MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A). The consolidated financial statements of General Electric

Company are prepared in conformity with U.S. generally accepted accounting
principles (GAAP). Unless otherwise noted, tables are presented in U.S. dollars
in millions. Certain columns and rows within tables may not add due to the use
of rounded numbers. Percentages presented in this report are calculated from the
underlying numbers in millions. Discussions throughout this MD&A are based on
continuing operations unless otherwise noted. The MD&A should be read in
conjunction with the Financial Statements and Notes to the consolidated
financial statements.

In the accompanying analysis of financial information, we sometimes use
information derived from consolidated financial data but not presented in our
financial statements prepared in accordance with GAAP. Certain of these data are
considered "non-GAAP financial measures" under SEC rules. See the Non-GAAP
Financial Measures section for the reasons we use these non-GAAP financial
measures and the reconciliations to their most directly comparable GAAP
financial measures.

CONSOLIDATED RESULTS

THIRD QUARTER 2022 RESULTS. Total revenues were $19.1 billion, up $0.5 billion
for the quarter, driven primarily by increases at Aerospace and HealthCare,
partially offset by decreases at Renewable Energy and Power.

Continuing earnings (loss) per share was $(0.14). Excluding the results from our
run-off Insurance business, separation costs, restructuring costs, non-operating
benefit costs, gains (losses) on equity securities and gains (losses) on
purchases and sales of business interests, Adjusted earnings per share* was
$0.35. For the three months ended September 30, 2022, profit margin was (0.3)%
and profit was down $0.6 billion, primarily due to a net loss on the value of
equity securities of $0.5 billion compared to the prior year gain, a decrease in
segment profit of $0.4 billion, a decrease in Insurance profit of $0.4 billion
and separation costs of $0.2 billion, partially offset by a decrease in
non-operating benefit costs of $0.6 billion and a net gain on purchases and
sales of businesses of $0.2 billion compared to the prior year loss. Adjusted
organic profit* decreased $0.3 billion (20%), driven primarily by a decrease at
Renewable Energy, partially offset by an increase at Aerospace and lower
adjusted total corporate operating costs*.

Cash flows from operating activities (CFOA) were $1.3 billion and $(1.5) billion
for the nine months ended September 30, 2022 and 2021, respectively. Cash flows
from operating activities increased primarily due to a decrease in cash
collateral paid net of settlements on interest rate derivative contracts, an
increase in net income (after adjusting for amortization of intangible assets,
non-cash losses related to our interests in AerCap and Baker Hughes and
non-operating debt extinguishment costs) and an increase in cash from all other
operating activities. Free cash flows* (FCF) were $0.5 billion and $(1.8)
billion for the nine months ended September 30, 2022 and 2021, respectively.
FCF* increased primarily due to the same reasons as noted for CFOA above,
partially offset by an increase in cash used for working capital (after
adjusting for the impact from discontinued factoring programs and eliminations
related to our receivables factoring and supply chain finance programs). See the
Capital Resources and Liquidity - Statement of Cash Flows section for further
information.

Remaining performance obligation (RPO) is unfilled customer orders for products
and product services (expected life of contract sales for product services)
excluding any purchase order that provides the customer with the ability to
cancel or terminate without incurring a substantive penalty. See Note 8 for
further information.

                 RPO           September 30, 2022    December 31, 2021
                 Equipment   $           44,734   $           45,065
                 Services               196,029              194,755
                 Total RPO   $          240,763   $          239,820






*Non-GAAP Financial Measure
2022 3Q FORM 10-Q 4
--------------------------------------------------------------------------------

As of September 30, 2022, RPO increased $0.9 billion from December 31, 2021,
primarily at Aerospace, from engines contracted under long-term service
agreements that have now been put into service and contract modifications;
partially offset by decreases at Power, from the continued wind down of the
Steam Power new build coal business and sales outpacing new orders in Gas Power
contractual services; at Renewable Energy, from the overall impact of a stronger
U.S. dollar and sales exceeding new orders at Onshore Wind; and at HealthCare,
from the impact of contract renewal timing in services.

                                                        Three months ended               Nine months ended
REVENUES                                                   September 30                     September 30
                                                             2022         2021                2022         2021
Equipment revenues                                  $    8,082    $   8,903          $   22,549    $  25,172
Services revenues                                       10,356        8,910              30,041       26,427
Insurance revenues                                         646          756               2,179        2,295
Total revenues                                      $   19,084    $  18,569          $   54,769    $  53,893



For the three months ended September 30, 2022, total revenues increased $0.5
billion (3%). Equipment revenues decreased, primarily at Renewable Energy, due
to fewer wind turbine deliveries at Onshore Wind; and at Power, due to decreases
in Gas Power HA turbine and aeroderivative deliveries and decreases in Steam
Power equipment on the exit of new build coal; partially offset by increases at
HealthCare, due to Imaging and Ultrasound, mainly due to strong growth in the
U.S. and Europe, the Middle East and Africa; and at Aerospace, due to an
increase in commercial install and spare engine unit shipments versus the prior
year. Services revenues increased, primarily at Aerospace, due to higher prices,
increased shop visit volume and higher volume of commercial spare part
shipments; at Renewable Energy, primarily due to higher core services and more
repower unit deliveries at Onshore Wind; and at HealthCare, primarily due to the
continued growth of Pharmaceutical Diagnostics (PDx) and Healthcare Systems
(HCS); partially offset by a decrease at Power, due to lower planned contractual
services outages at Gas Power and prior year Steam Power services volume that
did not repeat. Insurance revenues decreased $0.1 billion (15%).

Excluding the change in Insurance revenues, the net effects of acquisitions of
$0.1 billion, the net effects of dispositions of $0.1 billion and the effects of
a stronger U.S. dollar of $0.6 billion, organic revenues* increased $1.3 billion
(7%), with equipment revenues down $0.5 billion (6%) and services revenues up
$1.8 billion (20%). Organic revenues* increased at Aerospace and HealthCare,
partially offset by decreases at Renewable Energy and Power.

For the nine months ended September 30, 2022, total revenues increased $0.9
billion (2%). Equipment revenues decreased, primarily at Renewable Energy, due
to fewer wind turbine deliveries at Onshore Wind and lower revenue at Grid; at
Power, due to a decrease in Steam Power equipment on the exit of new build coal;
and at Aerospace, due to lower GEnx engine production rates and product
transition with fewer engine shipments on legacy programs; partially offset by
an increase at HealthCare, driven by Imaging, mainly due to strong growth in the
U.S. and Europe, the Middle East and Africa, partially offset by China. Services
revenues increased, primarily at Aerospace, due to higher prices, increased shop
visit volume and higher volume of commercial spare part shipments; at Renewable
Energy, primarily due to higher services revenue at Onshore Wind from a larger
installed base and more repower unit deliveries; and at HealthCare, driven by
the continued growth of HCS; partially offset by a decrease at Power, due to
prior year Steam Power services volume that did not repeat. Insurance revenues
decreased $0.1 billion (5%).

Excluding the change in Insurance revenues, the net effects of acquisitions of
$0.2 billion, the net effects of dispositions of $0.2 billion and the effects of
a stronger U.S. dollar of $1.3 billion, organic revenues* increased $2.3 billion
(4%), with equipment revenues down $2.1 billion (8%) and services revenues up
$4.4 billion (17%). Organic revenues* increased at Aerospace and HealthCare,
partially offset by decreases at Renewable Energy and Power.

                                                    Three months ended                Nine months ended
EARNINGS (LOSS) AND EARNINGS (LOSS) PER SHARE          September 30                      September 30
(Per-share in dollars and diluted)                        2022         2021                2022         2021
Continuing earnings (loss) attributable to GE
common shareholders                             $      (153)   $     603          $   (1,609)   $      (1)
Continuing earnings (loss) per share            $     (0.14)   $    0.54    

$ (1.46) $ (0.01)



For the three months ended September 30, 2022, continuing earnings decreased
$0.8 billion primarily due to a net loss on the value of equity securities of
$0.5 billion compared to the prior year gain, a decrease in segment profit of
$0.4 billion, a decrease in Insurance profit of $0.4 billion and separation
costs of $0.2 billion, partially offset by a decrease in non-operating benefit
costs of $0.6 billion and a net gain on purchases and sales of businesses of
$0.2 billion compared to the prior year loss. Adjusted earnings* was $0.4
billion, a decrease of $0.2 billion. Profit margin was (0.3)%, a decrease from
3.1%. Adjusted profit* was $1.1 billion, a decrease of $0.3 billion
organically*, due to a decrease at Renewable Energy, partially offset by an
increase at Aerospace and lower adjusted total corporate operating costs*.
Adjusted profit margin* was 5.8%, a decrease of 190 basis points organically*.

For the nine months ended September 30, 2022, continuing earnings decreased $1.6
billion primarily due to a net loss on the value of equity securities of $3.1
billion compared to the prior year gain, an increase in provision for income
taxes of $0.9 billion, the Steam asset sale impairment of $0.8 billion,
separation costs of $0.6 billion and Russia and Ukraine charges of $0.3 billion,
partially offset by a decrease in non-operating benefit costs of $1.8 billion,
the nonrecurrence of debt extinguishment costs of $1.4 billion, lower adjusted
total corporate operating costs of $0.5 billion, lower interest and other
financial charges of $0.3 billion and an increase in segment profit of $0.2
billion. Adjusted earnings* were $1.5 billion, an increase of $0.5 billion.
Profit margin was (1.5)%, a decrease from (0.4)%. Adjusted profit* was $3.7
billion, an increase of $0.7 billion organically*, due to increases at Aerospace
and Power, and lower adjusted total corporate operating costs*, partially offset
by decreases Renewable Energy and HealthCare. Adjusted profit margin* was 7.0%,
an increase of 100 basis points organically*.

*Non-GAAP Financial Measure

                                                             2022 3Q FORM 10-Q 5
--------------------------------------------------------------------------------

We continue to experience inflation pressure in our supply chain, as well as
delays in sourcing key materials needed for our products. This has delayed our
ability to convert RPO to revenue and negatively impacted our profit margins.
While we are taking actions to limit this pressure, we may continue to
experience impacts in future periods. Also, geopolitical uncertainties with the
ongoing Russia and Ukraine conflict, as well as recent COVID-19 impacts in
China, are introducing additional challenges. As of September 30, 2022, we have
approximately $0.5 billion of remaining assets in Russia and Ukraine, primarily
in our Power and HealthCare businesses, which relate to activity not subject to
sanctions or restricted under Company policy.

SEGMENT OPERATIONS. Refer to our Annual Report on Form 10-K for the year ended
December 31, 2021, for further information regarding our determination of
segment profit for continuing operations, and for our allocations of corporate
costs to our segments.

                                              Three months ended September 30                   Nine months ended September 30
SUMMARY OF REPORTABLE SEGMENTS                  2022        2021            V %                   2022        2021           V %
Aerospace                               $   6,705    $  5,398           24      %         $  18,434    $ 15,230          21      %
HealthCare                                  4,613       4,339            6      %            13,494      13,100           3      %
Renewable Energy                            3,594       4,208          (15)     %             9,564      11,505         (17)     %
Power                                       3,529       4,026          (12)     %            11,233      12,242          (8)     %
Total segment revenues                     18,440      17,970            3      %            52,725      52,076           1      %
Corporate                                     643         599            7      %             2,044       1,816          13    %
Total revenues                          $  19,084    $ 18,569            3      %         $  54,769    $ 53,893           2      %

Aerospace                               $   1,284    $    846           52      %         $   3,341    $  1,664              F
HealthCare                                    712         704            1      %             1,901       2,203         (14)     %
Renewable Energy                             (934)       (151)              U                (1,786)       (484)             U
Power                                         141         204          (31)     %               524         416          26      %
Total segment profit (loss)                 1,204       1,603          (25)   %               3,980       3,799           5    %
Corporate(a)                                 (960)        (40)              U                (3,947)        361              U

Interest and other financial charges (377) (446) 15

     %            (1,146)     (1,403)         18      %
Debt extinguishment costs                       -           -               F                     -      (1,416)             F
Non-operating benefit income (cost)           125        (427)              F                   396      (1,374)             F
Benefit (provision) for income taxes          (72)        (35)              U                  (701)        211              U
Preferred stock dividends                     (73)        (52)         (40)     %              (192)       (180)         (7)     %
Earnings (loss) from continuing
operations attributable to GE common
shareholders                                 (153)        603               U                (1,609)         (1)             U

Earnings (loss) from discontinued
operations attributable to GE common
shareholders                                  (85)        602               U                  (580)     (2,856)         80      %
Net earnings (loss) attributable to GE
common shareholders                     $    (238)   $  1,205               U             $  (2,189)   $ (2,857)         23      %


(a) Includes interest and other financial charges of $13 million and
$16 million, and $45 million and $47 million; and benefit for income taxes of
$52 million and $33 million, and $160 million and $111 million related to Energy
Financial Services (EFS) within Corporate for the three and nine months ended
September 30, 2022 and 2021, respectively.

GE AEROSPACE. Our results in the third quarter of 2022 reflect the continued
recovery of the commercial markets from the effects of the COVID-19 pandemic.
Global industrial supply chain disruptions in material and labor continued to
affect performance, however, Aerospace saw signs of improved flow through our
factories. A key underlying driver of our commercial engine and services
business is global commercial air traffic. We regularly track global departures,
which improved 19% during the third quarter of 2022 compared to the third
quarter of 2021, and stand at approximately 85% of 2019 levels as of September
30, 2022.

Global supply chain constraints and labor shortages, in part driven by the
pandemic, are causing disruptions for us and our suppliers, which have impacted
our production and delivery. We continue to partner with our airline and leasing
customers and collaborate with our airframe partners on future production rates.
However, supply chain output improved this quarter, and we increased our
Commercial and Military engine sales units by 32% compared to the second quarter
of 2022 and 21% compared to the same quarter last year.

Government travel restrictions and COVID-19 virus variants have driven varied
levels of recovery regionally. We remain confident in the recovery, and current
trends are in line with our recovery forecast. Consistent with updated industry
projections, although overall traffic recovery remains unchanged, we now
estimate both single-aisle and twin-aisle air traffic to recover to 2019 levels
in late 2023. We are in frequent dialogue with our airline, airframe, and
maintenance, repair and overhaul customers about the outlook for commercial air
travel, new aircraft production, fleet retirements, and after-market services,
including shop visit and spare parts demand.

As it relates to the military environment, we continue to forecast strong
military demand creating future growth opportunities for our Military business
as the U.S. Department of Defense and foreign governments have continued flight
operations, and have allocated budgets to upgrade and modernize their existing
fleets. In September 2022, Aerospace and the U.S. Air Force successfully
concluded testing on the second XA100 adaptive cycle engine, marking the final
major contract milestone of the Air Force's Adaptive Engine Transition Program
(AETP).


2022 3Q FORM 10-Q 6
--------------------------------------------------------------------------------

Total engineering, comprising company, customer and partner-funded and
nonrecurring engineering costs, increased compared to the prior year. We
continue to be committed to investment in developing and maturing technologies
that enable a more sustainable future of flight.

We continue to take actions to protect our ability to serve our customers now
and as the global airline industry recovers. Our deep history of innovation and
technology leadership, commercial engine installed base of approximately 39,400
units, with approximately 11,500 units under long-term service agreements, and
military engine installed base of approximately 26,200 units represents strong
long-term fundamentals. We believe Aerospace is well-positioned to drive
long-term profitable growth and cash generation over time.

                                      Three months ended September 30       

Nine months ended September 30

Sales in units, except where noted                2022           2021                      2022           2021
Commercial Engines(a)                           489            377                     1,187          1,119
LEAP Engines(b)                                 347            226                       812            625
Military Engines                                151            154                       466            405
Spare Parts Rate(c)                   $        29.4    $      19.3          $           25.2    $      15.8
(a) Commercial Engines now includes Business Aviation and Aeroderivative units for all periods presented.
(b) LEAP engines are subsets of commercial engines.
(c) Commercial externally shipped spare parts and spare parts used in time and material shop visits in
millions of dollars per day.



                 RPO           September 30, 2022    December 31, 2021
                 Equipment   $           12,324   $           11,139
                 Services               117,785              114,133
                 Total RPO   $          130,109   $          125,272



SEGMENT REVENUES AND PROFIT              Three months ended September 30    

Nine months ended September 30

                                               2022              2021                      2022               2021

Commercial Engines & Services $ 4,971 $ 3,602

      $   13,130          $  10,071
Military                                   1,027             1,107                     3,159              3,104
Systems & Other                              707               689                     2,146              2,055
Total segment revenues                $    6,705          $  5,398                $   18,434          $  15,230

Equipment                             $    1,968          $  1,837                $    5,379          $   5,549
Services                                   4,736             3,562                    13,055              9,681
Total segment revenues                $    6,705          $  5,398                $   18,434          $  15,230

Segment profit                        $    1,284          $    846                $    3,341          $   1,664
Segment profit margin                       19.1    %         15.7    %                 18.1    %          10.9    %


For the three months ended September 30, 2022, segment revenues were up $1.3
billion
(24%) and segment profit was up $0.4 billion (52%).

Revenues increased $1.3 billion (25%) organically*. Commercial Services revenues
increased, primarily due to higher prices, increased shop visit volume and
higher volume of commercial spare part shipments. Commercial Engines revenues
increased, primarily driven by 112 more commercial install and spare engine unit
shipments, including 121 more LEAP units, versus the prior year. Military
revenues decreased, primarily due to product mix and 3 fewer engine shipments
than the prior year.

Profit increased $0.4 billion (47%) organically*, primarily due to higher
prices, increased shop visit volume and higher volume of commercial spare part
shipments. These increases in profit were partially offset by lower profit on
Commercial Engine shipments driven by product transition with fewer engine
shipments on legacy programs and more shipments on newer programs, inflation in
our supply chain and additional growth investment.

For the nine months ended September 30, 2022, segment revenues were up $3.2
billion
(21%) and segment profit was up $1.7 billion.

RPO as of September 30, 2022 increased $4.8 billion (4%) from December 31, 2021,
due to increases in both equipment and services. Equipment increased primarily
due to an increase in Commercial orders since December 31, 2021. Services
increased primarily as a result of engines contracted under long-term service
agreements that have now been put into service and contract modifications.

Revenues increased $3.3 billion (21%) organically*. Commercial Services revenues
increased, primarily due to higher prices, increased shop visit volume and
higher volume of commercial spare part shipments. Commercial Services revenues
also increased due to a net favorable change of $0.1 billion for its long-term
service agreements compared to a net unfavorable change of $0.3 billion for the
same period in the prior year. Commercial Engines revenues increased, primarily
driven by 68 more commercial install and spare engine unit shipments, including
187 more LEAP units versus the prior year, partially offset by lower GEnx engine
production rates and product transition with fewer engine shipments on legacy
programs. Military revenues increased, primarily due to growth in services and
61 more engine shipments than the prior year, partially offset by product mix.


*Non-GAAP Financial Measure
                                                             2022 3Q FORM 10-Q 7
--------------------------------------------------------------------------------

Profit increased $1.6 billion (96%) organically*, primarily due to higher
prices, increased shop visit volume and higher volume of commercial spare part
shipments. Profit also increased due to the impact of favorable contract margin
reviews for long-term service agreements. These increases in profit were
partially offset by lower profit on Commercial Engine shipments driven by
product transition with fewer engine shipments on legacy programs and more
shipments on newer programs, inflation in our supply chain and additional growth
investment.

GE HEALTHCARE. Market demand and RPO conversion remain positive despite
inflationary and supply challenges continuing to impact the industry. Global
public spending in healthcare is solid, particularly in Europe and Asia. In the
U.S., customers are taking a more cautious approach as they monitor the economic
environment. Overall, continued patient demand is leading providers to invest in
products and services that increase productivity and reduce operating costs, an
important dynamic as healthcare systems modernize post-pandemic and prepare for
increased demand longer-term. Actions of our supply chain and engineering teams
as well as proactive supplier engagement are driving fewer delays in securing
key materials. However, shortages are still impacting our ability to deliver
certain products. Our expectation is that supply chain pressures will continue
to improve. We have proactively managed inflation across material and logistics
costs. We have continued to adjust pricing of our products, manage discretionary
and structural cost in our business, as well as prioritize research and
development investments. Delivering for patients and our customers remains a top
priority.

We continue to grow and invest in precision health, with a focus on creating new
products and digital solutions as well as expanding uses of existing offerings
that are tailored to the different needs of our global customers. During the
third quarter of 2022, we announced an equity investment in AliveCor, further
deepening our ability to deliver connected care so clinicians can make faster,
more informed decisions, and help improve patient outcomes. We also announced a
collaboration with AMC Health allowing clinicians to offer remote monitoring as
a virtual care solution that extends patient care to the home. We remain
committed to innovate and invest to create more integrated, efficient and
personalized precision care.

RPO            September 30, 2022    December 31, 2021
Equipment   $             4,554   $            4,232
Services                  9,557               10,375
Total RPO   $            14,110   $           14,606



SEGMENT REVENUES AND PROFIT                      Three months ended September 30              Nine months ended September 30
                                                       2022              2021                      2022               2021

Healthcare Systems (HCS)                      $    4,086          $  3,832                $   11,998          $  11,572
Pharmaceutical Diagnostics (PDx)                     527               507                     1,496              1,528

Total segment revenues                        $    4,613          $  4,339                $   13,494          $  13,100

Equipment                                     $    2,352          $  2,187                $    6,945          $   6,671
Services                                           2,261             2,151                     6,549              6,429
Total segment revenues                        $    4,613          $  4,339                $   13,494          $  13,100

Segment profit                                $      712          $    704                $    1,901          $   2,203
Segment profit margin                               15.4    %         16.2    %                 14.1    %          16.8    %


For the three months ended September 30, 2022, segment revenues were up $0.3
billion
(6%) and segment profit was up 1%.

Revenues increased $0.4 billion (10%) organically*. Equipment revenues increased
driven by Imaging and Ultrasound mainly due to strong growth in the U.S. and
Europe, the Middle East and Africa. Services revenues increased, driven by the
continued growth of PDx and HCS.

Profit increased 4% organically*, driven by increased volume and HCS price,
partially offset by material inflation and logistics cost across all product
lines. We also continued to make planned research and development and commercial
investments.

For the nine months ended September 30, 2022, segment revenues were up $0.4
billion
(3%) and segment profit was down $0.3 billion (14%).

RPO as of September 30, 2022 decreased $0.5 billion (3%) from December 31, 2021,
primarily due to an increase in equipment orders, more than offset by the impact
of contract renewal timing in services.

Revenues increased $0.7 billion (5%) organically*. Equipment revenues increased,
driven by Imaging, mainly due to strong growth in the U.S. and Europe, the
Middle East and Africa, partially offset by China. Services revenues increased,
driven by the continued growth of HCS, offset by PDx, primarily due to China.

Profit decreased $0.2 billion (8%) organically*, driven by increased material
inflation and logistics cost across all product lines, partially offset by
increased volume and price. We also continued to make planned research and
development and commercial investments.






*Non-GAAP Financial Measure
2022 3Q FORM 10-Q 8
--------------------------------------------------------------------------------

RENEWABLE ENERGY - will be part of GE Vernova, GE's portfolio of energy
businesses. Overall U.S. policy uncertainty, rising inflation and permitting
challenges has resulted in project delays and deferral of customer investments
in Onshore Wind. During the third quarter, the Inflation Reduction Act of 2022
was signed into law, which includes various tax incentives expected to increase
longer term demand in the U.S. for onshore and offshore wind projects. The
offshore wind industry continues to expect strong global growth through the
decade and our Grid business is positioned to support grid expansion and
modernization needs. We have experienced significant cost inflation in materials
and logistics costs across the entire business that impact price and customer
demand. At Onshore Wind, based on experience across our fleet, we are deploying
repairs and other corrective measures to improve our overall quality and fleet
availability resulting in higher warranty and related reserves. Concurrently, we
are undertaking a restructuring program reflecting our selectivity strategy to
operate in fewer markets and to simplify and standardize product variants. Our
financial results are dependent on costs to address fleet availability,
execution of cost reduction initiatives, the inflationary environment, improved
selectivity and pricing, and U.S. Treasury tax implementation guidance.

New product introductions account for a large portion of our RPO in Onshore and
Offshore Wind driven by significant demand for larger turbines that decrease the
levelized cost of energy, such as our 5 MW Cypress and 3 MW Sierra Onshore
units, and our 12-14 MW Haliade-X Offshore units. We expect to start shipping
Haliade-X units for our first commercial project in the fourth quarter of this
year. Improving fleet availability while reducing the cost of these new product
platforms and blade technologies, remains a key priority. At Grid Solutions, we
are securing our position in the high growth offshore interconnection market
with products meeting the 2GW high voltage direct current (HVDC) solution
standard and developing new technology such as flexible transformers and
eco-friendly g³ switchgears that solve for a denser, more resilient and
efficient electric grid and lower greenhouse gas emissions.

                                                Three months ended September 30                     Nine months ended September 30

Onshore and Offshore sales in units                        2022                    2021                        2022                  2021
Wind Turbines                                       640                   1,083                        1,703                 2,748
Wind Turbine Gigawatts                              2.2                     3.6                          5.8                   8.9
Repower units                                       140                      27                          415                   276



RPO            September 30, 2022    December 31, 2021
Equipment   $            17,493   $           18,639
Services                 12,221               12,872
Total RPO   $            29,715   $           31,511



SEGMENT REVENUES AND PROFIT             Three months ended September 30     

Nine months ended September 30

                                              2022              2021                      2022               2021

Onshore Wind                         $    2,445          $  3,047                $    6,403          $   8,048
Grid Solutions equipment and
services                                    744               759                     2,145              2,330

Hydro, Offshore Wind and Hybrid
Solutions                                   405               401                     1,016              1,126
Total segment revenues               $    3,594          $  4,208                $    9,564          $  11,505

Equipment                            $    2,887          $  3,695                $    7,505          $   9,844
Services                                    707               512                     2,059              1,661
Total segment revenues               $    3,594          $  4,208                $    9,564          $  11,505

Segment profit (loss)                $     (934)         $   (151)               $   (1,786)         $    (484)
Segment profit margin                     (26.0)   %         (3.6)   %                (18.7)   %          (4.2)   %


For the three months ended September 30, 2022, segment revenues were down $0.6
billion
(15%) and segment losses were up $0.8 billion.

Revenues decreased $0.4 billion (10%) organically*, primarily from 443 fewer
wind turbine deliveries, primarily at Onshore Wind in the U.S., partially offset
by higher core services and 113 more repower unit deliveries at Onshore Wind,
and improved pricing across all businesses.

Segment losses increased $0.8 billion organically*, primarily from higher
warranty and related reserves of $0.5 billion in response to the deployment of
corrective measures and repair campaigns for operating units within our fleet,
and lower U.S. volume at Onshore Wind and cost inflation across all businesses.
These increases were partially offset by higher volumes and the impact of cost
reduction initiatives at Grid and improved pricing across all businesses.

For the nine months ended September 30, 2022, segment revenues were down $1.9
billion
(17%) and segment losses were up $1.3 billion.

RPO as of September 30, 2022 decreased $1.8 billion (6%) from December 31, 2021
primarily from the overall impact of a stronger U.S. dollar and sales exceeding
new orders at Onshore Wind, partially offset by new orders at Grid and Hydro
exceeding sales. The decline in new equipment orders at Onshore Wind is
primarily attributable to the U.S. market decline and inflation-related pricing
increases negatively impacting near-term demand.


*Non-GAAP Financial Measure

                                                             2022 3Q FORM 10-Q 9
--------------------------------------------------------------------------------

Revenues decreased $1.5 billion (13%) organically*, primarily from 1,045 fewer
wind turbine deliveries, primarily at Onshore Wind and lower revenue at Grid due
to increased commercial selectivity, partially offset by higher services revenue
at Onshore Wind from a larger installed base and 139 more repower unit
deliveries.

Segment losses increased $1.4 billion organically*, primarily from lower U.S.
volume and higher warranty and related reserves of $0.5 billion in the third
quarter of 2022 in response to the deployment of corrective measures and repair
campaigns for operating units within our fleet at Onshore Wind and cost
inflation across all businesses, partially offset by the impact of cost
reduction initiatives. Onshore Wind results were also adversely impacted by
execution of lower margin RPO and the impact of transitioning to newer product
offerings internationally.

POWER - will be part of GE Vernova, GE's portfolio of energy businesses. During
the nine months ended September 30, 2022, global gas generation and GE
utilization grew mid-single digits with strength in Europe and the U.S. The
fleet continues to follow growing gas generation, capturing shortfalls coming
from nuclear outages, coal retirements and hydro and supply disruptions. Looking
ahead, we anticipate the power market to continue to be impacted by overcapacity
in the industry, continued price pressure from competition on servicing the
installed base, and the uncertain timing of deal closures due to financing and
the complexities of working in emerging markets, as well as the ongoing impacts
of COVID-19. Although market factors related to the energy transition such as
greater renewable energy penetration and the adoption of climate change-related
policies continue to impact long-term demand (and related financing), we expect
the gas market to remain stable over the next decade with gas generation
continuing to grow low-single-digits. We believe gas will play a critical role
in the energy transition. We remain focused on our underwriting discipline and
risk management to ensure we are securing deals that meet our financial hurdles
and we have high confidence to deliver for our customers.

In the first quarter of 2022, we signed a non-binding memorandum of
understanding for GE Steam Power to sell a portion of its business to
Électricité de France S.A. (EDF), which resulted in a reclassification of that
business to held for sale. We expect to complete the sale, subject to regulatory
approval, in the first half of 2023. In the second quarter of 2022, we announced
that Gas Power intends to acquire Nexus Controls, a business specializing in
aftermarket control system upgrades and controls field services. The deal, which
is subject to customary closing conditions including regulatory approval and
mandatory information and consultation processes with employees and their
representatives, is expected to close in the second quarter of 2023.

We continue to invest in new product development, such as our HA-Turbines and
Nuclear small modular reactors. Our fundamentals remain strong with
approximately $67.5 billion in RPO and a gas turbine installed base greater than
7,000 units, including approximately 1,800 units under long-term service
agreements.
                                                        Three months ended September 30                     Nine months ended September 30

Sales in units                                                     2022                  2021                    2022              2021
GE Gas Turbines                                              20                    22                        69                47
Heavy-Duty Gas Turbines(a)                                   14                    14                        37                34
HA-Turbines(b)                                                3                     5                         6                11
Aeroderivatives(a)                                            6                     8                        32                13

(a) Heavy-Duty Gas Turbines and Aeroderivatives are subsets of GE Gas Turbines.
(b) HA-Turbines are a subset of Heavy-Duty Gas Turbines.


RPO            September 30, 2022    December 31, 2021
Equipment   $            11,611   $           12,169
Services                 55,848               56,569
Total RPO   $            67,459   $           68,738



SEGMENT REVENUES AND PROFIT              Three months ended September 30    

Nine months ended September 30

                                               2022              2021                      2022               2021

Gas Power                             $    2,612          $  2,861                $    8,234          $   8,739
Steam Power                                  571               790                     1,898              2,327
Power Conversion, Nuclear and other          346               376                     1,101              1,176
Total segment revenues                $    3,529          $  4,026                $   11,233          $  12,242

Equipment                             $      954          $  1,368                $    3,116          $   3,680
Services                                   2,575             2,658                     8,117              8,561
Total segment revenues                $    3,529          $  4,026                $   11,233          $  12,242

Segment profit (loss)                 $      141          $    204                $      524          $     416
Segment profit margin                        4.0    %          5.1    %                  4.7    %           3.4    %








*Non-GAAP Financial Measure

2022 3Q FORM 10-Q 10
--------------------------------------------------------------------------------

For the three months ended September 30, 2022, segment revenues were down $0.5
billion
(12%) and segment profit was down $0.1 billion (31%).

Revenues decreased $0.2 billion (5%) organically*, primarily due to decreases in
Gas Power HA turbine and aeroderivative deliveries, lower planned contractual
services outages at Gas Power and decreases in Steam Power equipment on the exit
of new build coal and prior year Steam Power services volume that did not
repeat, partially offset by favorable price escalation in our long-term service
agreements.

Profit decreased 23% organically* primarily due to lower planned contractual
services outages and unfavorable equipment mix at Gas Power, partially offset by
favorable price escalation in our long-term service agreements.

For the nine months ended September 30, 2022, segment revenues were down $1.0
billion
(8%) and segment profit was up $0.1 billion (26%).

RPO as of September 30, 2022 decreased $1.3 billion (2%) from December 31, 2021,
primarily driven by the continued wind down of the Steam Power new build coal
business, sales outpacing new orders in Gas Power contractual services and the
impact of the Russia and Ukraine conflict at Power Conversion.

Revenues decreased $0.2 billion (2%) organically*, primarily due to a reduction
in Steam Power equipment on the exit of new build coal and prior year Steam
Power services volume that did not repeat, partially offset by higher Gas Power
aeroderivative deliveries and favorable price escalation in our long-term
service agreements.

Profit increased $0.1 billion (27%) organically* primarily due to prior year
project and legal charges at Steam Power that did not repeat, favorable price
escalation in our long-term service agreements and higher Gas Power
aeroderivative deliveries, partially offset by lower planned contractual
services outages and unfavorable equipment mix at Gas Power.

CORPORATE. The Corporate amounts related to revenues and earnings include the
results of disposed businesses, certain amounts not included in operating
segment results because they are excluded from measurement of their operating
performance for internal and external purposes and the elimination of
intersegment activities. In addition, the Corporate amounts related to earnings
include certain costs of our principal retirement plans, significant,
higher-cost restructuring programs, separation costs, and other costs reported
in Corporate.

Corporate includes the results of the GE Digital business and our remaining GE
Capital
businesses, our former financial services business, including our
run-off Insurance business (see Other Items – Insurance for further
information).

                                                                                            Nine months ended
REVENUES AND OPERATING PROFIT (COST)             Three months ended September 30               September 30
                                                                2022         2021                2022         2021
Corporate revenues                               $            210    $     237          $      635    $     693
Insurance revenues                                            646          756               2,179        2,295
Eliminations and other                                       (212)        (394)               (769)      (1,171)
Total Corporate revenues                         $            643    $     599          $    2,044    $   1,816

Gains (losses) on purchases and sales of         $             22    $    (156)         $       28    $    (159)
business interests
Gains (losses) on equity securities                           (89)         412              (1,859)       1,256
Restructuring and other charges                              (183)         (64)               (253)        (395)
Separation costs                                             (227)           -                (553)           -
Steam asset sale impairment (Notes 6 and 7)                     -            -                (825)           -
Russia and Ukraine charges                                    (33)           -                (263)           -

Insurance profit (loss) (Note 12)                            (310)          55                  87          426
Adjusted total corporate operating costs                     (140)        (287)               (307)        (767)

(Non-GAAP)

Total Corporate operating profit (cost) (GAAP)   $           (960)   $     (40)         $   (3,947)   $     361
Less: gains (losses), impairments, Insurance,                (820)         247              (3,640)       1,128
and restructuring & other
Adjusted total corporate operating costs         $           (140)   $    (287)         $     (307)   $    (767)
(Non-GAAP)

Functions & operations                           $           (127)   $    (173)         $     (258)   $    (541)
Environmental, health and safety (EHS) and other              (22)        (100)                (81)        (184)

items

Eliminations                                                    9          (13)                 32          (42)
Adjusted total corporate operating costs         $           (140)   $    (287)         $     (307)   $    (767)
(Non-GAAP)



Adjusted total corporate operating costs* excludes gains (losses) on purchases
and sales of business interests, significant, higher-cost restructuring
programs, separation costs, gains (losses) on equity securities, impairments and
our run-off Insurance business profit. We believe that adjusting corporate costs
to exclude the effects of items that are not closely associated with ongoing
corporate operations provides management and investors with a meaningful measure
that increases the period-to-period comparability of our ongoing corporate
costs.


*Non-GAAP Financial Measure
                                                            2022 3Q FORM 10-Q 11
--------------------------------------------------------------------------------

For the three months ended September 30, 2022, revenues remained relatively flat
due to $0.2 billion of lower inter-segment eliminations offset by $0.1 billion
of lower revenue in our run-off insurance business. Corporate operating profit
decreased by $0.9 billion due to a $0.5 billion change in gains (losses) on
equity securities, primarily related to $0.6 billion of higher mark-to-market
losses on our Baker Hughes shares partially offset by $0.1 billion of
mark-to-market gains on our AerCap shares. Operating profit also decreased due
to $0.2 billion of separation costs and $0.1 billion of higher restructuring and
other charges primarily related to our Renewable Energy and HealthCare segments.
Corporate operating profit also decreased by $0.4 billion in our run-off
Insurance business, primarily due to a charge related to terminating several
reinsurance contracts (see Other Items - Insurance). These decreases were
partially offset by $0.2 billion of lower losses on purchases and sales of
business interests due to a $0.2 billion held for sale loss within our Power
segment in 2021.

Adjusted total corporate operating costs* decreased by $0.1 billion due to cost
favorability in our functions and lower costs associated with EHS and other
items.

For the nine months ended September 30, 2022, revenues increased by $0.2 billion
due to $0.4 billion of lower intersegment eliminations partially offset by $0.1
billion of lower revenue in our run-off Insurance business and $0.1 billion of
lower revenue in our Digital business. Corporate operating profit decreased by
$4.3 billion due to a $3.1 billion change in gains (losses) on equity
securities, primarily related to $2.7 billion of mark-to-market losses on our
AerCap shares and note and $0.3 billion of lower mark-to-market gains on our
Baker Hughes shares. In addition, operating profit decreased due to $0.8 billion
of non-cash impairment charges related to property, plant and equipment and
intangible assets as a result of reclassification of a portion of our Steam
Power business to held for sale in the first quarter of 2022 (see Note 2) and
$0.3 billion of lower operating profit in our run-off Insurance business,
primarily due to a charge related to terminating several reinsurance contracts
(see Other Items - Insurance). Corporate operating profit also decreased as the
result of $0.6 billion of separation costs and $0.3 billion of charges from
contracts and recoverability of assets in connection with the conflict between
Russia and Ukraine and resulting sanctions, primarily within our Aerospace and
Power businesses. These decreases were partially offset by $0.2 billion of lower
losses on purchases and sales of business interests due to a $0.2 billion held
for sale loss within our Power segment in 2021 and $0.1 billion of lower
restructuring and other charges.

Adjusted total corporate operating costs* decreased by $0.5 billion primarily as
the result of $0.3 billion of lower functional costs, including favorability
from market and foreign exchange dynamics, $0.1 billion of lower costs
associated with EHS and other items and $0.1 billion due to lower intercompany
eliminations.

OTHER CONSOLIDATED INFORMATION

RESTRUCTURING. This table is inclusive of all restructuring charges in our
segments and at Corporate, and the charges are shown below for the business
where they originated. Separately, in our reported segment results, significant,
higher-cost restructuring programs are excluded from measurement of segment
operating performance for internal and external purposes; those excluded amounts
are reported in Restructuring and other charges for Corporate (see the Corporate
section).

RESTRUCTURING AND OTHER CHARGES                       Three months ended 

September 30 Nine months ended September 30

                                                                     2022         2021                     2022         2021
Workforce reductions                                 $              76    $     132          $           113    $     634
Plant closures & associated costs and other asset
write-downs                                                        110           23                      165           87
Acquisition/disposition net charges and other                       14            9                       41           16
Other                                                                -            -                       (3)           -
Total restructuring and other charges                $             200    $     164          $           316    $     736

Cost of equipment/services                           $              86    $      61          $           135    $     349
Selling, general and administrative expenses                       114          103                      184          393
Other (income) loss                                                  -            -                       (3)          (7)
Total restructuring and other charges                $             200    $     164          $           316    $     736

Aerospace                                            $               6    $       3          $            16    $      64
HealthCare                                                          88           68                      110          127
Renewable Energy                                                    66           14                       78          149
Power                                                               30           65                       97          341
Corporate                                                           10           14                       15           55

Total restructuring and other charges                $             200    $     164          $           316    $     736
Restructuring and other charges cash expenditures    $              76    $     152          $           332    $     565



Liabilities associated with restructuring activities were approximately $0.9
billion and $1.0 billion, including actuarial determined post-employment
severance benefits of $0.5 billion and $0.5 billion as of September 30, 2022 and
December 31, 2021, respectively.

During the third quarter of 2022, we announced plans to undertake a
restructuring program across our businesses planned to be part of GE Vernova,
primarily reflecting the selectivity strategy to operate in fewer markets and to
simplify and standardize product variants at Renewable Energy. The estimated
cost of this multi-year restructuring program is approximately $0.6 billion,
with the majority to be recognized in the first half of 2023. In October 2022,
the company announced restructuring plans to reflect lower Corporate
shared-service and footprint needs as GE HealthCare becomes independent. The
estimated cost of this multi-year restructuring program is approximately $0.7
billion, with the majority to be recognized in the fourth quarter of 2022.

*Non-GAAP Financial Measure
2022 3Q FORM 10-Q 12
--------------------------------------------------------------------------------

SEPARATION COSTS. In November 2021, the company announced its plan to form three
industry-leading, global public companies focused on the growth sectors of
aviation, healthcare, and energy. As a result of this plan, we expect to incur
separation, transition, and operational costs of approximately $2 billion and
net tax costs of less than $0.5 billion, which will depend on specifics of the
transactions.

We incurred pre-tax separation costs of $227 million and $553 million, primarily
related to employee costs, costs to establish certain stand-alone functions and
information technology systems, professional fees, and other transformation and
transaction costs to transition to three stand-alone public companies, for the
three and nine months ended September 30, 2022, respectively. These costs are
presented as separation costs in our consolidated Statement of Earnings (Loss).
In addition, we incurred $51 million and $59 million of net tax benefit,
including taxes associated with planned legal entity restructuring and changes
to indefinite reinvestment of foreign earnings, for the three and nine months
ended September 30, 2022, respectively. We spent $96 million and $118 million in
cash for the three and nine months ended September 30, 2022, respectively.

INTEREST AND OTHER FINANCIAL CHARGES were $0.4 billion and $0.5 billion for the
three months ended and $1.2 billion and $1.4 billion for the nine months ended
September 30, 2022 and 2021, respectively. The decrease was primarily due to
lower average borrowings balances, partially offset by a lower allocation of
interest expense to discontinued operations. Inclusive of interest expense in
discontinued operations, total interest and other financial charges were $0.4
billion and $0.6 billion for the three months ended and $1.2 billion and $2.0
billion for the nine months ended September 30, 2022 and 2021, respectively. The
primary components of interest and other financial charges are interest on
short- and long-term borrowings.

POSTRETIREMENT BENEFIT PLANS. Refer to Note 13 for information about our pension
and retiree benefit plans.

INCOME TAXES. For the three months ended September 30, 2022, the income tax rate
was (38.2)% compared to 0.3% for the three months ended September 30, 2021. The
tax rate for 2022 reflects a tax expense on a pre-tax loss.

The provision for income taxes was an insignificant amount for both the three
months ended September 30, 2022 and 2021. The increase in tax was primarily due
to the nonrecurrence of the tax benefit associated with an internal
restructuring to recognize stock losses in the third quarter of 2021, partially
offset by the decrease in pre-tax income excluding the net loss in 2022 on our
interest in AerCap and Baker Hughes. There was an insignificant tax effect on
the net loss in 2022 on AerCap and Baker Hughes because of our excess capital
loss position.

For the three months ended September 30, 2022, the adjusted income tax rate* was
27.7% compared to 25.3% for the three months ended September 30, 2021. The
adjusted income tax rate* increased primarily due to higher tax expense related
to stock-based compensation.

For the nine months ended September 30, 2022, the income tax rate was (65.6)%
compared to 149.5% for the nine months ended September 30, 2021. The tax rate
for 2022 reflects a tax expense on a pre-tax loss. The tax rate for 2021
reflects a tax benefit on a pre-tax loss.

The provision (benefit) for income taxes was $0.5 billion for the nine months
ended September 30, 2022 compared to $(0.3) billion for the nine months ended
September 30, 2021. The increase in tax was primarily due to the nonrecurrence
of tax benefits associated with internal restructurings to recognize deductible
stock and loan losses in 2021 and the increase in pre-tax income excluding the
net loss in 2022 on our interest in AerCap and Baker Hughes and asset
impairments. There was an insignificant tax effect on the net loss in 2022 on
AerCap and Baker Hughes because of our excess capital loss position.

For the nine months ended September 30, 2022, the adjusted income tax rate* was
27.4% compared to 24.5% for the nine months ended September 30, 2021. The
adjusted income tax rate* increased primarily due to the nonrecurrence of a 2021
benefit from planning to utilize non-U.S. loss carryovers.

DISCONTINUED OPERATIONS primarily comprise our GE Capital Aviation Services
(GECAS) business, discontinued in 2021, our mortgage portfolio in Poland, and
other trailing assets and liabilities associated with prior dispositions.
Results of operations, financial position and cash flows for these businesses
are reported as discontinued operations for all periods presented and the notes
to the financial statements have been adjusted on a retrospective basis. See
Note 2 for further information regarding our businesses in discontinued
operations.

CAPITAL RESOURCES AND LIQUIDITY

FINANCIAL POLICY. We intend to maintain a disciplined financial policy with a
sustainable investment-grade long-term credit rating. In the fourth quarter of
2021, the Company announced plans to form three industry-leading, global,
investment-grade companies, each of which will determine their own financial
policies, including capital allocation, dividend, mergers and acquisitions and
share buyback decisions.

LIQUIDITY POLICY. We maintain a strong focus on liquidity and define our
liquidity risk tolerance based on sources and uses to maintain a sufficient
liquidity position to meet our business needs and financial obligations under
both normal and stressed conditions. We believe that our consolidated liquidity
and availability under our revolving credit facilities will be sufficient to
meet our liquidity needs.

*Non-GAAP Financial Measure
                                                            2022 3Q FORM 10-Q 13
--------------------------------------------------------------------------------

CONSOLIDATED LIQUIDITY. Our primary sources of liquidity consist of cash and
cash equivalents, free cash flows* from our operating businesses, cash generated
from asset sales and dispositions, and short-term borrowing facilities,
including revolving credit facilities. Cash generation can be subject to
variability based on many factors, including seasonality, receipt of down
payments on large equipment orders, timing of billings on long-term contracts,
timing of Aerospace-related customer allowances, market conditions and our
ability to execute dispositions. Total cash, cash equivalents and restricted
cash was $12.6 billion at September 30, 2022, of which $7.8 billion was held in
the U.S. and $4.8 billion was held outside the U.S.

Cash held in non-U.S. entities has generally been reinvested in active foreign
business operations; however, substantially all of our unrepatriated earnings
were subject to U.S. federal tax and, if there is a change in reinvestment, we
would expect to be able to repatriate available cash (excluding amounts held in
countries with currency controls) without additional federal tax cost. Any
foreign withholding tax on a repatriation to the U.S. would potentially be
partially offset by a U.S. foreign tax credit. With regards to our announcement
to form three public companies, we expect that planning for and execution of
this separation will impact indefinite reinvestment. The impact of that change
will be recorded when there is a specific change in ability and intent to
reinvest earnings.

Cash, cash equivalents and restricted cash at September 30, 2022 included
$2.3 billion of cash held in countries with currency control restrictions
(including a total of $0.1 billion in Russia and Ukraine) and $0.4 billion of
restricted use cash. Cash held in countries with currency controls represents
amounts held in countries that may restrict the transfer of funds to the U.S. or
limit our ability to transfer funds to the U.S. without incurring substantial
costs. Restricted use cash represents amounts that are not available to fund
operations, and primarily comprised funds restricted in connection with certain
ongoing litigation matters. Excluded from cash, cash equivalents and restricted
cash was $0.4 billion of cash in our run-off Insurance business, which was
classified as All other assets in the Statement of Financial Position.

In connection with the program we launched in 2020 to fully monetize our Baker
Hughes position over approximately three years, we received proceeds of $4.1
billion during the first nine months of 2022. In addition, we expect to fully
monetize our stake in AerCap over time.

We provided a total of $11.4 billion of capital contributions to our insurance
subsidiaries since 2018, including $2.0 billion in the first quarter of 2022,
and expect to provide further capital contributions of approximately $3.6
billion through 2024. These contributions are subject to ongoing monitoring by
the Kansas Insurance Department (KID), and the total amount to be contributed
could increase or decrease, or the timing could be accelerated, based upon the
results of reserve adequacy testing or a decision by KID to modify the schedule
of contributions set forth in January 2018. We are required to maintain
specified capital levels at these insurance subsidiaries under capital
maintenance agreements.

On March 6, 2022, the Board of Directors authorized the repurchase of up to $3
billion of our common stock. In connection with this authorization, we
repurchased 4.5 million shares for $0.3 billion and 9.1 million shares for $0.6
billion for the three months and nine months ended September 30, 2022,
respectively.

BORROWINGS. Consolidated total borrowings were $30.4 billion and $35.2 billion
at September 30, 2022 and December 31, 2021, respectively, a decrease of $4.8
billion. The reduction in borrowings was driven primarily by $2.9 billion of net
maturities and repayments of debt and $1.7 billion related to changes in foreign
exchange rates.

We have in place committed revolving credit facilities totaling $14.3 billion at
September 30, 2022, comprising a $10.0 billion unused back-up revolving
syndicated credit facility and a total of $4.3 billion of bilateral revolving
credit facilities.

CREDIT RATINGS AND CONDITIONS. We have relied, and may continue to rely, on the
short- and long-term debt capital markets to fund, among other things, a
significant portion of our operations. The cost and availability of debt
financing is influenced by our credit ratings. Moody's Investors Service
(Moody's), Standard and Poor's Global Ratings (S&P), and Fitch Ratings (Fitch)
currently issue ratings on our short- and long-term debt. Our credit ratings as
of the date of this filing are set forth in the table below.

                 Moody's                     S&P    Fitch
Outlook         Negative    CreditWatch Negative   Stable
Short term           P-2                     A-2       F3
Long term           Baa1                    BBB+      BBB



We are disclosing our credit ratings and any current quarter updates to these
ratings to enhance understanding of our sources of liquidity and the effects of
our ratings on our costs of funds and access to liquidity. Our ratings may be
subject to a revision or withdrawal at any time by the assigning rating
organization, and each rating should be evaluated independently of any other
rating. In connection with the planned spin-off of GE HealthCare, rating
agencies are reviewing ratings for both GE HealthCare and GE. For a description
of some of the potential consequences of a reduction in our credit ratings, see
the Financial Risks section of Risk Factors in our Annual Report on Form 10-K
for the year ended December 31, 2021.

Substantially all of the Company's debt agreements in place at September 30,
2022 do not contain material credit rating covenants. Our unused back-up
revolving syndicated credit facility and certain of our bilateral revolving
credit facilities contain a customary net debt-to-EBITDA financial covenant,
which we satisfied at September 30, 2022.

*Non-GAAP Financial Measure
2022 3Q FORM 10-Q 14
--------------------------------------------------------------------------------

The Company may from time to time enter into agreements that contain minimum
ratings requirements. The following table provides a summary of the maximum
estimated liquidity impact in the event of further downgrades below each stated
ratings level.

   Triggers Below       At September 30, 2022
   BBB+/A-2/P-2      $                  215
   BBB/A-3/P-3                          650
   BBB-                               1,224
   BB+ and below                        592


Our most significant contractual ratings requirements are related to ordinary
course commercial activities. The timing within the quarter of the potential
liquidity impact of these areas may differ, as can the remedies to resolving any
potential breaches of required ratings levels.

FOREIGN EXCHANGE. As a result of our global operations, we generate and incur a
significant portion of our revenues and expenses in currencies other than the
U.S. dollar. Such principal currencies include the euro, the Chinese renminbi,
the Indian rupee and the Japanese yen, among others. The effects of foreign
currency fluctuations on earnings was less than $0.1 billion for both the three
and nine months ended September 30, 2022 and 2021. See Note 19 for further
information about our risk exposures, our use of derivatives, and the effects of
this activity on our financial statements.

STATEMENT OF CASH FLOWS

CASH FLOWS FROM CONTINUING OPERATIONS. The most significant source of cash in
CFOA is customer-related activities, the largest of which is collecting cash
resulting from product or services sales. The most significant operating use of
cash is to pay our suppliers, employees, tax authorities and post retirement
plans.

Cash from operating activities was $1.3 billion in 2022, an increase of $2.8
billion compared to 2021, primarily due to: a decrease in financial
services-related cash collateral paid net of settlements on interest rate
derivative contracts of $1.3 billion, which is a standard market practice to
minimize derivative counterparty exposures; an increase in net income (after
adjusting for amortization of intangible assets, non-cash losses related to our
interests in AerCap and Baker Hughes and non-operating debt extinguishment
costs) primarily in our Aerospace business; a decrease in cash used for working
capital of $0.2 billion; and an increase in cash from All other operating
activities of $1.3 billion. The components of All other operating activities
were as follows:

   Nine months ended September 30                                               2022              2021

Increase (decrease) in Aerospace-related customer allowance $

565 $ 543

accruals

   Net interest and other financial charges/(cash paid)                         7              (474)
   Increase (decrease) in employee benefit liabilities                       (170)             (111)
   Net restructuring and other charges/(cash expenditures)                    (70)              144
   Decrease in factoring related liabilities                                  (26)             (501)
   Cash settlement of Alstom legacy legal matter                                -              (175)
   Other                                                                     (117)             (543)
   All other operating activities                                  $        

189 $ (1,117)



The cash impacts from changes in working capital compared to prior year were as
follows: current receivables of $(3.6) billion, driven by higher volume and
lower collections, partially offset by the impact of decreases in sales of
receivables to third parties in 2021; inventories, including deferred inventory,
of $(1.6) billion, driven by higher material purchases and lower liquidations;
current contract assets of $0.3 billion, driven by higher billings on our
long-term service agreements, partially offset by lower revenue recognition on
those agreements and net favorable changes in estimated profitability; accounts
payable and equipment project accruals of $2.3 billion, driven by lower
disbursements related to purchases of materials in prior periods and higher
volume; and progress collections and current deferred income of $2.8 billion,
driven by lower liquidations and higher collections, including $0.6 billion of
increased customer collections on equipment orders to support production at our
Aerospace business.

Cash from investing activities was $1.2 billion in 2022, a decrease of $1.7
billion compared to 2021, primarily due to: cash paid related to net settlements
between our continuing operations and businesses in discontinued operations of
$0.3 billion in 2022, primarily related to a capital contribution to Bank BPH,
as compared to cash received of $1.8 billion in 2021, primarily from our GECAS
business (both components of All other investing activities); the nonrecurrence
of deferred purchase price collections on our receivable facilities of $0.4
billion; partially offset by an increase in proceeds of $1.1 billion from the
sales of our retained ownership interest in Baker Hughes. Cash used for
additions to property, plant and equipment and internal-use software, which are
components of free cash flows*, was $1.0 billion in both 2022 and 2021.

Cash used for financing activities was $5.1 billion in 2022, a decrease of $7.4
billion compared to 2021, primarily due to: the nonrecurrence of cash paid to
repurchase long term debt of $8.7 billion, including cash paid for debt
extinguishment costs of $1.7 billion in 2021; partially offset by higher cash
paid on derivatives hedging foreign currency debt of $0.6 billion (a component
of All other financing activities); and an increase in purchases of GE common
stock for treasury of $0.6 billion.


*Non-GAAP Financial Measure

                                                            2022 3Q FORM 10-Q 15
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CASH FLOWS FROM DISCONTINUED OPERATIONS. Cash from investing activities in 2022
was primarily due to a capital contribution to Bank BPH from continuing
operations. Cash from operating activities and cash used for investing
activities in 2021 was primarily due to cash generated from earnings in our
GECAS business and net settlements from GECAS to continuing operations,
respectively.

SUPPLY CHAIN FINANCE PROGRAMS. We facilitate voluntary supply chain finance
programs with third parties, which provide participating suppliers the
opportunity to sell their GE receivables to third parties at the sole discretion
of both the suppliers and the third parties. At September 30, 2022 and December
31, 2021, included in accounts payable was $4.0 billion and $3.4 billion,
respectively, of supplier invoices that are subject to the third-party programs.
Total supplier invoices paid through these third-party programs were $5.6
billion and $4.9 billion for the nine months ended September 30, 2022 and 2021,
respectively.

CRITICAL ACCOUNTING ESTIMATES. Please refer to the Critical Accounting Estimates
and Other Items sections within MD&A and Note 1 to the consolidated financial
statements of our Annual Report on Form 10-K for the year ended December 31,
2021 for a discussion of our accounting policies and critical accounting
estimates.

OTHER ITEMS

INSURANCE. Premium Deficiency Testing. We completed our annual premium
deficiency testing in the aggregate across our run-off insurance portfolio in
the third quarter of 2022. These procedures included updating certain experience
studies since our last test completed in the third quarter of 2021, independent
actuarial analysis (principally on long-term care insurance exposures) and
review of industry benchmarks. Using updated assumptions, the 2022 premium
deficiency testing results indicated a positive margin of about 10% of the
related future policy benefit reserves recorded at September 30, 2022, or
approximately equivalent to the 2021 premium deficiency testing results. The
premium deficiency testing margin in 2022 was impacted by a lower discount rate
in our Employers Reassurance Corporation (ERAC) portfolio due to the recapture
transaction, as explained below, partially offset by higher prevailing benchmark
interest rates in the U.S. The portfolio of investment securities expected to be
received from the recapture transaction were assumed to be invested at yields
below ERAC's current portfolio yield before ultimately grading to the long-term
average investment yield as we realign the portfolio over time. This effect was
partially offset by the net impact from assumed moderately higher near-term
mortality related to COVID-19 in the aggregate across our run-off insurance
products (i.e., for life insurance products, higher mortality increases the
present value of expected future benefit payments, while for annuity and
long-term care insurance contracts, higher mortality decreases the present value
of expected future benefit payments). Excluding the net impact from assumed
moderately higher near-term mortality related to COVID-19, we have made no
substantial change to our assumptions concerning morbidity, morbidity
improvement, mortality, mortality improvement, terminations, or long-term care
insurance premium rate increases in 2022. As with all assumptions underlying our
premium deficiency testing, we will continue to monitor these factors, which may
result in future changes in our assumptions.

As noted below in Other Items - New Accounting Standards, we are in process of
converting our long-term care insurance claim cost projection models to first
principles models and expect to maintain a positive margin in connection with
these changes.

In third quarter of 2022, we agreed to terminate substantially all long-term
care insurance exposures previously ceded to a single reinsurance company
(recapture transaction). In connection with the recapture transaction, which is
effective in the fourth quarter of 2022, we expect to receive a portfolio of
investment securities in complete settlement of reinsurance recoverables
previously recognized under retrocession agreements with the reinsurance
company, which represent substantially all of our reinsurance recoverables
balance as of September 30, 2022. In the third quarter of 2022, we recorded an
increase to our allowance for credit losses on such reinsurance recoverables of
$0.4 billion (pre-tax) ($0.3 billion (after-tax)), reflecting terms of the
recapture transaction and the $2.5 billion estimated fair value of the portfolio
of investment securities expected to be received in the fourth quarter of 2022,
and is unrelated to changes in claim experience or projections of future policy
benefit reserves. We expect to recoup this over time as the investment
securities mature to par value.

The recapture transaction reduces both our financial and operational risks by
removing the future inherent risk of collectability of reinsurance recoverables,
eliminating retrocession contracts having complex terms and conditions, assuming
direct control of the portfolio of investment securities held in a trust for our
benefit and redeploying those assets consistent with our portfolio realignment
strategy and establishing administration service standards intended to enhance
claim administration and innovation efforts. The effect of the recapture
agreement does not increase our long-term care insurance liabilities as under
the existing retrocession agreements we were not previously relieved of our
primary obligation to companies from which we originally assumed the
liabilities. In addition, we do not expect changes to projected statutory
funding as a result of the recapture transaction.

GAAP Reserve Sensitivities. The following table provides sensitivities with
respect to the impact of changes of key assumptions underlying our 2022 premium
deficiency testing, exclusive of the impacts of converting our long-term care
insurance claim cost projection models to first principles models as the
conversion remains incomplete at the time of our 2022 premium deficiency
testing. Many of our assumptions are interdependent and require evaluation
individually and in the aggregate across all insurance products. Small changes
in the amounts used in the sensitivities could result in materially different
outcomes from those reflected below.
2022 3Q FORM 10-Q 16
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                                                                                                         Estimated adverse
                                                                                                        impact to projected
                                                                                                          present value of
                                                                               Hypothetical change in    future cash flows
                                  2021 assumption         2022 assumption         2022 assumption      (In millions, pre-tax)
Long-term care insurance      1.25% per year over 12  1.25% per year over 12  25 basis point reduction          $500
morbidity improvement         to 20 years             to 20 years             No morbidity improvement         $2,500
Long-term care insurance      Based on company        Based on company        5% increase in dollar             $900
morbidity                     experience              experience              amount of paid claims
Long-term care insurance      0.5% per year for 10    0.5% per year for 10    1.0% per year for 10              $400
mortality improvement         years with annual       years with annual       years with annual
                              improvement graded to   improvement graded to   improvement graded to 0%
                              0% over next 10 years   0% over next 10 years   over next 10 years
Total terminations:
Long-term care insurance      Based on company        Based on company        Any change in                     $900
mortality                     experience              experience              termination assumptions
                                                                              that reduce total
Long-term care insurance      Varies by block,        Varies by block,        terminations by 10%
lapse rate                    attained age and        attained age and
                              benefit period; average benefit period; average
                              0.5% - 1.15%            0.5% -1.15%
Long-term care insurance      Based on company        Based on company
benefit exhaustion            experience              experience
Long-term care insurance      Varies by block based   Varies by block based   25% adverse change in             $200

future premium rate increases on filing experience on filing experience

  success rate on premium
                                                                              rate increase actions
                                                                              not yet approved
Overall discount rate         6.15%                   6.20%                   25 basis point reduction          $700
Life insurance mortality      Based on company        Based on company        5% increase in mortality          $300
                              experience              experience


While higher assumed inflation, holding all other assumptions constant, would
result in unfavorable impacts to the projected present value of future cash
flows, it would be expected to be mitigated by a higher discount rate and
contractual daily or monthly benefit caps.

See Other Items – New Accounting Standards, Note 12 and Other Items within MD&A
in our Annual Report on Form 10-K for the year ended December 31, 2021 for
further information related to our run-off insurance operations.

NEW ACCOUNTING STANDARDS. The Financial Accounting Standards Board issued new
guidance on accounting for long-duration insurance contracts that is effective
for our interim and annual periods beginning January 1, 2023 and applied
retrospectively to January 1, 2021 (i.e., the transition date). We will adopt
the new guidance using the modified retrospective transition method where
permitted. We expect adoption of the new guidance will significantly change the
accounting for measurements of our long-duration insurance liabilities and
reinsurance recoverables and materially affect our consolidated financial
statements and require changes to our actuarial, accounting and financial
reporting processes, systems, and internal controls. The new guidance requires
cash flow assumptions used in the measurement of various insurance liabilities
to be reviewed at least annually and updated if actual experience or other
evidence indicates previous assumptions warrant revision with any required
changes recorded in earnings. These changes will result in the elimination of
premium deficiency testing and shadow adjustments. Under the new guidance, the
discount rate will be equivalent to the upper-medium grade (i.e., single A)
fixed-income instrument yield reflecting the duration characteristics of our
insurance liabilities and is required to be updated in each reporting period
with changes recorded in Accumulated other comprehensive income (AOCI). As
reinsurance recoverables are recognized in a manner consistent with the
liabilities relating to the underlying reinsurance contracts, changes in
reinsurance recoverables from updating the single A discount rate in each
reporting period are also recognized in AOCI. The allowance for credit losses on
reinsurance recoverables will continue to be based on the locked-in discount
rate for purposes of assessing changes in each reporting period. As such,
movements in the gross reinsurance recoverable balance resulting from changes in
the single A discount rate will not impact the allowance for credit losses.
Following the recapture transaction effective in the fourth quarter of 2022, as
explained in Other Items - Insurance above, the remaining reinsurance
recoverables are not expected to be material.

In conjunction with the adoption of the new guidance, we are in process of
converting our long-term care insurance claim cost projection models to first
principles models that are based on more granular assumptions of expected future
experience and will facilitate the new guidance's requirements.


                                                            2022 3Q FORM 10-Q 17
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As we are approaching the effective date for the new accounting guidance, as
well as our implementation of the first principles models, we have estimated the
impact of those changes on Shareholders' equity as of the new guidance's
transition date of January 1, 2021. We currently estimate a decrease in
Shareholders' equity at the transition date from adoption of the new guidance to
be in an after-tax range of $7.0 billion to $8.0 billion, including
approximately $5.5 billion to $6.0 billion in AOCI and $1.5 billion to $2.0
billion in Retained earnings. The decrease in AOCI is primarily attributable to
remeasuring our insurance liabilities and reinsurance recoverables using the
single A rate required under the new guidance, which is lower than our current
locked-in discount rate, and the removal of shadow adjustments. The decrease in
Retained earnings at the transition date is primarily attributable to certain
long-term care insurance exposures where the projected present value of future
cash flows exceeds the reserves at the transition date, based on the required
lower level of grouping of contracts, combined with converting our long-term
care insurance claim cost projection models to first principles models.

To demonstrate the sensitivity of market interest rates on both our insurance
liabilities and related assets, if the January 1, 2021 transition date
adjustment used rates as of September 30, 2022, while holding everything else
constant, we estimate the decrease in Shareholders' equity at the transition
date would be in an after-tax range of $4.0 billion to $5.0 billion.

The new guidance is only applicable to the measurements of our long-duration
insurance liabilities under GAAP. In addition, we do not expect changes to
statutory insurance reserves, regulatory capital requirements or projected
funding as a result of the implementation of the first principles models.

NON-GAAP FINANCIAL MEASURES. We believe that presenting non-GAAP financial
measures provides management and investors useful measures to evaluate
performance and trends of the total company and its businesses. This includes
adjustments in recent periods to GAAP financial measures to increase
period-to-period comparability following actions to strengthen our overall
financial position and how we manage our business. In addition, management
recognizes that certain non-GAAP terms may be interpreted differently by other
companies under different circumstances. In various sections of this report we
have made reference to the following non-GAAP financial measures in describing
our (1) revenues, specifically organic revenues by segment; organic revenues;
and equipment and services organic revenues (2) profit, specifically organic
profit and profit margin by segment; Adjusted profit and profit margin; Adjusted
organic profit and profit margin; Adjusted earnings (loss); Adjusted income tax
rate; and Adjusted earnings (loss) per share (EPS), and (3) cash flows,
specifically free cash flows (FCF). The reasons we use these non-GAAP financial
measures and the reconciliations to their most directly comparable GAAP
financial measures follow.

ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)

                                               Revenues                           Segment profit (loss)                              Profit margin

Three months ended September 30 2022 2021 V%

         2022      2021          V%                     2022         2021        V pts
Aerospace (GAAP)                   $ 6,705    $ 5,398          24  %       $     1,284    $  846          52  %                  19.1  %      15.7  %       3.4pts
Less: acquisitions                       -          -                                -         -
Less: business dispositions              -          -                                -         -
Less: foreign currency effect          (22)         -                               39        (2)
Aerospace organic (Non-GAAP)       $ 6,726    $ 5,398          25  %       $     1,245    $  848          47  %                  18.5  %      15.7  %       2.8pts

HealthCare (GAAP)                  $ 4,613    $ 4,339           6  %       $       712    $  704           1  %                  15.4  %      16.2  %     (0.8)pts
Less: acquisitions                      61          -                                2         -
Less: business dispositions              -          -                                -         -
Less: foreign currency effect         (232)         -                              (20)        2
HealthCare organic (Non-GAAP)      $ 4,784    $ 4,339          10  %       $       731    $  702           4  %                  15.3  %      16.2  %     (0.9)pts

Renewable Energy (GAAP)            $ 3,594    $ 4,208         (15) %       $      (934)   $ (151)             U                 (26.0) %      (3.6) %    (22.4)pts
Less: acquisitions                       -        (21)                               -        (5)
Less: business dispositions              -          -                                -         -
Less: foreign currency effect         (231)        (3)                              16       (23)
Renewable Energy organic
(Non-GAAP)                         $ 3,825    $ 4,231         (10) %       $      (950)   $ (123)             U                 (24.8) %      (2.9) %    (21.9)pts

Power (GAAP)                       $ 3,529    $ 4,026         (12) %       $       141    $  204         (31) %                   4.0  %       5.1  %     (1.1)pts
Less: acquisitions                       -          -                                -         -
Less: business dispositions              -        158                                -         -
Less: foreign currency effect         (145)         5                               (6)       13
Power organic (Non-GAAP)           $ 3,675    $ 3,863          (5) %       $       148    $  192         (23) %                   4.0  %       5.0  %     (1.0)pts



2022 3Q FORM 10-Q 18
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ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)

                                                 Revenue                               Segment profit (loss)                                 Profit 

margin

Nine months ended September 30            2022        2021          V%                      2022       2021          V%                     2022         2021        V pts
Aerospace (GAAP)                   $ 18,434    $ 15,230          21  %       $      3,341        $ 1,664              F                  18.1  %      10.9  %       7.2pts
Less: acquisitions                        -           -                                 -              -
Less: business dispositions               -           -                                 -              -
Less: foreign currency effect           (50)          1                                88              5
Aerospace organic (Non-GAAP)       $ 18,485    $ 15,229          21  %       $      3,253        $ 1,658          96  %                  17.6  %      10.9  %       6.7pts

HealthCare (GAAP)                  $ 13,494    $ 13,100           3  %       $      1,901        $ 2,203         (14) %                  14.1  %      16.8  %     (2.7)pts
Less: acquisitions                      175           -                               (56)            (5)
Less: business dispositions               -           -                                 -              -
Less: foreign currency effect          (484)          -                               (90)           (17)
HealthCare organic (Non-GAAP)      $ 13,803    $ 13,100           5  %       $      2,047        $ 2,225          (8) %                  14.8  %      17.0  %     (2.2)pts

Renewable Energy (GAAP)            $  9,564    $ 11,505         (17) %       $     (1,786)       $  (484)             U                 (18.7) %      (4.2) %    (14.5)pts
Less: acquisitions                        -         (43)                                -            (13)
Less: business dispositions               -           -                                 -              -
Less: foreign currency effect          (442)          -                                73            (29)
Renewable Energy organic
(Non-GAAP)                         $ 10,006    $ 11,547         (13) %       $     (1,860)       $  (442)             U                 (18.6) %      (3.8) %    (14.8)pts

Power (GAAP)                       $ 11,233    $ 12,242          (8) %       $        524        $   416          26  %                   4.7  %       3.4  %       1.3pts
Less: acquisitions                        -           -                                 -              -
Less: business dispositions               -         476                                 -              -
Less: foreign currency effect          (321)         (4)                              (24)           (15)
Power organic (Non-GAAP)           $ 11,553    $ 11,770          (2) %       $        548        $   432          27  %                   4.7  %       3.7  %       1.0pts

We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing
operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can
obscure underlying trends.



ORGANIC REVENUES (NON-GAAP)                           Three months ended September 30              Nine months ended September 30
                                                       2022             2021             V%               2022        2021       V%
Total revenues (GAAP)                           $ 19,084    $      18,569              3  %       $  54,769    $ 53,893        2  %
Less: Insurance revenues                             646              756                             2,179       2,295
Adjusted revenues (Non-GAAP)                    $ 18,438    $      17,813              4  %       $  52,591    $ 51,598        2  %
Less: acquisitions                                    61              (21)                              177         (42)
Less: business dispositions                            -               70                                 -         179
Less: foreign currency effect(a)                    (638)               2                            (1,314)         (3)
Organic revenues (Non-GAAP)                     $ 19,015    $      17,762              7  %       $  53,728    $ 51,465        4  %

(a) Foreign currency impact in 2022 was primarily driven by U.S. dollar appreciation against the euro, British pound and Japanese
yen.
We believe these measures provide management and investors with a more complete understanding of underlying operating results and
trends of established, ongoing operations by excluding the effect of revenues from our run-off Insurance business, acquisitions,
dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure
underlying trends.



EQUIPMENT AND SERVICES                             Three months ended September 30              Nine months ended September 30
ORGANIC REVENUES (NON-GAAP)                               2022         2021          V%               2022        2021         V%
Total equipment revenues (GAAP)               $       8,082    $   8,903          (9) %       $  22,549    $ 25,172        (10) %
Less: acquisitions                                       61            -                            174           -
Less: business dispositions                               -          (45)                             -        (146)
Less: foreign currency effect                          (401)           -                           (811)         (1)

Equipment organic revenues (Non-GAAP) $ 8,423 $ 8,947

(6) % $ 23,187 $ 25,319 (8) %

Total services revenues (GAAP)                $      10,356    $   8,910          16  %       $  30,041    $ 26,427         14  %
Less: acquisitions                                        -          (21)                             3         (42)
Less: business dispositions                               -          114                              -         324
Less: foreign currency effect                          (236)           2                           (503)         (2)

Services organic revenues (Non-GAAP) $ 10,592 $ 8,815

20 % $ 30,541 $ 26,146 17 %
We believe this measure provides management and investors with a more complete understanding of underlying operating results and
trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which
includes translational and transactional impacts, as these activities can obscure underlying trends.


                                                            2022 3Q FORM 10-Q 19
--------------------------------------------------------------------------------

ADJUSTED PROFIT AND PROFIT MARGIN (NON-GAAP)          Three months ended September 30                   Nine months ended September 30
                                                           2022           2021           V%                  2022           2021           V%
Total revenues (GAAP)                           $        19,084 $       18,569           3%       $        54,769 $       53,893           2%
Less: Insurance revenues (Note 12)                          646            756                              2,179          2,295
Adjusted revenues (Non-GAAP)                    $        18,438 $       17,813           4%       $        52,591 $       51,598           2%

Total costs and expenses (GAAP)                 $        19,334 $       18,337           5%       $        54,653 $       55,866         (2)%
Less: Insurance cost and expenses (Note 12)                 956            701                              2,092          1,869
Less: interest and other financial charges(a)               377            446                              1,146          1,403
Less: non-operating benefit cost (income)                 (125)            427                              (396)          1,374
Less: restructuring & other(a)                              183             64                                256            402
Less: debt extinguishment costs (Note 11)                     -              -                                  -          1,416
Less: separation costs(a)                                   227              -                                553              -
Less: Steam asset sale impairment(a)                          -              -                                825              -
Less: Russia and Ukraine charges(a)                          33              -                                263              -
Add: noncontrolling interests                                 4           (73)                                 51           (72)
Add: EFS benefit from taxes                                (52)           (33)                              (160)          (111)
Adjusted costs (Non-GAAP)                       $        17,637 $       16,592           6%       $        49,805 $       49,219           1%

Other income (loss) (GAAP)                      $           195 $          351        (44)%       $         (941) $        1,757            U
Less: gains (losses) on equity securities(a)               (89)            412                            (1,859)          1,256
Less: restructuring & other(a)                                -              -                                  3              7
Less: gains (losses) on purchases and sales of               22          (156)                                 28          (159)
business interests(a)
Adjusted other income (loss) (Non-GAAP)         $           263 $           95            F       $           888 $          653          36%

Profit (loss) (GAAP)                            $          (55) $          584            U       $         (825) $        (216)            U
Profit (loss) margin (GAAP)                              (0.3)%           3.1%     (3.4)pts                (1.5)%         (0.4)%     (1.1)pts

Adjusted profit (loss) (Non-GAAP)               $         1,064 $        

1,316 (19)% $ 3,673 $ 3,033 21%
Adjusted profit (loss) margin (Non-GAAP)

                   5.8%           7.4%     (1.6)pts                  7.0%           5.9%       1.1pts

(a) See the Corporate and Other Consolidated Information sections for further information.
We believe that adjusting profit to exclude the effects of items that are not closely associated with ongoing operations provides management
and investors with a meaningful measure that increases the period-to-period comparability. Gains (losses) and restructuring and other items
are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with
restructuring and other activities.



ADJUSTED ORGANIC PROFIT (NON-GAAP)                           Three months ended September 30                            Nine months ended September 30
                                                             2022               2021                    V%                   2022            2021           V%
Adjusted profit (loss) (Non-GAAP)              $     1,064        $     1,316                 (19)       %       $      3,673     $      3,033         21    %
Less: acquisitions                                      (5)                (5)                                            (74)             (17)
Less: business dispositions                              -                  5                                               -               13
Less: foreign currency effect(a)                        21                  2                                              35              (21)

Adjusted organic profit (loss) (Non-GAAP) $ 1,048 $ 1,314

                 (20)       %       $      3,712     $      3,058      

21 %

Adjusted profit (loss) margin (Non-GAAP)               5.8      %         7.4      %         (1.6)     pts                7.0   %          5.9  %     1.1  pts
Adjusted organic profit (loss) margin                  5.5      %         7.4      %         (1.9)     pts                6.9   %          5.9  %     1.0  pts
(Non-GAAP)

(a) Included foreign currency negative effect on revenues of $638 million and $1,314 million and positive effect on operating costs and other income (loss) of
$658 million and $1,349 million for the three and nine months ended September 30, 2022, respectively.
We believe this measure provides management and investors with a more complete understanding of underlying operating results and trends of established,
ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as
these activities can obscure underlying trends.



2022 3Q FORM 10-Q 20
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ADJUSTED EARNINGS (LOSS) AND                        Three months ended September 30                  Nine months ended September 30
ADJUSTED INCOME TAX RATE (NON-GAAP)                     2022          2021          V%                     2022            2021          V%
Earnings (loss) from continuing operations (GAAP)
(Note 17)                                         $  (150)   $   593                 U       $       (1,606)    $        (11)             U
Insurance earnings (loss) (pre-tax)                  (310)        56                                     92              430
Tax effect on Insurance earnings (loss)                63        (14)                                   (24)             (95)
Less: Insurance earnings (loss) (net of tax)
(Note 12)                                            (247)        42                                     68              334

Earnings (loss) excluding Insurance (Non-GAAP) $ 97 $ 551

     (82) %       $       (1,674)    $       (345)             U
Non-operating benefit (cost) income (pre-tax)
(GAAP)                                                125       (427)                                   396           (1,374)

Tax effect on non-operating benefit (cost) income (26) 90

                             (83)             289
Less: Non-operating benefit (cost) income (net of
tax)                                                   99       (337)                                   313           (1,085)
Gains (losses) on purchases and sales of business
interests (pre-tax)(a)                                 22       (156)                                    28             (159)
Tax effect on gains (losses) on purchases and
sales of business interests                            39         30                                     68               31
Less: Gains (losses) on purchases and sales of
business interests (net of tax)                        61       (126)                                    95             (128)

Gains (losses) on equity securities (pre-tax)(a) (89) 412

                          (1,859)           1,256
Tax effect on gains (losses) on equity
securities(b)(c)                                       (9)        78                                    (15)             155
Less: Gains (losses) on equity securities (net of
tax)                                                  (98)       490                                 (1,874)           1,411
Restructuring & other (pre-tax)(a)                   (183)       (64)                                  (253)            (395)
Tax effect on restructuring & other                    38          7                                     54               36
Less: Restructuring & other (net of tax)             (144)       (57)                                  (199)            (359)
Debt extinguishment costs (pre-tax) (Note 11)           -          -                                      -           (1,416)
Tax effect on debt extinguishment costs                 -          -                                      -              298
Less: Debt extinguishment costs (net of tax)            -          -                                      -           (1,119)
Separation costs (pre-tax)(a)                        (227)         -                                   (553)               -
Tax effect on separation costs                         51          -                                     59                -
Less: Separation costs (net of tax)                  (176)         -                                   (495)               -
Steam asset sale impairment (pre-tax)(a)                -          -                                   (825)               -
Tax effect on Steam asset sale impairment               -          -                                     84                -

Less: Steam asset sale impairment (net of tax) – –

                            (741)               -
Russia and Ukraine charges (pre-tax)(a)               (33)         -                                   (263)               -
Tax effect on Russia and Ukraine charges                -          -                                     15                -

Less: Russia and Ukraine charges (net of tax) (33) –

                            (248)               -
Less: Accretion of redeemable noncontrolling
interest (pre-tax and net of tax) (Note 17)             -         (9)                                     -               (9)
Less: Accretion of preferred share repurchase
(pre-tax and net of tax) (Note 17)                      3          -                                      3                -

Less: U.S. and foreign tax law change enactment – –

                             (37)               8
Less: Tax loss related to GECAS transaction             -          -                                      -              (44)
Adjusted earnings (loss) (Non-GAAP)               $   385    $   591        

(35) % $ 1,509 $ 980 54 %

Earnings (loss) from continuing operations before
taxes (GAAP)                                      $   (55)   $   584                         $         (825)    $       (216)
Less: Total adjustments above (pre-tax)              (695)      (180)                                (3,239)          (1,659)

Adjusted earnings before taxes (Non-GAAP) $ 640 $ 763

                  $        2,414     $      1,443

Provision (benefit) for income taxes (GAAP) $ 21 $ 2

                  $          541     $       (323)
Less: Tax effect on adjustments above                (157)      (191)                                  (121)            (677)
Adjusted provision (benefit) for income taxes
(Non-GAAP)                                        $   177    $   193                         $          662     $        354

Income tax rate (GAAP)                              (38.2) %     0.3     %                            (65.6)  %        149.5  %
Adjusted income tax rate (Non-GAAP)                  27.7  %    25.3     %                             27.4   %         24.5  %

(a) See the Corporate and Other Consolidated Information sections for further information.
(b) Includes tax benefits available to offset the tax on gains (losses) on
equity securities.
(c) Includes related tax valuation allowances.
The service cost for our pension and 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 and
market performance. We believe the retained costs in Adjusted earnings* and the Adjusted income tax rate* provides management and investors
a useful measure to evaluate the performance of the total company and increases period-to-period comparability.



*Non-GAAP Financial Measure
                                                            2022 3Q FORM 10-Q 21
--------------------------------------------------------------------------------

ADJUSTED EARNINGS (LOSS) PER SHARE (EPS)
(NON-GAAP)                                           Three months ended September 30           Nine months ended September 30
(In dollars)                                             2022          2021          V%              2022       2021         V%
Earnings (loss) per share from continuing
operations (GAAP) (Note 17)                        $ (0.14)   $     0.54              U       $  (1.46)   $ (0.01)            U
Insurance earnings (loss) (pre-tax)                  (0.28)         0.05                          0.08       0.39
Tax effect on Insurance earnings (loss)               0.06         (0.01)                        (0.02)     (0.09)

Less: Insurance earnings (loss) (net of tax) (Note
12)

                                                  (0.23)         0.04                          0.06       0.30
Earnings (loss) per share excluding Insurance
(Non-GAAP)                                         $  0.09    $     0.50         (82) %       $  (1.53)   $ (0.31)            U
Non-operating benefit (cost) income (pre-tax)
(GAAP)                                                0.11         (0.39)                         0.36      (1.25)

Tax effect on non-operating benefit (cost) income (0.02) 0.08

                      (0.08)      0.26
Less: Non-operating benefit (cost) income (net of
tax)                                                  0.09         (0.31)                         0.29      (0.99)
Gains (losses) on purchases and sales of business
interests (pre-tax)(a)                                0.02         (0.14)                         0.03      (0.14)
Tax effect on gains (losses) on purchases and
sales of business interests                           0.04          0.03                          0.06       0.03
Less: Gains (losses) on purchases and sales of
business interests (net of tax)                       0.06         (0.11)                         0.09      (0.12)

Gains (losses) on equity securities (pre-tax)(a) (0.08) 0.37

                      (1.69)      1.14
Tax effect on gains (losses) on equity
securities(b)(c)                                     (0.01)         0.07                         (0.01)      0.14
Less: Gains (losses) on equity securities (net of
tax)                                                 (0.09)         0.44                         (1.71)      1.29
Restructuring & other (pre-tax)(a)                   (0.17)        (0.06)                        (0.23)     (0.36)
Tax effect on restructuring & other                   0.04          0.01                          0.05       0.03
Less: Restructuring & other (net of tax)             (0.13)        (0.05)                        (0.18)     (0.33)
Debt extinguishment costs (pre-tax) (Note 11)            -             -                             -      (1.29)
Tax effect on debt extinguishment costs                  -             -                             -       0.27
Less: Debt extinguishment costs (net of tax)             -             -                             -      (1.02)
Separation costs (pre-tax)(a)                        (0.21)            -                         (0.50)         -
Tax effect on separation costs                        0.05             -                          0.05          -
Less: Separation costs (net of tax)                  (0.16)            -                         (0.45)         -
Steam asset sale impairment (pre-tax)(a)                 -             -                         (0.75)         -
Tax effect on Steam asset sale impairment                -             -                          0.08          -
Less: Steam asset sale impairment (net of tax)           -             -                         (0.68)         -
Russia and Ukraine charges (pre-tax)(a)              (0.03)            -                         (0.24)         -
Tax effect on Russia and Ukraine charges                 -             -                          0.01          -
Less: Russia and Ukraine charges (net of tax)        (0.03)            -                         (0.23)         -
Less: Accretion of redeemable noncontrolling
interest (pre-tax and net of tax) (Note 17)              -         (0.01)                            -      (0.01)
Less: Accretion of preferred share repurchase
(pre-tax and net of tax) (Note 17)                       -             -                             -          -
Less: U.S. and foreign tax law change enactment          -             -                         (0.03)      0.01
Less: Tax loss related to GECAS transaction              -             -                             -      (0.04)

Adjusted earnings (loss) per share (Non-GAAP) $ 0.35 $ 0.53

(34) % $ 1.38 $ 0.89 55 %

(a) See the Corporate and Other Consolidated Information sections for further information.
(b) Includes tax benefits available to offset the tax on gains (losses) on
equity securities.
(c) 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 and 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 and market performance. We believe the retained costs in Adjusted earnings* and Adjusted EPS* provides
management and investors a useful measure to evaluate the performance of the total company and increases period-to-period
comparability. We also use Adjusted EPS* as a performance metric at the company level for our annual executive incentive plan
for 2022.









*Non-GAAP Financial Measure
2022 3Q FORM 10-Q 22
--------------------------------------------------------------------------------

FREE CASH FLOWS (FCF) (NON-GAAP)                                Nine months ended September 30
                                                                     2022          2021         V$
CFOA (GAAP)                                                 $    1,293    $   (1,527)   $ 2,820
Less: Insurance CFOA                                                48            40
CFOA excluding Insurance (Non-GAAP)                         $    1,245    $   (1,568)   $ 2,813
Add: gross additions to property, plant and equipment             (957)     

(895)

Add: gross additions to internal-use software                      (78)     

(78)

Less: separation costs cash expenditures                          (118)     

Less: taxes related to business sales                             (143)     

(6)

Less: CFOA impact from factoring programs discontinued in
2021

                                                                 -      

(3,067)

Less: CFOA impact from receivables factoring and supply
chain finance eliminations                                           -         2,352
Free cash flows (Non-GAAP)                                  $      471    $   (1,819)   $ 2,290

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 costs cash expenditures and
eliminations related to our receivables factoring and supply chain finance programs. We believe
this measure will better allow management and investors to evaluate the capacity of our operations
to generate free cash flows. The CFOA impact from receivables factoring and supply chain finance
eliminations represents activity related to those internal programs previously facilitated for our
industrial segments by our Working Capital Solutions business. We completed the exit from all
internal factoring and supply chain finance programs in 2021.



CONTROLS AND PROCEDURES. Under the direction of our Chief Executive Officer and
Chief Financial Officer, we evaluated our disclosure controls and procedures and
internal control over financial reporting and concluded that (i) our disclosure
controls and procedures were effective as of September 30, 2022, and (ii) no
change in internal control over financial reporting occurred during the quarter
ended September 30, 2022, that has materially affected, or is reasonably likely
to materially affect, such internal control over financial reporting.

OTHER FINANCIAL DATA

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS. On March
6, 2022, the Board of Directors authorized up to $3 billion of common share
repurchases. We repurchased 4,521 thousand shares for $314 million during the
three months ended September 30, 2022 under this authorization.

                                                                                                                    Approximate
                                                                                                                dollar value of
                                                                                                                shares that may
                                                                                       Total number of shares  yet be purchased
                                                                                         purchased as part of   under our share
                                                     Total number of     Average price   our share repurchase        repurchase
Period                                              shares purchased    paid per share          authorization     authorization
(Shares in thousands)

2022
July                                                      1,532      $        65.24              1,532
August                                                    1,226               76.78              1,226
September                                                 1,763               67.89              1,763
Total                                                     4,521      $        69.40              4,521        $        2,352



LEGAL PROCEEDINGS. We are reporting the following environmental matter in
compliance with SEC requirements to disclose environmental proceedings where a
governmental authority is a party and that involve potential monetary sanctions
of $300,000 or greater. In July 2022, GE received a notice of intention to
impose an administrative fine of approximately $0.6 million related to a
December 2019 liquid hazardous waste event at our Rehovot, Israel site. The
event involved clean room waste that spilled onto an unsealed floor, leading to
an escape of a small amount of liquid to a third-party facility on a lower
floor. The Israeli Ministry of Environmental Protection (MEP) concluded that the
incident breached the site's toxins permit. In accordance with local law, GE has
responded to MEP's notice of fine challenging both the basis for, and level of,
the fine. A decision from MEP is pending. Refer to Legal Matters and
Environmental, Health and Safety Matters in Note 21 to the consolidated
financial statements for additional information relating to legal matters.



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