#10000 GE 2023 Investor Conference March 9, 2023 | Cincinnati, Ohio#2Caution concerning forward-looking statements: This document contains "forward-looking statements" – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see https://www.ge.com/investor- relations/important-forward-looking-statement-information as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward- looking projected financial information that is based on estimates and forecasts. Actual results could differ materially. Non-GAAP financial measures: In this document, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our earnings releases and the appendix of this presentation, as applicable. Amounts shown on subsequent pages may not add due to rounding. Historical GAAP financial results and non-GAAP financial measures are shown excluding the results of GE HealthCare. Forward projections for GE Aerospace and GE Vernova are shown on a current GE-defined basis, and do not reflect costs or other changes for standalone financials in connection with the planned spin-off. GE's Investor Relations website at www.ge.com/investor and our corporate blog at www.gereports.com, as well as GE's LinkedIn and other social media accounts, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated, and new information is posted. 96 Gε 2023 GE INVESTOR CONFERENCE 2#3GE 2023 Investor Conference agenda 7:00AM Breakfast 7:30AM Welcome Safety moment GE Overview Steve Winoker Jenna Fillmore Larry Culp Larry Culp & team GE Aerospace, followed by Q&A 9:45AM Break 10:00AM GE Vernova, followed by Q&A Scott Strazik & team Wrap, followed by Q&A Larry Culp & team 11:30AM Lunch & tours Gε Hosted at GE Aerospace's Customer Technical Education Center 2023 GE INVESTOR CONFERENCE 3#4GE Aerospace GE Investor Conference | March 9, 2023 Safety Moment Jenna Fillmore | Senior Health & Safety Manager, GE Aerospace 2023 GE INVESTOR CONFERENCE 4#5Safety moment Today at GE Aerospace: • In case of emergency, use closest exit GE Aerospace • . • In case of a tornado, seek safe shelter in designated room Utilize appropriate Personal Protective Equipment during site tours If you see unsafe behavior, please say something 18.8%↓ in injuries at GE Aerospace from 2021 to 2022 2023 GE INVESTOR CONFERENCE 5#6GE INVESTOR CONFERENCE | March 9, 2023 GE Overview Larry Culp Chairman & CEO, GE " CEO, GE Aerospace GE 2023 GE INVESTOR CONFERENCE 6#7Propelling GE forward Angela Foli working on a LEAP turbine center Thomas Riggs working on a generator stator Mark Honigman on GEnx test cell (Peebles, OH) GE Aerospace a global leader defining flight for today, tomorrow & the future GE Vernova ... uniquely positioned industry leader electrifying & decarbonizing the world New era at GE ... continuing to create value for customers, employees & shareholders (GE) 2023 GE INVESTOR CONFERENCE 7#8Operating from a stronger foundation Team Acting with humility, transparency & focus to drive lasting culture change Lean & decentralization Continuous improvement & moving closer to the customer Innovation Significant investment to define future of flight & lead the energy transition Gε Michael Whalen works on a GEnx in Evendale, OH 2023 GE INVESTOR CONFERENCE 8#9Two innovative, service-focused industry leaders GE Aerospace EGE VERNOVA Aerospace Renewable Energy Power 2022 backlog $353B $33B $74B Services % of backlog 89% 39% 82% 2022 revenue $26B $13B $16B Services % of revenue 70% 21% 71% 2022 profit margin % 18.3% (17.3)% 7.5% Global installed base ~40,900 commercial-a) & 26,100 defense aircraft engines ~54,000 wind turbines Reported on current GE basis, not standalone basis On a stand-alone basis, GE Vernova will include GE's portfolio of energy businesses and Digital (a- Including GE & its joint venture partners ~7,000 gas turbines Gε 67 2023 GE INVESTOR CONFERENCE 9#10FY 2023 Guidance Total company GE GE Aerospace 2022 2023E • Mid-to-high teens organic revenue growth* • $5.3B-$5.7B operating profit Revenue growth *-b) +6% +HSD • FCF* up year-over-year gεGE VERNOVA a) Adjusted EPS* $0.77 $1.60-$2.00 • LSD to MSD organic revenue growth* Free cash flow* $3.1B $3.4B-$4.2B • $(0.6)B-$(0.2)B operating profit • FCF* flat to slightly improved Confident in strong market demand & operational improvements across businesses * Non-GAAP Financial Measure (a - For purposes of 2023 guidance, GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova will include GE's portfolio of energy businesses and Digital organic basis (b 2023 GE INVESTOR CONFERENCE 10 96#11More than doubling adjusted EPS* in 2023 Gε $0.77 $1.60-$2.00 2022 Adj. EPS* Volume, mix Price/cost Productivity, Investments, inflation restructuring other-a) Interest, preferreds 2023E Adj. EPS* . • • • 2022 to 2023 dynamics HSD volume growth from backlog, services ... negative mix from LEAP & Offshore Wind growth Price mitigating inflation headwinds Cost-out from productivity, quality, restructuring & sourcing R&D & productivity investments Interest tailwind from debt reduction GE Aerospace growth, GE Vernova cost out & interest tailwind from debt reduction * Non-GAAP Financial Measure (a - Includes non-repeat of 2022 market favorability in Corporate 2023 GE INVESTOR CONFERENCE 11#12Significant FCF* growth continues into 2023 $3.1B $3.4-4.2B • . 2022 FCF* Adj. EBITDA* Working capital AD&A CapEx, tax, interest & other 2023E FCF* • Gε 2022 to 2023 dynamics Earnings significant FCF* driver Slight tailwind from working capital DSO & inventory improvement, progress flow smaller in '23 Increased AD&A outflows on aircraft deliveries Interest reduction offset by higher taxes, CapEx investments 100%+ FCF conversion*-a) includes D&A > CapEx driven by amortization FCF* growth from higher earnings & focused working capital improvements * Non-GAAP Financial Measure (a - FCF conversion*: FCF*/ net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures. 2023 GE INVESTOR CONFERENCE 12#13Preparing to stand up two independent companies . • Update 95% of employees focused on day-to-day business performance Dedicated Separation Management Office driving workstreams across GE Aerospace, GE Vernova & Corporate (e.g., allocation of Corporate shared services) Continued progress ... filling key leadership roles & adding to existing talent, completed European Works Council consultation & announced company names, branding, purpose, HQs . • Next steps Working on operational separation ... systems, legal entities, finance, IT & more Implementing organizational & cost structure improvements (e.g., Corporate restructuring) Establishing stand-alone capital structures, corporate governance & filings Advancing toward GE Aerospace & GE Vernova launches Gε 2023 GE INVESTOR CONFERENCE 13#14GE ... creating value now & ahead GE Aerospace ... defining flight for today, tomorrow & the future Global leader in attractive, growing commercial & defense sectors Differentiated technology & service for customers GE Vernova Running the business with greater focus electrifying & decarbonizing the world Industry leader supporting customers through the energy transition Power delivering FCF* from vast services installed base Renewable Energy transforming now, plus secular tailwinds New era at GE Successfully executed first spin Right team embedding lean & decentralization further Sustainable performance with revenue & earnings growth, FCF conversion*-a) Non-GAAP Financial Measure (a - FCF conversion*: FCF* / net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures. Gε 2023 GE INVESTOR CONFERENCE 14#15GE Investor Conference I March 9, 2023 GE Aerospace Larry Culp I CEO, GE Aerospace Russell Stokes | Commercial Engines & Services Mohamed Ali | Engineering Amy Gowder I Defense & Systems Rahul Ghai | CFO GE Aerospace 2023 GE INVESTOR CONFERENCE 15#16Video: Aerospace Opening GE Aerospace 2023 GE INVESTOR CONFERENCE 16#17GE Aerospace - inventing the future of flight, lifting people up & bringing them home safely GE Aerospace Global aerospace leader in attractive, growing commercial & defense sectors Defining flight for today, tomorrow & the future with differentiated technology & service Running the business with greater focus to drive long-term profitable growth 2023 GE INVESTOR CONFERENCE 17#18A global leader with large, growing businesses Sector size 2022-a) ΕΛΒ Commercial Propulsion ~$50B Sector CAGR 2022-2025-a) Low-teens GE 2022 revenue % services Key demand drivers $18.7B -70% • Fleet renewal & expansion • • Return to flight; supporting GDP+ growth GE Aerospace Defense & Systems ~$35B MSD-HSD $7.4B-b) >70%-c) • Strong U.S. & international demand • Next-gen technology development - (a Systems (~$12B in '22) includes Avionics (flight management system, standby displays), power generation, conversion & distribution, engine accessories, & large turboprop propellers (b - For current presentation, Defense & Systems refers to the sum of our Military and Systems & Other businesses, without giving effect to eliminations & Corporate adjustments 2023 GE INVESTOR CONFERENCE 18 (c Services >70% of revenue for Military only, >60% for Military and Systems & Other businesses#19Strength & reach by the numbers Passengers flew ~3B with GE technology-a) under wing in 2022 70% Services % of 2022 revenue * Every 2 seconds A GE or JV-a) powered aircraft takes off $350 B+ Total backlog GE Aerospace People flying at any ~650K given time on GE or JV-a) powered aircraft Commercial & ~67K defense engines in service-a) } 1 1 1 3 out of 4 Commercial flights powered by GE or JV-a) engines ~45K Employees globally 1st Про High-voltage, MW class, high-altitude Hybrid Electric test-b) (a - Includes equipment made by CFM & Engine Alliance joint ventures Simulated altitude (b CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney 2023 GE INVESTOR CONFERENCE 19#20Demand is strong in attractive, growing sectors Commercial air travel demand Revenue passenger kilometers-a) % of 2019 levels Global defense spending -b) ($ in trillions) (a (b 120 5-year CAGR: 25% 1.8 GE Aerospace 3-year CAGR: LSD 1.7 1.6 اللبس اللسا 1.5 1.4 1.3 2019 2020 2021 2022 2023E 2024F 2025F 2019 2020 2021 2022 2023E 2024F 2025F 100 80 60 60 60 40 40 20 20 Global recovery driving accelerated mid-term growth long-term aligned to 1.5x to 2x GDP ... - Source: Oxford Economics Source: US Dept of Defense, Aviation Week forecast, internal GE estimate; addressable market for GE U.S. & international spending up driven by heightened global instability 2023 GE INVESTOR CONFERENCE 20#21Uniquely positioned products & services to serve strong demand Installed base # of engines in service (thousands) Commercial Largest & youngest fleet ~41K engines Most complete value prop ... efficiency, reliability, safety ~70% services revenue ... extensive, open MRO network means flexibility for customers Others ~50-a) ~65 Others cfm (cfm) gε Commercial Defense Source: Cirium Dec 31, 2022, in-service fleets (a excludes business & general aviation aircraft & civil helicopters; Others includes 270 Engine Alliance engines (b Services >70% of revenue for Military only CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney GE Aerospace Defense Diverse & growing portfolio ~26K engines Rotorcraft & combat engine provider of choice ... next gen U.S. & international programs >70%-b) services revenue ... engineering design through full product lifecycle support 2023 GE INVESTOR CONFERENCE 21#22Executing on GE Aerospace's priorities GE Aerospace Empower people through lean & decentralization Safety, quality, delivery, cost improvements & investing in the team Exceed customers' expectations Supporting customers on ramp & being the partner of choice Pioneer flight technology of today & tomorrow Developing technology to differentiate current & future fleet LEAP-1B engine Enabling our vision ... the company that defines flight for today, tomorrow & the future 2023 GE INVESTOR CONFERENCE 22#23How we are defining flight Today Tomorrow Commercial Keep the installed Engines & Services fleet flying Grow & optimize LEAP & GE9X fleet Defense & Systems Recover delivery Deliver on growth Future GE Aerospace Develop, certify & scale next gen technology Lead with next gen technology 2023 GE INVESTOR CONFERENCE 23#24GE Aerospace: 2025 financial outlook Revenue growth *-a) GE Aerospace Profit margin FCF conversion*-b) Low double-digits -20% 100% + to mid-teens Long-term outlook-a); MSD to HSD revenue growth, continued margin expansion, FCF* in line with NI * Non-GAAP Financial Measure; reported on current GE basis, not standalone basis (a organic basis (b - FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures 2023 GE INVESTOR CONFERENCE 24#25Commercial Engines & Services Russell Stokes | CEO GE Aerospace 2023 GE INVESTOR CONFERENCE 25#26GE Aerospace is differentiated by its products, technologies, service & customer support Product breadth & quality Open services network GE Aerospace Customer support . CFM LEAP GE9X CF34 Passport 20 Industry's broadest portfolio spanning narrowbody, widebody, regional, business & turboprop aircraft Leading technology enables best-in-class reliability, fuel efficiency & durability . LEAP services network Maximizes customer choices across risk transfer CSAs to spare parts contracts serviced through external providers Global network composed of overhaul, repair, on-wing support GE Aerospace customer support provides 24/7 service with centers across the globe 10,000+ engineers supporting design, production & services ~500 specialists monitor 120M flight records & 41K engine assets digitally with on-site customer & fleet support Superior performance & economics through the lifecycle 2023 GE INVESTOR CONFERENCE 26#27Powering the world's most successful aircraft (illustrative) Engine program lifecycle revenue-a) Airbus A380 GP7200 Boeing 777 GE90 Airbus A330 GE CF6 Regional & Narrowbody Aircraft Widebody Aircraft Boeing 777X GE9X Boeing 737Max Airbus A320neo COMAC C919 CFM LEAP Boeing 787 GEnx A360 New engines UMEROUS Parts & services 13.30 747 GE Aerospace Legacy widebodies CF6 FedE 40+ Years Bombardier CRJ 700/900 & Embraer E170/190 CF34 Boeing 737NG & Airbus A320CEO CFM56 CRJ200 GE CF34 Boeing 737 Classic CFM56 GE Aerospace portfolio presence across lifecycle, airframers & aircraft types (a - Includes equipment made by CFM & Engine Alliance joint ventures. CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney 2023 GE INVESTOR CONFERENCE 27#28Serving customers across engine lifecycle (illustrative) Engine workscope Quick turns-c) GE Aerospace Performance restoration shop visit (PRSV) Fan Compressor Avg. revenue per shop visit LPT-a) Workscope variations-b) Typical content SV1 SV2 SV3+ NB NB WB NB WB NB WB Combustor & HPT-a) Shop visit Modules Temperature exposure (SV) timing Typically early entry into service (EIS) ~5-10 years ~10-15 years ~15-20+ years Fan Narrowbody (NB) workscope Compressor Combustor HPT Widebody (WB) workscope LPT Services offering-d) Largely covered in CSA/warranty Mostly CSA, some T&M / external CSA or T&M, some external Mostly T&M or external (a-HPT = High pressure turbine; LPT= Low pressure turbine (b - Workscope variations include life limited parts (LLP) & line replaceable units (LRU) (c - WB excluded due to varying mix of quick turns across WB product lines at various points in lifecycle (d-CSA: Customized Service Agreements; T&M: Time & Material 2023 GE INVESTOR CONFERENCE 28#29GE Aerospace Return to flight drives departure growth & strong demand for Services across the portfolio GE/CFM departures (% of 2019) Internal shop visit forecast-a) 140% 120 100 Total Widebody freight 8820 60 Widebody Pax 40 Narrowbody 3,000 2019 levels 2,000 1,000 0 Dec'19 Dec'20 Dec'21 Dec'22 Dec'23 '22-'25 CAGR: HSD to LDD Dec'24 0 Dec'25 2022 Benefitting from cyclical COVID rebound & secular tailwinds thereafter (a - Includes equipment made by CFM & Engine Alliance joint ventures CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney • • MDD CAGR 2023E 2024F 2025F ■ CFM56 ■LEAP ■Regional ■GE90, GEnx, CF6, GP7200 Aging fleets, Asia demand & international travel support continued strong growth Services network largely capitalized to support demand through '25... input material shortages challenge output 2023 GE INVESTOR CONFERENCE 29#30New engine demand driven by airframer build rates, underpinned by long-term industry health Aircraft production-a) Total engine shipments-a) 2,000 1,500 1,000 • 500 2022 Mid-teens CAGR 4,000 3,000 2023E 2024F 2,000 1,000 Mid-20s CAGR GE Aerospace 0 2025F 2022 2023E 2024F 2025F ■CFM56 ■LEAP ■CF34 & Other ■GE90, GEnx, CF6 & Other ■Total ■ Airbus ■Boeing Embraer Bombardier Total Robust production driven by cyclical recovery, fleet renewal & long-term global demand Broad-based demand increases across all customers / products • Hard capacity largely in place, hiring on track to meet demand... partnering with suppliers to secure material inputs • Building spare engines to support customer fleet stability, typically ~10% to install ratio but varies (a - Excludes aircraft families not powered by GE, CFM, or EA engines; source: GE internal estimates CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney 2023 GE INVESTOR CONFERENCE 30#31Managing product lifecycle to enable customer success, while sustainably growing free cash flow Today Tomorrow Future GE Aerospace Commercial Engines & Services Keep the installed fleet flying Grow & optimize LEAP & GE9X fleet Develop, certify & scale next gen technology Build on world-class safety & reliability to increase fleet utilization Support customers transitioning from CSA to other services Deploy material solutions that meet customer cost of ownership expectations CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines. CFM RISE is a registered trademark Meet production ramp to support airframer demand Improve product durability to meet customer expectations Expand GE & partner MRO network to meet LEAP shop visit ramp • Achieve mid-decade ground & flight test demos for CFM RISE Open Fan Execute hybrid electric roadmap, including mid- decade demo with NASA Support alternative fuels. (SAF & hydrogen) 2023 GE INVESTOR CONFERENCE 31#32Largest global fleet in service with incremental growth ⑨96 GE Aerospace coming from LEAP & 9X 45,000 30,000 15,000 0 2022 GE /JV engine fleet in service-a) 2023E 2024F Programs with >50% services mix-b) LEAP & 9X (a- Includes equipment made by CFM & Engine Alliance joint ventures; excludes business & general aviation & aeroderivative engines (b >50% product line revenue comes from Services CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney LEAP GE9X GP7000 GEnx GE90 CF6 CF34 CFM56 2025F 2023 GE INVESTOR CONFERENCE 32#33CFM56 fleet poised for continued strong performance Total shop visit forecast-a) 2,000 1,000 0 2022 2025F 2028F GE Aerospace Fleet demographics-b) Aircraft retirements 600 500 SV2 400 300 No SV 200 100 SV1 0 2022 2025F 2028F ■ '21 Fcst ■ '22 Fcst ■Internal ■ External SV Extending asset life with configurable material solutions ... largest used material buyer globally Breaking constraints & driving lean across extended supply chain to meet SV ramp ~23,000 engines... best-in-class reliability enables fleet longevity Nearly half of CFM56-5B/7B engines have not seen first shop visit Aircraft retirements pushed out as demand outpaces production ... total forecasted quantity remains unchanged Average age of aircraft in service is 12 years... average forecasted retirement age 22 years Supporting CFM56 longevity by enhancing total cost of ownership value prop for customers (a CFM56-5B/7B commercial engines (b - CFM56-5B/7B in-service & stored fleet as of Dec 31, 2022, excluding military applications; Source: Cirium + GE internal estimates CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines 2023 GE INVESTOR CONFERENCE 33#34Video: Lean at Component Repair Technologies GE Aerospace 2023 GE INVESTOR CONFERENCE 34#35Delivering on the LEAP ramp to drive growth LEAP engine production ramp Lean case study GE Aerospace LEAP Turbine Center Frame in Terre Haute • • 40 30 20 لاس ا...... 10 2019 2020 2021 2022 2023E 2024F 2025F 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23E 100 15 75 50 25 Aligned with airframers on demand through 2024, discussing 2025 as part of our standard process Challenge is considerable ... ~2,500 GE parts/engine across 160 suppliers & ~20 GE shops with only 10% common parts between LEAP 1A & 1B • • Monthly Output Delinquency Terre Haute increased quarterly output ~70% from 2021- 2022, while reducing customer delinquency to zero Leveraging value stream maps, 3P-a), & stronger supplier partnership to deliver operational improvements Using lean to meet the ramp & enable LEAP growth (a Production preparation process CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines Delinquency 2023 GE INVESTOR CONFERENCE 35#36Profitable LEAP growth requires focus on shop visit volume, durability & cost Durability & cost-a) Time on wing (TOW) indexed to technical requirement (Mean TOW, cycles) GE Aerospace Internal shop visit growth-b) 1.00 Customer expectation at maturity LEAP-1A CFM56-5B Better TOW v. CFM56 at comparable age 400 200 0.00 0 1 2 3 4 5 7 8 9 10 2022 Delivery year, since EIS • • 2023E 2024F 2025F Durability critical to profitability... short of customer expectations but better than CFM56 at same point of life since EIS Improving unit cost ... targeting MSD reduction by 2025 as inflation pressures productivity gains • Shop visit growth is key driver of profitability... expected to ramp considerably through balance of the decade Future growth will require external network build out & focused internal investments coupled with lean improvements Program profitable & OE breakeven expected mid-decade (a - LEAP-1A Low Thrust, Neutral environment, projections based on available field data; CFM56-5B Low Thrust (B4/B6), Neutral environment (b Excludes LEAP quick turns CFM International is a 50-50 joint company between GE & Safran Aircraft Engines. 2023 GE INVESTOR CONFERENCE 36#37GE engines are well-positioned to serve broad range of ②⑨6 GE Aerospace widebody operator needs. Multi-platform position allows GE to meet customer needs across lifecycles & applications % Services-a) Demand driver GE strategic positioning Internal shop visit forecast-b) (GE90, CF6, GEnx, GP7000) -60% 787... the most versatile widebody aircraft ~65% win rate ... reliability, fuel efficiency & durability advantage 1,500 HSD to LDD CAGR GEnx -80% 777... Robust demand for PAX & freight Supporting robust demand for new & used aircraft 1,000 GE90 -90% Engine of choice for freighters Differentiated reliability, support, cost of ownership 500 CF6 Continued support as fleet -90% A380... capacity for large hubs الله returns to service post COVID-19 storage 0 2022 2023E 2024F 2025F GP7200 ~80% of product line revenue is driven by services (a-% of 2022 product line revenue; GP7000 % of 2023E revenue (b Includes equipment made by Engine Alliance joint venture. Engine Alliance is a 50-50 joint company between GE & Pratt & Whitney 2023 GE INVESTOR CONFERENCE 37#38GE9X imperatives through 2025 GE Aerospace G Program Support 777X certification (GE9X certified in Sep. 2020) efforts through continued flight tests Commercial Partner with Boeing on commercial campaigns to fulfill demand & continue growing backlog Technical Use pre-entry into service period to proactively improve durability, cost & reliability by leveraging learnings from LEAP & GEnx Operational Prepare supply chain for imminent product ramp, while focusing on unit cost productivity 2023 GE INVESTOR CONFERENCE 38#39Improving the Services network through lean & differentiated technology investments Lean case study CFM56 HPC Vane Repair Turnaround Time in Singapore -a) 40% reduction Technology GE Aerospace Leveraging Al & robotics to improve performance 52 days 36 days 31 days 3Q'22 4Q'22 Today Repair capability & speed critical to flexible service offerings & reducing cost Value stream mapping & kaizens reduced labor hours by 55% & distance traveled by 96% ... Andon system implemented to enable real-time problem solving GEnx HPT blade inspection tool Al-assisted 360 inspection decreases services cost, while improving customer outcomes Higher time on wing enables increased fleet stability & 60% reduction in inspection time Combination of technology & lean enable more predictable & efficient services (a-HPC: High Pressure Compressor; turnaround time = 90th percentile average of all orders closed in the last week of the quarter CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines 2023 GE INVESTOR CONFERENCE 39#40Technology leadership for the next generation CFM RISE open fan CFM RISE open fan demo Hybrid electric Integrated hybrid electric powertrain to demonstrate flight readiness for single-aisle aircraft GE Aerospace Alternative fuels Illustrative hydrogen combustor Targeting 20% fuel efficiency advantage over LEAP by mid-2030s • Developing capability to support battery & fuel cell energy sources Supporting industry efforts on alternative fuels (H2 & SAF-a)) ... all GE engines approved to run on SAF today Supporting industry sustainability, product longevity & operating cost improvement CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines. CFM RISE is a registered trademark (a - Sustainable Aviation Fuels 2023 GE INVESTOR CONFERENCE 40#41Video: United Airlines UNITS GE Aerospace 2023 GE INVESTOR CONFERENCE 41#42The industry's largest engine portfolio, powering the world's most successful aircraft platforms GE Aerospace Capitalizing on cyclical & secular tailwinds to grow well above GDP for foreseeable future Large fleet in service supports global customer base & free cash flow generation for GE Using lean & technology innovations to support customers today, tomorrow & in the future 2023 GE INVESTOR CONFERENCE 42#43Technology & Innovation Mohamed Ali | VP, Engineering GE Aerospace 2023 GE INVESTOR CONFERENCE 43#44World-class engineering expertise integrated throughout the product lifecycle Design & materials Supply chain Services GE Aerospace LEAP CMC shroud with cross-section Develop differentiated product portfolio through advanced technology ... focus on fuel burn, reliability & durability for customers Ultrasound cycle time & safety improvement tooling Optimize manufacturing efficiency of new & legacy products ... focus on product ramp & reducing cost Robots apply thermal coating, extending TOW Improve fielded product durability & reliability focus on maximizing asset value 10,000+ global engineers bring unique depth to each stage of engine lifecycle ... safety & quality top priorities 2023 GE INVESTOR CONFERENCE 44#45LEAP performing better than CFM56 at comparable age & at/above expectations across most criteria Reliability Engine removal rate since EIS 12-month rolling average LEAP strengths ⚫ Fuel burn... 15% advantage versus prior generation engines superior to · Reliability CFM56 at comparable age, longest running engine has >9,000 cycles with no shop visit Utilization... strong airline utilization, highest of any modern product in the world Engine Basic Removals / 1000 Effective flight hours 1 10 LEAP-1A 20 30 CFM56-5B 40 50 Months since EIS 60 60 100% 90% Today 80% 70% 70 May-21 GE Aerospace Utilization Days flown ratio % days with at least 1 flight flown Pre-COVID Aug-21 Nov-21 Feb-22 May-22 LEAP Aug-22 Nov-22 Source: FlightRadar24 & Cirium Largest LEAP operating airlines with full return to service: Southwest, American, IndiGo, Frontier, Pegasus, United 2023 GE INVESTOR CONFERENCE 45#46Proven roadmap for continuous durability improvements over the product lifecycle GE90-115B durability improvement Mean TOW in cycles indexed to customer expectation at maturity Customer expectation at maturity Years since EIS 2 HPT Stage 1 Blade Example GE90-115B Thrust Rating field data in Neutral Environments; based on available field data Year 2-6 improvements P10/15/16 shroud, P06/07 blade, G07 nozzle 6 CO GE Aerospace Year 7-12 improvements P17 shroud, P09 blade, G13+ nozzle, G07 Combustor Liner P04 (EIS) Deep technical expertise required to design, test & validate refinements P09 12 2023 GE INVESTOR CONFERENCE 46#47Achieving mature LEAP durability is top priority LEAP durability improvements Shroud 2018 EIS RDS-a) 2019 EIS +6 Fuel Nozzle RDS Fuel Nozzle 2023-2024 HPT Blade & Nozzle 2024-2025 EIS +12 HPT Blade • • GE Aerospace Actioning durability improvements Shop visit removal rates & maintenance burden below expectations relative to mature CFM56 ... but better at comparable point in lifecycle Improvements implemented for top shop visits removal drivers ... e.g., shroud (2018) & RDS (2019) Path to meet customer expectations in removal rate & maintenance burden: o HPT blade & nozzles: challenges primarily in severe. environments ... redesign progressing through validation & software updated... ramping in production 2024 to 2025 Fuel nozzle: has been in flight testing since 2022 ... ramping in production year end 2023 through 2024 Shroud High conviction in ability to meet customer expectations based on prior experiences with GE90 & CFM56 (a- RDS Accessory Radial Drive Shaft 2023 GE INVESTOR CONFERENCE 47#48Breakthrough technologies to invent future & secure installed fleet Electrification • World's 1st ... tested complete electric system up to 45,000 feet-a) • NASA & Boeing flight program testbed for future commercial, military applications Alternative fuels ● • On track for H2 flight demo with Airbus mid-decade GE expert chairs 100% SAF drop-in standards committee Tight SA380 lab Pry mor chm GE Aerospace Advanced architecture • Super-computing power for performance & noise innovation ⚫ Airbus flight test partnership for mid-decade demo • Leverages adaptive cycle engine Product upgrades . . Super computing capability & new technologies to enable fleet upgrades Extends asset life, increases asset value into the next decade R&D spend 6-8% of revenue-b) defining flight for today, tomorrow & the future (a -Simulated altitude (b-Inclusive of customer & company funded R&D A380 image courtesy of Airbus 2023 GE INVESTOR CONFERENCE 48#49Defense & Systems Amy Gowder | CEO 2023 GE INVESTOR CONFERENCE GE Aerospace 2023 GE INVESTOR CONFERENCE 49#50Threat environment driving strong budgets US Department of Defense budget-a) LSD CAGR anticipated in President's Budget 2024+ GE Aerospace International defense budget-b) LSD CAGR +9.8% in 2023 744 817 2022 2023E 2024F 2025F Great power competition ... U.S. is focused on the threat of China regionally & globally • Modernization ... maintaining superiority through new technology • Readiness... upgrades to improve existing fleet capabilities • 2019 2020 2021 2022 2023E 2024F 2025F NATO & allies driving a reassessment of force structure • Increased demand for U.S. export fighters & rotorcraft • International indigenous capability an increasing priority Defense departments focused on modernizing & scaling their forces (a Source: U.S. Dept of Defense, GE internal forecast (b - Source: Aviation Week forecast + internal company estimate; addressable market for GE 2023 GE INVESTOR CONFERENCE 50#51Int'l platforms U.S. platforms Powering a wide range of defense aircraft globally (illustrative) Engine program lifecycle revenue-a) Next Gen Future Vertical Lift T901 USMC CH-53K T408 Air Force T-7A F404 F-16 F110 Air Force F-15EX F110 P-8/E-7 CFM56 New engines Parts & services GE Aerospace Apache/Black Hawk T700 Legacy combat Various F/A-18 F404/F414 40+ Years Turkey Hurjet F404 Korea KF-21 F414 Turkey TF-X F110 India Tejas Mk 1/2 F404/F414 Korea Surion T700 Leonardo AW 189 CT7 Sweden Gripen F414 $11B backlog, 2.5x 2022 revenue-b) (a Includes equipment made by CFM (b $4.4B Military revenue (excludes Systems & Other) CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines. 1.2x book to bill ratio 2021-2022 2023 GE INVESTOR CONFERENCE 51#52Delivering growth & innovating technology for the future of combat GE Aerospace Defense & Systems Today Tomorrow Recover delivery Deliver on growth Future Lead with next gen technology • Lean improvements in components & assembly • Material input availability & supplier partnership • Structured approach to reduce product costs • Execute new product introduction in rotorcraft Integrate & deliver on international platforms • Refresh spares & services go to market to drive growth • Lead in adaptive cycle engine technology • Develop in hypersonic & small UAV propulsion • Execute hybrid electric technology roadmap 2023 GE INVESTOR CONFERENCE 52#53Delivering improved operational performance Investing in improved quality • Detailed part-to-print program on T700 to implement sustainable improvements o >16,000 characteristics checked 。 T700 unit output: 286 in 2021 →378 in 2022 GE Aerospace Lean impact in flow improving delivery • Lean operating system is driving results: 。 F110 Compressor Case: delivery output rate up >2x ○ 。 F414 Actuator Ring: first time yield up 18pts. & cost out O 。 T700 Shaft: output up 5x, 95% defect reduction 90% Defect reduction in parts that 28% have completed part-to-print ... resulting reduction in overall T700 defect identification Miguel Corporan working on a F414 in Lynn, MA Investing in systematic approach to improve flow & yield 2023 GE INVESTOR CONFERENCE 53#54Growing through differentiation 1250 1000 750 500 Engine unit outlook HSD CAGR GE Aerospace Positioned on numerous U.S. & international platforms F404 F414 F110 Demand driver Engine of choice for U.S. & international trainers & light fighters Engine of choice on international indigenous large fighters Engine of choice for U.S. & international large fighters Platform selections & campaigns Selected: Air Force T-7A, Turkey Hurjet, Korea T-50 & FA-50 Campaigns: U.S. Navy & int'l trainers Selected: Korea KF-21, India Tejas Campaign: India fighter & AMCA Selected: Air Force F-15EX, Turkey TF-X Campaigns: Israel F-15, India fighters 250 0 '23E '24F '25F '26F '27F '28F '29F '30F Rotorcraft ■Combat Mobility/Marine U.S. Marine Corps heavy lift engine with Selected: CH-53K King Stallion Campaign: CH-47 re-engine T408 growing Int'l demand U.S. Army rotorcraft engine of the future T901 Selected: Apache, Black Hawk, U.S. Army Future Vertical Lift Program 2023 GE INVESTOR CONFERENCE 54#55Leading in adaptive cycle engine technology Adaptive is a generational change in propulsion High bypass efficiency + Performance on demand GE Aerospace Technology is mature & tested $2B of tech maturation Performance testing by Air Force customer 25% better fuel efficiency + 30% range increase & 50% more loiter time 10% to 20% more thrust + > Combat performance 2X mission systems cooling Survivability & lethality (a-U.S. Air Force AETP lifecycle cost study for F-35 While offering customer lifecycle cost savings $10B net lifecycle cost savings-a) 2023 GE INVESTOR CONFERENCE 55#56Innovating for the future in Edison Works • Developing future of combat technology Awarded significant classified programs, competing on multiple additional classified programs Investing in key technologies associated with hypersonics, hybrid electric & advanced UAVS GE Aerospace New capabilities are entering the combat fleet Stealth 2022 UAVs Hypersonics 2042 • Organic & inorganic investments, positioned for ramjet/scramjet applications • Expanding into new high-growth sectors >20% ~$350M Driving growth through advanced technology Revenue CAGR 2020-2025 funding for classified programs in 2022 2023 GE INVESTOR CONFERENCE 56#57Defense: growing in strong & resilient sector GE Aerospace Focused on driving a step change in performance today Growing in both core & next generation products tomorrow Technology shared across civil & defense products 2023 GE INVESTOR CONFERENCE 57#58Financials Rahul Ghai | CFO GE Aerospace 2023 GE INVESTOR CONFERENCE 58#59GE Aerospace, a global leader operating at scale 2022 revenue split Installed base-a) growth 30% equipment $26B 70% services -60% GE Aerospace 67K 51K 42K 2000 2010 2022 Higher-margin services revenue fueled by growing fleet in service & higher utilization (a - Number of commercial & military engines in-service; sourced from Cirium; includes 26,300 CFM56 & LEAP engines & 270 Engine Alliance engines as of Dec 31, 2022 CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney 2023 GE INVESTOR CONFERENCE 59#60Consistent long-term growth ... recovery continues ($ in billions) Profit Revenue 10.8 19.3 17.6 10.9 ☐ 3.7 3.3 2.0 2.2 +MSD CAGR +HSD CAGR 32.9 26.0 6.8 4.8 2000 9/11 2005 2010 2015 2020 2022 COVID-19 Great recession Historical values are as reported in respective annual GE Form 10-K & reflect GE's portfolio composition for the year reported Growth drivers GE Aerospace Strong recovery after downturns Resilience driven by services & strong positions on key platforms Entering major platform renewal cycle Recovery from COVID continues in 2023 & growth beyond 2023 GE INVESTOR CONFERENCE 60#61Continued profit growth in 2023 $4.8B Profit bridge $5.3-$5.7B 2022 Volume / mix Price / cost Productivity inflation Investment / 2023E other Non-GAAP Financial Measure (a organic basis GE Aerospace . 2023 dynamics Services: high-teens to 20% revenue growth *-a); internal SV up ~20%, largely driven by WB OE: ~20% revenue growth *-a) ... LEAP units +50%... spare engine mix consistent with 2022 Incremental LEAP mix impact ~(1) point, including higher services warranty removals Price actions address inflationary pressures Productivity more than offsets continued investments in RISE & next-gen programs 2023 GE INVESTOR CONFERENCE 61#62Strong cash generation in 2023 FCF* bridge $4.4B-a) $4.9B Up 2019 2022 Earnings Working capital AD&A CapEx & other 2023E GE Aerospace 2023 dynamics Earnings & working capital driving free cash flow* growth Working capital improvement from higher Services billings & reduced days sales outstanding AD&A $(0.5)B; aligns to airframer delivery schedules FCF conversion*-b) 100%+ * Non-GAAP Financial Measure (a - Not adjusted for the impact of factoring programs discontinued in 2021 (b - FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures. 2023 GE INVESTOR CONFERENCE 62#63GE Aerospace: 2025 financial outlook Revenue growth *-a) Low double-digits to mid-teens: GE Aerospace Profit margin FCF conversion*- -b) -20% 100% + Commercial: Mid-teens Defense C): MSD-HSD Strong top line driving high-teens profit growth & continued FCF* generation * Non-GAAP Financial Measure; reported on current GE basis, not standalone basis organic basis (a (b - FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures. (c - Military only (excludes Systems & Other) 2023 GE INVESTOR CONFERENCE 63#64Path to ~20% margin in 2025 Profit bridge $5.3-$5.7B $7.6-$8.0B 2023E Volume / mix Price / cost Productivity inflation Investment / 2025F other GE Aerospace 2023 to 2025 dynamics Volume continues to offset platform mix pressure Expecting LEAP program & OE breakeven by mid-decade Price contributing, offsetting inflation and continued growth investments Continued lean deployment & focused cost out 2023 GE INVESTOR CONFERENCE 64#65. Driving a leaner, more efficient cost base 2023 to 2025 Productivity-a) SG&A % of revenue GE Aerospace Material Labor & overhead 2-3 pts. per year 9% 7% 7% 2019 2020 2023E 2025F Product cost reduction ... learning curve, loss/scrap reduction & leveraging the supply base Shop productivity improvement ... repair industrialization, reducing non-productive time & driving higher output per FTE • • SG&A% slightly lower than pre-COVID levels in 2023 disciplined additions to support higher revenue Opportunities for further reduction by managing IT infrastructure & other functional spend Excludes incremental standalone cost & remaining GE Corporate allocation ... opportunity to offset over time (a - Gross productivity on cost of goods sold 2023 GE INVESTOR CONFERENCE 65#66Opportunities supporting mid-term FCF* growth • GE Aerospace CapEx/revenue ratio Days sales outstanding (DSO) Inventory turns 2019 2021 2023E 2025F 2019 2021 2023E 2025F 2019 2021 2023E 2025F Controlled spending while supporting LEAP shop visit ramp CapEx stable at ~2% of revenue 2022 DSO better than pre-COVID levels Additional opportunities through billing improvements & linear collection management • Reduce peak inventory levels by improving delivery with a stabilized supply chain Implementing a pull system with suppliers Focused working capital & CapEx management drives FCF conversion *-a) above 100% * Non-GAAP Financial Measure DSO & inventory turns calculated on a 2pt basis to best reflect current operating performance. Average balance across 2 most recent quarters, annualizing current quarter volume (a - FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures 2023 GE INVESTOR CONFERENCE 66#67Attractive financial profile Strong revenue trajectory fueled by growing installed base & higher utilization Expanding margins to -20% in 2025 through price, productivity & growth Higher FCF* driven by working capital opportunities & disciplined investments GE Aerospace Long-term outlook*: MSD to HSD revenue growth-a), continued margin expansion-a), FCF in line with NI Non-GAAP Financial Measure (a organic basis 2023 GE INVESTOR CONFERENCE 67#68Wrap Larry Culp | CEO, GE Aerospace GE Aerospace 2023 GE INVESTOR CONFERENCE 68#69GE Aerospace ... creating value creating value now & ahead GE Aerospace Global aerospace leader in attractive, growing commercial & defense sectors Most competitive value proposition for propulsion Best commercial & defense platforms Large installed base Defining flight for today, tomorrow & the future with differentiated technology & service Unique products & services, underpinned by deep engineering expertise Importance of flight support & differentiated services creates customer intimacy Pioneering future flight technology to decarbonize, lower costs & support mission readiness Running the business with greater focus to drive long-term profitable growth Embedding lean & decentralization further ... greater product line focus Higher-margin services represent ~70% of revenue & infrequent equipment replacement cycles Sustainable cash generation with low capital intensity 2023 GE INVESTOR CONFERENCE 69#70Q&A GE Aerospace 2023 GE INVESTOR CONFERENCE 70#71GE INVESTOR CONFERENCE | March 9, 2023 Break GE 2023 GE INVESTOR CONFERENCE 71#72Video: Vernova Opening ECTION STOP EGE VERNOVA Crane Or ced Vehicle rations At times! im to 7:05am m to 3:05pm am to 11:05pm NGER 2023 GE INVESTOR CONFERENCE 72#73GE Vernova Scott Strazik I CEO, GE Vernova Eric Gray | Gas Power Philippe Piron I Grid Solutions & Power Conversion Vic Abate | Onshore Wind GE VERNOVA 2023 GE INVESTOR CONFERENCE 73#74GE Vernova - March 2023 vs. March 2022 • • • External developments Inflation Reduction Act (IRA) a "game changer" for our U.S. customers ✓ ONW tax credit extension (10+ years) improves. certainty & cash flow profile ✓ Nuclear credits support existing units ✓ CCUS-a) & hydrogen credits enhance viability Sentiment for natural gas/nuclear meaningfully improved Energy security & resiliency key, especially given Russia/Ukraine • • Internal progress EGE VERNOVA Solidifying the leadership team ... supporting stand-up of a new public company ✓ Internal promotions with substantial depth & domain in their respective businesses ✓ New hires: Conventional Power leader, Chief People Officer, General Counsel, Investor Relations Taking self-help steps across ONW, Grid & OFW to drive substantially better results going forward Accelerating lean across GE Vernova, leveraging Gas Power learnings (a - Carbon capture, utilization & storage 2023 GE INVESTOR CONFERENCE 74#75GE Vernova - the energy to change the world GE VERNOVA Industry leader uniquely positioned to support customers through the energy transition Power delivering strong, long-term FCF* generation from vast services installed base Renewable Energy transforming now ... secular tailwinds to drive long-term profitable growth * Non-GAAP Financial Measure 2023 GE INVESTOR CONFERENCE 75#76Strength & reach by the numbers World's electricity generated with ~ 30% the help of our technology 7K Gas turbines installed ... world's largest fleet +54K Wind turbines installed > 50 countries ... #1 ONW in U.S.-a) ~50% Services revenue-b) EGE VERNOVA Global utilities ☑ 30% served by our software 8 M $107B Backlog-b) (H) hours H 2,200 Global installed GW base 1 st Ο Hydrogen- blended output on 100+ turbines Small Modular Reactor commercial contract signed in North America (a Source: American Clean Power Association (b - GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova will include GE's portfolio of energy businesses and Digital 2023 GE INVESTOR CONFERENCE 76#77Delivering what the energy system needs Global sectors Sector size 2022-a) GE VERNOVA Conventional Power Gas, Steam, Nuclear & Hydro -$110B Wind Onshore & Offshore -$80B Electrification Grid, Power Conversion, Digital & Hybrids ~$75B Sector CAGR 2022-2030-a) LSD HSD MSD/HSD GE 2022 revenue-b) % services-b) Key demand drivers ~$16B ~70% ~$9B ~25% Electrification Intermittency Decarbonization • ~$5B-C) -30% Distributed energy resources Decarbonization Energy security (a GE estimate of served available segment, capex & services (b Revenue represents best approximate sector view & does not include eliminations (c Includes Grid Solutions, Power Conversion, Hybrids & Digital 2023 GE INVESTOR CONFERENCE 77#78Driving the energy transition forward Decarbonizing ... decreasing CO₂ • Transitioning to low-carbon fuels like hydrogen & capturing carbon Manmade CO2 36 GT/Y Industry 26% Buildings Other 8% 4% EGE VERNOVA Electrifying... meeting the world's growing electricity needs Growing low & zero-carbon generating capacity • Increasing capacity factors & utilization of low & zero-carbon generation, displacing higher-carbon-emitting plants • Powering economies & improving quality-of-life, through access to reliable, affordable electricity Electrifying hard-to-abate sectors POWER INDUSTRY 40% Coal 9.7 GT 21% Transport 13 GT/Y...while generating 28K TWh/y Oil Gas 2.8 GT 0.5 GT 28K 43K 49K 58K 8K 16K 20K 27K Electricity Demand-a) (TWh/y) Capacity 2021 2040 stated policies 2040 announced pledges 2040 Net-zero scenario (GW) Reducing carbon intensity as electrification accelerates (a - IEA World Energy Outlook 2022 global electricity generation (thousands of TWh/y) & net installed capacity (GW) 2023 GE INVESTOR CONFERENCE 78#79• Solid revenue growth from secular demand tailwinds Key drivers Entering 2023 with strong backlog ... ~80% revenue in hand GE VERNOVA 2022 2023E 2024F Revenue Gas Power growing MSD* ... services, turbine deliveries growth*-a) $29B LSD/MSD MSD Steam as a service ... smaller revenue base ~$1B in 2024+ Power Wind up DD* in 2024 ... OFW deliveries, ONW IRA volume growth $16.3B 2% LSD LSD Grid growing MSD* in 2023/2024 ... HVDC, Grid Automation Renewable Energy $13.0B (13)% MSD DD • Price actions continue across GE Vernova in 2023+ Volume & price improving across GE Vernova through 2024 * Non-GAAP Financial Measure; note: reported on current GE basis & not stand-alone basis (a organic basis; GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone 2023 GE INVESTOR CONFERENCE 79 basis, GE Vernova will include GE's portfolio of energy businesses and Digital#80Power profit grows, Renewable Energy improves Key drivers Power achieving LDD margins in 2024 ... Gas LDD margins in 2023+, Steam a higher margin services business in 2024 ONW better in 2023 from price & cost-out ... LSD+ margins in 2024 from IRA volume, workhorse products Grid reaching modest profitability in 2023, MSD margins in 2024 GE VERNOVA 2022 2023E 2024F Profit-a) $(1.0)B $(0.6)-(0.2)B Profitable Profit margina) (3.5)% Better MSD Power $1.2B 7.5% Slightly better LDD Renewable Energy $(2.2)B (17.3)% Significantly better Profitable Substantial cost & productivity opportunities remain with lean further embedded across GE Vernova Price, mix & cost-out driving significant profit improvement (a-GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova will include GE's portfolio of energy businesses and Digital 2023 GE INVESTOR CONFERENCE 80#81Approaching significant FCF* inflection point $(0.2)B Flat to slightly improving 2022 2023E GE Vernova-a) [Power EGE VERNOVA Power up with Renewable Energy approaching B/E 2024F Key drivers Power remains a strong FCF* generator • • Gas Power earnings growth & services billings Steam less capital intensive 2024+ • >100% FCF conversion*-b) Accelerated improvement at Renewable Energy • Onshore Wind orders & profit driving sequential FCF* growth in 2023 & 2024 Offshore Wind challenging in 2023, better in 2024 on more balanced collections vs. disbursements mix Renewable Energy Self-help & secular tailwinds driving sizeable FCF* improvement in '24 * Non-GAAP Financial Measure; reported on current GE basis & not stand-alone basis (a - GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova will include GE's portfolio of energy businesses and Digital (b - FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures. 2023 GE INVESTOR CONFERENCE 81#82GE Vernova: long-term outlook Revenue growth *-a) EGE VERNOVA Profit margin FCF conversion*-b) MSD HSD 90-110% Improving margins & delivering higher FCF* across GE Vernova * Non-GAAP Financial Measure; note: reported on current GE basis & not stand-alone basis organic basis (a (b FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova will 2023 GE INVESTOR CONFERENCE 82 include GE's portfolio of energy businesses#83Uniquely positioned industry leader to support customers through the energy transition . Secular demand tailwinds Public policy, corporate frameworks means higher investment cycle Onshore Wind demand growth rising now, Offshore Wind longer term Electrification & decarbonization driving demand +. Lean driving productivity • More margin expansion opportunities at Gas Power... embedding lean deeper across GE Vernova Workhorse product strategy at Onshore Wind ... quality, cost better Better underwriting, inflation protection & cost structure at Offshore Wind + • • Existing & new products Near-term: more efficient HA + Aeroderivatives ... & HVDC, Grid Automation Grid SW = GridOS Long-term: SMR, H2, Offshore Wind, carbon capture & direct air capture II GE VERNOVA Higher profit & FCF* ... with a significant inflection in 2024-a) • Non-GAAP Financial Measure (a - GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova will include GE's portfolio of energy businesses and Digital 2023 GE INVESTOR CONFERENCE 83#84Gas Power Eric Gray | CEO, Gas Power GE VERNOVA 2023 GE INVESTOR CONFERENCE 84#85Gas Power delivering strong margin & FCF* • HDGT LTSA backlog provides ~$45B revenue source Expect LSD growth in global gas-based generation, driving services ~75%+ of LTSA contracts with 10+ years remaining & 70%+ renewal rates ~7,000 units installed... largest global fleet Years remaining HA services billings growing to ~$1B/year by mid-20s Customer's investing in latest baseload technology to meet demand needs... more HA units in services + more outages more services revenue = • EGE VERNOVA Fulfilling rising Aeroderivative demand Proving more important in renewables, energy security & data centers Margin accretive on turbine sales, adds to services / repairs revenue stream Units COD Outages Shipments Repairs (services) >110 >140 ~100 >120 ■ 0-5 115 78 ■ 5-10 69 75 ~30 ■ 10-15 17 15 >10 ■15+ 2022 2023E >60 48 >50 19 2024F 2021 2022 2023E 2024F 2021 HDGT LTSA backlog by remaining contract length HA Units COD & outages Aeroderivative delivery trajectory Reliable FCF* from a growing services franchise that contributes 70% of Gas Power revenue * Non-GAAP Financial Measure 2023 GE INVESTOR CONFERENCE 85#86Lean continues to drive value Services 7F Live Outage Cycle Transformation Shifts to complete 49 Shifts 000000000000 Supply chain EGE VERNOVA Moving manufacturing hours onto 'lean lines' 33% 38 Shifts X- 36 Shifts 2021 2022 Outages 10 106 2023E 152 . Opportunity to reduce outages for customers by ~6 days (24.5 to 18 days), increasing asset availability ... & reduce costs by double digits given fewer shifts ... creates capacity to execute more outages in the year . ↓ 6x Injuries 3x Quality escapes 50% Lead time 30% Cost >2 M hours of capacity saved Moved 33% of total manufacturing hours to lean lines ... fewer injuries, better quality, lower lead time & cost Still material cost & cash flow improvement ahead as we use more “lean lines" on the remaining 60%+ of hours - Delivering higher quality products & services – safer, faster & at lower costs 2023 GE INVESTOR CONFERENCE 86#87Gas Power profit growth continues ahead Key drivers Continued services growth on higher outage volume Aeroderivative units favorable to equipment & service volume & margin Improvement opportunities remain with lean, including moving down HA cost curve Productivity gains, lower costs & price catching up with inflation HSD EGE VERNOVA Profit margin trajectory LDD 2022 Aeroderivative HDGT growth service growth Price, 2024F productivity & inflation Delivering top-line growth with LDD profit margins further improvement beyond 2024 2023 GE INVESTOR CONFERENCE 87#88Video: Lean at GE Vietnam factory εGE VERNOVA 2023 GE INVESTOR CONFERENCE 88#89GE VERNOVA Electrification Philippe Piron | CEO, Grid Solutions & CEO, Power Conversion 2023 GE INVESTOR CONFERENCE 89#90Grid Solutions turnaround accelerating Grid Systems Integration Grid Power Transmission -- GEGE VERNOVA Profitable growth trajectory Grid Automation Revenue +MSD* $3.2 +MSD* $3.1 Profitable growth • Market to grow HSD ... ~$75B by 2025 • Disciplined underwriting ... margin focus Lower cost structure • ~$0.3B cost out in last 3 years Continued footprint rationalization • Improved execution ⚫ De-risking legacy project backlog • Applying lean to ↑ OTD, ↓ lead-times Decentralized organization • 3 focused business lines, small HQ ↑ accountability, closer to customers 2021 2022 2023E -a) 2024F -a) Profit margin (11)% (3)% Modestly profitable MSD% Profitable in 4Q'22 ... 1st time since 2018 Pricing actions ... supply chain dynamics improving • HVDC & GA-b) opportunities growing with industry facing capacity constraints Transforming Grid Solutions into a profitable, FCF* generating business in 2023 onward * Non-GAAP Financial Measure (a organic basis (b HVDC High Voltage Direct Current; GA = Grid Automation 2023 GE INVESTOR CONFERENCE 90#91Grid is the backbone of the energy transition HVDC: a key enabler for grid expansion, interconnection & renewable integration HVDC market size-a) $9B $22B +35% annual growth OFFSHORE OFFSHORE WIND FARM CONVERTER PLATFORM HVDC case study GEGE VERNOVA 7 ONSHORE AC CONVERTER SUBSTATION STATION KM 220 KM KM ALTERNATING CURRENT ACI DIRECT CURRENT (DC) . • • 2022 2025F HVDC market in Europe accelerating driven by energy security & net-zero ambition ... North America to follow Enhancing system capabilities by investing in new modular multilevel converter & control system technology platforms Partnering with European TSOS-C) on multi-year framework agreements utilizing HVDC/Grid Automation offerings • Well positioned as 1 of 3 global HVDC players $1B b) HVDC system: leveraging full Grid Solutions product range (% of total project cost} VSC VALVE HALL INTERFACE VSC VALVE MALL 1 2 1 2 GIS FILTERS & REACTORS 3 2 2 FILTERS & REACTORS BAY #1 1 Multilevel modular converters (20%) 2 Transformers, switchgears, breakers (20%) 2 B Automation & controls - systems engineering (30%) (a HVDC High Voltage Direct Current. GE Market Estimate of Served Available Segment, Capex & Services (b - Excludes Marine & Civil works & offshore platform manufacturing (c Transmission system operator B Installation & Commissioning (10%) Balance of Plant, warranty, logistics (20%) 2023 GE INVESTOR CONFERENCE 91#92Video: NextEra Energy EGE VERNOVA 2023 GE INVESTOR CONFERENCE 92#93Onshore Wind Vic Abate | CTO, GE and CEO, Onshore Wind GE VERNOVA 2023 GE INVESTOR CONFERENCE 93#94Driving profitability by focusing on our core markets IRA driving U.S. growth EGE VERNOVA Favorable mix shift Demand visibility improving U.S. Onshore Wind installations (GW) (GE forecast) 11% CAGR rest of decade % planned U.S. units in agreement with customers-a) Entering 2022 Entering 2023 100% '12-21 avg. 8 10 13 14 19 #/ 2022 2023E 2024F 2025F 2030F 2022E 2023F 2024F 2023E 2024F 2025F % coverage 50% % of opening backlog 2022 2023E 2024F ROW U.S. U.S. build-out cycle increasing by 2x versus prior decade ... driven by PTC extension Greater visibility (2x) this year compared to March 2022 with far greater visibility 2 years out Growing backlog with better price aligned to competitive strengths ... margin expansion opportunity U.S. growth + competitive advantage = accelerated margin expansion (a - Defined as secured orders plus tech selects 2023 GE INVESTOR CONFERENCE 94#95Onshore Wind strategic priorities Lead with quality Reduce product variants Workhorse products Best project economics EGE VERNOVA Simplify Focus & lean 2021 2025F Better delivered cost in 80% of U.S. zip codes Scalable by 2x with limited investment vs 2021 ✓ Rotors 15 4 Countries bid 50% ✓ Nacelles 9 4 Design hubs from 20 to 4 Towers 40 9 Spend $500M Larger fleets of same units • Best running fleet / availability ● Better cross-functional alignment • Faster closed-loop learning . Learning curve / service advantage ● Faster problem solving More robust innovation introduction . Partnerships reinforcement . Less complexity, lower fixed cost Approaching significant volume increase with clear priorities & stronger fundamentals 2023 GE INVESTOR CONFERENCE 95#96Importance of leading with quality Energy transition success will require CO2 free energy, decade after decade-a) Wind tWhrs % Total generation 12,300 -25% EGE VERNOVA Taking actions to deliver that promise every day 200 Fleet Performance Management team engineers dedicated as eyes & ears of the fleet (a - -2,000 tWhrs ~10,000 tWhrs 1,900 ~7% Starting every day with a staff-level, cross- functional quality meeting... lean problem solving, system by system ~50 <1% 2000 2010 2021 2030 2040 • Launched proactive enhancement program, 15% completed, >50% targeted by end of 2023 World's best running fleet with workhorse products ... our true north Source: IEA (announced pledges scenarios), GE internal forecast 2023 GE INVESTOR CONFERENCE 96#97Improving Onshore Wind profit margin performance Profit margin trajectory EGE VERNOVA LSD+ Key levers firmly in our control Proactive fleet mitigation & fewer variants Focused footprint & prioritized spend Regional shift toward U.S. with IRA 2022 Quality Cost-out U.S. volume Price/cost inflation 2024F Price actions with better commercial discipline Operating plans in place to deliver significantly better results 2023 GE INVESTOR CONFERENCE 97#98Wrap Scott Strazik | CEO, GE Vernova GE VERNOVA 2023 GE INVESTOR CONFERENCE 98#99Offshore Wind: key priorities to achieve profitability Progressing through challenging backlog. Haliade-X existing backlog ($B) EGE VERNOVA Disciplined underwriting in a growth market Global OFW installs (GW)-a) $3B Product Margin W/C flow • 60 2022 2023E 2024F 2025F 60 34 ~ B/E ~flat ~flat Accelerating product cost & project execution learning curve (a Source: WoodMac 181 27% 22% 45% 2022 2025F 2030F CAGR '25-'30 North America Europe Asia Pacific (ex. China) • Sustain progress on the new product launch ... in focused markets, with better economics & underwriting Executing initial backlog & positioning business for profitable growth 2023 GE INVESTOR CONFERENCE 99#100New nuclear key to the energy transition • • Nuclear important today & tomorrow Provides zero emission, reliable baseload power ... ~18% of TWh's in the U.S. & ~10% globally-a) • ...with most of the recent additions coming primarily in China Energy security & decarbonization driving policy support in U.S./Europe - existing units stay online • New nuclear capacity globally may need to rise -2x by 2040 to hit net zero targets-b) ✓ Greater cost certainty needed given historical challenges for new nuclear ...design standardization required . • • Taking disciplined approach for introducing SMR GE VERNOVA Investing smartly in a long-term nuclear NPI Developed new BWRX-300 small modular reactor (SMR) - leverages existing NRC license ✓ Working with key partners (OPG, TVA, Synthos) ... created breakthrough design to drive scalability / cost ✓ ...with cost sharing among partners Initial project award with OPG ~300 MW Potential pipeline growing ... U.S., Canadian & European opportunities emerging (a U.S. Energy Information Administration (b IEA World Energy Outlook 2022 2023 GE INVESTOR CONFERENCE 100#101Innovating to support customers through energy EGE VERNOVA transition Sustainable Affordable Onshore Wind workhorse product positioned to ramp investing for higher availability Resilient Secure eyyy pairing with storage for increased dispatch Offshore Wind Nuclear Gas Power Electrification & Digital 14 MW turbine commissioned in '23 1st SMR commercial contract in North America investing in H2, CCUS-a) & DAC-a) paths to decarbonize HVDC connecting offshore; hybrids & storage investing to scale with current platform reducing capex through modular, repeatable design investing in fleet upgrades to improve dispatch grid automation & control solutions for cost & reliability near-term dispatchable power dispatchable & flexible aeroderivative, CC-a) plants improved energy security through diverse generation mix orchestrating system reliability through GridOS software cybersecurity solutions longer-term Our investments will deliver multi-year profit & FCF* opportunities Non-GAAP Financial Measure (a CCUS = carbon capture utilization & storage; DAC = direct air capture; CC = combined cycle 2023 GE INVESTOR CONFERENCE 101#102GE Vernova: long-term outlook Revenue growth *-a) EGE VERNOVA Profit margin FCF conversion*-b) MSD HSD 90-110% Improving margins & delivering higher FCF* across GE Vernova * Non-GAAP Financial Measure; note: reported on current GE basis & not stand-alone basis (a organic basis (b-FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova will 2023 GE INVESTOR CONFERENCE 102 include GE's portfolio of energy businesses and Digital#103GE Vernova . positioned to create value EGE VERNOVA Gas Power a strong franchise, leading Power to LDD margins & >100% FCF conversion*-a) in 2024+ Onshore Wind orders & profit visibility increasing now, focused on improving Offshore Wind Grid Solutions modestly profitable in 2023, demand accelerating & facing capacity constraints Continuing to invest in innovative solutions with long-term growth potential Secular demand tailwinds + Lean driving productivity + Existing & new products Higher profit & FCF* with a significant inflection ahead in 2024 * Non-GAAP Financial Measure (a - FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures. GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova will include GE's portfolio of energy businesses and Digital 2023 GE INVESTOR CONFERENCE 103#104Q&A GE VERNOVA 2023 GE INVESTOR CONFERENCE 104#105GE INVESTOR CONFERENCE | March 9, 2023 Wrap Larry Culp Chairman & CEO, GE CEO, GE Aerospace GE 2023 GE INVESTOR CONFERENCE 105#106GE Vernova • • · Industry leader uniquely positioned to support customers through the energy transition Power delivering strong, long-term FCF* generation from vast services installed base Renewable Energy transforming now secular 3.0-3.4 MW Sierra onshore wind turbine 9F gas turbine tailwinds to drive long-term profitable growth Long-term outlook-a) Revenue growth*-b) + MSD Profit margin FCF conversion*-c) HSD 90%-110% * Non-GAAP Financial Measure; reported on current GE basis, not standalone basis (a For the purposes of long-term outlook, GE Vernova refers to the sum of our Renewable Energy & Power segments, without giving effect to eliminations & Corporate adjustments. On a stand-alone basis, GE Vernova will include GE's portfolio of energy businesses and Digital (b organic basis (c-FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures. 2023 GE INVESTOR CONFERENCE 106#107GE Aerospace • Global leader in attractive, growing commercial & defense sectors Defining flight for today, tomorrow & the future with differentiated technology & service Running the business with greater focus to drive long-term profitable growth F110 powering F-15EX GE9X engine on wing Long-term outlook Revenue growth*-a) Profit margin FCF*-b) +MSD to HSD Continued expansion In line with net income * Non-GAAP Financial Measure; reported on current GE basis, not standalone basis (a organic basis (b - FCF conversion*: segment FCF* / segment net income, as further adjusted to include restructuring expenses that are adjusted out of our non-GAAP financial measures. 2023 GE INVESTOR CONFERENCE 107#108Future is bright ... a new era at GE 2501 2001 GE Aerospace is defining flight for today, tomorrow & the future 0000000 GE Vernova is electrifying & decarbonizing the world Gε 67 2023 GE INVESTOR CONFERENCE 108 Continuing to create value for customers, employees & shareholders#109Q&A GE 2023 GE INVESTOR CONFERENCE 109#110GE INVESTOR CONFERENCE | March 9, 2023 Tour logistics GE 2023 GE INVESTOR CONFERENCE 110#111Directions for after lunch Tour groups: Please check your badge to determine your tour group. If you do not have a number, please let a GE team member know. Luggage: You will pick up your luggage when you depart CTEC for the last time. A small luggage van will travel with your bus. Departure: All buses will be departing for the airport by 3:00pm ET. Your luggage with be with you at your final tour stop whether it is CTEC, BladeworX or Evendale. • Groups 1-4 will be starting here at CTEC • Groups 5-7 will be starting at Evendale Gε 2023 GE INVESTOR CONFERENCE 111#1120000 GE 2023 Investor Conference March 9, 2023 | Cincinnati, Ohio#113GE INVESTOR CONFERENCE | March 9, 2023 Appendix & non-GAAP reconciliations GE 2023 GE INVESTOR CONFERENCE 113#114Other 2023 guidance items Interest Taxes* ~$(1)B expense & cash Adjusted tax rate* mid-20s; adjusted cash taxes roughly aligned Gε Adj. corporate costs* ~Flat vs. 2022 Separation costs Expecting ~$1B of remaining separation costs, excluding tax costs, cash lagging expense Non-op. benefit costs Positive & up driven by lower amortization of historical losses & investment gains Preferred dividends AER/GEHC stakes Insurance Restructuring Expense recorded within adjusted EPS* ... LIBOR + 333bps Mark-to-market remaining investment; treated as non-GAAP EPS adjustment Stable performance ... impacted by COVID & first principles adoption Expense flat (in & out of segment), total cash slightly down (excl. Corporate separation) * Non-GAAP Financial Measure 2023 GE INVESTOR CONFERENCE 114#115Organic revenues, profit (loss) & profit margin by segment Excludes GE Health Care results ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP) REVENUES PROFIT (LOSS) PROFIT MARGIN (Dollars in millions) 2022 2021 V% 2022 2021 V% 2022 2021 V pts $ 26,050 $ 21,310 22 % $ 4,775 $ 2,882 66 % 18.3 % 13.5 % 4.8pts Aerospace (GAAP) Less: acquisitions Less: business dispositions Less: foreign currency effect Aerospace organic (Non-GAAP) Renewable Energy (GAAP) Less: acquisitions Less: business dispositions Less: foreign currency effect Renewable Energy organic (Non- GAAP) Power (GAAP) Less: acquisitions Less: business dispositions Less: foreign currency effect Power organic (Non-GAAP) (80) $ 26,129 $ 21,311 23 % 101 $ 4,674 $2,879 3 62 % 17.9 % 13.5 % 4.4pts $ 12,977 $ 15,697 (55) (17) % $ (2,240) $ (795) (17) U (17.3)% (5.1)% (12.2)pts (702) 2 55 52 $ 13,678 $ 15,749 (13) % $ (2,295) $ (831) U (16.8)% (5.3)% (11.5)pts $ 16,262 $ 16,903 (4) % $ 1,217 $ 726 68 % 7.5 % 4.3 % 3.2pts - (503) 502 (5) (78) (2) (40) $ 16,765 $ 16,405 2% $ 1,295 $ 768 69% 7.7 % 4.7 % 3.0pts * Non-GAAP Financial Measure We believe these measures provide management & investors with a more complete understanding of underlying operating results & trends of established, ongoing operations by excluding the effect of acquisitions, dispositions & foreign currency, which includes translational & transactional impacts, as these activities can obscure underlying trends. 95 Gε 2023 GE INVESTOR CONFERENCE 115#116Organic revenues Excludes GE Health Care results ORGANIC REVENUES (NON-GAAP) (Dollars in millions) Total revenues (GAAP) Less: Insurance revenues Adjusted revenues (Non-GAAP) Less: acquisitions Less: business dispositions Less: foreign currency effect Organic revenues (Non-GAAP) 2022 2021 V% 58,096 $ 56,474 3 % 2,954 3,106 $ 55,143 $ 53,368 3 % 2 (55) 158 $ (1,307) 56,448 $ (2) 53,267 6% Gε * Non-GAAP Financial Measure We believe these measures provide management & investors with a more complete understanding of underlying operating results & trends of established, ongoing operations by excluding the effect of revenues from our run-off Insurance business, acquisitions, dispositions & foreign currency, which includes translational & transactional impacts, as these activities 0 23 GE INVESTOR CONFERENCE 116 can obscure underlying trends.#117Adjusted profit & profit margin Excludes GE Health Care results ADJUSTED PROFIT AND PROFIT MARGIN (EXCLUDING CERTAIN ITEMS) (NON-GAAP) (Dollars in millions) Total revenues (GAAP) Less: Insurance revenues Adjusted revenues (Non-GAAP) Total costs and expenses (GAAP) Less: Insurance cost and expenses Less: interest and other financial charges Less: non-operating benefit cost (income) Less: restructuring & other Less: debt extinguishment costs Less: separation costs Less: Steam asset sale impairment Less: Russia and Ukraine charges Add: noncontrolling interests Add: EFS benefit from taxes Adjusted costs (Non-GAAP) 2022 $ 58,096 2,954 $ SA $ 55,143 60,212 2,894 1,423 (409) 836 465 715 824 263 16 (213) $ 53,004 Other income (loss) (GAAP) $ 1,172 Less: gains (losses) on equity securities 76 Less: restructuring & other 31 Less: gains (losses) on purchases and sales of business interests 45 Adjusted other income (loss) (Non-GAAP) $ 1,020 Profit (loss) (GAAP) $ (944) Profit (loss) margin (GAAP) (1.6)% Adjusted profit (loss) (Non-GAAP) $ 3,159 Adjusted profit (loss) margin (Non-GAAP) 5.7 % * Non-GAAP Financial Measure We believe that adjusting profit to exclude the effects of items that are not closely associated with ongoing operations provides management & investors with a meaningful measure that increases the period-to-period comparability. Gains (losses) & restructuring & other items are impacted by the timing & magnitude of gains associated with dispositions, & the timing & magnitude of costs associated with restructuring & other activities. Gε 2023 GE INVESTOR CONFERENCE 117#118Adjusted earnings (loss) & adjusted earnings (loss) per share Excludes GE Health Care results ADJUSTED EARNINGS (LOSS) (NON-GAAP) (Dollars in millions, per-share amounts in dollars) Earnings (loss) from continuing operations (GAAP) Insurance earnings (loss) (pre-tax) Tax effect on Insurance earnings (loss) Less: Insurance earnings (loss) (net of tax) Earnings (loss) per share excluding Insurance (Non-GAAP) Non-operating benefit (cost) income (pre-tax) (GAAP) Tax effect on non-operating benefit (cost) income Less: Non-operating benefit (cost) income (net of tax) Gains (losses) on purchases and sales of business interests (pre-tax) Tax effect on gains (losses) on purchases and sales of business interests Less: Gains (losses) on purchases and sales of business interests (net of tax) Gains (losses) on equity securities (pre-tax) Tax effect on gains (losses) on equity securities(a)(b) Less: Gains (losses) on equity securities (net of tax) 2022 Earnings $ (1,211) EPS (1.11) 65 0.06 (21) (0.02) 44 0.04 $ (1,255) (1.15) 409 0.37 (86) (0.08) 323 0.30 45 0.04 57 0.05 102 0.09 76 0.07 (17) (0.02) 58 0.05 (806) (0.74) 176 0.16 (630) (0.58) (465) (0.42) 68 0.06 (397) (0.36) (715) (0.65) 23 0.02 (692) (0.63) (824) (0.75) 84 0.08 (740) (0.68) (263) (0.24) 15 0.01 (248) (0.23) 3 126 0.11 $ 839 0.77 96 Restructuring & other (pre-tax) Tax effect on restructuring & other Less: Restructuring & other (net of tax) Debt extinguishment costs (pre-tax) Tax effect on debt extinguishment costs Less: Debt extinguishment costs (net of tax) Separation costs (pre-tax) Tax effect on separation costs Less: Separation costs (net of tax) Steam asset sale impairment (pre-tax) Tax effect on Steam asset sale impairment Less: Steam asset sale impairment (net of tax) Russia and Ukraine charges (pre-tax) Tax effect on Russia and Ukraine charges Less: Russia and Ukraine charges (net of tax) Less: Accretion of preferred share repurchase (pre-tax and net of tax) Less: U.S. and foreign tax law change enactment Adjusted earnings (loss) per share (Non-GAAP) * Non-GAAP Financial Measure (a) Includes tax benefits available to offset the tax on gains in equity securities. (b) Includes related tax valuation allowances. Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. The service cost for our pension & other benefit plans are included in Adjusted earnings*, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions & market performance. We believe the retained costs in Adjusted earnings* provides management & investors a useful measure to evaluate the performance of the total company & increases period-to-period comparability. 2023 GE INVESTOR CONFERENCE 118#119Free cash flows (FCF) by quarter Excludes GE Health Care results FREE CASH FLOWS (FCF) (NON-GAAP) (Dollars in millions) CFOA (GAAP) 1Q'22 2Q'22 3Q'22 4Q'22 2022 $ (924) $ 490 $ 813 $ 3,644 $ 4,023 Less: CFOA from insurance (15) 70 (7) 88 136 CFOA excluding Insurance (Non-GAAP) $ (909) $ 420 $ 820 $ 3,556 $ 3,887 Add: gross additions to property, plant and equipment(a) (239) (262) (223) (337) (1,061) Add: gross additions to internal-use software(a) (22) (26) (30) (35) (113) Less: separation cash expenditures Less: Corporate restructuring cash expenditures Less: taxes related to business sales Free cash flows (Non-GAAP) (10) (60) (106) (178) (38) (38) (50) (69) (10) (129) $ (1,169) $ 192 $ 697 $ 3,338 $ 3,059 Gε * Non-GAAP Financial Measure (a) Included in Gross CAPEX We believe investors may find it useful to compare free cash flows* performance without the effects of CFOA related to our run-off Insurance business, separation cash expenditures, Corporate restructuring cash expenditures (associated with the separation-related program announced in October, 2022), taxes related to business sales & eliminations related to our receivables factoring & supply chain finance programs. We believe this measure will better allow management & investors to evaluate the capacity of our operations to generate free cash flows. 2023 GE INVESTOR CONFERENCE 119#120Free cash flows (FCF) by segment Excludes GE Health Care results 2022 FREE CASH FLOWS (FCF) (Non-GAAP) (Dollars in millions) CFOA (GAAP) Less: Insurance CFOA CFOA excluding Insurance (Non-GAAP) Aerospace Renewables Power Corporate 5,514 $ (1,759) $ 2,078 $ (1,810) $ Total Company 4,023 136 136 $ 5,514 $ Add: gross additions to property, plant and equipment(a) (543) (1,759) $ (275) 2,078 $ (1,946) $ 3,887 (210) (34) (1,061) Add: gross additions to internal-use software(a) (81) (18) (7) (113) Less: separation cash expenditures Less: Corporate restructuring cash expenditures Less: taxes related to business sales Free cash flows (Non-GAAP) 2019 FREE CASH FLOWS (FCF) (Non-GAAP) (Dollars in millions) CFOA (GAAP) Less: Insurance CFOA CFOA excluding Insurance (Non-GAAP) (178) (178) (38) (38) (129) (129) $ 4,890 $ (2,040) $ 1,850 $ (1,642) $ 3,059 Add: gross additions to property, plant and equipment(a) Add: gross additions to internal-use software(a) Less: CFOA impact from receivables factoring and supply chain finance eliminations Less: taxes related to business sales Aerospace $ 5,552 $ 5,552 (1,031) (107) Free cash flows (Non-GAAP) $ 4,415 95 Gε * Non-GAAP Financial Measure (a) Included in Gross CAPEX We believe investors may find it useful to compare free cash flows* performance without the effects of CFOA related to our run-off Insurance business, separation cash expenditures, Corporate restructuring cash expenditures (associated with the separation-related program announced in October, 2022), taxes related to business sales & eliminations related to our receivables factoring & supply chain finance programs. We believe this measure will better allow management & investors to evaluate the capacity of our operations to generate free cash flows. The CFOA impact from receivables factoring & supply chain finance eliminations represents activity related to those internal programs previously facilitated for our industrial segments by our Working Capital Solutions business. 2023 GE INVESTOR CONFERENCE 120#1212023 adjusted EPS (non-GAAP) We cannot provide a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measure for Adjusted EPS* in 2023 without unreasonable effort due to the uncertainty of timing of any gains or losses related to acquisitions & dispositions, the timing and magnitude of the financial impact related to the mark-to-market of our remaining investment in GE HealthCare, AerCap and Baker Hughes, and the timing and magnitude of restructuring expenses. Although we have attempted to estimate the amount of gains and restructuring charges for the purpose of explaining the probable significance of these components, this calculation involves a number of unknown variables, resulting in a GAAP range that we believe is too large and variable to be meaningful. 2023 free cash flows & conversion (non-GAAP) We cannot provide a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measure for free cash flows* in 2023 without unreasonable effort due to the uncertainty of timing of taxes related to business sales. * Non-GAAP Financial Measure 95 Gε 2023 GE INVESTOR CONFERENCE 121