Energy Transition Market Growth

- The energy transition – the next supercycle Supercycles of the past shaped today's economy GE GE VERNOVA Electrification <10% of farms in the U.S. were electrified in 1930s vs. ~100% in 1950s 1930s-1950s AM Industrialization World GDP increased +2.5x from 1950 to 1970 1950s-1970s Globalization Value of trade as a percentage of world GDP increased 20% 1980s-2000s Internet/Software Accounts for +20% of GDP growth in mature economies 2000s-Today Energy transition Significant energy transition spend expected in coming decades-a)... Tomorrow Energy transition to play a meaningful role shaping global economies for decades to come © 2024 GE Vernova and/or its affiliates. All rights reserved. (a - IEA World Energy Outlook 2023 Sources of past supercycles (covering the last ~100 years): Center for Economic and Policy Research; World Bank; International Monetary Fund; McKinsey Global Institute 11

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