October 31, 2016
Baker Hughes, a GE Company
Baker Hughes, a GE Company

2
Additional Information and Where to Find It
In connection with the proposed transaction between GE and
Baker Hughes, the new NYSE listed corporation ("Newco") will
prepare and file with the SEC a registration statement on
Form S-4 that will include a combined proxy
statement/prospectus of Newco and Baker Hughes (the
"Combined Proxy Statement/Prospectus"). Baker Hughes and
Newco will prepare and file the Combined Proxy
Statement/Prospectus with the SEC, and Baker Hughes will
mail the Combined Proxy Statement/Prospectus to its
stockholders and file other documents regarding the proposed
transaction with the SEC. This communication is not a
substitute for any proxy statement, registration statement,
proxy statement/prospectus or other documents Baker Hughes
and/orNewco may file with the SEC in connection with the
proposed transaction. INVESTORS AND SECURITY HOLDERS ARE
URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE COMBINED
PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, ANY
AMENDMENTS OR SUPPLEMENTS TO THE COMBINED PROXY
STATEMENT/PROSPECTUS, ANDOTHER DOCUMENTS FILED BY BAKER
HUGHES OR Newco WITH THE SEC IN CONNECTION WITH THE PROPOSED
TRANSACTION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT
INFORMATION. Investors and security holders will be able to
obtain free copies of the Combined Proxy
Statement/Prospectus and other documents filed with the SEC
by Baker Hughes and/or Newco through the website maintained
by the SEC at www.sec.gov. Investors and securityholders
will also be able to obtain free copies of the documents
filed by Newco and/or Baker Hughes with the SEC on Baker
Hughes' website at http://www.bakerhughes.com or by
contacting Baker Hughes Investor Relations at
alondra.oteyza@bakerhughes.com or by calling
+1-713-439-8822. No Offer or Solicitation This communication
is for informational purposes only and not intended to and
does not constitute an offer to subscribe for, buyor sell,
the solicitation of an offer to subscribe for, buy or sell
or an invitation to subscribe for, buy or sell any
securities or the solicitation of any vote or approval in
any jurisdiction pursuant to or in connection with the
proposed transaction or otherwise, nor shall there be any
sale, issuance or transfer of securities in anyjurisdiction
in contravention of applicable law. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended, and otherwise in accordance with applicable law.
Participants in the Solicitation GE, Baker Hughes, Newco,
their respective directors, executive officers and other
members of its management and employees maybedeemed to be
participants in the solicitation of proxies in connection
with the proposed transaction. Information regarding the
persons who may, under therules of the SEC, be deemed
participants in the solicitation of proxies in connection
with the proposed transaction, including a description of
their director indirect interests, by security holdings or
otherwise, will be set forth in the Combined Proxy
Statement/Prospectus and other relevant materials when it is
filed with the SEC. Information regarding the directors and
executive officers of GE is contained in GE's proxy
statement for its 2016 annual meeting of stockholders, filed
with the SEC on March 16, 2016, its Annual Report on Form
10-K for the year ended December 31, 2015, which was filed
with the SEC on February 26, 2016, its Quarterly Report on
Form 10-Q for the quarter ended June 30, 2016, which was
filed with the SEC on August 1, 2016 and certain of its
Current Reports filed on Form 8-K. Information regarding the
directors and executive officers of Baker Hughes is
contained in Baker Hughes' proxy statement for its 2016
annualmeeting of stockholders, filed with the SEC on April
11, 2016, its Annual Report on Form 10-K/A for the year
ended December 31, 2015, which was filed with the SEC on
February 19, 2016, its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2016 which was filed with the
SEC on October 25, 2016 and certain of its Current Reports
filed on Form 8-K. These documents can be obtained free of
charge from the sources indicated above

3
Caution Concerning Forward-Looking Statements
This communication contains "forward-looking" statements as
that term is defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended by the Private Securities Litigation
Reform Act of 1995, including statements regarding the
proposed transaction between GE and Baker Hughes.All
statements, other than historical facts, including
statements regarding the expected timing and structure of
the proposed transaction; the ability of the parties to
complete the proposed transaction considering the various
closing conditions; the expected benefits of the proposed
transaction such as improved operations, enhanced revenues
and cash flow, synergies, growth potential, market profile,
customers' business plans and financial strength; the
competitive ability and position of the combined company
following completion of the proposed transaction, including
the projected impact on GE's earnings per share; oil and
natural gas market conditions; costs and availability of
resources; legal, economic and regulatory conditions; and
any assumptions underlying any of the foregoing, are
forward-looking statements.Forward-looking statements
concern future circumstances and results and other
statements that are not historical facts and are sometimes
identified by the words "may," "will," "should,"
"potential," "intend," "expect," "endeavor," "seek,"
"anticipate," "estimate," "overestimate," "underestimate,"
"believe," "could," "project," "predict," "continue,"
"target" or other similar words or
expressions.Forward-looking statements are based upon
current plans, estimates and expectations that are subject
to risks, uncertainties and assumptions.Should one or more
of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may
vary materially from thoseindicated or anticipated by such
forward-looking statements.The inclusion of such statements
should not be regarded as a representation that such plans,
estimates or expectations will be achieved.Important factors
that could cause actual results to differ materially from
such plans, estimates or expectations include, among others,
(1)that one or more closing conditions to the transaction,
including certain regulatory approvals, may not be satisfied
or waived, on a timely basis or otherwise, including that a
governmental entity may prohibit, delay or refuse to grant
approval for the consummation of the proposed transaction,
may require conditions, limitations or restrictions in
connection with such approvals or that the required approval
by the stockholders of Baker Hughes may not be obtained;
(2)the risk that the proposed transaction may not be
completed in the time frame expected by GE or Baker Hughes,
or at all; (3)unexpected costs, charges or expenses
resulting from the proposed transaction; (4)uncertainty of
the expected financial performance of the combined company
following completion of the proposed transaction; (5)failure
to realize the anticipated benefits of the proposed
transaction, including as a result of delay in completing
the proposed transaction or integrating the businesses of
GE, Baker Hughes and Newco; (6)the ability of the combined
company to implement its business strategy; (7)difficulties
and delays in achieving revenue and cost synergies of the
combined company; (8)inability to retain and hire key
personnel; (9)the occurrence of any event that could give
rise to termination of the proposed transaction; (10)the
risk that stockholder litigation in connection with the
proposed transaction or other settlements or investigations
may affect the timing or occurrence of the contemplated
merger or result in significant costs of defense,
indemnification andliability; (11)evolving legal, regulatory
and tax regimes; (12)changes in general economic and/or
industry specific conditions, including oil price changes;
(13)actionsby third parties, including government agencies;
and (14) other risk factors as detailed from time to time in
GE's and Baker Hughes' reports filed with the SEC, including
GE's and Baker Hughes' annual report on Form 10-K, periodic
quarterly reports on Form 10-Q, periodic current reports on
Form 8-K and other documents filed with the SEC.The
foregoing list of important factors is not exclusive. Any
forward-looking statements speak only as of the date of this
communication.Neither GE nor Baker Hughes undertakes any
obligation to update any forward-looking statements, whether
as a result of new information or development, future events
or otherwise, except as required by law.Readers are
cautioned not to place undue reliance on any of these
forward-looking statements.

4
A compelling, transformational combination
,,I
The best partner to Oil & Gas customersiK offering solutions
based on complementary equipment & services technology
across the full spectrum of the oil and gas value chain ,,I
More innovative solutions to market faster and more cost
effectivelyiK Baker Hughesi? leading products and services
with GE Oil & Gas highly differentiated manufacturing
capabilities ,,I
Best-in class physical + digital technologyiK combine Baker
Hughes domain expertise, technology and culture of
innovation with GE Store and GE industry-leading Digital
Platform ,,I
Value creation for customers and shareholdersiK positioned
to weather short-term volatility and participate in industry
upcycle

5
Impact for Baker Hughes shareholders
,,I
Ongoing ownership in a stronger, more competitive business
,,I
Cash dividend of $17.50 per share equal to 30%+ of undisturbed share price
,,I
Participation in substantial value creation through synergies
,,I
Revenue growth driven by increased customer touch points

6
Deal overview
Merge GE Oil & Gas with Baker Hughes iK GE owns 62.5%, new
Baker Hughes owns 37.5% +
Create new, publicly traded company with separate investor base
+
GE to contribute $7.4B to fund cash dividend to Baker Hughes
shareholders upfront +
Close expected mid-2017 ... ~$.04 accretive to GE EPS in 2018
1
2
Combination of GE Oil & Gas & Baker Hughes establishes a new
industry leader +2x scale, complementary capabilities, more
diversified +Can weather the cycle in short term & over
time; significantly levered to recovery
4
Synergy opportunity is substantial iK cost and revenue
+~$1.6B synergies (~$1.2B cost & ~$0.4B revenue)
Disciplined capital allocation iK O&G long-term fit for GE
+
Essential industry & fits GE Store
5
Efficient transaction structure using like-for-like equity
with modest cash outlay including disposition proceeds
6
3
Platform is positioned to deliver substantial customer value
+
Technical solutions ,,(3)productivity
+Best digital platform
+Global execution

7
Transaction overview ... the "new" Baker Hughes
A win for GE & Baker Hughes shareholders ... creating long-term value
o
Merge GE Oil & Gas with Baker Hughes ... GE owns 62.5%, new
Baker Hughes owns 37.5% through partnership structure
oPublicly traded company with separate investor base; robust
minority protections oOwnership interest & voting aligned
oGE to contribute $7.4B to fund cash dividend, Baker Hughes
distributes $17.50 per share dividend to shareholders
oBaker Hughes shareholders receive dividend & 37.5% equity of stronger business
oBlended leadership team
o9 member Board ... 5 appointed by GE, 4 by Baker Hughes, including M. Craighead
Baker Hughes, a GE company
Shareholders
GE Oil & Gas
+ $7.4B cash
37.5%
62.5%
Newco, Inc.
(NYSE listed)
$17.50/sh
dividend
100%
$7.4B cash
(operating partnership)

8
Right time in cycle iK strong long-term fundamentals
Factors driving industry
Oil
iENAM unconventionals~25% E&P spend
iENew fields emerging in international onshore
iESubsea & offshore required
2015
2025F
~4.0
Existing
production
New
supply
Existing
production
Gas
iEGas ,,(acute accent)~1.5% to 2040
iELNG growing 2-3x faster
iENAM long-term, low cost source
(MBOE/D)
(BCM/Y)
Customer expectations
Transaction assumes slow recovery iK$45-60/bblthrough 2019
1
Increasing requirements for solutions offering
2
Focusing on cost savings & standardization
3
Driving efficiency & productivity with digital
4
Capex to opexswitch
3.5
Demand102+ MBOE/D
~1% CAGR
Demand4.0+ BCM/Y
~2% CAGR
~20% decline
Source: GE O&G analysis based on IEA, EIA, Rystad, The ICE
2015
2025F
95
~102
Existing
production
New
supply
Existing
production
~20% decline

9
Integrated digitally-enabled offerings
to set new standards for the oil & gas industry
Creating a productivity leader in Oil & Gas
The most advanced service technology company
The leader in
O&G technology equipment
+
~70,000 employees
~$34B revenue '20F
9

10
The GE Store
in GE, every business can share & access the same technology, markets,
structure & intellect. governed by culture & simplification.
Supported by GE Capital:
iE
Financing infrastructure investments
,,I
GE Store principle:
iE
Contribute
iE
Crowdsource
iE
Collaborate
,,I
Insourced components:
iE
Alternators and computational fluid dynamics from Aviation
iE
Turbine technology from Oil & Gas + Marine to Transportation
iE
Ceramic Matrix Composites (CMCs), from Oil & Gas to Aviation
iE
And more ...
,,I
Cross-industry technology
GE DIGITAL
ENERGY CONNECTIONS
Electrification, controls and power conversion technology
POWER
Combustion science and services, installed base
AVIATION
Advanced materials, manufacturing, and engineering productivity
TRANSPORTATION
Engine technology and localization in growth regions
LIGHTING
LED is gateway to energy efficiency
OIL & GAS
Services and technologyiXa first-mover in growth regions
HEALTHCARE
Diagnostics technologyiXa first-mover and anchor in growth markets
RENEWABLE ENERGY
Sustainable power systems and storage
GLOBAL RESEARCH
GLOBAL GROWTH ORGANIZATION
CULTURE & SIMPLIFICATION
GE CAPITAL
10

Creating an industry leader

12
2020F outlook
~$34
~$8
Revenue
EBITDA
,,I
~$1.6B synergies
-~$1.2B cost, ~$0.4B revenue
(Proformafinancials, $ in billions)
Baker Hughes, a GE company
1
Complete fullstream portfolio
2
Complementary technology iK with opportunity to leverage GE
Store
3
Solutions-based offerings & services for customers
Predixplatform to enable digital capabilities
5
4
Robust synergy opportunities
A stronger company
~23%
EBITDA
margin
A better company together iK servicing customers

13
Strong complementary portfolio ... ability to go fullstream
GE Oil & Gas
Baker Hughes
Top 3 in segment
Meaningful footprint
Limited presence
Business segments (% '15 revenue)
Marketposition
Advanced Drilling Services (24%)
Directional drilling, measurement and logging while drilling, drilling bits
and fluids
Logging& Evaluation (6%)
Wireline & surface logging, reservoir / core analysis, geoscience & seismic
services
Completions Systems (40%)
Well construction, completion equipment, wellbore intervention, pressure pumping
Production Optimization (22%)
Artificial lift (ESP, gas lift, progressing cavity pump),
chemicals, intelligent production sys. Industrial Services
(8%)
Processing and pipeline services
Business segments (% '15 revenue)
Marketposition
Surface (13%)
Artificial lift (ESP & RLS),surface wellheads, downhole tools, logging services
Subsea Systems & Drilling (26%)
Trees and wellheads, power & processing, manifolds,risers, BOPs and drilling
systems
Turbomachinery Solutions (33%)
Gas turbines, compressors, modular LNG, turboexpanders, heat exchangers
Downstream Technology (14%)
Steam turbines, recip. compressors, pumps, valves and fuel gas systems
DigitalSolutions (14%)
Monitoring, inspection, measurementequipment & services
1

14
Strong competitive scope and value proposition across the industry
MIDSTREAM
TRANSPORT HYDROCARBONS
DOWNSTREAM
PROCESS AND MARKET PRODUCTS
Fullstream combination with GE Store providing best-in-class
productivity solutions to customers
Drilling & evaluation
Completion & production
Production & surface equipment
Subsea & drilling systems
LNG and pipeline solutions
Refinery &
petrochemical solutions
UPSTREAM
FIND AND PRODUCE HYDROCARBONS
$XB
Industry spend '15
~$600B
~$100B
~$100B
%
Newco presence
~60%
~30%
~10%
Powered by the GE Store
Materials
Electrical Technologies
Software Sciences & Analytics
Imaging
& Sensors
Advanced
Manufacturing
Computational Fluid Dynamics
14

15
Exploration /Early Stages
Geophysical Equipment Services
-
Drilling
Drill Bits
-
Downhole Drilling Tools
-
Solids Control & Waste Mgmt.
-
Drilling & Completion Fluids
-
Land Contract Drilling
-
-
Rig Equipment
-
Drilling Services
Casing & Tubing and Cementing Services
Completions
Coiled Tubing Services
Completion Equipment & Services
Hydraulic Fracturing
Production Testing
-
Surface Equipment
Rental & Fishing Services
-
Wireline Logging
Production
Subsea Equipment
-
-
Artificial Lift
Specialty Chemicals
-
Upstream turbomachinery*
-
-
-
Mid-/ Down-stream
Pipeline*
-
-
-
LNG liquefaction*
-
-
-
Downstream & Process Equip.*
-
Total 2016 revenue
$24
$29
$16
$6
2016
Segment Size
Top 3 in segment
Meaningful footprint
Limited presence
Combined portfolio matches oil field service leaders Source:
Spears OMR October 2016, Quest, ThomsonEikonestimates Note:
market segment analysis excludes $10B market for Digital
Solutions across up-/mid-/downstream and other industries +
*
GE management estimate
~$7
~$52
~$41
~$33
~$22
($ in billions)

16
Complementary capabilities
Balanced portfolio
,,I
Largest O&G equipment provider
,,I
Full value chain exposure (UpstreamiVmidstream-downstream)
GE Store
,,I
Materials & modeling
,,I
Digital thread
,,I
Global reach / strong balance sheet
Manufacturing excellence
,,I
Best-in-class processes
,,I
Advanced / virtual mfg. capabilities
Services capabilities
,,I
Established global infrastructure
,,I
Complete upstream offering
Advanced products
,,I
Robust portfolio iK offshore&complex reservoir solutions
,,I
Strong development capabilities
Integrated project management
,,I
Customer interaction through out life of field
,,I
Reservoir understanding
Common Technology DNA
Combination creates an industry differentiated solutions
provider iK ability to better,more efficiently serve our
customers Breadth of portfolio
Geographic presence
Efficiency of operations
New business models
2

17
Baker Hughes + GE Store iK future of drilling
Technology injection for drilling
+
Battery technology ,,(3)Downhole batteries
+
GE Healthcare technology ,,(3)Advanced sensor analytics (i.e. NMR, acoustics)
+
Systems modeling & integration ,,(3)shorter BHA (From 65i? to 30i?)
+
Fluid mechanics science ,,(3)Downhole power generation
+
Material science ,,(3)Corrosion resistant BHA
+
Bit composite encapsulated sensors ,,(3)Accurate well placement
Benefits
,,I
Increased rate of penetration iK drill faster
,,I
Increasing tool performance iK drill more efficiently
,,I
Increasing longevity & overall utilization
,,I
Better wellbore trajectory
,,I
HP/HT capabilities to ensure durability
,,I
Real-time analytics and data visibility
,,I
Technology enhancements & adv. manufacturing iK cost out
Baker Hughes best-in-class drilling system enhanced by GE
technology AutoTrakTM: 100MM+ ft. drilled iK record 13,574
ft. in one run in 3Q i?16 in NAM

18
Onshore completion & production
Offshore completion & production
Evaluation & drilling
Mid & downstream
,,I
Subsea infrastructure: x-trees, manifolds, processing
,,I
Well access & control
,,I
Infrastructure maintenance
,,I
Rotating equip. for offshore
,,I
Subsurface construction
,,I
Well intervention
,,I
Stimulation
,,I
Artificial lift
,,I
Chemicals
,,I
Surface wellheads
,,I
Artificial lift
,,I
Oilfield power
,,I
Pumps & compression
,,I
Subsurface construction
,,I
Well intervention
,,I
Stimulation
,,I
Artificial lift
,,I
Chemicals
,,I
Compression: LNG and pipeline
,,I
Power generation
,,I
Measurement & control
,,I
Gas distribution
,,I
Valves and flow technology
,,I
Digital: asset optimization
,,I
Chemicals
,,I
Well access & control: IWOCS and BOPs
,,I
Drilling tools
,,I
Wireline tools
,,I
Advanced drilling
,,I
Drilling support: bits, fluids
,,I
Wireline logging
,,I
Subsurface software
,,I
Reservoir sampling & analysis
CAPEX
OPEX
3
Integrated solutions across the value chain
18

19
Great customers across all segments
Top GE Oil & Gas customers
Top Baker Hughes customers
Opportunity
+
End-to-end integrated customer solutions
+
Broad portfolio offering
+
Reliable long-term partner
+
Digitize assets & oilfields
+
New technology introduction
+
Global capabilities
+
New business models
Providing customers productivity solutions across the value
chain

20
Robust synergy opportunity
Drivers
~$26B
~$1.2B
$MM
2018F
2019F
2020F
~$0.6B
~$1.0B
~$1.2B
Cost synergy timing
2020F
spend
Cost
synergies
~4.5%
cost out
Experienced teams ... have successfully managed downturn
4
Sourcing/procurement improvements
~$400
-Material deflation through combined buy
1
-Consolidate properties across extensive footprint
~$200
Manufacturing & service footprint rationalization
2
~$200
-Advanced manufacturing & digital condition-based maintenance
Process optimization
3
-Right-size back office, eliminate duplication
~$400
SG&A consolidation
4
Revenue synergies
~$400
-Enhanced ability to deliver integrated solutions,
address greater scope of projects
5

21
Cost synergy examples
Structural savings
Enhancements through digital thread:
Brilliant Factories ... 30% reduction in lead time
Functional support consolidation
560
660
Manufacturing & service optimization
GE
~25% facility overlap ... consolidation opportunity
+
o
Process harmonization
oSimplification
oDuplication removal
oIntegration
Simplification
Legacy
Redesigned
Unique
Units
190+
21
From:
Product cost out
Legacy of manufacturing excellence:
acquisition example ... 50% reduction in rod-lift unit cost
o
BCC sourcing
oDesign changes
oLogistics commonality
o
Supplier rationalization + volume leverage
oStandardization + demand management
BHI
Facilities rationalization
1
2
Material deflation

22
Petro-economies looking for integrated capabilities
+
Reservoirs in harsher environments & more remote locations
+
Project size and complexity is increasing
+
Lack of established infrastructure ... power generation
+
Buying preference toward productive solutions ... simpler
supply chain to gain lowest cost per barrel +
Significant pipeline of identifiable projects to be developed
Africa subcontinental -onshore
-
Remote area
-
Limited infrastructure ... investment beyond E&P
-
Lack of local work force
West Africa -offshore
-
Stranded gas ... monetization during field development
-
Ultra-deepwaterwells
-
Connection to onshore power plants
Brazil -offshore
-
Complex, multi-prospect discovery
-
Early production system during reservoir evaluation
-
Concept hinges on FPSO
Examples
Unique offering ... Newco + GE Store, capabilities from
molecule to megawatt

23
Winning in Digital
5
GE Store Digital capabilities
Oil & Gas applications
MACHINE & EQUIPMENTHEALTH
SecurelyConnectEquipment
HighProbabilityof Detection
Data-RichActionableInsights
RELIABILITYMANAGEMENT
Collaboration
ConfidenceAround BestOutcomes
IdentifyEmergingProblems
MAINTENANCEOPTIMIZATION
BalancePerformance& Reliability
OptimizeMaintenance
MaintenanceStrategy
Digital Thread
Becoming the Digital Industrial standard within the industry ...
driving integrated customer outcomes
Oil & Gas Ecosystem
+
Physics
Analytics
Applications
Asset Performance Management
Brilliant Factory
Intelligent Environments
Operations & Process Optimization
Production Optimization
From molecule to power generation
The power data coming to O&G to drive improved customer outcomes
Digital Twin

24
Financial outlook
Proformafinancials
~$14
~$28
~$34
2H'17F
'18F
'20F
($ in billions)
Value creation for investors
Revenue
~$24-a)
(a-Based on '17F analyst consensus
Assumptions
~8%
~18%
~23%
EBITDA%
~$0.5B
~$1.7B
~$3.6B
FCF
o
Assume $45-60/bbloil price through 2019; slow recovery to $60 in 2019
o
~$1.2B cost synergies by '20 ... ~4.5% of cost
o
~$0.4B revenue synergies by '20 ... +1% share
o
No additional debt for Baker Hughes
o
Baker Hughes ~60% of '14 peak EBITDA in '20
+
Creating an unparalleled fullstream digital industrial service
company for the industry
+
Brings together two leading industry players with deep
history of technical innovation +
Capability to provide integrated solutions for customers
+
Best-in class physical & digital technology ... supported by the GE Store
+
Robust synergy opportunities
+
Better positioned to navigate cycles
+
Significant value creation opportunity for investors

Impact for GE

26
Deal valuation and funding
Valuation
GE cash outlay
$7.4B
Debt-funded
iE
$7.4B borrowing from GE Capital iK leveraging excess debt at no
incremental cost to GE through i(Y)19
iE
$7.4B is part of leverage capacity
iE
No GE rating impact
GE contributes iK
,,I
100% of GE Oil & Gas
,,I
$7.4B of cash
62.5%
Baker Hughes contributes iK
,,I
100% of Baker Hughes
Synergies
NPV of synergies ~$13.7B
,,I
BHI shareholders ~$5.1B
,,I
GE shareholders ~$8.6B
($ in billions)
37.5%
BHI/GE partnership

27
GE earnings impact & valuation
GE EPS impact
~$(.02)
~$.04
~$.08
'17F
'18F
'20F
o
Expect mid-year 2017 close ... 2017 minimal synergies + purchase accounting
o
~$1.6B of synergies by 2020 ... ~75% cost, ~25% revenue
o
Baker Hughes achieves ~60% of 2014 peak earnings in 2020
o
Free cash flow conversion ~90% by 2020; incremental ~$1B FCF by 2019
EPS accretive in 2018 + long-term value creation
Deal valuation
IRR
CFRR > 10%
NPV of synergies
EBITDA multiple-a)
Synergized multiple-b)
> 15%
Yr. 5
$13.7B
11.0x
6.7x
(a-BHI TEV in transaction / BHI 2018 consensus EBITDA
(b-BHI TEV in transaction / (BHI 2018 consensus EBITDAplus run rate synergies)

28
Capital allocation
,,I
No change to capital allocation strategy
+
Sustain an attractive dividend iK yield > peers
+
GE Capital dividends through 2018 allocated to buyback
+
Continue organic investment in P&E, R&D, global, digital, pension
+
Disciplined M&A iK improve competitive position, returns >15%
Capital allocation strategy unchanged
,,I
Transaction funded within leverage capacity
,,I
Plan to sell GE Water
+Running process with potential buyers iK targeting mid-2017 close
+Industry leader in technology, products, and services
+Gain will fund restructuring & integration costs for BHI deal iK up to
$1B excess gain to fund core GE restructuring

29
+
Creating an unparalleled fullstreamdigital industrial
service company for the industry
+
Brings together two leading industry players with deep
history of technical innovation +
Capability to provide integrated solutions for customers
+
Best-in class physical & digital technology ... supported by the GE Store
+
Global reach with operations in ~120 countries
+
Provides for significant synergy opportunities
+
Better positioned to navigate industry cycles
Baker Hughes, a GE company
Molecule to megawatt ... significant value creation for investors

30
GE is uniquely positioned
Premium Industrial businesses
+Essential... builds, powers, moves, cures
+Valuable... foundation of GE Store
Leadership in analytics & SW for assets
Leadership in next generation manufacturing
Leading today
Tomorrow
+
New levels of productivity for GE, our customers & the world
Baker Hughes, a GE Company
+
Builds leader in essential industry
+
Enhances digital capability
+
Leverages the GE Store
Strategic value
Financial value
~$.04
~$.08
'18F
'20F
(GE EPS impact)

Baker Hughes, a GE Company