o
Angola o 2011-2016 o 1450m 6 Manifolds, 13 Trees 5 SDU,
Controls, Jumpers, Connections and Tooling Gorgon - Chevron
OCTP Ghana- ENI o Australia o 2008-2016 o 300-1300m 10
Manifolds, 3 CDU/UMCA, 36 PLETs, 20 Trees, Controls,
Jumpers, Connections and Tool o Ghana o 2015-2018 o
500-1100m 21 Trees , 8 A-Flets, 4 Flets Controls, IWOCS,
Jumpers, Connections and Tooling Snohvit CO2 - Statoil World
record tie-back of 175 kms on Statoil's SnOhvit (a- Depth in
meters o Norway o 2013-2016 o 350m 1 Manifold, 2 Trees,
Controls, Connections and Tooling, Umbilicals

29

Differentiated technology and services: Innovation in deep
water drilling 20k psi BOP Asset lifecycle management
SeaPrimeTM MUX Controls 3x higher availability than existing
systems SeaLytics BOP Advisor(TM) Troubleshooting and
Maintenance Management Data-enabled services o Equipment
baseline modeling o Condition based maintenance o Rig-based
re-certification o Digitized asset history Industry first
.... access to 20K PSI and 350(0)F reservoirs Increased
reliability Reduced downtime

30

DIGITAL SOLUTIONS CONDITION and ASSET MONITORING By BENTLY
NEVADA CONTROL SOLUTIONS Hardware, software and advisory
services to improve machinery health and productivity of our
customers' industrial assets Condition monitoring and
protection devices Advanced machinery diagnostic software
solutions Industry leading technical support Control system
upgrade/retrofit projects Parts and services Cyber security
Software and HMIs Mechanical solutions Lifecycle management
40% 30% 8% 22% Oil and Gas Power Gen Aerospace Other
Industrials INSPECTION TECHNOLOGIES MEASUREMENT and SENSING
PII (JV) Ultrasonic Eddy current Remote visual Conventional
and digital X-ray 3D computed tomography (CT) Software
Sensors Nuclear instrumentation Flow Gas and moisture
Pressure Inspection (ILI) services for oil and gas
transmission pipelines Cracks / corrosion data analysis
Integrity engineering Software tools Remote monitoring *A
registered trademark of General Electric Company.

31

Hardware to platform + Service Current portfolio Future
offering 'Asset-Productivity+' Measure o Pressure +
flowmeters Monitor o Rotating equipment vibration monitoring
Control o Turbine controls + cyber Inspect o NDT equipment +
services ANALYTICS APPS SERVICES Pattern recognition
Metrology algorithms Machine learning / AI APM+ (IIM) Mobile
workflow mgmt Inspection cloud Cloud storage, tagging,
reporting Risk assessments, insp planning Drone and robotic
inspections Mobile inspection workforce Smart Machines
Inspection Services o Pipeline inspection HARDWARE In-line
cameras, laser/3D scanners Wireless sensors, drones,
robotics Inspection / Integrity Services Attractive HW
businesses w/leading positions Cloud-based, industry and HW
agnostic DIRECT INDIRECT Inspection services increase asset
productivity ... APM+ Go-to-market Strategy 7 regions 2,000+
sales and commercial 1,500+ channels E-commerce platform

32

Predictive corrosion management Predictive Corrosion
Management from GE is an APM offering which combines a
Predix, cloud-based software application with RightraxPM
installed sensors and advisory services to continuously
monitor corrosion-related risk, proactively make disposition
decisions and minimize total cost of operations Continuous
Inspection Predictive and Proactive Maintenance Ongoing
Advisory Support RightraxPM Installed UT Sensors Predix
cloud- based Software Expert Advisory Support

33

Stronger coming out of cycle ($ in billions) Cost-out Total
cost-out '15/'16E ~$1.3-1.4B ~$0.7-0.8B Key drivers Product
cost-out Execution on sourcing savings, project productivity
and material redesign ~$0.6B Infrastructure and services
Rooftop and supplier base streamlining ... Brilliant Factory
pilots underway 2015 2016E SGandA and simplification
Commercial and regional transformation, Digital tool
enhancement for enabling functions and investment
prioritization Executing on cost while continuing to invest
in capability

34

Cost execution in down cycle ... examples Global supply
chain optimization Product cost -out Onshore product example
Cost and optimization ... 20% 2014 2016 Rooftops ...
enhancing through Digital Thread 100% Prior standard Cost
+10% Volume under absorption (30)% Sourcing base (19)%
Design Changes (12)% Specs Logistics Commonality ~50% New
standard cost o Consolidating capability ... investing in
multi-modal facilities to leverage GE footprint o Brilliant
Factories, Talamona, Italy: Automated robotics line, 30%
reduction in lead times, predictive approach with data
collection and software o Driving savings through global
supply base o Cross-functional teams driving design
optimization o Deep catalogue simplification as part of
process

35

GE O and G financial summary ($ in billions) Financials 2013
2014 2015 Key actions 1 Executing through down-cycle ...
operational excellence and cost-out Orders Revenue Op profit
/ EBIT $19.9 $17.3 $20.1 $15.1 $19.1 $16.5 $2.8 2 Continuing
to operate with flexibility to react to different market
conditions 3 Investing through the cycle and develop further
capabilities Backlog EBITDA EBITDA % CAPEX $2.8 16.4% $0.7
$3.3 17.5% $0.6 $3.0 18.4% $0.5 Equipment Services $23.9
$25.0 $22.9 13.0 12.0 9.5 10.9 12.9 13.4 2013 2014 2015

36

Deal overview

37

Creating a productivity leader in Oil and Gas ~70,000
employees ~$34B revenue '20F The most advanced service
technology company The leader in O and G technology
equipment Integrated digitally-enabled offerings to set new
standards for the oil and gas industry

38

Deal summary Overview Strategic rationale o Merge GE O and G
with Baker Hughes ... GE owns 62.5%, new Baker Hughes owns
37.5% ... $7.4B cash dividend to existing BHI shareholders o
Publicly traded company with separate investor base ...
partnership structure o BHI valued at 11.0x pro-forma EBITDA
.... 6.7x with run-rate synergies ... 37% total premium for
BHI shareholders o Targeting close in mid-2017 ... committed
to work with regulators to address any questions 1 New
company will have unique portfolio in O and G industry ...
fullstream capability 2 Complementary technology ...
leverage GE store + digital 3 Significant synergy
opportunity ... ~$1.2B cost , ~$0.4B revenue 4 Earnings
accretive ... ~$0.04 incremental '18 EPS 5 Fits capital
allocation plan Core business ... expands competitive
capabilities '18 EPS accretive ... attractive IRR and
long-term value creation

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Creating investor value 1 Transaction significantly expands
GE O and G and Baker Hughes into a fullstream technology
provider 2 Baker Hughes brings complementary technology,
global capability and a unique service mentality to GE 3
NewCo will combine GE's strength in large equipment, LNG and
offshore with BHI's strength in services and drilling and
completion tools 4 Deal is financially attractive
Significant synergies + NewCo better positioned to navigate
cycles ... value creation for investors 2020F outlook
(Proforma financials, $ in billions) ~23% EBITDA margin ~$34
~$8 Revenue EBITDA

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Q and A

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GE