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GE CEO Jeff Immelt Makes Statement Regarding Synchrony Financial IPO

  GE CEO Jeff Immelt Makes Statement Regarding Synchrony Financial IPO

Business Wire

FAIRFIELD, Conn. -- July 31, 2014

GE [NYSE: GE] Chairman and CEO Jeff Immelt made the following statement today:

“Today, we successfully executed the IPO of our North American Retail Finance
business, Synchrony Financial. This is an exciting time for the Synchrony
Financial team, and we are proud to be SYF shareholders.

“The Synchrony offering is an important first step in our planned, staged exit
from the business. We continue to target completing our exit in late 2015
through a capital-efficient split-off transaction. This is a good transaction
for GE shareholders.

“The IPO also furthers our goal to position GE Capital as a smaller, safer
specialty finance leader, and achieve 75% of our earnings from our Industrial
businesses by 2016. With a strong, competitively advantaged set of Industrial
businesses and a valuable, commercially focused financial services business,
we believe our portfolio will deliver valuable growth for shareholders for
years to come.”

About GE

GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in energy,
health and home, transportation and finance. Building, powering, moving and
curing the world. Not just imagining. Doing. GE works. For more information,
visit the company's website at www.ge.com.

GE’s Investor Relations website at www.ge.com/investor and our corporate blog
at www.gereports.com, as well as GE’s Facebook page and Twitter accounts,
including @GE_Reports, 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.

Caution Concerning Forward-Looking Statements:

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,” “will,” or “would.”
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
sovereign debt situations; 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; pending and
future mortgage securitization claims and litigation in connection with WMC,
which may affect our estimates of liability, including possible loss
estimates; 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 adequacy of
our cash flows and earnings and other conditions which may affect our ability
to pay our quarterly dividend at the planned level or to repurchase shares at
planned levels; GECC’s ability to pay dividends to GE at the planned level,
which may be affected by GECC's cash flows and earnings, financial services
regulation and oversight, and other factors; our ability to convert pre-order
commitments/wins into orders; the price we realize on orders since
commitments/wins are stated at list prices; the level of demand and financial
performance of the major industries we serve, including, without limitation,
air and rail transportation, power generation, oil and gas production, 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; our capital allocation plans, as such plans may
change including with respect to the timing and size of share repurchases,
acquisitions, joint ventures, dispositions and other strategic actions; our
success in completing announced transactions and integrating acquired
businesses; adverse market conditions, timing of and ability to obtain
required bank regulatory approvals, or other factors relating to us or
Synchrony Financial could prevent us from completing the Synchrony IPO and
split-off as planned; our ability to complete the proposed transactions and
alliances with Alstom and realize anticipated earnings and savings; the impact
of potential information technology or data security breaches; 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 includes certain forward-looking projected financial information
that is based on current estimates and forecasts. Actual results could differ
materially.

Contact:

GE
Investors:
Matt Cribbins, 203-373-2424
matthewg.cribbins@ge.com
or
Media:
Seth Martin, 203-572-3567
seth.martin@ge.com
 
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