Baker Hughes, a GE Company Investor
   Update
December 8, 2016

Agenda and Speakers
New Baker Hughes
BHI Deal Rationale
Creating Customer Value + Productivity
   Leadership
-Commercial Innovation
-Digital Transformation
-Technology Leadership
-Optimizing Operations
Integration Update
Summary
Q&A
Lorenzo Simonelli
Martin Craighead
Maria Borras/Derek Mathieson/Rod
   Christie
Matthias Heilmann
Art Soucy/Kishore Sundararajan
Jody Markopoulos
UwemUkpong
Lorenzo Simonelli

Baker Hughes, a GE Company
Lorenzo Simonelli

What We Like About the Deal
Fullstreamtechnology provider ... industry-unique portfolio
Combining strengths ... technology, services, global capability
2x scale ... better ability to influence customer outcomes
GE Digital capability ... significant impact on oilfield
services productivity Blended leadership team ... deep
industry expertise Significant synergies + NewCobetter
positioned to navigate cycles

Transaction Overview ... the "new" Baker Hughes
http://blogs.bakerhughes.com/reservoir/files/2011/03/
Baker_Hughes_Logo.png
Shareholders
GE Oil & Gas
+ $7.4B cash
Newco, Inc.
(NYSE listed)
http://blogs.bakerhughes.com/reservoir/files/2011/03/
Baker_Hughes_Logo.png
$17.50/sh
dividend
100%
$7.4B cash
(operating partnership)
62.5%
37.5%
oMerge 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

Update Since 10/31 Transaction
   Announcement
Broad support for transaction ... strong industrial logic
Customers see significant value ... Process, Technology,
Digital Provided supplemental financial information on GE
O&G Hosted GE O&G specific investor event at Minds +
Machines conference Integration teams kicked off and
executing ... cost + revenue synergies Regulatory process
underway

Baker Hughes, a GE Company
~$34B* revenue~70,000 employees>120 countries
Find and produce hydrocarbons
Transport hydrocarbons
Process & market products
Drilling & Evaluation
Completion & Production
LNG &
Pipeline Solutions
Refinery &
Petrochemical Solutions
* 2020F

Creating the Productivity Leader in the
   O&G Industry
Fullstreamportfolio
Productivity drivers
Better outcomes
Commercial Innovation
Digital Transformation
Technology Leadership
Operations Optimization
Cost per Barrel
ROI
Faster cycle times
Drilling & Evaluation
Completion & Production
LNG & Pipeline Solutions
Refinery & Petrochemical Solutions
Digital Solutions
= +

Deal Rationale
Martin Craighead

Volatility is the New Normal
Volatility remains despite improved prospects for a recovery
Operators need stability, resilience, and predictability
Industry unsuccessful in achieving
return-on-invested-capital Recovery rates and well
efficiencies are sub-optimal
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
$0
$50
$100
$150
1980
1985
1990
1995
2000
2005
2010
2015
$/barrel
Global Rig Count
WTI Spot Price (left)

Customers Require More Productivity
Step change in productivity
new wave of innovation
unit cost of oil and gas production must be improved
Differentiation required + partners with broad offering
'16 YTD
'15
'14
'13
'08
(1)%
5%
6%
14%
ROCE -SelectedMajors& Independents
(1)%
$99
$108
$100
$54
$45
Average
Brent $/bbl
....
....
0.0
20.0
40.0
60.0
80.0
100.0
120.0
0
25
50
75
100
$/bbl
2020 MBOE/D
~$25/boe reduction in cost curve '14 vs.'16
Prices likely to recover with activity pick-up ...
structural reductions may persist
~90% of 2020 production breakeven @ ~$60/boe
in 2016 vs ~$85/boe in 2014
$~25/boe reduction
Sources: Capital IQ, Rystad
'14
'16

Creating Customer & Investor Value
Productivity leader for the industry
-Fullstreamportfolio
-Broad digital capability
-Extraordinary range of technology
2x scale, complementary capabilities, more diversified
BHI shareholders participate in substantial value creation
through synergies Positioned to weather short-term
volatility and participate in industry upcycle

Commercial Innovation
Maria Borras, Derek Mathieson, Rod
   Christie

Adding Value for our Customers
Increasing cross penetration in countries/customers
Relationships
Sales channels
Cross penetration
80 .120+
COUNTRIES REACHED
Technology, Supply Chain + Digital
Intelligent products
Reduced complexity
Modularity
Asset level solutions
0.1
FULLSTREAM CAPABILITY PROVIDER
Performance based commercial models
Bonus/Malus tied to KPI/targets
Availability guarantee
Advanced
commercial models
~40%
AVERAGE PROJECT CAPEX ONSHORE SCOPE FOR
   NEWCO
Integrated, outcome based solutions
Risk/Reward management
Bonus/Malus tied to production
Financing
CAPEX .OPEX
+43%
AVERAGE PROJECT SIZE INCREASE OVER NEXT
   5 YEARS
Sources: Company information, American Energy Partners,
GlobalData

Global Coverage ... Market Channel Improvement
80 .120+ countries
Financing
Company to Country
Channel stability
Africa subcontinental -onshore
-Remote areas
-Limited infrastructure ... investment beyond E&P
-Leverage local presence
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
NOC
Independentor Integrated
Majority in locations
with less developed infrastructure/supply
chains
2018
2019
2020
>2021
12
29
94
Total
Sources: Company information, GlobalData

North America Unconventionals... Key to Supply
NAM unconventional is critical short-cycle supplier
By 2020, unconventional will account for ~70% of total US
Production
Complexity of well increasing
US + Canada ~80-90% of unconventional production in 2020
NAM Capex spend .~80% between '16-'18
Permian growth ~12% p.a.
Incremental Production & annual spend ... '16-'20
Sources: IHS, Rystad
Production
(Mboe/d)
Spend
($ in billions)
NAM Unconventionals
ROW Onshore
Selected shale plays ... annual spend until 2020
($ in billions)
Barnett
$2
13
22
Permian
Eagleford
Woodford
Marcellus
Niobrara
Utica
Bakken
6
Haynesville
3
5
$39
11
9
Incremental annual spend
2016
8
1
$99
$67

Unlocking Value in Unconventional
+
+
Cost / bblreductions  '14 vs. 16
..Integrated ecosystem
..Digital productivity programs ... . NPT
..Drilling automation: Predictive +
   Predix
Drilling
Completion & Production
oReservoir modeling expertise
oIndustry leading RSS (AutoTrakCurve)
oBHA optimization capability
oGE design + manufacturing ... .RSS reliability &
performance
oAdvanced wellbore placement ... MEMS gyros & solid
state sensors
oPredictive analytics
oBest in class completion equipment
oLeading production chemicals franchise
oLeading ESP offering
oBrilliant Factory ... .product quality and .lead times
oDigital integration ... design optimiziation
oSensors + connectivity + Predix
Productivity for customers
..Advanced AL Systems + productivity
   tools
..Digital thread: reservoir to well construction to production
..Predictive analytics ... production optimization
Sources: IHS, Rystad
~$80
~$48
'14
'16
Service cost
High-grading
Learnings
Operations
~70%
of cost reductions have been cyclical, not structural
~70%of cost reductions have been cyclical, not structural

Enabling Deepwater Productivity
Technology, Digital and Commercial
   solutions
Example: W. Africa Offshore Project Spend
3%
25%
21%
9%
4%
11%
27%
Internal
Transportation, Logistics
Engineering
Topsides & Processing
Well Service
Subsea & SURF
Seismic
+
Baker Hughes 1-2-1 strategy redefining drilling productivity
and reliability in deepwater 5D modelling trees, BOP
reliability and evolving services models improving project
economics Digital twin and OPEX commercial models for
rotating machinery, and processing equipment
Well Construction
Midstream, LNG
+
+
+
Financing
LNG plant & liquefaction equipment, processing equipment,
pipeline services Innovative business models, risk sharing
Subsea
Production
Sources: Rystad, McKinsey

Unlock Deepwater Opportunities with Better Productivity
oFocus on major projects across all deepwaterbasins
o11B BOE are marginal at +/-$40/boe... ~1.9MMbbl/day peak
production  potential
o~10% improvement in lifting cost from fullstreamproductivity
program could unlock ~$200Baddressable
deepwateropportunity
Sources: IHS, Baker Hughes analysis

Next Chapter in Capex & OpexProductivity
..Reliability centered maintenance
..Digital monitoring and diagnostics
..Incentives aligned with customers
..Lifecycle project view = .information connection
..Technology & phase optimization
...standardization = .ability to redeployassets

Productivity from Contractual Service Agreements (CSA)
Contractual Service Agreements
GE Oil & Gas
Evolution
Today
Aircraft engines
Gas turbines
Locomotives
Diagnostic imaging
Gas turbines &
compressors
Blowout preventers
1995
http://www.geaviation.com/company/img/genx.jpg
https://cdn2.geready.com/sites/default/files/
evolution_series_locomotive_0.jpg
http://www3.gehealthcare.com/~/media/images/product/
product-categories/nuclear-medicine/cardiac%20scanners/ventri/
ventri-nm_table_options_premium_table.jpg
http://www.compressortech2.com/images/cache/cache_b/cache_5/
cache_0/GELM6000-PF-resized-dbb1405b.jpeg?ver=1469206008&
aspectratio=1.5317220543807
https://www.geoilandgas.com/sites/geog.dev.local/files/styles/
product_hero/public/Ram_BOP_Hero.jpg?itok=c6UrEo86
20+ years track record
..>6,800 units
..1B+ hours in operation
Data rich
..Uptime
..Output
..Align with revenue model
Customer commitment
..Less cyclical
..Ability to drive productivity
GE benefit
Potential use cases
..Drilling
..Production outcomes
..From transaction to campaign-based

Digital Transformation
Matthias Heilmann

Digital Essential to Unlock Productivity
Productivity
oDigital Thread
oBrilliant manufacturing
Apps
oService transformation
oDigital enabled CSAs
Platforms
oPredixIndustrial Internet Operating
   System
oDigital twin
oServices effectiveness & efficiencies
oDesign & Innovation acceleration
oBetter outcomes for customers
oOptimize GE/BHI equipment
oFullstreamdata analytics
oLeapfrog digital industrial transformation
oIndustrial strength, cyber security, scale
oPredixProcess + Production Optimization
New BHI for New BHI
New BHI for Customers
New BHI for Industry

Leapfrog Digital Transformation ... GE's Learnings

PredixPowered Oil & Gas Offerings
Architecture
Apps
EQUIPMENT
DATA
Asset
Performance Management
Artificial
Intelligence +
Machine Learning
Production Optimization
Digital Twin
Sensors /
Edge
Cloud /
Security
Design & Build
Collaboration
Ecosystem
PRODUCTION DATA
LOGGING & EVALUATION DATA
DRILLING
DATA
WELL COMPLETION
DATA
RESERVOIR
DATA
Oil&GasExtensions
Oil&GasExtensions

Asset Performance Management for
   Upstream
1)Excursion & anomaly management
2)Equipment monitoring & analysis
3)Process Surveillance
4)Knowledge repository ... best practice sharing
oSiloed business operations
oSafety concerns
oReactive to process upsets
PredixAPM + O&G extensions providing fleet-wide insights
for
real-time visibility of global plant operations Reduced
production deferrals
Contributing to 2-4% higherglobal operations efficiency
Improved safety, engineering productivity, data visibility
&
efficient decision making
Connected
Optimized
Insights
Largest PredixAPM deployment at scale covering systems +
platforms Machine learning + digital twin analytics Full
deployment ... cover 400-600 assets & asset classes,
deployed 20MM+ tags
Next Steps:
Expansion into reliability management + inspection
Events, alerts,
workflows
$100MM+
bottom line impact per 1% efficiency improvement

New Baker Hughes Delivering Outcomes
   that Matter
Underutilized
data sets
Digital
use cases
Desired customer outcomes
Opportunity
Equipment & Process Reliability
Automation & Remote Operations
Production Optimization
Field Service Enablement
Design-build-operate collaboration
Increase daily production
Reduce cost / barrel
Maximize ultimate recovery
Safety
Increase booked reserves
~2-5% operating efficiency
~20-30% cost op-ex reduction
~20-40% improvement in RoA
Reduced recordables
~8-15% increase in production
Source: GE analysis

The Value is in the Twin
oVibration
oFlow
oPressure
oTemperature
oFuel Gas quality
oWeather
oService/cycle type
oCombustion Mode
Learning Modes
Human Expertise
Fleet
Transfer
Similar
Machines
Simulations
Emerging Technology: Connected Twinso Optimalconfigurations
o Failuremode identification
o Optimalcontrols
o New algorithms
o New security and fraud mitigation techniques
Potential Use Cases
o30k artificial lift systems
oDrilling tools
Key Process Parameters
Fleet Monitoring Results
Gold Data
Physical + Digital Models
Learning
Analytics
Building Blocks:
3-15%
GE reliability  improvement realized

Digital Capabilities Deliver Smarter Drilling Operations
= Decisions
..Real-time bottom hole assembly condition monitoring
..Faster response to operational upsets
..Machine learning, data analytics, unleash prediction
..New equipment mobilization, tool dispatch, optimal resource
allocation
..Influence design & build
Benefits of Accelerating Digital
   Transformation
Reservoir Navigation
System
Measurement While Drilling
Casing Liner
System
Lift
System
12-20%
average industry drilling NPT
20-30%
anticipated reliability improvement
~$15B+
industry productivity opportunity
Sources: GE, BHI analyses

Technology Leadership
Art Soucy, Kishore Sundararajan

Leading Technology Driving Value Across
   Portfolio
..Rotary drilling tools leveraging GE expertise
..Advanced wellbore trajectory survey
..Digital integration of completion activity
..Advanced materials for harsh environment
..Remote monitoring
..Advanced analytics
..Integrated advanced sensors
..Life of well performance prediction
..Reservoir dynamics and characterization
..New sensing and modeling techniques
..Advanced Gas Turbine Technology
..Power Gen Equipment
..Highest power density
..Modular Solutions
..Steam Turbine Technology
..Centrifugal & RecipCompressors
..Flexible Mechanical Drive Options
Brilliant Drilling Systems
LNG/Pipeline
Smart Completions
Production optimization
Reservoir
Performance Evaluation
Refinery & Petrochemical
Service Quality
Agility
Cost per barrel

Additive Manufacturing Advancing
   Technology
Baker Hughes investment:
$11 million
o5 machines
o32 downhole parts
o24 fewer parts
o20% cost reduction
oHigher reliability -less parts, no pressure plugs required
Manifold check valve
GE investment $1.5B+
oThinking additively
o845 parts eliminated
lasertec-65-shape-h1-jpg
$1B+ acquisitions
Advanced Turbo Prop
-a)
(a-subject to customary closing conditions
https://pbs.twimg.com/profile_images/582823690519244800/
W7IxZcR6.png
GE93_HD7.png

Electronics Driving Significant Efficiencies in Drilling
People related negative productivity by top 4 OFS companies
since 2014 Improved electronics, sensor and analytical
capability critical to success
1-2-1 Strategy
o1tool
o2people at the rig
o1year of experience
$3B+
Sources: BHI analysis, public filings

Autonomous Drilling Systems now a
   Possibility
oIslands of autonomy
oNo integrated system
oPockets of expertise
oSystems incompatible
oAutomated drilling systems
oNew business model
oImproved safety, lower risk for employees
Image result for drilling rig system schematic
2016
2020

GE Store driving Technology Productivity
   in Drilling
+ Battery technology .Downhole rechargeable batteries
+ GE Healthcare technology .Advanced sensor analytics
(i.e. NMR, acoustics)
+ Silicon Carbide & hybrid electronics techn. .
New high temperature platform
+ Systems modeling & integration .Short BHA (From 65'
to 30')
+ Fluid mechanics science .Downhole power generation
+ Material science .Corrosion & Wear
   resistant BHA
+ Rotating machinery experience .Reliable Rotary
Steerable Systems (RSS)
+ Bit composite encapsulated sensors.Accurate well placement

Operations Optimization
Jody Markopoulos

Digital Thread improving Efficiencies at
   BHI + GE
Sourcing data lake
On-the-move sourcing analytics
oEnabling 4%+external deflation
Engineering
digital thread.png
..NPI Cycle
..Product Cost
Commercial
digital thread.png
..Funnel size
..Convertibility
Supply Chain
digital thread.png
..Inventory turns
..Lead time
Services
digital thread.png
..Asset reliability
..FSE utilization
Installed base mining
Virtual validation
Subsea tree 3D model
oDefect reduction by 80%
digital thread.png
digital thread.png
digital thread.png
BentlyNevada vibration systems
o$24MM upgrades

Supply Optimization ... Day 1 Focus
*2015 spend
~80% overlap on sourcing categories*
Mechanical12%
Electronics
7%
Logistics9%
Raw Material8%
Aux Equipment16%
Other20%
Indirect28%
Supply base rationalization
oDeeper, stronger supply base
oGlobal risk management
Procurement infrastructure
oVolume efficiency
oProcess standardization and automation
Value engineering
oShould cost
oProduct standardization
Landed cost optimization
oLogistics efficiency
oMake/buy trade-offs
Big Data
Analytics
20%
Cost
15%
Supplier
Proven track record ... Examples:
Focus Areas
Electronics Center of
Excellence

Optimizing Fulfilment ... Service Delivery Excellence
Asia Pacific
Americas
Europe, Middle East & Africa
Operational excellence
Lean Culture
-2x throughput
Brilliant Factory
-. 25% lead time
Multi-modal facilities
Competitive scale
-.responsiveness
Advanced manufacturing
-50% part reduction
250
203
BHI locations *
GE locations
453
162
145
307
99
67
166
* excludes chemical storage

Brilliant Factory: Talamona, Italy
25%
% Lead time
IMPROVEMENT
10+ Technologies
From 5 axis EDM to Laser Weld
Programming & Simulation
From machining (800+ tools)
to Laser scanning (700+ holes/unit)
image9.png
image10.png
image11.jpeg
Predictive approach
w/ data collection & software
5
Suppliers to
ONE
10
operations in
a SINGLE line
10
operations in
a SINGLE line
Potential use cases
~4,000/year Sub Surface Safety Valve
   components
~1,100/year Drilling Motor Radial
   Bearings

Integration Status Update
UwemUkpong

Creating value
Cost
2018F
From revenue
2020F
~$0.7
~$1.6
Synergies
~$1.2
~$0.4
~$0.6
~$0.1
(EBITDA $ in billions)
2020F EBITDA synergy benefits
+Revenue synergies
+Sourcing/procurement improvements
+Manufacturing, service footprint rationalization
+Process optimization
+SG&A consolidation
~$0.4
~$0.4
~$0.2
~$0.2
~$0.4

Integration planning
oJoint integration planning launched, led by Derek
Mathieson and Uwem Ukpong
oAppointed integration planning team of 30 senior
leaders from Baker Hughes and GE
..Combined hundreds of years in OFS and GE
..Mix of functions, regions and product/service lines
..Team planning sessions complete at GE's Crotonvillelearning
center
oJoint Baker Hughes/GE Steering Committee of senior
executives
oLeveraging prior integration experience from both companies
oEmployee outreach and communications ongoing
oRegulatory process underway

Focused on Customers and Value Creation
   from Day 1
..Commitment to Health Safety and
   Environment
..Customer focus and relationships
..Technology expertise and innovation
..Service culture
..Talent and development
Taking the best of both organizations
Targeted work programs
Strategy and operating model for NewCo
Integration and synergy capture planning

Summary
Lorenzo Simonelli

Financial Overview
($ in billions)
Key metrics
Revenue
~$32
~$28
'15
'18F
2015 Adjusted EBITDA
'16E cost out
Synergies
-Cost
-From revenue
Lower volume / price
2018F Adjusted EBITDA
Restructuring / other charges
2018F EBITDA
~$4.8
~1.3
~0.6
~0.1
~(1.4)
~$5.5
~(0.3)
~$5.2
Adjusted EBITDA-a)
$4.8
~$5.5
(a-EBITDA and Adjusted EBITDA are non-GAAP measures. See
the notes to financial data included on page 52 for
additional information.
Totals may not add due to use of rounded numbers.

Summary
..Unmatched fullstreamcapability
..Creating the productivity leader for the industry
..Digital capability will shape industry over next decade
..GE Store will be key advantage: Commercial + Technical
..Disciplined capital allocation: high-margin, high-return
portfolio
..Integration planning underway ... focused on customers +
value creation

Q & A

Disclaimers & Notes

Additional Information and Where to Find
   It
In connection with the proposed transaction between GE and
Baker Hughes Incorporated ("BHI"), Bear Newco, Inc.
("Newco") willprepare and file with the SEC a registration
statement on Form S-4 that will include a combined proxy
statement/prospectus of Newco and BHI (the "Combined Proxy
Statement/Prospectus"). BHI and Newco will prepare and file
the Combined Proxy Statement/Prospectus with the SEC, and
BHI 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 BHI and/or
Newco 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
PROXYSTATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, ANY
AMENDMENTS OR SUPPLEMENTS TO THE COMBINED PROXY
STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS FILED BY BHI 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 BHI and/or Newco through the website maintained by the
SEC at www.sec.gov. Investors and security holders will also
be able to obtain free copies of the documents filed by
Newco and/or BHI with the SEC on BHI's website at
http://www.bakerhughes.com or by contacting BHI 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 pursuantto or in
connection with the proposed transaction or otherwise, nor
shall there be any sale, issuance or transfer of securities
in any jurisdiction 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, BHI, Newco, their respective directors, executive
officers and other members of its management and employees
may be deemed to be participants in the solicitation of
proxies in connection with the proposed transaction.
Information regarding the persons who may, under the rules
of the SEC, be deemed participants in the solicitation of
proxies in connection with the proposed transaction,
including a description of their direct or indirect
interests, by security holdings or otherwise, will be set
forthin 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/A for the
quarter ended September 30, 2016, which was filed with the
SEC on November 9, 2016 and certain of its Current Reports
filed on Form 8-K.Information regarding the directors and
executive officers of BHI is contained in BHI's proxy
statement for its 2016 annual meeting of stockholders, filed
with the SEC on April 11, 2016, itsAnnual 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

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 BHI. 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
andcash 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;the
projected future financial performance of GE Oil & Gas,
BHI
and Newco; 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 those indicated 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 BHI may not be
obtained; (2)the risk that the proposed transaction may not
be completed in the time frame expected by GE or BHI, 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 theproposed
transaction, including as a result of delay in completing
the proposed transaction or integrating the businesses of
GE, BHI 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 and liability; (11) evolving legal,
regulatory and tax regimes; (12) changes in general economic
and/or industry specific conditions, including oil price
changes; (13) actions by third parties, including government
agencies; and (14) other risk factors as detailed from time
to time in GE's and BHI's reports filed with the SEC,
including GE's and BHI's 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 BHI 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 toplace undue reliance on any of these
forward-looking statements.

Overall
oProforma financials for Baker Hughes, a GE Company reflect
estimates of the combined performance of GE Oil &
Gas and BHI. For GE Oil & Gas, the estimates are based
on
internal performance measures as described below. For BHI,
the estimates are based on BHI's reported earnings as
described below. GE Oil & Gas oRevenue and Segment Profit
represent reported amounts disclosed as industrial operating
segment results within General Electric Company's annual and
quarterly SEC filings, which are prepared in conformity with
U.S. generally accepted accounting principles. Such
information has been preparedsolely for purposes of
consolidation by GE, and not for stand-alone financial
reporting purposes. oSegment revenues include revenues and
other income related to the segment. Segment profit is
determined based on internal performance measures used by
the Chief Executive Officer (CEO) to assess the performance
of each business in a given period. In connection with that
assessment, theCEO may exclude matters such as charges for
restructuring; rationalization and other similar expenses;
acquisition costs and other related charges; technology and
product development costs; certain gains and losses from
acquisitions or dispositions; and litigation settlements or
other charges, for which responsibility preceded the current
management team. Intercompany transactions are reflected in
Revenue and Segment Profit on the basis of GE policies and
procedures.
oSegment profit excludes the portion of earnings or loss
attributable to non-controlling interests of
consolidated subsidiaries, and as such only includes the
portion of earnings or loss attributable to our share
of the consolidated earnings or loss of consolidated
subsidiaries. Segment profit also excludes interest and
other financial charges and income taxes. For purposes of
this presentation, segment profit may also be
referred to as EBIT. Certain GE corporate costs, such
asshared services, employee benefits and information
technology are allocated to our segments based on usage.
A portion of the remaining corporate costs is
allocated based on each segment's relative net cost of
operations.
Baker Hughes
oRevenue and Adjusted EBITDA have been presented on a
consistent basis for 2015 with BHI's reported earnings,
including adjustments such as, but not limited to,
impairment and restructuring charges, merger and related
costs, inventory adjustments and litigation settlements.
For more detail, refer to BHI's earnings release for
the year ended December 31, 2015.