Operational Excellence and Growth in the Oil & Gas Industry

Industry outlook Strong fundamentals Base case assumptions More complex resources ~1.5% Oil ~$100 Demand Growth 9% Annual Brent growth ~3.5% Gas Demand Regional pricing continues 9% Growth Annual growth Total industry spend ($B) +6% CAGR 1,370 1,150 '14 '17 In subsea capex 2014-17 In unconventional oil & gas production 2013-18 8% Annual growth In LNG industry spend 2014-17 Long-term fundamentals robust ... increasing technology intensity and cost focus (GE) Investor Meeting | 10 September 2014 © 2014 General Electric Company - All rights reserved 4 Source: GE O&G analysis based on Wood Mackenzie, Rystad, Barclays, IHS CERA, PFC Energy, IEA, GE Age of Gas 2013

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