Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697751731555.pdf (Georgia)
March 9, 2023 | Cincinnati, Ohio Caution 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.
GE 2023 Investor Conference agenda 7:00AM Breakfast 7:30AM Welcome Safety moment GE Overview Steve Winoker Jenna Fillmore Larry Culp GE Aerospace, followed by Q&A Larry Culp & team 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 Hosted at GE Aerospace’s Customer Technical Education Center GE Investor Conference I March 9, 2023 Safety Moment Jenna Fillmore | Senior Health & Safety Manager, GE Aerospace 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 4 Safety moment Today at GE Aerospace: • • In case of emergency, use closest exit 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 | M a r c h 9 , 2 0 2 3 GE Overview Larry Culp Chairman & CEO, GE CEO, GE Aerospace Propelling 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 GE Vernova ... New era at GE ... uniquely positioned continuing to create value industry leader electrifying & for customers, employees & today, tomorrow & the future decarbonizing the world shareholders Operating 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 Michael Whalen works on a GEnx in Evendale, OH Two innovative, service-focused industry leaders 2022 backlog Services % of backlog 2022 revenue Services % of revenue 2022 profit margin % Aerospace $353B 89% $26B 70% 18.3% Renewable Energy $33B 39% $13B 21% (17.3)% Power $74B 82% $16B 71% 7.5% Global installed base ~40,900 commercial-a) & ~26,100 defense aircraft engines ~54,000 wind turbines ~7,000 gas 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 FY 2023 Guidance • Mid-to-high teens organic revenue growth* • $5.3B-$5.7B operating profit • FCF* up year-over-year Total company 2022 2023E Revenue growth*-b) +6% +HSD -a) Adjusted EPS* $0.77 $1.60-$2.00 • LSD to MSD organic revenue growth* • $(0.6)B-$(0.2)B operating profit • FCF* flat to slightly improved Free cash flow* $3.1B $3.4B-$4.2B 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 (b – organic basis 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 10 More than doubling adjusted EPS* in 2023 $1.60-$2.00 2022 to 2023 dynamics $0.77 2022 Adj.

EPS* Volume, mix Price/cost inflation Productivity, restructuring Investments, other-a) Interest, preferreds 2023E Adj.
EPS* • 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 11 Significant 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* 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.
2 0 2 3 G E I N V E S T O R C O N F E R E N C E 12 Preparing to stand up two independent companies Update Next steps • 95% of employees focused on day-to-day • Working on operational separation ... business performance systems, legal entities, finance, IT & more • 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 • Implementing organizational & cost structure improvements (e.g., Corporate restructuring) • Establishing stand-alone capital structures, corporate governance & filings Advancing toward GE Aerospace & GE Vernova launches 13 GE ... 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 Running the business with greater focus GE Vernova ... 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.
14 GE Investor Conference I March 9, 2023 GE Aerospace Larry Culp I CEO, GE Aerospace Russell Stokes I Commercial Engines & Services Mohamed Ali I Engineering Amy Gowder I Defense & Systems Rahul Ghai I CFO 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 15 Video: Aerospace Opening 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 16 GE Aerospace – inventing the future of flight, lifting people up & bringing them home safely 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 17 A global leader with large, growing businesses Commercial Propulsion Defense & Systems Sector size 2022-a) ~$50B Sector CAGR 2022-2025-a) Low-teens GE 2022 revenue % services Key demand drivers $18.7B ~70% ~$35B MSD-HSD $7.4B-b) >70%-c) • Fleet renewal & expansion • Strong U.S. & international demand • Return to flight; supporting GDP+ growth • 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 (c – Services >70% of revenue for Military only, >60% for Military and Systems & Other businesses 18 Strength & reach by the numbers ~3B Passengers flew with GE technology-a) under wing in 2022 70% Services % of 2022 revenue ~650K People flying at any given time on GE or JV-a) powered aircraft Every 2 seconds A GE or JV-a) powered aircraft
 takes off out of 3 4 Commercial flights powered by GE or JV-a) engines $350B+ Total backlog ~67K Commercial & defense engines in service-a) ~45K Employees globally 1st High-voltage, MW class, high-altitude Hybrid Electric test-b) (a – Includes equipment made by CFM & Engine Alliance joint ventures (b – Simulated altitude CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney 19 Demand is strong in attractive, growing sectors Commercial air travel demand Global defense spending-b) Revenue passenger kilometers-a) % of 2019 levels ($ in trillions) 120 100 80 60 40 20 - 5-year CAGR: 25% 1.8 1.7 1.6 1.5 1.4 1.3 3-year CAGR: LSD '19 2019 '20 2020 '21 2021 '22 2022 '23 2023E '24 2024F '25 2025F 2019 2020 2021 2022 2023E 2024F 2025F • Global recovery driving accelerated mid-term growth • U.S. & international spending up driven by heightened ... long-term aligned to 1.5x to 2x GDP global instability (a – Source: Oxford Economics (b – Source: US Dept of Defense, Aviation Week forecast, internal GE estimate; addressable market for GE 20 Uniquely 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 Others ~70% services revenue … extensive, open MRO network means flexibility for customers Defense ~65 ~50–a) Others 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 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 21 Executing on GE Aerospace’s priorities 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 Enabling our vision … the company that defines flight for today, tomorrow & the future LEAP-1B engine 22 How we are defining flight Today Tomorrow Future Commercial Engines & Services Keep the installed fleet flying Grow & optimize LEAP & GE9X fleet Develop, certify & scale next gen technology Defense & Systems Recover delivery Deliver on growth Lead with next gen technology 23 GE Aerospace: 2025 financial outlook Revenue growth*-a) Profit margin FCF conversion*-b) Low double-digits to mid-teens ~20% 100%+ 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 24 Commercial Engines & Services Russell Stokes | CEO 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 25 2 0 2 3 G E I N V E S T O R C O N F E R E N C E GE
 Aerospace is differentiated by its products, technologies, service & customer support Product breadth & quality Open services network Customer support CFM LEAP GE9X CF34 Passport 20 LEAP services network GE Aerospace customer support provides 24/7 service with centers across the globe • • Industry’s broadest portfolio spanning narrowbody, widebody, regional, business & turboprop aircraft • Maximizes customer choices across risk transfer CSAs to spare parts contracts serviced through external providers Leading technology enables best-in-class reliability, fuel efficiency & durability • Global network composed of overhaul, repair, on-wing support • • 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 26 Powering the world’s most successful aircraft (illustrative) Engine program lifecycle revenue-a) Airbus A380 GP7200 Boeing 787 GEnx Boeing 777 GE90 Airbus A330 GE CF6 Legacy widebodies CF6 y d o b e d W i t f a r c r i A Boeing 777X GE9X & l i a n o g e R y d o b w o r r a N t f a r c r i A Boeing 737Max Airbus A320neo COMAC C919 CFM LEAP Parts & services New engines 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 27 Serving customers across engine lifecycle (illustrative) Engine workscope Quick turns-c) Performance restoration shop visit (PRSV) Compressor Fan LPT–a) Combustor & HPT-a) Temperature exposure Modules Fan Compressor Combustor HPT LPT Avg.
revenue per shop visit Workscope variations-b) Typical content SV1 SV2 SV3+ NB NB WB NB WB NB WB Shop visit (SV) timing Typically early entry into service (EIS) ~5-10 years ~10-15 years ~15-20+ years Narrowbody (NB) workscope Widebody (WB) workscope 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 28 Return to flight drives departure growth & strong demand for Services across the portfolio GE/CFM departures (% of 2019) Widebody freight Total 2019 levels Widebody Pax Narrowbody Dec'20 Dec'21 Dec'22 Dec'23 Dec'24 Dec'25 ’22-’25 CAGR: HSD to LDD 140 % 120 100 80 60 40 20 0 Dec'19 3,000 2,000 1,000 0 Internal shop visit forecast-a) MDD CAGR 2022 2023F 2023E 2024F 2025F CFM56 LEAP Regional GE90, GEnx, CF6, GP7200 • Benefitting from cyclical COVID rebound & secular tailwinds • Aging fleets, Asia demand & international travel support thereafter continued strong growth • Services network largely capitalized to support demand through ’25 … input material shortages challenge output (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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 29 New engine demand driven by airframer build rates, underpinned by long-term industry health Aircraft production-a) Total engine shipments-a) Mid-teens CAGR 2,000 1,500 1,000 500 0 4,000 3,000 2,000 1,000 0 Mid-20s CAGR 2022 2023E 2024F 2025F 2022 2023E 2024F 2025F Airbus Boeing Embraer Bombardier Total CFM56 LEAP CF34 & Other GE90, GEnx, CF6 & Other Total •
 Robust production driven by cyclical recovery, fleet renewal • Hard capacity largely in place, hiring on track to meet & long-term global demand demand … partnering with suppliers to secure material inputs • Broad-based demand increases across all customers / • Building spare engines to support customer fleet stability, products 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 30 Managing product lifecycle to enable customer success, while sustainably growing free cash flow Today Tomorrow Future 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 • 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) CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines.
CFM RISE is a registered trademark 31 Largest global fleet in service with incremental growth coming from LEAP & 9X GE /JV engine fleet in service-a) 45,000 30,000 15,000 0 GE9X GP7000 LEAP GEnx GE90 CF6 CF34 CFM56 2022 E 2023F 2024F 2025F 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 32 CFM56 fleet poised for continued strong performance Total shop visit forecast-a) Fleet demographics-b) Aircraft retirements 2,000 1,000 0 SV2 SV1 No SV 2022 2025F 2028F 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 600 500 400 300 200 100 0 • • 2022 2025F 2028F '21 Fcst '22 Fcst 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 33 Video: Lean at Component Repair Technologies 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 34 Delivering on the LEAP ramp to drive growth LEAP engine
 production ramp Lean case study LEAP Turbine Center Frame in Terre Haute 6 3 7 , 1 5 1 8 5 4 8 0 0 7 , 1 ~ 6 3 1 , 1 + 0 0 0 , 2 2019 2020 2021 2022 2023E 2024F 2025F • 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 t u p t u O y h l t n o M 40 30 20 10 0 • • 100 75 50 25 0 y c n e u q n i l e D 1Q'22 2Q'22 3Q'22 4Q'22 1Q’23E 1Q'23 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 35 Profitable LEAP growth requires focus on shop visit volume, durability & cost Durability & cost-a) Internal shop visit growth-b) Time on wing (TOW) indexed to technical requirement (Mean TOW, cycles) Customer expectation at maturity LEAP-1A CFM56-5B Better TOW v. CFM56 at comparable age 1.00 0.80 0.60 0.40 0.20 0.00 1 2 3 4 Delivery year, since EIS 6 5 7 8 9 10 400 200 0 2022 2023E 2024F 2025F • Durability critical to profitability... short of customer expectations • Shop visit growth is key driver of profitability … expected to but better than CFM56 at same point of life since EIS ramp considerably through balance of the decade • Improving unit cost … targeting MSD reduction by 2025 as inflation pressures productivity gains • 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.
2 0 2 3 G E I N V E S T O R C O N F E R E N C E 36 GE engines are well-positioned to serve broad range of widebody operator needs Multi-platform position allows GE to meet customer needs across lifecycles & applications Internal shop visit forecast-b) % Services-a) Demand driver GE strategic positioning (GE90, CF6, GEnx, GP7000) ~60% 787 ... the most versatile widebody aircraft ~65% win rate ... reliability, fuel efficiency & durability advantage ~80% 777 ...
Robust demand for PAX & freight Supporting robust demand for new & used aircraft ~90% ~90% Engine of choice for freighters Differentiated reliability, support, cost of ownership A380 ... capacity for large hubs Continued support as fleet returns to service post COVID-19 storage 1,500 1,000 500 0 GEnx GE90 CF6 GP7200 HSD to LDD CAGR 2022 2023E 2024F 2025F ~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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 37 GE9X imperatives through 2025 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 38 Improving the Services network through lean & differentiated technology investments Lean case study CFM56 HPC Vane Repair Turnaround Time in Singapore -a) Technology Leveraging AI & robotics to improve performance 52 days 40% reduction 36 days 31 days Q3 3Q’22 Q4 4Q’22 Today GEnx HPT blade inspection tool • 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 • AI-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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 39 Technology leadership for the next generation CFM RISE open fan Hybrid electric Alternative fuels CFM RISE open fan demo Integrated hybrid electric powertrain to demonstrate flight readiness for single-aisle aircraft 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 40 Video: United Airlines 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 41 The industry’s largest engine portfolio, powering the world’s most successful aircraft platforms 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 42 Technology & Innovation Mohamed Ali | VP, Engineering 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 43 World-class engineering expertise integrated throughout the product lifecycle Design & materials Supply chain Services LEAP CMC shroud with cross-section Ultrasound cycle time & safety improvement tooling Robots apply thermal coating, extending TOW Develop differentiated product portfolio through advanced technology Optimize manufacturing efficiency of new & legacy products Improve fielded product durability & reliability … focus on fuel burn, reliability & durability for customers … focus on product ramp & reducing cost … focus on maximizing asset value 10,000+ global engineers bring unique depth to each stage of engine lifecycle ... safety & quality top priorities 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 44 LEAP performing better than CFM56 at comparable age & at/above expectations across most criteria LEAP strengths • Fuel burn … 15% advantage versus prior generation engines • Reliability … superior to 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 Reliability Utilization Engine removal rate since EIS 12-month rolling average Days flown ratio % days with at least 1 flight flown CFM56-5B s r u o h t h g i l f e v i t c e f f E 0 0 0 1
 / LEAP Pre-COVID 100% 90% l s a v o m e R c s a B e n g n E i i LEAP-1A Today 80% 10 20 30 40 50 60 70 Months since EIS 70% Source: FlightRadar24 & Cirium Largest LEAP operating airlines with full return to service: Southwest, American, IndiGo, Frontier, Pegasus, United 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 45 Proven 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 Year 2-6 improvements P10/15/16 shroud, P06/07 blade, G07 nozzle 6 Year 7-12 improvements P17 shroud, P09 blade, G13+ nozzle, G07 Combustor Liner 12 HPT Stage 1 Blade Example P04 (EIS) Deep technical expertise required to design, test & validate refinements P09 GE90-115B Thrust Rating field data in Neutral Environments; based on available field data 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 46 Achieving mature LEAP durability is top priority LEAP durability improvements Actioning durability improvements Shroud 2018 RDS-a) 2019 EIS Fuel Nozzle 2023-2024 EIS +6 HPT Blade & Nozzle 2024-2025 EIS +12 Fuel Nozzle RDS HPT Blade Shroud • 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 o Fuel nozzle: has been in flight testing since 2022 ... ramping in production year end 2023 through 2024 High conviction in ability to meet customer expectations based on prior experiences with GE90 & CFM56 (a- RDS = Accessory Radial Drive Shaft 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 47 Breakthrough technologies to invent future & secure installed fleet Electrification Advanced architecture • World’s 1st … tested complete electric system up to 45,000 feet-a) • NASA & Boeing flight program ... testbed for future commercial, military applications • Super-computing power for performance & noise innovation • Airbus flight test partnership for mid-decade demo • Leverages adaptive cycle engine Alternative fuels Product upgrades • On track for H2 flight demo with Airbus mid-decade • GE expert chairs 100% SAF drop-in standards committee • 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 48 Defense & Systems Amy Gowder | CEO 49 Threat environment driving strong budgets US Department of Defense budget-a) International defense budget-b) LSD CAGR anticipated in President’s Budget 2024+ +9.8% in 2023 LSD CAGR 744 2022 817 2023E 2024F 2025F 2019 2020 2021 2022 2023E 2024F 2025F • Great power competition ... U.S. is focused on the threat • NATO & allies driving a reassessment of force structure of China regionally & globally • Modernization
 ... maintaining superiority through new technology • Readiness ... upgrades to improve existing fleet capabilities • 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 50 Powering a wide range of defense aircraft globally (illustrative) Engine program lifecycle revenue-a) USMC CH-53K T408 Air Force F-15EX F110 Future Vertical Lift T901 P-8/E-7 CFM56 Next Gen Air Force T-7A F404 Parts & services New engines Apache/Black Hawk T700 F-16 F110 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 AW189 CT7 Sweden Gripen F414 $11B backlog, 2.5x 2022 revenue-b) … 1.2x book to bill ratio 2021-2022 (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.
2 0 2 3 G E I N V E S T O R C O N F E R E N C E 51 s m r o f t a p l .

.
S U s m r o f t a p l l ’ t n I Delivering growth & innovating technology for the future of combat Today Tomorrow Future Defense & Systems Recover delivery Deliver on growth Lead with next gen technology • Lean improvements in • Execute new product • Lead in adaptive cycle components & assembly introduction in rotorcraft engine technology • Material input availability & supplier partnership • Integrate & deliver on international platforms • Develop in hypersonic & small UAV propulsion • Structured approach to reduce product costs • Refresh spares & services go to market to drive growth • Execute hybrid electric technology roadmap 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 52 Delivering improved operational performance Investing in improved quality Lean impact in flow improving delivery • Detailed part-to-print program on T700 to implement • Lean operating system is driving results: sustainable improvements o >16,000 characteristics checked o T700 unit output: 286 in 2021 → 378 in 2022 o F110 Compressor Case: delivery output rate up >2x o 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 have completed part-to-print 28% … resulting reduction in overall T700 defect identification Investing in systematic approach to improve flow & yield Miguel Corporan working on a F414 in Lynn, MA 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 53 Growing through differentiation Engine unit outlook Positioned on numerous U.S. & international platforms 1250 1000 750 500 250 0 HSD CAGR '23E '24F '25F '26F '27F '28F '29F '30F Rotorcraft Combat Mobility/Marine Demand driver Platform selections & campaigns Engine of choice for U.S. & international trainers & light fighters Selected: Air Force T-7A, Turkey Hurjet, Korea T-50 & FA-50 Campaigns: U.S. Navy & int’l trainers Engine of choice on international indigenous large fighters Engine of choice for U.S. & international large fighters U.S. Marine Corps heavy lift engine with growing Int’l demand Selected: Korea KF-21, India Tejas Campaign: India fighter & AMCA Selected: Air Force F-15EX, Turkey TF-X Campaigns: Israel F-15, India fighters Selected: CH-53K King Stallion Campaign: CH-47 re-engine U.S. Army rotorcraft engine of the future Selected: Apache, Black Hawk, U.S. Army Future Vertical Lift Program 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 54 F404 F414 F110 T408 T901 Leading in adaptive cycle engine technology Adaptive is a generational change in propulsion Technology is mature & tested High bypass efficiency + Performance on demand $2B of tech maturation Performance testing by Air Force customer 25% better fuel efficiency + 10% to 20% more thrust + 2X mission systems cooling (a – U.S. Air Force AETP lifecycle cost study for F-35 30% range increase & 50% more loiter time Combat performance Survivability & lethality While offering customer lifecycle cost savings $10B net lifecycle cost savings-a) 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 55 Innovating for the future in Edison Works Developing future of combat technology New capabilities are entering the combat
 fleet • Awarded significant classified programs, competing on multiple additional classified programs • Investing in key technologies associated with hypersonics, hybrid electric & advanced UAVs • Organic & inorganic investments, positioned for ramjet/scramjet applications • Expanding into new high-growth sectors $7,000.00 $6,000.00 $5,000.00 $4,000.00 $3,000.00 $2,000.00 $1,000.00 $0.00 Stealth UAVs Hypersonics 2022 2042 >20% ~$350M Revenue CAGR 2020-2025 funding for classified programs in 2022 Driving growth through advanced technology 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 56 Defense: growing in strong & resilient sector Focused on driving a step change in performance today Growing in both core & next generation products tomorrow Technology shared across civil & defense products 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 57 Financials Rahul Ghai | CFO 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 58 GE Aerospace, a global leader operating at scale 2022 revenue split Installed base-a) growth $26B 30% equipment 70% services ~60% 51K 67K 42K 2000 2010 2022 Higher-margin services revenue fueled by growing fleet in service & higher utilization (a – Number of commercial & military engines in-service; sourced from Cirium; includes 26,300 CFM56 & LEAP engines & 270 Engine Alliance engines as of Dec 31, 2022 CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney 59 Consistent long-term growth … recovery continues ($ in billions) e u n e v e R t i f o r P +MSD CAGR 32.9 26.0 10.8 10.9 19.3 17.6 +HSD CAGR 6.8 4.8 2.0 2.2 3.7 3.3 2000 2005 2010 2015 2020 2022 9/11 Great recession COVID-19 Growth drivers • 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
 Historical values are as reported in respective annual GE Form 10-K & reflect GE’s portfolio composition for the year reported 60 Continued profit growth in 2023 Profit bridge 2023 dynamics $4.8B $5.3-$5.7B • 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 2022 Volume / mix Price / cost Productivity inflation Investment / other 2023E • 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 * Non-GAAP Financial Measure (a – organic basis 61 Strong cash generation in 2023 FCF* bridge 2023 dynamics $4.9B $4.4B-a) Up 5.2 • 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%+ 2019 2022 Earnings Working capital AD&A CapEx & other 2023E * 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.
62 GE Aerospace: 2025 financial outlook Revenue growth*-a) Profit margin FCF conversion*-b) Low double-digits to mid-teens: • Commercial: Mid-teens • Defense-c): MSD-HSD ~20% 100%+ Strong top line driving high-teens profit growth & continued FCF* generation * 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.
(c – Military only (excludes Systems & Other 63 Path to ~20% margin in 2025 Profit bridge 2023 to 2025 dynamics • Volume continues to offset platform mix $7.6-$8.0B pressure $5.3-$5.7B 2023E Volume / mix Price / cost inflation Productivity Investment / other 2025F • Expecting LEAP program & OE breakeven by mid-decade • Price contributing, offsetting inflation and continued growth investments • Continued lean deployment & focused cost out 64 Driving a leaner, more efficient cost base 2023 to 2025 Productivity-a) SG&A % of revenue Labor & overhead 2-3 pts.
per year 7% 7% 9% Material 2019 2020 2023E 2025F • Product cost reduction ... learning curve, loss/scrap reduction & leveraging the supply base • SG&A% slightly lower than pre-COVID levels in 2023 … disciplined additions to support higher revenue • Shop productivity improvement ... repair industrialization, reducing non-productive time & driving higher output per FTE • 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 65 Opportunities supporting mid-term FCF* growth CapEx/revenue ratio Days sales outstanding (DSO) Inventory turns 2019 2021 2023E 2025F 2019 2021 2023E 2025F 2019 2021 2023E 2025F • Controlled spending while • 2022 DSO better than pre-COVID • Reduce peak inventory levels by supporting LEAP shop visit ramp levels • CapEx stable at ~2% of revenue • Additional opportunities through billing improvements & linear collection management 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 66 Attractive 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 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 67 Wrap Larry Culp | CEO, GE Aerospace 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 68 GE Aerospace ... creating value now & ahead 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 69 Q&A 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 70 G E I N V E S T O R C O N F E R E N C E | M a r c h 9 , 2 0 2 3 Break O
71 Video: Vernova Opening 72 GE Vernova Scott Strazik I CEO, GE Vernova Eric Gray I Gas Power Philippe Piron I Grid Solutions & Power Conversion Vic Abate I Onshore Wind 73 GE Vernova – March 2023 vs. March 2022 External developments Internal progress • Inflation Reduction Act (IRA) a “game changer” for our U.S. customers • Solidifying the leadership team … supporting stand-up of a new public company ✓ ONW tax credit extension (10+ years) improves certainty & cash flow profile ✓ Internal promotions with substantial depth & domain in their respective businesses ✓ 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 (a – Carbon capture, utilization & storage ✓ 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 74 GE Vernova – the energy to change the world 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 75 Strength & reach by the numbers ~30% World’s electricity generated with the help of our technology ~50% Services revenue-b) 30% Global utilities served by
 our software 7K Gas turbines installed … world’s largest fleet $107B Backlog-b) 8M hours Hydrogen- blended output on 100+ turbines 54K Wind turbines installed > 50 countries … #1 ONW in U.S.-a) 2,200 GW Global installed base 1st 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 76 Delivering what the energy system needs Global sectors Sector size 2022-a) Sector CAGR 2022-2030-a) GE 2022 revenue-b) % services-b) Key demand drivers Conventional Power Gas, Steam, Nuclear & Hydro Wind Onshore & Offshore Electrification Grid, Power Conversion, Digital & Hybrids ~$110B LSD ~$16B ~70% ~$80B HSD ~$9B ~25% ~$75B MSD/HSD ~$5B-c) ~30% • Electrification Intermittency • • Decarbonization • Distributed energy resources • Decarbonization • Energy security 77 (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 Driving the energy transition forward Decarbonizing … decreasing CO2 Electrifying ... meeting the world’s growing electricity needs • Transitioning to low-carbon fuels like hydrogen & capturing carbon • Growing low & zero-carbon generating capacity Manmade CO2 36 GT/Y Industry Buildings Other 8% 4% 26% 21% 40% Coal 9.7 GT Transport POWER INDUSTRY 13 GT/Y …while generating 28K TWh/y Oil 0.5 GT Gas 2.8 GT • 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 28K 8K 2021 43K 16K 2040 stated policies 49K 20K 2040 announced pledges 58K 27K 2040 Net-zero scenario Electricity Demand-a) (TWh/y) Capacity (GW) Reducing carbon intensity as electrification accelerates (a – IEA World Energy Outlook 2022 global electricity generation (thousands of TWh/y) & net installed capacity (GW R
R E N C E 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 78 Solid revenue growth from secular demand tailwinds Key drivers • Entering 2023 with strong backlog … ~80% revenue in hand 2022 2023E 2024F • Gas Power growing MSD* … services, turbine deliveries Revenue growth*-a) $29B LSD/MSD MSD • Steam as a service … smaller revenue base ~$1B in 2024+ • Wind up DD* in 2024 … OFW deliveries, ONW IRA volume growth • Grid growing MSD* in 2023/2024 … HVDC, Grid Automation • Price actions continue across GE Vernova in 2023+ Power Renewable Energy $16.3B 2% $13.0B (13)% LSD LSD MSD DD 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 basis, GE Vernova will include GE’s portfolio of energy businesses and Digital 79 Power profit grows, Renewable Energy improves Key drivers 2022 2023E 2024F • Power achieving LDD margins in 2024 ... Gas LDD margins in 2023+, Steam a higher margin services business in 2024 Profit-a) $(1.0)B $(0.6)-(0.2)B Profitable Profit margin-a) (3.5)% Better MSD • 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 • Substantial cost & productivity opportunities remain with lean further embedded across GE Vernova Power Renewable Energy $1.2B 7.5% $(2.2)B (17.3)% Slightly better LDD Significantly better Profitable 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 80 Approaching significant FCF* inflection point Flat to slightly improving Power up with Renewable Energy approaching B/E Key drivers Power remains a strong FCF* generator Power … strong FCF generator • HA & Aeroderivative sales increasing • Gas Power earnings growth & services billings • Steam as a service in ’24+ • Steam less capital intensive 2024+ • Collections ramp, disbursements slow • >100% FCF conversion*-b) • >100% FCF conversion in ’24+ $(0.2)B 2022 2023E 2024F GE Vernova-a) Power Renewable Energy Accelerated improvement at Renewable Energy Renewables: accelerated improvement • Onshore Wind orders & profit driving sequential FCF* growth in 2023 & 2024 • ONW … orders rising, cost decline • Offshore Wind challenging in 2023, better in • OFW … FCF improves with deliveries 2024 on more balanced collections vs. disbursements mix • Grid profitable now, DD growth in ’24+ 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.
81 GE Vernova: long-term outlook Revenue growth*-a) 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 include GE’s portfolio of energy businesses 82 Uniquely positioned industry leader to support customers through the energy transition Secular demand tailwinds Lean driving productivity Existing & new products • Public policy, corporate frameworks means higher investment cycle • Onshore Wind demand growth rising now, Offshore Wind longer term + • Electrification & decarbonization driving demand • 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 • Near-term: more efficient HA + Aeroderivatives • … & HVDC, Grid Automation • Grid SW = GridOS + • Long-term: SMR, H2, Offshore Wind, carbon capture & direct air capture 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 83 Gas Power Eric Gray | CEO, Gas Power 84 Gas Power delivering strong margin & FCF* HDGT LTSA backlog provides ~$45B revenue source HA services billings growing to ~$1B/year by mid-20s Fulfilling rising Aeroderivative demand • Expect LSD growth in global gas-based generation, driving services • Customer’s investing in latest baseload technology to meet demand needs … • Proving more important in renewables, energy security & data centers • • ~75%+ of LTSA contracts with 10+ years remaining & 70%+ renewal rates ~7,000 units installed … largest global fleet • … more HA units in services + more outages = more services revenue • Margin accretive on turbine sales, adds to services / repairs revenue stream Years remaining 0-5 5-10 10-15 15+ Units COD Outages Shipments Repairs (services) 69 17 78 15 >110 ~30 ~100 >10 '21 2021 '22 2022 '23E 2023E '24F 2024F >140 >120 >50 >60 75 48 '22 2022 '23E 2023E '24F 2024F 115 19 '21 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 85 Lean continues to drive value Services Supply chain 7F Live Outage Cycle Transformation Moving manufacturing hours onto ‘lean lines’ 49 Shifts Shifts to complete 38 Shifts X 36 Shifts 33% ↓ 6x Injuries ↓ 3x Quality escapes ↓ 50% Lead time ↓ 30% Cost Outages 2021 10 2022 106 2023E 152 >2M hours of capacity saved • Opportunity to reduce outages for customers by ~6 days • Moved 33% of total manufacturing hours to lean lines … (24.5 to 18 days), increasing asset availability fewer injuries, better
 quality, lower lead time & cost • … & reduce costs by double digits given fewer shifts … creates capacity to execute more outages in the year • 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 86 Gas Power profit growth continues ahead Key drivers • Continued services growth on higher outage volume HSD Profit margin trajectory LDD • 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 2022 Aeroderivative growth HDGT service growth Price, productivity & inflation 2024F Delivering top-line growth with LDD profit margins … further improvement beyond 2024 87 Video: Lean at GE Vietnam factory 88 Electrification Philippe Piron | CEO, Grid Solutions & CEO, Power Conversion 89 Grid Solutions turnaround accelerating Profitable growth trajectory $3.2 $3.1 +MSD* +MSD* Grid Systems Integration Grid Power Transmission Grid Automation Revenue Profitable growth • Market to grow HSD … ~$75B by 2025 Improved execution • De-risking legacy project backlog • Disciplined underwriting … margin focus • Applying lean to  OTD,  lead-times Lower cost structure Decentralized organization • ~$0.3B cost out in last 3 years • 3 focused business lines, small HQ • Continued footprint rationalization •  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 90 Grid is the backbone of the energy transition HVDC: a key enabler for grid expansion, interconnection & renewable integration HVDC market size-a) HVDC-a) $22B $9B +35% annual growth 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 HVDC case study $1B-b) HVDC system: leveraging full Grid Solutions product range (% of total project cost} 1 2 2 2 3 1 2 1 2 2 B Multilevel modular converters (20%) Transformers, switchgears, breakers (20%) 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 91 2 0 2 3 G E I N V E S T O R C O N F E R E N C E B Installation & Commissioning (10%) Balance of Plant, warranty, logistics (20%) Video: NextEra Energy 92 Onshore Wind Vic Abate | CTO, GE and CEO, Onshore Wind 93 Driving profitability by focusing on our core markets IRA driving U.S. growth Demand visibility improving Favorable mix shift U.S. Onshore Wind installations (GW) (GE forecast) % planned U.S. units in agreement with customers-a) % of opening backlog 11% CAGR rest of decade Entering 2022 Entering 2023 100% 1 ’12-21 avg.
8 10 13 14 19 2022 2023E 2024F 2025F 2030F 2022E 2023F 2024F 2023E 2024F 2025F % coverage 50% 0.8 0.6 0.4 0.2 0 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 94 Onshore Wind strategic priorities Lead with quality Workhorse products Reduce product variants Best project economics Simplify Focus & lean 2021 2025F Better delivered cost in 80% of U.S. zip codes Scalable by 2x with limited investment Rotors Nacelles Towers 15 9 40 4 4 9 vs 2021 Countries bid 50% Design hubs from 20 to 4 Spend $500M • Larger fleets of same units • Best running fleet / availability • Better cross-functional alignment • Faster closed-loop learning • Learning curve / service advantage • Faster problem solving • More robust innovation introduction • Partnerships reinforcement • Less complexity, lower fixed cost Approaching significant volume increase with clear priorities & stronger fundamentals 95 Importance of leading with quality Energy transition success will require CO2 free energy, decade after decade-a) Taking actions to deliver that promise every day Wind tWhrs % Total generation 12,300 ~25% ~2,000 tWhrs ~10,000 tWhrs 1,900 ~7% ~50 <1% 2000 2010 2021 2030 2040 • Fleet Performance Management team … 200 engineers dedicated as eyes & ears of the fleet • Starting every day with a staff-level, cross- functional quality meeting … lean problem solving, system by system • Launched proactive enhancement program,15% completed, >50% targeted by end of 2023 World’s best running
 fleet with workhorse products … our true north (a – Source: IEA (announced pledges scenarios), GE internal forecast 96 Improving Onshore Wind profit margin performance Profit margin trajectory Key levers firmly in our control • Proactive fleet mitigation & fewer LSD+ variants • Focused footprint & prioritized spend • Regional shift toward U.S. with IRA 2022 Quality Cost-out U.S. volume Price/cost inflation 2024F • Price actions with better commercial discipline Operating plans in place to deliver significantly better results 97 Wrap Scott Strazik | CEO, GE Vernova 98 Offshore Wind: key priorities to achieve profitability Progressing through challenging backlog Disciplined underwriting in a growth market Haliade-X existing backlog ($B) Global OFW installs (GW)-a) 181 $3B Product Margin W/C flow 2022 2023E 2024F 2025F ~ B/E ~flat ~flat 60 27% 22% 45% 2025F 2030F CAGR ’25-’30 34 2022 North America Europe Asia Pacific (ex.
China) • Accelerating product cost & project execution learning • Sustain progress on the new product launch … in curve focused markets, with better economics & underwriting Executing initial backlog & positioning business for profitable growth (a – Source: WoodMac 99 New 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 (a – U.S. Energy Information Administration (b – IEA World Energy Outlook 2022 Taking disciplined approach for introducing SMR • 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 100 Innovating to support customers through energy transition Sustainable Affordable Resilient Secure Onshore Wind workhorse product positioned to ramp investing for higher availability Offshore Wind 14 MW turbine commissioned in ‘23 investing to scale with current platform pairing with storage for increased dispatch Nuclear 1st SMR commercial contract in North America reducing capex through modular, repeatable design dispatchable power Gas Power investing in H2, CCUS-a) & DAC-a) paths to decarbonize investing in
 fleet upgrades to improve dispatch dispatchable & flexible aeroderivative, CC-a) plants improved energy security through diverse generation mix Electrification & Digital HVDC connecting offshore; hybrids & storage grid automation & control solutions for cost & reliability orchestrating system reliability through GridOS software cybersecurity solutions Our investments will deliver multi-year profit & FCF* opportunities near-term longer-term * Non-GAAP Financial Measure (a – CCUS = carbon capture utilization & storage; DAC = direct air capture; CC = combined cycle 101 GE Vernova: long-term outlook Revenue growth*-a) 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 include GE’s portfolio of energy businesses and Digital 102 GE Vernova … positioned to create value 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 103 Q& 104 G E I N V E S T O R C O N F E R E N C E | M a r c h 9 , 2 0 2 3 Wrap Larry Culp Chairman & CEO, GE CEO, GE Aerospace 105 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 3.0-3.4 MW Sierra onshore wind turbine 9F gas turbine Long-term outlook-a) Revenue growth*-b) Profit margin +MSD HSD FCF conversion*-c) 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.
106 106 GE 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) +MSD to +HSD Profit margin FCF*-b) 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.
107 Future is bright ... a new era at GE GE Aerospace is defining flight for today, tomorrow & the future GE Vernova is electrifying & decarbonizing the world Continuing to create value for customers, employees & shareholders 108 Q& 109 G E I N V E S T O R C O N F E R E N C E | M a r c h 9 , 2 0 2 3 Tour logistics 110 Directions for after lunch Tour groups: Luggage: Departure: Please check your badge to determine your tour group.
If you do not have a number, please let a GE team member know.

You will pick up your luggage when you depart CTEC for the last time.

A small luggage van will travel with your bus.

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 111 March 9, 2023 | Cincinnati, Ohio G E I N V E S T O R C O N F E R E N C E | M a r c h 9 , 2 0 2 3 Appendix & non-GAAP reconciliations 113 Other 2023 guidance items Interest Taxes* ~$(1)B expense & cash Adjusted tax rate* mid-20s; adjusted cash taxes roughly aligned 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 Expense recorded within adjusted EPS* … LIBOR + 333bps AER/GEHC stakes Mark-to-market remaining investment; treated as non-GAAP EPS adjustment Insurance Stable performance ... impacted by COVID & first principles adoption Restructuring Expense flat (in & out of segment), total cash slightly down (excl.
Corporate separation) * Non-GAAP Financial Measure 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 114 Organic revenues, profit (loss) & profit margin by segment Excludes GE HealthCare results ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP) (Dollars in millions) 2022 2021 V% 2022 2021 V% 2022 2021 V pts REVENUES PROFIT (LOSS) PROFIT MARGIN Aerospace (GAAP) Less: acquisitions Less: business dispositions Less: foreign currency effect $ 26,050 $ 21,310 22 % $ 4,775 $ 2,882 66 % 18.3 % 13.5 % 4.8pts — — (80) — — — — — 101 — — 3 Aerospace organic (Non-GAAP) $ 26,129 $ 21,311 23 % $ 4,674 $ 2,879 62 % 17.9 % 13.5 % 4.4pts Renewable Energy (GAAP) $ 12,977 $ 15,697 (17)% $ (2,240) $ (795) U (17.3)% (5.1)% (12.2)pts 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 — — (702) (55) — 2 — — 55 (17) — 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) — — — (2) (78) (40) Power organic (Non-GAAP) $ 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.
2 0 2 3 G E I N V E S T O R C O N F E R E N C E 115 Organic revenues Excludes GE HealthCare 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 58,096 $ 2,954 55,143 $ 2 — (1,307) 2021 56,474 3,106 53,368 (55) 158 (2) V% 3 % 3 % 56,448 $ 53,267 6 % $ $ $ * 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 can obscure underlying trends.
2 0 2 3 G E I N V E S T O R C O N F E R E N C E 116 Adjusted profit & profit margin Excludes GE HealthCare 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) Other income (loss) (GAAP) Less: gains (losses) on equity securities Less: restructuring & other Less: gains (losses) on purchases and sales of business interests Adjusted other income (loss) (Non-GAAP) Profit (loss) (GAAP) Profit (loss) margin (GAAP) Adjusted profit (loss) (Non-GAAP) Adjusted profit (loss) margin (Non-GAAP) $ $ $ $ $ $ $ $ 2022 58,096 2,954 55,143 60,212 2,894 1,423 (409) 836 465 715 824 263 16 (213) 53,004 1,172 76 31 45 1,020 (944) (1.6) % 3,159 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.
2 0 2 3 G E I N V E S T O R C O N F E R E N C E 117 Adjusted earnings (loss) & adjusted earnings (loss) per share Excludes GE HealthCare 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) 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) 2022 Earnings $ (1,211) 65 (21) 44 $ (1,255) 409 (86) 323 45 57 102 76 (17) 58 (806) 176 (630) (465) 68 (397) (715) 23 (692) (824) 84 (740) (263) 15 (248) 3 126 839 $ EPS (1.11) 0.06 (0.02) 0.04 (1.15) 0.37 (0.08) 0.30 0.04 0.05 0.09 0.07 (0.02) 0.05 (0.74) 0.16 (0.58) (0.42) 0.06 (0.36) (0.65) 0.02 (0.63)
 (0.75) 0.08 (0.68) (0.24) 0.01 (0.23) — 0.11 0.77 * 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.
2 0 2 3 G E I N V E S T O R C O N F E R E N C E 118 Free cash flows (FCF) by quarter Excludes GE HealthCare results FREE CASH FLOWS (FCF) (NON-GAAP) (Dollars in millions) CFOA (GAAP) Less: CFOA from insurance CFOA excluding Insurance (Non-GAAP) Add: gross additions to property, plant and equipment(a) Add: gross additions to internal-use software(a) Less: separation cash expenditures Less: Corporate restructuring cash expenditures Less: taxes related to business sales Free cash flows (Non-GAAP) 1Q'22 2Q'22 3Q'22 $ $ $ (924) $ (15) (909) $ (239) (22) (3) — — (1,169) $ 490 $ 70 420 $ (262) (26) (10) — (50) 192 $ 813 $ (7) 820 $ (223) (30) (60) — (69) 697 $ 4Q'22 3,644 $ 88 3,556 $ (337) (35) (106) (38) (10) 3,338 $ 2022 4,023 136 3,887 (1,061) (113) (178) (38) (129) 3,059 * 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.
2 0 2 3 G E I N V E S T O R C O N F E R E N C E 119 Aerospace Renewables Power Corporate Free cash flows (FCF) by segment Excludes GE HealthCare results 2022 FREE CASH FLOWS (FCF) (Non-GAAP) (Dollars in millions) CFOA (GAAP) Less: Insurance CFOA CFOA excluding Insurance (Non-GAAP) Add: gross additions to property, plant and equipment(a) Add: gross additions to internal-use software(a) 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) 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 Free cash flows (Non-GAAP) $ $ $ $ $ $ 5,514 $ — 5,514 $ (543) (81) — — — 4,890 $ (1,759) $ — (1,759) $ (275) (7) — — — (2,040) $ 2,078 $ — 2,078 $ (210) (18) — — — 1,850 $ Aerospace 5,552 — 5,552 (1,031) (107) — — 4,415 (1,810) $ 136 (1,946) $ (34) (7) (178) (38) (129) (1,642) $ Total Company 4,023 136 3,887 (1,061) (113) (178) (38) (129) 3,059 * 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.
2 0 2 3 G E I N V E S T O R C O N F E R E N C E 120 2023 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 2 0 2 3 G E I N V E S T O R C O N F E R E N C E 121