GE Capital Fourth quarter 2011 supplement Results are unaudited. This document contains “forward-looking statements”- that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; potential market disruptions or other impacts arising in the United States or Europe from developments in the European sovereign debt situation; the impact of conditions in the financial and credit markets on the availability and cost of General Electric Capital Corporation's (GECC) funding and on our ability to reduce GECC's asset levels as planned; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; changes in Japanese consumer behavior that may affect our estimates of liability for grey zone claims; potential financial implications from the Japanese natural disaster; our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so; the level of demand and financial performance of the major industries we serve, including, without limitation, air transportation, real estate and healthcare; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of financial services regulation; strategic actions, including acquisitions, joint ventures, and dispositions and our success in completing announced transactions and integrating acquired businesses; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. This document may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of our financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Prior period amounts have been recasted for discontinued operations. Fourth quarter 2011 supplemental information Table of Contents Page # 1. GE Capital structure a) GE Capital structure 1 b) GE Capital structure - post GECC/GECS merger 2 2. Financial statements a) GECC 4-5 b) GECS 6-7 c) GECC continuing operations (GE Capital) 8 3. GE Capital asset quality a) Assets by region 10 b) Assets in selected emerging markets 11 c) Portfolio overview and ratios 12-19 d) Nonearning and nonaccrual financing receivables 20 e) Consumer allowance for losses on financing receivables 21 f) Consumer financing receivables by region 22 g) Consumer mortgage portfolio by country 23 h) Commercial allowance for losses on financing receivables 24 i) Real estate allowance for losses on financing receivables 25 j) Commercial real estate debt and equity overview 26-27 k) Equipment leased to others overview 28 l) Commercial aircraft asset details 29 4. GE Capital other key areas a) Investment securities 31 b) Investments measured at fair value in earnings 32 c) Ending net investment 33 d) GECC ratios 34 5. GECS supplemental information a) Investment securities 36 b) Funding 37 c) Ratios 38 6. GECC/GECS Merger 39 7. Appendix a) Glossary 41-42 GE Capital structure General Electric Company General Electric Capital Services, Inc. (GECS) (a) General Electric Capital Corporation (GECC) (a) GE Capital - operating segments Consumer - Private label credit cards Bank cards Personal loans Auto loans and leases Mortgages & home equity loans Debt consolidation Deposit & other savings products Small & medium enterprise lending Commercial Lending and Leasing (CLL) - Mid-market loans and leases of equipment and major capital assets - Mid-market equity capital Real Estate - Equity capital for acquisition or recapitalization of commercial real estate - Fixed/floating rate mortgages for commercial real estate Energy Financial Services (EFS) - Structured debt, equity, leasing, partnership financing and project financing to global energy and water industries - Invests in operating assets in these industries GE Capital Aviation Services (GECAS) - Commercial aircraft leasing and financing - Project financing for airport facilities (a- On January 20, 2012, General Electric Company ("GE") announced that its wholly-owned subsidiary, General Electric Capital Services, Inc. ("GECS"), intends to merge (the "Merger") with and into GECS’s wholly-owned subsidiary, GECC. The Merger will simplify GE’s financial services' corporate structure by consolidating financial services entities and assets within the GE organization and simplify Securities and Exchange Commission and regulatory reporting. The Merger will be implemented pursuant to the Agreement and Plan of Merger, dated as of January 19, 2012, by and between GECS and GECC (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, GECC will be the surviving corporation and will succeed to and assume all GECS’s rights and obligations and GECC will be wholly-owned directly by GE. Upon completion of the Merger, GECS’s subsidiaries, other than GECC (into which GECS will be merged), will become subsidiaries of GECC. The directors and officers of GECC before and after the Merger will be the same. 1 GE Capital structure - post GECC/GECS merger General Electric Company General Electric Capital Corporation (GECC) (a) Consumer - Private label credit cards Bank cards Personal loans Auto loans and leases Mortgages & home equity loans Debt consolidation Deposit & other savings products Small & medium enterprise lending Commercial Lending and Leasing (CLL) - Mid-market loans and leases of equipment and major capital assets - Mid-market equity capital Real Estate - Equity capital for acquisition or recapitalization of commercial real estate - Fixed/floating rate mortgages for commercial real estate Energy Financial Services (EFS) - Structured debt, equity, leasing, partnership financing and project financing to global energy and water industries - Invests in operating assets in these industries GE Capital Aviation Services (GECAS) - Commercial aircraft leasing and financing - Project financing for airport facilities Corporate - Treasury operations - Run-off insurance operations (a- On January 20, 2012, General Electric Company ("GE") announced that its wholly-owned subsidiary, General Electric Capital Services, Inc. ("GECS"), intends to merge (the "Merger") with and into GECS’s wholly-owned subsidiary, GECC. The Merger will simplify GE’s financial services' corporate structure by consolidating financial services entities and assets within the GE organization and simplify Securities and Exchange Commission and regulatory reporting. The Merger will be implemented pursuant to the Agreement and Plan of Merger, dated as of January 19, 2012, by and between GECS and GECC (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, GECC will be the surviving corporation and will succeed to and assume all GECS’s rights and obligations and GECC will be wholly-owned directly by GE. Upon completion of the Merger, GECS’s subsidiaries, other than GECC (into which GECS will be merged), will become subsidiaries of GECC. The directors and officers of GECC before and after the Merger will be the same. 2 Financial statements 3 GECC - Condensed statement of earnings (In millions) Revenues Revenues from services Sales of goods Total revenues December 31, 2011 $ September 30, 2011 10,713 32 10,745 $ 11,116 32 11,148 For three months ending June 30, 2011 $ 11,584 42 11,626 March 31, 2011 $ For twelve months ending December 31, December 31, 2011 2010 December 31, 2010 12,169 42 12,211 $ 11,702 44 11,746 $ 45,582 148 45,730 $ 45,889 533 46,422 Costs and expenses Interest Operating and administrative Cost of goods sold Investment contracts, insurance losses and insurance annuity benefits Provision for losses on financing receivables (see pages 20, 23-24) Depreciation and amortization Total costs and expenses 3,124 3,007 27 27 1,095 1,711 8,991 3,557 3,107 30 27 1,020 1,836 9,577 3,583 3,319 38 30 811 1,792 9,573 3,581 3,352 40 24 1,157 1,775 9,929 3,602 3,815 43 35 1,352 1,971 10,818 13,845 12,785 135 108 4,083 7,114 38,070 14,494 14,133 501 144 7,176 7,749 44,197 Earnings from continuing operations before income taxes Benefit (provision) for income taxes 1,754 (94) 1,571 (66) 2,053 (378) 2,282 (446) 928 124 7,660 (984) 2,225 949 Earnings from continuing operations (a) Earnings (loss) from discontinued operations, net of taxes 1,660 (260) 1,505 2 1,675 218 1,836 57 1,052 634 6,676 17 3,174 (867) Net earnings (loss) Less: Net earnings (loss) attributable to noncontrolling interests 1,400 38 1,507 38 1,893 20 1,893 31 1,686 25 6,693 127 2,307 16 Net earnings (loss) attributable to GECC $ 1,362 $ 1,469 GECC - statement of changes in shareowner's equity December 31, 2011 (In millions) Changes in GECC shareowner's equity Balance at beginning of period Accounting changes Dividends and other transactions with shareowner Other comprehensive income (loss) - net Investment securities Currency translation adjustments Cash flow hedges Benefit plans $ Increase / (decrease) from net earnings attributable to the Company Comprehensive income Balance at end of period $ September 30, 2011 $ For three months ending June 30, 2011 March 31, 2011 $ (1) 5 (683) 484 (210) (404) 1,362 958 (300) (848) (105) 28 (1,225) 1,469 244 38 985 (195) 828 1,873 2,701 (77) 1,542 (64) (1) 1,400 1,862 3,262 202 172 271 3 648 1,661 2,309 (334) 996 120 (183) 599 6,566 7,165 549 (2,721) 469 54 (1,649) 2,291 642 $ 76,143 $ 70,493 2,291 79 78,844 $ $ For twelve months ending December 31, December 31, 2011 2010 December 31, 2010 72,881 6,566 - $ $ 1,661 - 79,087 76,143 $ (1) $ $ 1,862 - 80,045 78,844 1,873 73,718 (1,565) 86 79,087 $ $ 72,881 $ $ 72,881 80,045 $ $ $ 72,881 (a) Effective January 1, 2010, GE Capital segment earnings are equal to the earnings from continuing operations for GECC. 4 GECC - Condensed statement of financial position (In millions) Assets Cash and equivalents Investment securities (see page 30) Inventories Financing receivables - net (see pages 11 - 18) Other receivables Property, plant & equipment, less accumulated amortization of $23,600, $24,291, $24,961, $25,125, and $25,390 Goodwill Other intangible assets - net Other assets Assets of businesses held for sale Assets of discontinued operations Total assets Liabilities and equity Short-term borrowings Accounts payable Non-recourse borrowings of consolidated securitization entities Bank deposits Long-term borrowings Investment contracts, insurance liabilities and insurance annuity benefits Other liabilities Deferred income taxes Liabilities of businesses held for sale Liabilities of discontinued operations December 31, 2011 $ 75,722 17,821 51 289,307 12,915 September 30, 2011 $ 82,391 17,362 44 293,737 13,211 June 30, 2011 $ 52,309 27,726 1,702 79,743 3,050 1,461 51,399 27,230 1,539 75,819 711 1,148 March 31, 2011 77,258 18,372 52 300,749 13,657 $ 55,307 28,173 1,843 74,410 895 6,407 December 31, 2010 66,497 18,666 63 303,365 13,313 $ 54,286 27,759 1,874 72,306 1,587 10,106 59,538 17,952 66 312,234 12,289 53,747 27,508 1,874 77,002 3,127 12,375 $ 553,662 $ 572,736 $ 577,123 $ 569,822 $ 577,712 $ 131,292 7,059 29,258 43,115 234,320 4,443 17,983 3,865 345 1,247 $ 121,733 7,835 29,022 41,515 259,332 4,859 21,983 3,091 1,813 1,261 $ 118,599 7,739 29,075 41,548 268,830 5,054 22,283 1,717 527 1,706 $ 105,393 8,271 29,300 39,397 278,732 5,554 19,246 4,057 550 2,001 $ 113,646 6,839 30,018 37,298 284,346 5,779 16,859 6,109 592 2,181 Total liabilities 472,927 492,444 497,078 492,501 503,667 Capital stock Accumulated other comprehensive income - net Investment securities Currency translation adjustments Cash flow hedges Benefit plans Additional paid-in-capital Retained earnings 56 56 56 56 56 (671) (545) (1,227) (563) 28,462 54,533 (676) 138 (1,711) (353) 28,462 53,171 (376) 986 (1,606) (381) 28,463 51,702 (414) 1 (1,411) (381) 28,463 49,829 (337) (1,541) (1,347) (380) 28,463 47,967 Total GECC shareowner's equity 80,045 79,087 78,844 76,143 72,881 690 1,205 1,201 1,178 1,164 80,735 80,292 80,045 77,321 74,045 Noncontrolling interests Total equity Total liabilities and equity $ 553,662 $ 572,736 $ 577,123 $ 569,822 $ 577,712 5 GECS - Condensed statement of earnings (In millions) Revenues Revenues from services Sales of goods Total revenues December 31, 2011 $ September 30, 2011 11,547 32 11,579 $ 11,986 32 12,018 For three months ending June 30, 2011 $ 12,401 42 12,443 March 31, 2011 $ For twelve months ending December 31, December 31, 2011 2010 December 31, 2010 12,999 42 13,041 $ 12,618 44 12,662 $ 48,933 148 49,081 $ 49,348 533 49,881 Costs and expenses Interest Operating and administrative Cost of goods sold Investment contracts, insurance losses and insurance annuity benefits Provision for losses on financing receivables (see pages 20, 23-24) Depreciation and amortization Total costs and expenses 3,133 3,147 27 745 1,095 1,712 9,859 3,560 3,268 30 755 1,020 1,837 10,470 3,601 3,454 38 790 811 1,792 10,486 3,589 3,483 40 769 1,157 1,776 10,814 3,610 3,946 43 844 1,352 1,971 11,766 13,883 13,352 135 3,059 4,083 7,117 41,629 14,526 14,681 501 3,197 7,176 7,752 47,833 Earnings from continuing operations before income taxes Benefit (provision) for income taxes 1,720 (64) 1,548 (57) 1,957 (344) 2,227 (428) 896 136 7,452 (893) 2,048 991 Earnings from continuing operations Earnings (loss) from discontinued operations, net of taxes 1,656 (198) 1,491 2 1,613 217 1,799 57 1,032 634 6,559 78 3,039 (868) Net earnings (loss) Less: Net earnings (loss) attributable to noncontrolling interests 1,458 38 1,493 38 1,830 20 1,856 31 1,666 25 6,637 127 2,171 16 Net earnings (loss) attributable to GECS $ 1,420 $ 1,455 GECS - statement of changes in shareowner's equity December 31, 2011 (In millions) Changes in GECS shareowner's equity Balance at beginning of period Accounting changes Dividends and other transactions with shareowner Other comprehensive income (loss) - net Investment securities Currency translation adjustments Cash flow hedges Benefit plans $ Increase / (decrease) from net earnings attributable to the Company Comprehensive income Balance at end of period $ September 30, 2011 75,959 $ For three months ending June 30, 2011 March 31, 2011 $ 1 155 (702) 487 (210) (270) 1,420 1,150 248 (832) (47) 28 (603) 1,455 852 391 993 (190) 1,194 1,810 3,004 (188) 1,553 (70) (1) 1,294 1,825 3,119 (22) 180 248 3 409 1,641 2,050 606 1,012 180 (183) 1,615 6,510 8,125 14 (2,735) 488 54 (2,179) 2,155 (24) 72,104 $ 66,854 2,155 80 $ $ $ For twelve months ending December 31, December 31, 2011 2010 December 31, 2010 68,984 6,510 1 75,108 $ 1,641 - $ 72,104 $ (1) 75,959 $ 1,825 1 $ 75,108 1,810 70,833 (1,910) 85 77,110 $ $ 68,984 $ $ 68,984 77,110 $ $ $ 68,984 6 GECS - Condensed statement of financial position (In millions) Assets Cash and equivalents Investment securities (see page 35) Inventories Financing receivables - net (see pages 11 - 18) Other receivables Property, plant & equipment, less accumulated amortization of $23,615, $24,307, $24,977, $25,140, and $25,404 Goodwill Other intangible assets - net Other assets Assets of businesses held for sale Assets of discontinued operations Total assets Liabilities and equity Short-term borrowings (see page 36) Accounts payable Non-recourse borrowings of consolidated securitization entities (see page 36) Bank deposits (see page 36) Long-term borrowings (see page 36) Investment contracts, insurance liabilities and insurance annuity benefits Other liabilities Deferred income taxes Liabilities of businesses held for sale Liabilities of discontinued operations December 31, 2011 $ 76,702 47,359 51 289,307 13,390 September 30, 2011 $ 83,278 46,442 44 293,737 13,689 June 30, 2011 $ 52,328 27,726 1,710 79,542 3,050 1,516 51,419 27,230 1,546 75,618 711 1,203 March 31, 2011 77,983 45,331 52 300,749 14,263 $ 55,326 28,173 1,851 74,598 895 6,413 December 31, 2010 67,253 44,872 63 303,365 14,009 $ 54,306 27,759 1,882 72,471 1,587 10,106 60,257 43,921 66 312,234 12,919 53,768 27,508 1,883 77,197 3,127 12,375 $ 584,536 $ 603,062 $ 605,634 $ 597,673 $ 605,255 $ 136,333 7,239 29,258 43,115 234,391 30,198 19,062 5,318 345 1,477 $ 126,866 7,995 29,022 41,515 259,404 30,405 22,881 4,440 1,813 1,557 $ 123,643 7,870 29,075 41,548 268,962 29,854 23,127 2,759 527 1,960 $ 110,603 8,372 29,300 39,397 278,792 30,363 19,903 4,864 550 2,247 $ 118,797 7,035 30,018 37,298 284,407 29,993 17,554 6,990 592 2,423 Total liabilities 506,736 525,898 529,325 524,391 535,107 Capital stock Accumulated other comprehensive income - net Investment securities Currency translation adjustments Cash flow hedges Benefit plans Additional paid-in-capital Retained earnings 11 11 11 11 11 (33) (399) (1,101) (563) 27,617 51,578 (188) 303 (1,588) (353) 27,616 50,158 (436) 1,135 (1,541) (381) 27,617 48,703 (827) 142 (1,351) (381) 27,617 46,893 (639) (1,411) (1,281) (380) 27,616 45,068 Total GECS shareowner's equity 77,110 75,959 75,108 72,104 68,984 690 1,205 1,201 1,178 1,164 77,800 77,164 76,309 73,282 70,148 Noncontrolling interests Total equity Total liabilities and equity $ 584,536 $ 603,062 $ 605,634 $ 597,673 $ 605,255 7 GECC continuing operations (GE Capital) (In millions) Revenues Less: Interest expense Net revenues December 31, 2011 $ 10,745 (3,124) 7,621 September 30, 2011 $ 11,148 (3,557) 7,591 For three months ending June 30, 2011 $ 11,626 (3,583) 8,043 March 31, 2011 $ 12,211 (3,581) 8,630 For twelve months ending December 31, December 31, 2011 2010 December 31, 2010 $ 11,746 (3,602) 8,144 $ 45,730 (13,845) 31,885 $ 46,422 (14,494) 31,928 Costs and expenses Selling, general and administrative Depreciation and amortization Operating and other expenses Total costs and expenses 2,835 1,711 226 4,772 2,759 1,836 405 5,000 2,771 1,792 616 5,179 2,687 1,775 729 5,191 2,909 1,971 984 5,864 11,052 7,114 1,976 20,142 10,794 7,749 3,984 22,527 Earnings before income taxes and provision for losses Less: Provision for losses on financing receivables 2,849 (1,095) 2,591 (1,020) 2,864 (811) 3,439 (1,157) 2,280 (1,352) 11,743 (4,083) 9,401 (7,176) Earnings before income taxes Benefit (provision) for income taxes 1,754 (94) 1,571 (66) 2,053 (378) 2,282 (446) 928 124 7,660 (984) 2,225 949 Earnings from continuing operations before noncontrolling interests Less: Net earnings (loss) attributable to noncontrolling interests $ 1,660 38 $ 1,505 38 $ 1,675 20 $ 1,836 31 $ 1,052 25 $ 6,676 127 $ 3,174 16 GE Capital segment profit $ 1,622 $ 1,467 $ 1,655 $ 1,805 $ 1,027 $ 6,549 $ 3,158 (In millions) Segment profit CLL Consumer Real Estate EFS GECAS December 31, 2011 $ $ GECC corporate items and eliminations GE Capital segment profit $ September 30, 2011 777 575 (153) 110 315 1,624 (2) $ 1,622 $ $ For three months ending June 30, 2011 688 737 (82) 79 208 1,630 (163) $ 1,467 $ $ March 31, 2011 701 1,020 (335) 139 321 1,846 (191) $ 1,655 $ $ For twelve months ending December 31, December 31, 2011 2010 December 31, 2010 554 1,219 (358) 112 306 1,833 (28) $ 1,805 $ $ 567 546 (409) 33 432 1,169 (142) $ 1,027 $ $ 2,720 3,551 (928) 440 1,150 6,933 (384) $ 6,549 $ $ 1,554 2,523 (1,741) 367 1,195 3,898 (740) 3,158 8 GE Capital asset quality 9 GE Capital - Assets by region (a) (In millions) December 31, 2011 Property, plant and equipment (net) Financing receivables (net) 143,083 $ U.S. (b) Europe (c) Western (including U.K.) Eastern Pacific Basin Americas (excluding U.S.) Other (d) $ Total $ 289,307 $ 51,399 $ 552,514 Total at September 30, 2011 $ 293,737 $ 52,309 $ 571,275 Total at June 30, 2011 $ 300,749 $ 55,307 $ 570,716 Total at March 31, 2011 $ 303,365 $ 54,286 $ 559,716 Total at December 31, 2010 $ 312,234 $ 53,747 $ 565,337 74,601 16,908 24,628 17,986 12,101 10,985 Total assets $ 4,695 211 2,675 1,382 31,451 301,192 $ 99,098 24,509 46,749 30,374 50,592 At September 30, 2011 June 30, 2011 March 31, 2011 December 31, 2010 Total assets Total assets Total assets Total assets 307,647 $ 104,516 26,666 47,997 31,788 52,661 $ 571,275 297,988 $ 109,909 29,561 48,023 32,114 53,121 $ 570,716 290,485 $ 108,912 28,067 46,516 32,725 53,011 $ 559,716 292,938 108,728 30,215 47,174 32,738 53,544 $ 565,337 (a) Excludes assets of discontinued operations. (b) Total assets include our global Treasury operations, including both U.S. and non U.S. cash and equivalents. (c) Total assets include non-financing assets (cash, goodwill, and property, plant and equipment) of approximately $10,400 million at December 31, 2011. (d) Includes total assets of $48,821 million at GECAS, approximately $11,500 million of which relates to European airlines and other investments at December 31, 2011. 10 GE Capital - Assets in selected emerging markets (In millions) Selected emerging markets (a) Eastern Europe Poland Czech Republic Hungary Turkey Total Eastern Europe December 31, 2011 Property, plant and equipment (net) Financing receivables (net) $ 8,043 5,046 2,864 15,953 $ 106 51 35 192 Total assets $ 10,942 7,195 4,043 316 22,496 $ At September 30, 2011 June 30, 2011 March 31, 2011 December 31, 2010 Total assets Total assets Total assets Total assets 12,376 7,305 4,497 403 24,581 $ 13,689 7,844 4,817 972 27,322 $ 13,202 7,553 4,576 440 25,771 $ 13,236 6,657 4,427 3,074 27,394 Pacific Basin and Other India Thailand Total Pacific Basin and Other 1,066 92 1,158 12 12 1,495 1,619 3,114 1,682 1,636 3,318 1,808 1,618 3,426 1,789 1,636 3,425 1,777 1,621 3,398 Americas Mexico Total Americas 5,098 5,098 795 795 8,215 8,215 8,253 8,253 8,344 8,344 8,406 8,406 8,411 8,411 Total $ 22,209 $ 999 $ 33,825 Total at September 30, 2011 $ 24,196 $ 992 $ 36,152 Total at June 30, 2011 $ 25,684 $ 1,070 $ 39,092 Total at March 31, 2011 $ 24,934 $ 1,061 $ 37,602 Total at December 31, 2010 $ 24,524 $ 1,077 $ 39,203 $ 36,152 $ 39,092 $ 37,602 $ 39,203 (a) We have disclosed here selected emerging markets where our total assets at December 31, 2010, exceed $1 billion. Assets of discontinued operations are excluded. 11 GE Capital - CLL portfolio overview (a) (b) (In millions, unless otherwise noted) Balances December 31, 2011 CLL Americas Europe Asia Other Total $ $ September 30, 2011 80,505 36,899 11,635 436 129,475 $ $ December 31, 2011 CLL Americas Europe Asia Other Total $ $ September 30, 2011 1,862 1,167 269 11 3,309 $ $ $ September 30, 2011 889 400 157 4 1,450 $ $ $ 995 403 150 5 1,553 $ $ $ 81,518 37,897 11,759 585 131,759 March 31, 2011 $ $ Nonearning receivables (d) June 30, 2011 $ $ 2,060 1,156 266 6 3,488 $ 1,124 433 180 6 1,743 120 50 14 2 186 $ $ 153 70 40 263 $ $ 139 64 71 274 84,825 37,093 11,545 619 134,082 $ $ $ $ $ March 31, 2011 $ $ $ 2,573 1,241 406 6 4,226 December 31, 2010 1,254 443 228 6 1,931 $ 88,558 37,498 11,943 664 138,663 December 31, 2010 2,397 1,209 346 6 3,958 $ Allowance for losses (e) June 30, 2011 $ December 31, 2010 March 31, 2011 Write-offs (net) - for three months ending September 30, June 30, 2011 2011 December 31, 2011 CLL Americas Europe Asia Other Total 1,967 1,086 230 16 3,299 $ December 31, 2011 CLL Americas Europe Asia Other Total 81,072 37,130 11,914 469 130,585 Financing receivables (c) June 30, 2011 $ $ March 31, 2011 1,288 429 222 6 1,945 December 31, 2010 172 35 58 265 $ $ 314 71 56 1 442 (a) During the third quarter of 2011, we transferred our Railcar lending and leasing portfolio from CLL Other to CLL Americas. Prior-period amounts were reclassified to conform to the current-period presentation. (b) Local currency exposure includes amounts payable to the Corporation by borrowers with a country of residence other than the one in which the credit is booked. (c) Financing receivables include impaired loans of $5,475 million at December 31, 2011. (d) Nonearning receivables are those that are 90 days or more past due (or for which collection has otherwise become doubtful). Nonearning receivables exclude loans purchased at a discount (unless they have deteriorated post acquisition). Under ASC 310, Receivables, these loans are initially recorded at fair value and accrete interest income over the estimated life of the loan based on reasonably estimable cash flows even if the underlying loans are contractually delinquent at acquisition. In addition, nonearning receivables exclude loans which are paying on a cash accounting basis, but classified as impaired. Recently restructured financing receivables are not considered delinquent when payments are brought current according to restructured terms but may remain classified as nonearning until there has been a period of satisfactory payment performance by the borrower and future payments are reasonably assured of collection. (e) Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the size, type and risk characteristics of the related financing receivable. Such an estimate requires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates, financial health of specific customers and market sectors, collateral values (including housing price indices as applicable), and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for losses are updated periodically to reflect our view of current conditions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible to experience credit losses that are different from our current estimates. Our risk management process includes standards and policies for reviewing major risk exposures and concentrations, and evaluates relevant data either for individual loans or financing leases, or on a portfolio basis, as appropriate. 12 GE Capital - CLL portfolio overview (a) Ratios Nonearning receivables as a percent of financing receivables (b) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 CLL Americas Europe Asia Other Total 2.3 % 3.2 2.3 2.5 2.6 47.7 % 34.3 58.4 36.4 43.8 54.6 % 37.5 67.7 100.0 50.0 1.2 % 1.1 1.3 1.1 1.2 0.6 % 0.5 0.5 1.8 0.6 52.3 % 36.6 65.9 100.0 48.8 1.4 % 1.1 1.5 1.0 1.3 December 31, 2011 0.8 % 0.7 1.4 0.8 1.99 % 1.99 % December 31, 2010 1.5 % 1.1 1.9 0.9 1.4 December 31, 2010 0.8 % 0.4 2.0 NM 0.8 March 31, 2011 1.94 % 50.1 % 34.6 54.7 100.0 46.0 1.5 % 1.2 2.0 1.0 1.4 0.7 % 0.7 2.4 0.8 CLL June 30, 2011 September 30, 2011 2.9 % 3.3 3.4 0.9 3.0 December 31, 2010 Write-offs (net) as a percent of financing receivables (d) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 Delinquency 50.6 % 37.1 65.2 31.3 47.1 1.1 % 1.1 1.3 0.9 1.1 CLL Americas Europe Asia Other Total 2.8 % 3.3 3.0 1.0 3.0 Allowance for losses as a percent of total financing receivables (c) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 CLL Americas Europe Asia Other Total 2.5 % 3.1 2.3 1.0 2.6 Allowance for losses as a percent of nonearning receivables (c) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 CLL Americas Europe Asia Other Total 2.4 % 2.9 1.9 3.4 2.5 December 31, 2010 1.4 % 0.8 1.9 0.6 1.3 December 31, 2010 2.03 % 2.14 % (a) During the third quarter of 2011, we transferred our Railcar lending and leasing portfolio from CLL Other to CLL Americas. Prior-period amounts were reclassified to conform to the current-period presentation. (b) Nonearning receivables are those that are 90 days or more past due (or for which collection has otherwise become doubtful). Nonearning receivables exclude loans purchased at a discount (unless they have deteriorated post acquisition). Under ASC 310, Receivables, these loans are initially recorded at fair value and accrete interest income over the estimated life of the loan based on reasonably estimable cash flows even if the underlying loans are contractually delinquent at acquisition. In addition, nonearning receivables exclude loans which are paying on a cash accounting basis, but classified as impaired. Recently restructured financing receivables are not considered delinquent when payments are brought current according to restructured terms but may remain classified as nonearning until there has been a period of satisfactory payment performance by the borrower and future payments are reasonably assured of collection. (c) Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the size, type and risk characteristics of the related financing receivable. Such an estimate requires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates, financial health of specific customers and market sectors, collateral values (including housing price indices as applicable), and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for losses are updated periodically to reflect our view of current conditions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible to experience credit losses that are different from our current estimates. Our risk management process includes standards and policies for reviewing major risk exposures and concentrations, and evaluates relevant data either for individual loans or financing leases, or on a portfolio basis, as appropriate. (d) Write-offs percent is calculated as the ratio of annualized write-offs for the quarter divided by average of financing receivables at the beginning and end of the period. 13 GE Capital - Portfolio overview (In millions, unless otherwise noted) Balances December 31, 2011 EFS GECAS Other $ 5,912 11,901 1,282 September 30, 2011 $ December 31, 2011 EFS GECAS Other $ 22 55 65 September 30, 2011 $ December 31, 2011 EFS GECAS Other $ 26 17 37 $ (1) 1 16 135 62 71 September 30, 2011 $ 36 14 43 $ 6,143 11,952 1,517 March 31, 2011 $ Nonearning receivables (b) June 30, 2011 $ 136 64 87 $ Allowance for losses (c) June 30, 2011 $ 35 15 54 December 31, 2010 6,662 12,104 1,640 $ March 31, 2011 162 16 99 $ March 31, 2011 $ $ (1) (1) 12 $ (7) 3 8 $ 7,011 12,615 1,788 December 31, 2010 62 102 December 31, 2010 36 12 55 $ Write-offs (net) - for three months ending September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 EFS GECAS Other 5,977 11,841 1,388 Financing receivables (a) June 30, 2011 22 20 58 December 31, 2010 4 8 $ 71 6 (a) Financing receivables include $22 million, $28 million, and $137 million of impaired loans at EFS, GECAS, and Other, respectively, at December 31, 2011. (b) Nonearning receivables are those that are 90 days or more past due (or for which collection has otherwise become doubtful). Nonearning receivables exclude loans purchased at a discount (unless they have deteriorated post acquisition). Under FASB ASC 310, Receivables, these loans are initially recorded at fair value and accrete interest income over the estimated life of the loan based on reasonably estimable cash flows even if the underlying loans are contractually delinquent at acquisition. In addition, nonearning receivables exclude loans which are paying on a cash accounting basis, but classified as impaired. Recently restructured financing receivables are not considered delinquent when payments are brought current according to restructured terms but may remain classified as nonearning until there has been a period of satisfactory payment performance by the borrower and future payments are reasonably assured of collection. (c) Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the size, type and risk characteristics of the related financing receivable. Such an estimate requires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates, financial health of specific customers and market sectors, collateral values (including housing price indices as applicable), and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for losses are updated periodically to reflect our view of current conditions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible to experience credit losses that are different from our current estimates. Our risk management process includes standards and policies for reviewing major risk exposures and concentrations, and evaluates relevant data either for individual loans or financing leases, or on a portfolio basis, as appropriate. 14 GE Capital - Portfolio overview Ratios Nonearning receivables as a percent of financing receivables (a) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 EFS GECAS Other 0.4 % 0.5 5.1 118.2 % 30.9 56.9 0.4 % 0.1 2.9 26.7 % 22.6 60.6 25.7 % 23.4 62.1 0.6 % 0.1 3.1 0.6 % 0.1 3.6 (0.1) % 4.8 (0.1) % 3.3 (0.4) % 0.1 2.0 0.9 % 5.7 December 31, 2010 22.2 % 75.0 55.6 35.5 % 56.9 December 31, 2010 0.5 % 0.1 3.4 Write-offs (net) as a percent of financing receivables (c) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 EFS GECAS Other 2.4 % 0.1 6.0 Allowance for losses as a percent of total financing receivables (b) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 EFS GECAS Other 2.2 % 0.5 5.7 Allowance for losses as a percent of nonearning receivables (b) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 EFS GECAS Other 2.3 % 0.5 5.1 December 31, 2010 0.3 % 0.2 3.2 December 31, 2010 0.2 % 1.9 4.0 % NM 1.2 (a) Nonearning receivables are those that are 90 days or more past due (or for which collection has otherwise become doubtful). Nonearning receivables exclude loans purchased at a discount (unless they have deteriorated post acquisition). Under FASB ASC 310, Receivables, these loans are initially recorded at fair value and accrete interest income over the estimated life of the loan based on reasonably estimable cash flows even if the underlying loans are contractually delinquent at acquisition. In addition, nonearning receivables exclude loans which are paying currently under a cash accounting basis, but classified as impaired. Recently restructured financing receivables are not considered delinquent when payments are brought current according to restructured terms but may remain classified as nonearning until there has been a period of satisfactory payment performance by the borrower and future payments are reasonably assured of collection. (b) Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the size, type and risk characteri the related financing receivable. Such an estimate requires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquen financial health of specific customers and market sectors, collateral values (including housing price indices as applicable), and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for lo are updated periodically to reflect our view of current conditions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible to experience credit losses that are different from our current estimates. Our risk management includes standards and policies for reviewing major risk exposures and concentrations, and evaluates relevant data either for individual loans or financing leases, or on a portfolio basis, as appropriate. (c) Write-offs percent is calculated as the ratio of annualized write-offs for the quarter divided by average of financing receivables at the beginning and end of the period. 15 GE Capital - Portfolio overview (In millions, unless otherwise noted) Balances December 31, 2011 Real Estate Debt (b) Business Properties Total $ $ September 30, 2011 24,501 8,248 32,749 $ $ December 31, 2011 Real Estate Debt Business Properties Total $ September 30, 2011 541 249 790 $ $ $ $ September 30, 2011 949 140 1,089 $ $ $ 978 163 1,141 $ $ $ 27,750 9,057 36,807 March 31, 2011 $ $ Nonearning receivables (c) June 30, 2011 $ $ 680 323 1,003 $ 1,092 184 1,276 105 35 140 $ $ 151 36 187 $ $ 91 27 118 29,474 9,548 39,022 $ $ $ $ $ March 31, 2011 $ $ $ 961 386 1,347 December 31, 2010 1,118 181 1,299 $ 30,249 9,962 40,211 December 31, 2010 769 368 1,137 $ Allowance for losses (d) June 30, 2011 $ December 31, 2010 March 31, 2011 Write-offs (net) - for three months ending September 30, June 30, 2011 2011 December 31, 2011 Real Estate Debt Business Properties Total 714 314 1,028 $ December 31, 2011 Real Estate Debt Business Properties Total 25,748 8,630 34,378 Financing receivables (a) June 30, 2011 $ $ March 31, 2011 1,292 196 1,488 December 31, 2010 240 40 280 $ $ 332 33 365 (a) Financing receivables include $8,747 million of impaired loans at Real Estate at December 31, 2011. (b) Financing receivables include $63 million of construction loans at December 31, 2011. (c) Nonearning receivables are those that are 90 days or more past due (or for which collection has otherwise become doubtful). Nonearning receivables exclude loans purchased at a discount (unless they have deteriorated post acquisition). Under FASB ASC 310, Receivables, these loans are initially recorded at fair value and accrete interest income over the estimated life of the loan based on reasonably estimable cash flows even if the underlying loans are contractually delinquent at acquisition. In addition, nonearning receivables exclude loans which are paying on a cash accounting basis, but classified as impaired. Recently restructured financing receivables are not considered delinquent when payments are brought current according to restructured terms but may remain classified as nonearning until there has been a period of satisfactory payment performance by the borrower and future payments are reasonably assured of collection. (d) Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the size, type and risk characteristics of the related financing receivable. Such an estimate requires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates, financial health of specific customers and market sectors, collateral values (including housing price indices as applicable), and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for losses are updated periodically to reflect our view of current conditions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible to experience credit losses that are different from our current estimates. Our risk management process includes standards and policies for reviewing major risk exposures and concentrations, and evaluates relevant data either for individual loans or financing leases, or on a portfolio basis, as appropriate. 16 GE Capital - Portfolio overview Ratios Nonearning receivables as a percent of financing receivables (a) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 Real Estate Debt Business Properties Total 2.2 % 3.0 2.4 175.4 % 56.2 137.8 160.6 % 57.0 127.2 3.8 % 1.9 3.3 1.7 % 1.7 1.7 145.4 % 49.2 114.2 3.9 % 2.0 3.5 December 31, 2011 2.76 % 2.3 % 1.6 2.1 September 30, 2011 4.18 % 4.12 % 134.4 % 50.8 110.5 December 31, 2010 3.8 % 1.9 3.3 4.3 % 2.0 3.7 December 31, 2010 3.2 % 1.6 2.8 1.3 % 1.2 1.2 Real Estate June 30, 2011 3.2 % 3.9 3.3 December 31, 2010 Write-offs (net) as a percent of financing receivables (c) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 Delinquency 137.0 % 51.9 111.0 3.9 % 1.7 3.3 Real Estate Debt Business Properties Total 2.6 % 3.9 2.9 Allowance for losses as a percent of total financing receivables (b) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 Real Estate Debt Business Properties Total 2.5 % 3.6 2.7 Allowance for losses as a percent of nonearning receivables (b) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 Real Estate Debt Business Properties Total 2.8 % 3.6 3.0 December 31, 2010 March 31, 2011 4.3 % 1.3 3.5 December 31, 2010 4.08 % 4.41 % (a) Nonearning receivables are those that are 90 days or more past due (or for which collection has otherwise become doubtful). Nonearning receivables exclude loans purchased at a discount (unless they have deteriorated post acquisition). Under FASB ASC 310, Receivables, these loans are initially recorded at fair value and accrete interest income over the estimated life of the loan based on reasonably estimable cash flows even if the underlying loans are contractually delinquent at acquisition. In addition, nonearning receivables exclude loans which are paying on a cash accounting basis, but classified as impaired. Recently restructured financing receivables are not considered delinquent when payments are brought current according to restructured terms but may remain classified as nonearning until there has been a period of satisfactory payment performance by the borrower and future payments are reasonably assured of collection. (b) Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the size, type and risk characteristics of the related financing receivable. Such an estimate requires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates, financial health of specific customers and market sectors, collateral values (including housing price indices as applicable), and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for losses are updated periodically to reflect our view of current conditions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible to experience credit losses that are different from our current estimates. Our risk management process includes standards and policies for reviewing major risk exposures and concentrations, and evaluates relevant data either for individual loans or financing leases, or on a portfolio basis, as appropriate. (c) Write-offs percent is calculated as the ratio of annualized write-offs for the quarter divided by average of financing receivables at the beginning and end of the period. 17 GE Capital - Consumer portfolio overview (In millions, unless otherwise noted) Balances December 31, 2011 Consumer Non - U.S. residential mortgages Non - U.S. installment and revolving credit U.S. installment and revolving credit Non - U.S. auto Other Total $ $ September 30, 2011 36,170 18,544 46,689 5,691 7,244 114,338 $ $ December 31, 2011 Consumer Non - U.S. residential mortgages Non - U.S. installment and revolving credit U.S. installment and revolving credit Non - U.S. auto Other Total $ $ September 30, 2011 3,349 263 990 43 419 5,064 $ $ $ September 30, 2011 706 717 2,008 101 199 3,731 $ $ $ 779 816 1,953 123 211 3,882 $ $ $ 40,731 21,047 42,178 7,141 8,528 119,625 March 31, 2011 $ $ Nonearning receivables (b) June 30, 2011 $ $ 3,804 308 790 39 490 5,431 $ 790 934 1,846 143 218 3,931 140 130 601 15 33 919 $ $ 67 172 537 15 45 836 $ $ 64 196 652 27 43 982 40,421 20,235 41,282 7,295 8,231 117,464 $ $ $ $ $ March 31, 2011 $ $ $ 3,738 289 1,201 46 478 5,752 December 31, 2010 813 930 2,141 152 239 4,275 $ 40,011 20,132 43,974 7,558 8,304 119,979 December 31, 2010 3,843 295 1,004 41 461 5,644 $ Allowance for losses (c) June 30, 2011 $ December 31, 2010 March 31, 2011 Write-offs (net) - for three months ending September 30, June 30, 2011 2011 December 31, 2011 Consumer Non - U.S. residential mortgages Non - U.S. installment and revolving credit U.S. installment and revolving credit Non - U.S. auto Other Total 3,619 299 882 35 441 5,276 $ December 31, 2011 Consumer Non - U.S. residential mortgages Non - U.S. installment and revolving credit U.S. installment and revolving credit Non - U.S. auto Other Total 38,708 19,801 43,249 6,462 8,017 116,237 Financing receivables (a) June 30, 2011 $ $ March 31, 2011 803 937 2,333 168 259 4,500 December 31, 2010 55 182 777 36 61 1,111 $ $ 112 251 891 13 70 1,337 (a) Financing receivables include impaired loans of $3,105 million at December 31, 2011. (b) Nonearning receivables are those that are 90 days or more past due (or for which collection has otherwise become doubtful). Nonearning receivables exclude loans purchased at a discount (unless they have deteriorated post acquisition). Under ASC 310, Receivables, these loans are initially recorded at fair value and accrete interest income over the estimated life of the loan based on reasonably estimable cash flows even if the underlying loans are contractually delinquent at acquisition. In addition, nonearning receivables exclude loans which are paying on a cash accounting basis, but classified as impaired. Recently restructured financing receivables are not considered delinquent when payments are brought current according to restructured terms but may remain classified as nonearning until there has been a period of satisfactory payment performance by the borrower and future payments are reasonably assured of collection. (c) Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the size, type and risk characteristics of the related financing receivable. Such an estimate requires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates, financial health of specific customers and market sectors, collateral values (including housing price indices as applicable), and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for losses are updated periodically to reflect our view of current conditions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible to experience credit losses that are different from our current estimates. Our risk management process includes standards and policies for reviewing major risk exposures and concentrations, and evaluates relevant data either for individual loans or financing leases, or on a portfolio basis, as appropriate. 18 GE Capital - Consumer portfolio overview Nonearning receivables as a percent of financing receivables (a) September 30, June 30, March 31, 2011 2011 2011 Ratios December 31, 2011 Consumer Non - U.S. residential mortgages Non - U.S. installment and revolving credit U.S. installment and revolving credit Non - U.S. auto Other Total 9.3 1.4 2.1 0.8 5.8 4.4 % 21.1 272.6 202.8 234.9 47.5 73.7 % 2.0 3.9 4.3 1.8 2.7 3.3 % 9.5 1.5 2.4 0.6 5.6 4.8 % % 20.8 303.2 233.7 366.7 44.5 72.4 % 2.0 4.1 4.5 1.9 2.6 3.3 % 1.9 4.4 4.4 2.0 2.6 3.3 21.2 315.3 213.2 370.7 51.8 75.7 % 1.5 2.7 5.3 1.0 1.7 3.2 % 0.7 3.4 5.0 0.9 2.2 2.8 % September 30, 2011 7.30 % 7.59 % 0.6 3.8 6.2 1.5 2.1 3.3 % Consumer June 30, 2011 % 2.0 % 4.7 5.3 2.2 3.1 3.8 December 31, 2010 0.5 3.6 7.3 1.9 3.0 3.7 % March 31, 2011 7.59 % 21.5 % 324.2 194.3 365.2 54.2 78.2 December 31, 2010 2.0 4.6 5.2 2.1 2.9 3.6 % 9.3 % 1.4 2.7 0.6 5.8 4.8 December 31, 2010 Write-offs (net) as a percent of financing receivables (c) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 Delinquency 21.5 272.9 221.4 351.4 47.8 73.6 % December 31, 2011 Consumer Non - U.S. residential mortgages Non - U.S. installment and revolving credit U.S. installment and revolving credit Non - U.S. auto Other Total 9.3 1.5 1.9 0.5 5.7 4.5 Allowance for losses as a percent of total financing receivables (b) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 Consumer Non - U.S. residential mortgages Non - U.S. installment and revolving credit U.S. installment and revolving credit Non - U.S. auto Other Total % Allowance for losses as a percent of nonearning receivables (b) September 30, June 30, March 31, 2011 2011 2011 December 31, 2011 Consumer Non - U.S. residential mortgages Non - U.S. installment and revolving credit U.S. installment and revolving credit Non - U.S. auto Other Total 9.3 1.5 2.0 0.5 5.5 4.5 December 31, 2010 1.1 % 4.9 8.5 0.7 3.3 4.5 December 31, 2010 7.89 % 8.09 % (a) Nonearning receivables are those that are 90 days or more past due (or for which collection has otherwise become doubtful). Nonearning receivables exclude loans purchased at a discount (unless they have deteriorated post acquisition). Under ASC 310, Receivables, these loans are initially recorded at fair value and accrete interest income over the estimated life of the loan based on reasonably estimable cash flows even if the underlying loans are contractually delinquent at acquisition. In addition, nonearning receivables exclude loans which are paying on a cash accounting basis, but classified as impaired. Recently restructured financing receivables are not considered delinquent when payments are brought current according to restructured terms but may remain classified as nonearning until there has been a period of satisfactory payment performance by the borrower and future payments are reasonably assured of collection. (b) Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the size, type and risk characteristics of the related financing receivable. Such an estimate requires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates, financial health of specific customers and market sectors, collateral values (including housing price indices as applicable), and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for losses are updated periodically to reflect our view of current conditions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible to experience credit losses that are different from our current estimates. Our risk management process includes standards and policies for reviewing major risk exposures and concentrations, and evaluates relevant data either for individual loans or financing leases, or on a portfolio basis, as appropriate. (c) Write-offs percent is calculated as the ratio of annualized write-offs for the quarter divided by average of financing receivables at the beginning and end of the period. 19 GE Capital - Nonearning and nonaccrual financing receivables ($ millions) December 31, 2011 Commercial CLL EFS GECAS Other Total Commercial Nonearning financing receivables (a) Nonaccrual financing receivables (b) $ $ Real Estate Consumer Total $ 3,309 22 55 65 3,451 4,512 22 69 115 4,718 790 6,949 5,064 5,316 9,305 $ 16,983 (a) Nonearning financing receivables are those that are 90 days or more past due (or for which collection has otherwise become doubtful). Nonearning financing receivables exclude loans purchased at a discount (unless they have deteriorated post acquisition). Under FASB ASC 310, Receivables, these loans are initially recorded at fair value and accrete interest income over the estimated life of the loan based on reasonably estimable cash flows even if the underlying loans are contractually delinquent at acquisition. In addition, nonearning financing receivables exclude loans which are paying on a cash accounting basis, but classified as impaired. Recently restructured financing receivables are not considered delinquent when payments are brought current according to restructured terms but may remain classified as nonearning until there has been a period of satisfactory payment performance by the borrower and future payments are reasonably assured of collection. (b) "Nonaccrual financing receivables" are those on which we have stopped accruing interest. We stop accruing interest at the earlier of the time at which collection of an account becomes doubtful or the account becomes 90 days past due. Total nonaccrual financing receivables of $17.0 billion includes $9.3 billion classified as nonearning financing receivables. Substantially all of this difference relates to loans which are classified as nonaccrual financing receivables but are paying on a cash basis, and therefore are excluded from nonearning financing receivables. 20 GE Capital - Consumer allowance for losses on financing receivables (In millions) Consumer Non - U.S. residential mortgages Non - U.S. installment and revolving credit U.S. installment and revolving credit Non - U.S. auto Other Total Consumer (In millions) Consumer Non - U.S. residential mortgages Non - U.S. installment and revolving credit U.S. installment and revolving credit Non - U.S. auto Other Total Consumer Provision charged to operations (a) Balance January 1, 2011 Balance December 31, 2009 Other (b) Gross writeoffs (d) Recoveries (d) Balance December 31, 2011 $ 803 937 2,333 168 259 $ 249 490 2,241 30 142 $ (20) (30) 1 (4) (20) $ (381) (1,257) (3,095) (216) (272) $ 55 577 528 123 90 $ 706 717 2,008 101 199 $ 4,500 $ 3,152 $ (73) $ (5,221) $ 1,373 $ 3,731 Provision charged to operations Balance January 1, 2010 Adoption of ASU 2009-16 & 17 (c) Other (b) Gross writeoffs (d) Recoveries (d) Balance December 31, 2010 $ 892 1,106 1,551 292 292 $ 1,602 - $ 892 1,106 3,153 292 292 $ 256 1,047 3,018 91 265 $ (41) (68) (6) (61) 5 $ (381) (1,733) (4,300) (313) (394) $ 77 585 468 159 91 $ 803 937 2,333 168 259 $ 4,133 $ 1,602 $ 5,735 $ 4,677 $ (171) $ (7,121) $ 1,380 $ 4,500 (a) On July 1, 2011, we adopted ASU 2011-02, an amendment to ASC 310, Receivables, which resulted in an increase of $77 million to our allowance for losses. (b) Other primarily included the effects of currency exchange. (c) On January 1, 2010, we adopted ASU 2009-16 & 17, amendments to ASC 810, Consolidation, that required us to consolidate the allowance for losses of VIEs consolidated on January 1, 2010. (d) Net write-offs (write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as our revolving credit portfolios turn over more than once per year or, in all portfolios, can reflect losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables. 21 GE Capital - Consumer financing receivables by region (In millions) December 31, 2011 Installment and revolving credit Mortgages U.S. Europe Western Eastern Pacific Basin Americas Other $ Total at December 31, 2011 $ - $ 28,159 7,497 205 309 June 30, 2011 36,170 $ Total at June 30, 2011 $ - $ December 31, 2010 $ $ Total at December 31, 2010 $ - $ $ 42,178 63,225 $ 43,974 5,691 $ 64,106 $ $ 7,141 $ - $ $ 889 $ 8,528 43,067 46,324 20,461 9,103 247 423 $ 119,625 September 30, 2011 Installment and revolving credit Mortgages U.S. Europe Western Eastern Pacific Basin Americas Other $ Total at September 30, 2011 $ - $ 29,721 8,363 225 34 365 March 31, 2011 38,708 $ Total at March 31, 2011 $ - $ 63,050 $ 41,282 $ 61,517 $ 6,462 $ - $ $ 8,017 7,295 $ 116,237 Total 849 $ 2,736 4,432 214 $ 44,134 43,888 19,130 8,509 205 371 Other (a) 4,645 1,328 1,320 2 $ Total 885 2,542 4,418 172 - Auto $ 7,665 5,564 6,782 206 18 $ Other (a) 4,187 1,195 1,079 1 Installment and revolving credit 31,313 8,373 234 74 427 40,421 Auto $ 7,438 5,154 7,033 171 5 Mortgages U.S. Europe Western Eastern Pacific Basin Americas Other 43,249 8,231 42,131 46,359 19,697 8,550 280 447 $ 117,464 Total 877 $ 2,853 4,321 253 $ 114,338 Total Other (a) 7,558 47,527 40,879 17,289 8,179 152 312 2,755 4,677 207 - 4,700 1,341 1,516 1 $ 7,244 $ Auto $ 838 Other (a) - $ Total 2,111 4,137 155 3 - 4,547 1,326 1,267 1 7,533 5,479 6,868 221 31 $ $ Auto Installment and revolving credit 31,100 8,108 249 105 449 40,011 - 7,782 5,675 7,384 196 10 Mortgages U.S. Europe Western Eastern Pacific Basin Americas Other 65,233 Other (a) 3,759 997 935 - Installment and revolving credit 31,240 8,783 245 51 412 40,731 $ 6,850 4,658 6,884 149 3 Mortgages U.S. Europe Western Eastern Pacific Basin Americas Other 46,689 Auto 8,304 44,851 46,186 19,249 8,886 326 481 $ 119,979 (a) Represents mainly small and medium enterprise loans. 22 GE Capital - Consumer mortgage portfolio by country (a) (In millions) Financing receivables December 31, 2011 As a % of total Nonearning receivables Delinquent more than 30 days Financing receivables September 30, 2011 As a % of total Nonearning receivables Delinquent more than 30 days U.K. (b) (d) France (d) Poland Czech Republic Hungary Spain All other $ 16,898 8,520 5,396 1,095 883 920 2,458 46.7 % 23.6 14.9 3.0 2.4 2.5 6.8 12.5 % 3.4 1.2 2.1 13.5 17.1 24.3 20.0 % 3.6 2.5 3.0 18.4 27.3 23.6 U.K. France Poland Czech Republic Hungary Spain All other $ 17,607 9,101 5,895 1,228 1,109 1,003 2,765 45.5 % 23.5 15.2 3.2 2.9 2.6 7.1 13.0 % 3.2 1.1 2.0 12.1 17.3 22.5 20.9 % 3.5 2.7 2.7 16.1 27.8 22.3 Total at December 31, 2011 (c) $ 36,170 100.0 % 9.3 % 13.4 % Total at September 30, 2011 (c) $ 38,708 100.0 % 9.3 % 13.6 % Financing receivables June 30, 2011 As a % of total Nonearning receivables Delinquent more than 30 days Financing receivables March 31, 2011 As a % of total Nonearning receivables Delinquent more than 30 days U.K. France Poland Czech Republic Hungary Spain All other $ 18,452 9,581 6,189 1,295 1,160 1,059 2,995 45.3 % 23.5 15.2 3.2 2.8 2.6 7.4 13.2 % 3.2 1.1 2.0 10.8 16.8 21.7 21.3 % 3.6 2.2 2.7 15.0 25.6 21.6 U.K. France Poland Czech Republic Hungary Spain All other $ 18,574 9,497 5,854 1,257 1,091 1,061 3,087 46.0 % 23.5 14.5 3.1 2.7 2.6 7.6 13.7 % 3.1 1.0 1.9 10.0 17.3 20.3 20.3 % 3.6 2.1 2.7 14.8 28.1 19.7 Total at June 30, 2011 (c) $ 40,731 100.0 % 9.3 % 13.6 % Total at March 31, 2011 $ 40,421 100.0 % 9.5 % 13.2 % Financing receivables December 31, 2010 As a % of total Nonearning receivables Delinquent more than 30 days U.K. France Poland Czech Republic Hungary Spain All other $ 18,487 9,379 5,694 1,186 1,054 1,047 3,164 46.2 % 23.4 14.2 3.0 2.6 2.6 8.0 13.7 % 2.9 0.9 1.6 9.2 15.0 19.1 21.7 % 3.6 2.0 2.5 14.4 25.5 18.3 Total at December 31, 2010 $ 40,011 100.0 % 9.3 % 13.7 % (a) Consumer loans secured by residential real estate (both revolving and closed-end loans) are written down to the fair value of collateral, less costs to sell, no later than when they become 360 days past due. (b) At December 31, 2011, we had in repossession stock 461 houses in the U.K., which had a value of approximately $0.1 billion. (c) At December 31, 2011, net of credit insurance, approximately 25% of this portfolio comprised loans with introductory, below market rates that are scheduled to adjust at future dates; with high loan-to-value ratios at inception (greater than 90%); whose terms permitted interest-only payments; or whose terms resulted in negative amortization. At origination, we underwrite loans with an adjustable rate to the reset value. 79% of these loans are in our U.K. and France portfolios, which comprise mainly loans with interest-only payments and introductory below market rates, have a delinquency rate of 15% and have a loan-to-value ratio at origination of 76%. At December 31, 2011, 6% (based on dollar values) of these loans in our U.K. and France portfolios have been restructured. (d) Our U.K. and France portfolios have reindexed loan-to-value ratios of 84% and 56%, respectively. 23 GE Capital - Commercial allowance for losses on financing receivables (a) Provision charged to operations Balance January 1, 2011 (In millions) CLL Americas Europe Asia Other $ 1,288 429 222 6 $ Gross write-offs (d) Other (b) 281 195 105 3 $ (96) (5) 13 (3) $ (700) (286) (214) (2) Balance December 31, 2011 Recoveries (d) $ 116 67 31 - $ 889 400 157 4 EFS 22 - (1) (4) 9 26 GECAS 20 - - (3) - 17 Other 58 - (47) 3 37 Total Commercial (In millions) CLL Americas Europe Asia Other $ Balance December 31, 2009 $ EFS 1,180 575 244 10 $ 66 (10) - $ 607 $ Provision charged to operations Balance January 1, 2010 Adoption of ASU 2009-16 & 17 (c) $ 2,045 23 1,246 575 234 10 $ (92) $ (1,256) Gross write-offs (d) Other (b) 1,059 269 153 (2) $ (11) (37) (6) (1) $ (1,136) (440) (181) (1) $ 226 1,530 Balance December 31, 2010 Recoveries (d) $ $ 130 62 22 - $ 1,288 429 222 6 28 - 28 65 - (72) 1 22 GECAS 104 - 104 12 - (96) - 20 Other 34 - 34 33 - (9) - 58 Total Commercial $ 2,175 $ 56 $ 2,231 $ 1,589 $ (55) $ (1,935) $ 215 $ 2,045 (a) During the third quarter of 2011, we transferred our Railcar lending and leasing portfolio from CLL Other to CLL Americas. Prior-period amounts were reclassified to conform to the current-period presentation. (b) Other primarily included transfers to held for sale and the effects of currency exchange. (c) On January 1, 2010, we adopted ASU 2009-16 & 17, amendments to ASC 810, Consolidation, that required us to consolidate the allowance for losses of VIEs consolidated on January 1, 2010. (d) Net write-offs (write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as our revolving credit portfolios turn over more than once per year or, in all portfolios, can reflect losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables. 24 GE Capital - Real Estate allowance for losses on financing receivables Provision charged to operations Balance January 1, 2011 (In millions) Real Estate Debt Business Properties $ Total Real Estate $ 1,292 196 $ 1,488 $ Other (a) 242 82 $ 324 $ Recoveries Balance December 31, 2011 2 $ (603) (144) $ 16 6 $ 949 140 2 $ (747) $ 22 $ 1,089 - Provision charged to operations Balance January 1, 2010 Gross write-offs Balance December 31, 2010 Balance December 31, 2009 Adoption of ASU 200916 & 17 (b) Real Estate Debt Business Properties $ 1,358 136 $ (3) 45 $ 1,355 181 $ 764 146 $ 10 (8) $ (838) (126) $ 1 3 $ 1,292 196 Total Real Estate $ 1,494 $ 42 $ 1,536 $ 910 $ 2 $ (964) $ 4 $ 1,488 (In millions) Gross write-offs Other (a) Recoveries (a) Other primarily included the effects of currency exchange. (b) On January 1, 2010, we adopted ASU 2009-16 & 17, amendments to ASC 810, Consolidation, that required us to consolidate the allowance for losses of VIEs consolidated on January 1, 2010. 25 GE Capital - Real Estate debt overview (In millions) December 31, 2011 Region September 30, 2011 Financing receivables June 30, 2011 March 31, 2011 December 31, 2010 U.S. Europe Pacific Basin Americas $ 20,622 4,073 2,686 5,368 $ 21,335 4,392 2,953 5,698 $ 22,724 4,543 2,992 6,548 $ 24,778 4,468 3,032 6,744 $ 25,989 4,515 2,991 6,716 Total (a) $ 32,749 $ 34,378 $ 36,807 $ 39,022 $ 40,211 December 31, 2011 Property type September 30, 2011 Financing receivables June 30, 2011 March 31, 2011 December 31, 2010 Office buildings Owner occupied Apartment buildings Hotel properties Warehouse properties Retail facilities Mixed use Parking facilities Other $ 7,152 8,248 4,466 3,752 3,156 3,246 940 139 1,650 $ 7,291 8,630 4,820 3,853 3,317 3,458 1,082 142 1,785 $ 8,459 9,057 5,181 3,978 3,358 3,725 1,109 144 1,796 $ 9,210 9,548 5,825 4,351 3,435 3,581 1,110 123 1,839 $ 9,354 9,962 6,151 4,404 3,480 3,650 1,159 122 1,929 Total (a) $ 32,749 $ 34,378 $ 36,807 $ 39,022 $ 40,211 December 31, 2011 Vintage profile Originated in pre-2008 2008 2009 2010 2011 Total Contractual maturities $ 19,189 10,854 59 537 2,110 Due in 2011 and prior (b) 2012 2013 2014 2015 and later $ 32,749 Total December 31, 2011 $ 608 10,195 4,389 4,944 12,613 $ 32,749 (a) Represents total gross financing receivables for Real Estate only. (b) Includes $545 million relating to loans with contractual maturities prior to December 31, 2011. 26 GE Capital - Real Estate equity overview (a) (In millions, unless otherwise noted) December 31, 2011 Region Equity June 30, 2011 September 30, 2011 March 31, 2011 December 31, 2010 U.S. Europe Pacific Basin Americas $ 7,268 7,553 6,955 2,635 $ 7,889 8,590 7,193 2,756 $ 8,120 9,236 7,197 2,865 $ 9,138 9,277 7,131 2,940 $ 9,041 9,750 7,155 2,923 Total $ 24,411 $ 26,428 $ 27,418 $ 28,486 $ 28,869 December 31, 2011 Property type Equity June 30, 2011 September 30, 2011 March 31, 2011 December 31, 2010 Office buildings Apartment buildings Warehouse properties Retail facilities Mixed use Parking facilities Owner occupied Hotel properties Other $ 13,117 3,644 2,949 2,110 997 13 601 333 647 $ 14,163 4,168 3,091 2,222 1,139 15 607 348 675 $ 14,770 4,215 3,265 2,322 1,163 16 602 368 697 $ 14,811 4,259 3,409 2,308 1,170 811 605 402 711 $ 14,537 4,359 3,465 2,859 1,126 814 695 338 676 Total $ 24,411 $ 26,428 $ 27,418 $ 28,486 $ 28,869 December 31, 2011 Key metrics Owned real estate (b) $ Net operating income (annualized) Net operating income yield (c) $ End of period vacancies (d) Foreclosed properties (f) Total $ 1,238 $ 5.7 % 18.9 % $ 692 22,753 June 30, 2011 $ 23,665 1,351 $ 5.8 % 19.5 % $ 745 March 31, 2011 $ 1,425 $ 6.0 % 20.2 % $ 606 December 31, 2010 24,616 $ 1,382 $ 5.5 % 20.6 % $ 601 25,187 1,453 5.7 % 20.0 % $ 629 December 31, 2011 Vintage profile (e) Originated in pre-2008 2008 2009 2010 2011 21,007 September 30, 2011 $ 21,755 1,653 67 191 745 $ 24,411 (a) Includes real estate investments related to Real Estate only. (b) Excludes joint ventures, equity investment securities, and foreclosed properties. (c) Net operating income yield is calculated as annualized net operating income for the relevant quarter as a percentage of the average owned real estate. (d) Excludes hotel properties, apartment buildings and parking facilities. (e) Includes foreclosed properties based on date of foreclosure. (f) Excludes foreclosed properties related to loans acquired at a discount with an expectation to foreclose. 27 GE Capital - Equipment leased to others (ELTO), net of depreciation and amortization overview (In millions) December 31, 2011 Collateral type CLL Aircraft Vehicles Railroad rolling stock Construction and manufacturing All other $ Total at December 31, 2011 $ June 30, 2011 Collateral type GECAS 3,125 8,769 2,853 1,669 1,492 $ 17,908 $ CLL Aircraft Vehicles Railroad rolling stock Construction and manufacturing All other $ Total at June 30, 2011 $ December 31, 2010 Collateral type $ Total at December 31, 2010 $ 31,146 - $ 31,146 $ GECAS 3,003 9,324 2,932 1,687 3,270 $ 20,216 $ CLL Aircraft Vehicles Railroad rolling stock Construction and manufacturing All other EFS $ 32,885 $ GECAS 3,130 9,072 2,960 1,452 2,851 $ 19,465 $ 857 $ 857 $ EFS 32,885 - $ 31,535 $ - $ 3 1 5 9 $ 877 $ 877 $ - $ 5 2 6 13 $ $ 1,089 $ - $ 49,920 Total at September 30, 2011 $ March 31, 2011 Collateral type GECAS 3,083 8,970 2,892 1,674 1,415 $ 18,034 $ CLL 35,888 9,329 2,932 1,689 4,153 Aircraft Vehicles Railroad rolling stock Construction and manufacturing All other $ 53,991 Total at March 31, 2011 $ $ 34,665 9,077 2,960 1,454 3,947 $ 52,103 5 2 7 14 CLL Aircraft Vehicles Railroad rolling stock Construction and manufacturing All other EFS 31,846 - $ 31,846 $ GECAS 3,141 9,246 2,917 1,434 3,153 $ 19,891 $ Consumer 867 $ 867 $ $ 32,144 $ Total $ 34,929 8,973 2,892 1,676 2,288 $ 50,758 3 2 6 EFS 32,144 - - 11 Consumer 886 $ 886 $ - Total $ 35,285 9,251 2,917 1,436 4,045 $ 52,934 5 2 6 13 Total Consumer 1,089 September 30, 2011 Collateral type 34,271 8,772 2,853 1,670 2,354 Total Consumer EFS 31,535 - Total Consumer 28 GE Capital - Commercial aircraft asset details Collateral type (In millions) December 31, 2011 September 30, 2011 Loans and leases June 30, 2011 March 31, 2011 December 31, 2010 Narrow-body aircraft Wide-body aircraft Cargo Regional jets Engines $ 24,878 7,388 3,691 4,934 2,044 $ 23,848 8,830 3,656 5,025 2,209 $ 25,565 8,725 3,228 5,102 2,093 $ 24,959 8,399 3,287 5,166 2,317 $ 24,750 8,233 3,405 5,260 2,380 Total (a) $ 42,935 $ 43,568 $ 44,713 $ 44,128 $ 44,028 Airline regions (In millions) December 31, 2011 September 30, 2011 Loans and leases June 30, 2011 March 31, 2011 December 31, 2010 U.S. Europe Pacific Basin Americas Other $ 11,313 10,303 9,009 5,536 6,774 $ 12,684 10,075 8,723 5,499 6,587 $ 13,580 10,010 8,938 5,655 6,530 $ 14,573 9,484 8,278 5,507 6,286 $ 15,123 9,258 8,113 5,313 6,221 Total (a) $ 42,935 $ 43,568 $ 44,713 $ 44,128 $ 44,028 Aircraft vintage profile (In millions) December 31, 2011 0-5 years 6-10 years 11 - 15 years 15+ years $ 18,303 13,933 5,198 3,457 Total (b) $ 40,891 (a) Includes loans and financing leases of $11,901 million, $11,841 million, $11,952 million, $12,104 million, and $12,615 million (less non-aircraft loans and financing leases of $112 million, $119 million, $124 million, $120 million, and $122 million) and ELTO of $31,146 million, $31,846 million, $32,885 million, $32,144 million, and $31,535 million, at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011, and December 31, 2010 respectively, related to commercial aircraft at GECAS. (b) Excludes aircraft engine loans and leases of $2,044 million at December 31, 2011. 29 GE Capital other key areas 30 GE Capital - Investment securities (In millions) Debt U.S. corporate State and municipal Residential mortgage-backed (a) Commercial mortgage-backed Asset-backed Corporate - non-U.S. Government - non-U.S. U.S. government and federal agency At December 31, 2011 Gross Gross unrealized unrealized gains losses Amortized cost $ 2,749 655 1,710 1,426 4,985 1,216 2,016 3,262 $ 63 18 27 31 26 33 2 12 $ Estimated fair value (279) (141) (266) (194) (163) (184) (86) - Retained interests 25 10 - Equity Available-for-sale Trading 605 241 58 - (36) - Total (In millions) Debt U.S. corporate State and municipal Residential mortgage-backed (a) Commercial mortgage-backed Asset-backed Corporate - non-U.S. Government - non-U.S. U.S. government and federal agency $ $ 280 $ (1,349) $ Amortized cost 2,533 532 1,471 1,263 4,848 1,065 1,932 3,274 $ $ Equity $ 545 70 176 23 100 87 896 502 $ (190) (1) (3) (7) (15) (5) - - - 427 (36) 2,826 $ (257) $ 382 256 752 1,242 846 571 202 - $ - $ 4,251 169 4 14 7 39 8 3 $ (14) (232) (355) (183) (190) (111) (58) (5) $ 3,227 690 1,758 1,436 3,059 1,406 1,754 3,079 10 (26) 39 627 241 902 417 194 - (9) - 1,087 417 17,821 $ 18,687 $ 448 $ (1,183) $ 17,952 At December 31, 2010 - In loss position for Less than 12 months 12 months or more Gross Gross Estimated unrealized Estimated unrealized fair value losses fair value losses (89) (140) (263) (194) (156) (169) (81) - $ $ $ 55 - 3,072 918 2,099 1,619 3,242 1,478 1,804 3,081 Estimated fair value 35 At December 31, 2011 - In loss position for Less than 12 months 12 months or more Gross Gross Estimated unrealized Estimated unrealized fair value losses fair value losses Retained interests Total 18,890 $ At December 31, 2010 Gross Gross unrealized unrealized gains losses (1,092) $ 357 137 166 779 111 123 642 1,613 $ (5) (16) (3) (103) (5) (2) (6) (5) $ 337 443 920 652 902 673 105 - $ (9) (216) (352) (80) (185) (109) (52) - - - 34 (26) 46 (9) - - 3,974 $ (154) $ 4,066 $ (1,029) (a) Substantially collateralized by U.S. mortgages. 31 GE Capital - Investments measured at fair value in earnings (a) Asset balances at December 31, 2011 Investment type (In millions) Equities - trading $ Assets held for sale (LOCOM) 241 Net earnings impact for twelve months ending December 31, 2011 December 31, 2010 $ 417 $ (29) 4,525 3,538 (51) Assets of businesses held for sale (LOCOM) 711 3,127 (1) Other (Investment companies and loans) 388 390 4 Total $ 5,865 $ 7,472 $ (77) (a) Excludes derivatives portfolio. 32 GE Capital - Ending Net Investment (ENI) December 31, 2011 (In billions) GECC total assets $ Less: assets of discontinued operations Less: non-interest bearing liabilities GE Capital ENI $ Less: cash and equivalents GE Capital ENI, excluding cash and equivalents 553.7 September 30, 2011 $ $ March 31, 2011 577.1 $ 569.8 December 31, 2010 $ 577.7 (1.1) (1.5) (6.4) (10.1) (12.4) (32.3) (36.7) (36.1) (36.6) (35.3) 520.3 $ (75.7) $ 572.7 June 30, 2011 444.6 534.5 $ (82.4) $ 452.1 534.6 $ (77.3) $ 457.3 523.1 $ (66.5) $ 456.6 530.0 (59.5) $ 470.5 33 GECC - Ratios (a) Leverage ratio (In billions) Debt Equity (b) December 31, 2011 $ Leverage ratio Debt Less: hybrid debt Less: cash and equivalents Adjusted debt 438.2 80.0 September 30, 2011 $ 453.2 79.1 5.5:1 $ 438.2 (7.7) (76.0) 354.5 June 30, 2011 $ 458.1 78.8 5.7:1 $ 453.2 (7.7) (82.7) 362.8 March 31, 2011 $ 5.8:1 $ 458.1 (7.7) (77.4) 373.0 December 31, 2010 452.8 76.1 $ 5.9:1 $ 452.8 (7.7) (66.6) 378.5 465.4 72.9 6.4:1 $ 465.4 (7.7) (59.7) 398.0 Equity (b) Add: hybrid debt Adjusted equity 80.0 7.7 87.7 79.1 7.7 86.8 78.8 7.7 86.5 76.1 7.7 83.8 72.9 7.7 80.6 Adjusted leverage ratio 4.0:1 4.2:1 4.3:1 4.5:1 4.9:1 Tangible common equity to tangible assets ratio (In billions) December 31, 2011 September 30, 2011 June 30, 2011 March 31, 2011 December 31, 2010 Total equity (b) Less: Goodwill and other intangibles $ 80.0 (28.8) $ 79.1 (29.4) $ 78.8 (30.0) $ 76.1 (29.6) $ 72.9 (29.5) Tangible common equity $ 51.2 $ 49.7 $ 48.8 $ 46.5 $ 43.4 Total assets Less: Goodwill and other intangibles $ 553.7 (28.8) $ 572.7 (29.4) $ 577.1 (30.0) $ 569.8 (29.6) $ 581.1 (29.5) Tangible assets $ 524.9 $ 543.3 $ 547.1 $ 540.2 $ 551.6 Tangible common equity to tangible assets Tier 1 common ratio (c) 9.8 % 9.1 % 8.9 % 8.6 % 7.9 % 11.4 % 11.0 % 10.4 % 9.8 % 8.9 % (a) Includes discontinued operations. (b) Equity represents amounts available to GECC shareholders, excluding noncontrolling interests. (c) Based on Basel One RWA estimates. 34 GECS supplemental information 35 GECS - Investment securities (In millions) Debt U.S. corporate State and municipal Residential mortgage-backed (a) Commercial mortgage-backed Asset-backed Corporate - non-U.S. Government - non-U.S. U.S. government and federal agency At December 31, 2011 Gross Gross unrealized unrealized losses gains Amortized cost $ 20,715 3,027 2,711 2,913 5,102 2,447 2,488 3,974 $ 3,428 350 184 162 32 130 129 84 $ Estimated fair value (410) (143) (286) (247) (164) (207) (86) - Retained interests 25 10 - Equity Available-for-sale Trading 713 241 75 - (38) - Total (In millions) Debt U.S. corporate State and municipal Residential mortgage-backed (a) Commercial mortgage-backed Asset-backed Corporate - non-U.S. Government - non-U.S. U.S. government and federal agency $ $ 4,584 $ (1,581) $ Amortized cost 23,733 3,234 2,609 2,828 4,970 2,370 2,531 4,058 $ $ Equity $ 1,435 87 219 244 100 330 906 502 $ (241) (1) (9) (23) (7) (28) (5) - - - 440 (38) 4,263 $ (352) $ 836 307 825 1,320 850 607 203 - $ - $ 4,948 1,576 45 95 145 16 116 82 57 $ (237) (282) (378) (230) (193) (132) (58) (47) $ 22,154 2,724 2,809 2,924 3,230 2,867 2,266 3,786 10 (26) 39 750 241 500 417 213 - (8) - 705 417 47,359 $ 43,157 $ 2,355 $ (1,591) $ 43,921 At December 31, 2010 - In loss position for Less than 12 months 12 months or more Gross Gross unrealized unrealized Estimated Estimated losses losses fair value fair value (169) (142) (277) (224) (157) (179) (81) - $ $ $ 55 - 20,815 2,961 3,092 3,009 3,407 2,883 2,242 3,776 Estimated fair value 35 At December 31, 2011 - In loss position for Less than 12 months 12 months or more Gross Gross unrealized unrealized Estimated Estimated losses losses fair value fair value Retained interests Total 44,356 $ At December 31, 2010 Gross Gross unrealized unrealized losses gains (1,229) $ 2,375 949 188 831 113 448 661 1,822 $ (81) (43) (4) (104) (5) (12) (6) (47) $ 1,519 570 1,024 817 910 804 107 - $ (156) (239) (374) (126) (188) (120) (52) - - - 34 (26) 49 (8) - - 7,436 $ (310) $ 5,785 $ (1,281) (a) Substantially collateralized by U.S. mortgages. 36 GECS - Funding December 31, 2011 September 30, 2011 Commercial paper Long-term debt (a) Deposits / CD's Alternate funding / other Non-recourse borrowings of consolidated securitization entities $ 44.2 302.8 43.1 23.7 29.3 $ 40.7 321.6 41.5 24.0 29.0 $ 40.7 326.5 41.5 25.4 29.1 $ 40.6 324.1 39.4 24.7 29.3 $ 42.0 336.0 37.3 25.2 30.0 Total debt $ 443.1 $ 456.8 $ 463.2 $ 458.1 $ 470.5 $ 52.4 $ 53.6 $ 53.7 $ 53.0 $ 51.8 (In billions) June 30, 2011 March 31, 2011 December 31, 2010 Metrics Bank lines Commercial paper coverage (b): Bank lines Bank lines and cash and equivalents 119 % 292 % 132 % 336 % 132 % 323 % 130 % 296 % 123 % 267 % Cash and equivalents $ 76.7 $ 83.3 $ 78.0 $ 67.3 $ 60.3 LT debt < 1 year $ 82.7 $ 76.4 $ 72.9 $ 59.2 $ 65.6 (a) Includes $35 billion, $45 billion, $45 billion, $45 billion, and $53 billion of long term debt issued under the TLGP program at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011, and December 31, 2010, respectively. (b) Commercial paper coverage represents bank lines, both excluding and including cash and equivalents, as a percentage of the commercial paper balance as of the end of the relevant period. 37 GECS - Ratios (a) Leverage ratio (In billions) Debt Equity (b) December 31, 2011 $ Leverage ratio Debt Less: hybrid debt Less: cash and equivalents Adjusted debt 443.4 77.1 September 30, 2011 $ 458.4 76.0 5.7:1 $ 443.4 (7.7) (77.0) 358.7 June 30, 2011 $ 463.2 75.1 6.0:1 $ 458.4 (7.7) (83.6) 367.1 March 31, 2011 $ 6.2:1 $ 463.2 (7.7) (78.1) 377.4 December 31, 2010 458.1 72.1 $ 6.4:1 $ 458.1 (7.7) (67.4) 383.0 470.6 69.0 6.8:1 $ 470.6 (7.7) (60.4) 402.5 Equity (b) Add: hybrid debt Adjusted equity 77.1 7.7 84.8 76.0 7.7 83.7 75.1 7.7 82.8 72.1 7.7 79.8 69.0 7.7 76.7 Adjusted leverage ratio 4.2:1 4.4:1 4.6:1 4.8:1 5.2:1 Tangible common equity to tangible assets ratio (In billions) December 31, 2011 September 30, 2011 June 30, 2011 March 31, 2011 December 31, 2010 Total equity (b) Less: Goodwill and other intangibles $ 77.1 (28.8) $ 76.0 (29.4) $ 75.1 (30.0) $ 72.1 (29.6) $ 69.0 (29.5) Tangible common equity $ 48.3 $ 46.6 $ 45.1 $ 42.5 $ 39.5 Total assets Less: Goodwill and other intangibles $ 584.5 (28.8) $ 603.1 (29.4) $ 605.6 (30.0) $ 597.7 (29.6) $ 608.7 (29.5) Tangible assets $ 555.7 $ 573.7 $ 575.6 $ 568.1 $ 579.2 Tangible common equity to tangible assets 8.7 % 8.1 % 7.8 % 7.5 % 6.8 % Tier 1 common ratio (c) 9.9 % 9.6 % 9.1 % 8.6 % 7.8 % (a) Includes discontinued operations. (b) Equity represents amounts available to GECS shareholders, excluding noncontrolling interests. (c) Based on Basel One RWA estimates. 38 GECC/GECS Merger (In millions, unless otherwise noted) For twelve months ending December 31, 2011 GECS as GECC as GECC postreported reported (a) merger (a) Revenues $ 45,730 $ 49,081 $ 49,081 Earnings from continuing operations 6,676 6,559 6,559 Net earnings attributable to GECC/GECS 6,566 6,510 6,510 GECC as reported (a) Total assets Total liabilities Total equity ENI (ex-cash) (in billions) $ 553,662 At December 31, 2011 GECS as reported $ 584,536 GECC postmerger (a) $ 584,536 472,927 506,736 506,736 80,735 77,800 77,800 444.3 444.8 444.8 (a) The difference between GECC as reported and GECC post-merger mainly represents our run-off insurance operations and obligations to be assumed by GECC as a result of the merger and includes $300 million aggregate principal amount of GECS' 7.5% Guaranteed Subordinated Notes due August 21, 2035 and outstanding GECS' commercial paper. 39 Appendix 40 Glossary Term Definition Borrowing Financial liability (short or long-term) that obligates us to repay cash or another financial asset to another entity. Cash and equivalents Highly liquid debt instruments with original maturities of three months or less, such as commercial paper. Typically included with cash for reporting purposes, unless designated as available-for-sale and included with investment securities. Commercial paper Unsecured, unregistered promise to repay borrowed funds in a specified period ranging from overnight to 270 days. Derivative instrument A financial instrument or contract with another party (counterparty) that is designed to meet any of a variety of risk management objectives, including those related to fluctuations in interest rates, currency exchange rates or commodity prices. Options, forwards and swaps are the most common derivative instruments we employ. See "Hedge." Discontinued operations Certain businesses we have sold or committed to sell within the next year and therefore will no longer be part of our ongoing operations. The net earnings, assets and liabilities, and cash flows of such businesses are separately classified on our Statement of Earnings and Statement of Financial Position for all periods presented. Ending Net Investment (ENI) The total capital we have invested in the financial services business. It is the sum of short-term borrowings, long-term borrowings and equity (excluding noncontrolling interests) adjusted for unrealized gains and losses on investment securities and hedging instruments. Alternatively, it is the amount of assets of continuing operations less the amount of non-interest bearing liabilities. Equipment leased to others Rental equipment we own that is available to rent and is stated at cost less accumulated depreciation. Fair value hedge Qualifying derivative instruments that we use to reduce the risk of changes in the fair value of assets, liabilities or certain types of firm commitments. Changes in the fair values of derivative instruments that are designated and effective as fair value hedges are recorded in earnings, but are offset by corresponding changes in the fair values of the hedged items. See "Hedge." Financing receivables Investment in contractual loans and financing leases due from customers (not investment securities). Goodwill The premium paid for acquisition of a business. Calculated as the purchase price less the fair value of net assets acquired (net assets are identified tangible and intangible assets, less liabilities assumed). Hedge A technique designed to eliminate risk. Often refers to the use of derivative financial instruments to offset changes in interest rates, currency exchange rates or commodity prices, although many business positions are "naturally hedged" - for example, funding a U.S. fixed-rate investment with U.S. fixed-rate borrowings is a natural interest rate hedge. 41 Glossary Term Definition Intangible asset A non-financial asset lacking physical substance, such as goodwill, patents, licenses, trademarks and customer relationships. Interest rate swap Agreement under which two counterparties agree to exchange one type of interest rate cash flow for another. In a typical arrangement, one party periodically will pay a fixed amount of interest, in exchange for which that party will receive variable payments computed using a published index. See "Hedge." Investment securities Generally, an instrument that provides an ownership position in a corporation (a stock), a creditor relationship with a corporation or governmental body (a bond), rights to contractual cash flows backed by pools of financial assets or rights to ownership such as those represented by options, subscription rights and subscription warrants. Net operating income Represents operating income less operating expenses for owned real estate properties. Other comprehensive income Changes in assets and liabilities that do not result from transactions with share owners and are not included in net income but are recognized in a separate component of shareowners' equity. Other comprehensive income includes the following components: - Investment securities - unrealized gains and losses on securities classified as available for sale - Currency translation adjustments - the result of translating into U.S. dollars those amounts denominated or measured in a different currency - Cash flow hedges - the effective portion of the fair value of cash flow hedges. Such hedges relate to an exposure to variability in cash flow of recognized assets, liabilities or forecasted transactions that are attributable to a specific risk - Benefit plans - unamortized prior service costs and net actuarial losses (gains) related to pension and retiree health and life benefits Retained interest A portion of a transferred financial asset retained by the transferor that provides rights to receive portions of the cash inflows from that asset. Securitization A process whereby loans or other receivables are packaged, underwritten and sold to investors. In a typical transaction, assets are sold to a special purpose entity, which purchases the assets with cash raised through issuance of beneficial interests (usually debt instruments) to third-party investors. Whether or not credit risk associated with the securitized assets is retained by the seller depends on the structure of the securitization. See "Variable interest entity." Variable interest entity (VIE) An entity that must be consolidated by its primary beneficiary, the party that holda a controlling financial interest. A variable interest entity has one or both of the following characteristics: (1) its equity at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) as a group, the equity investors lack one or more of the following characteristics: (a) the power to direct the activities that most significantly affect the economic performance of the entity, (b) obligation to obasorb expected losses, or (c) right to receive expected residual returns. 42