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Bottom line beating and showing progress but top line growing very slowly – gain over devastating Q4,’08 not impressive2009 sales estimated to decline 13.6% over 2008, or $1.14 trillion - that is 40% more than the current Health Care legislation

Sales reported for current issues are up 9.8% over Q4,’08 and 5.3% ahead of estimates, but ex/Financials they are up 0.7% up from Q4,’08 and 2.1% ahead of estimates

Forward growth (sales) dependant on spending ->dependant on economy (jobs)

Q4 estimates (77% left) increasing, 2010 estimates only slightly up (but optimistic to begin with)

For Q4 IT has displaced Health Care as the largest earnings contributor -> 20.2% vs. 16.0%; ’10 Energy estimates increasing

Margins coming in high (again) at 6.9%, estimate 7.2%; cutting our way to the bottom

Be careful with stats – Q4,’08 negatives, index membership and weight changes, M&A, proformas,…

P.S. – note GE’s tax credit: it paid $1.05B in ’08 and got a benefit of $1.09B in ’09 (via Financial Services unit’s $3.83B benefit: turned a loss into a profit)

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