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Financial Forecast Assumptions
General Electric Company (GE)
(Dollars and Shares in Millions, Except Per Share Amounts)

 Actual Forecast
  12 Months  
12/31/03  		 12 Months  
12/31/04  		 12 Months  
12/31/05  		   12 Months  
12/31/06  		 12 Months  
12/31/07  		 12 Months  
12/31/08  		 12 Months  
12/31/09  		 12 Months  
12/31/10  
 
Year-to-Year Change in Net Sales NA   19.1%   11.3%    10.0%   10.0%   10.0%   10.0%   10.0%  
 
Gross Margin % 54.6%   54.1%   55.4%    55.0%   55.0%   55.0%   55.0%   55.0%  
 
Operating Expenses as % of Net Sales 29.8%   30.7%   30.4%    30.0%   30.0%   30.0%   30.0%   30.0%  
 
Other Income (Expense) $1,470   $534   $(1,922)    $0   $0   $0   $0   $0  
 
Interest Rate on Borrowings NA   NA   NA    9.0%   9.0%   9.0%   9.0%   9.0%  
 
Interest Rate on Subordinated Debt NA   NA   NA    12.0%   12.0%   12.0%   12.0%   12.0%  
 
Income Tax Rate 20.2%   17.2%   19.1%    40.0%   40.0%   40.0%   40.0%   40.0%  
 
Cash $12,664   $12,152   $9,011    $0   $0   $0   $0   $0  
 
Number of Days Sales in Accounts Receivable 957.5   836.7   773.5    773.5   773.5   773.5   773.5   773.5  
 
Number of Days Cost of Goods Sold in Inventory 62.4   57.8   57.2    57.2   57.2   57.2   57.2   57.2  
 
Other Current Assets $129,269   $56,923   $53,144    $53,144   $53,144   $53,144   $53,144   $53,144  
 
Intangibles $55,025   $78,456   $81,726    $81,726   $81,726   $81,726   $81,726   $81,726  
 
Investments $0   $0   $0    $0   $0   $0   $0   $0  
 
Other Assets $92,596   $221,823   $134,202    $134,202   $134,202   $134,202   $134,202   $134,202  
 
Current Maturities $0   $0   $0    $0   $20   $20   $20   $20  
 
Number of Days Cost of Goods Sold in Accounts Payable 142.2   113.1   116.2    116.2   116.2   116.2   116.2   116.2  
 
Number of Days Operating Expenses in Accrued Expenses 166.6   155.0   147.5    147.5   147.5   147.5   147.5   147.5  
 
Taxes Payable $0   $0   $0    $0   $0   $0   $0   $0  
 
Other Current Obligations $6,446   $6,266   $7,079    $0   $0   $0   $0   $0  
 
Other Current Liabilities $0   $0   $0    $0   $0   $0   $0   $0  
 
Term Loan $171,966   $207,871   $212,281    $34,764   $27,811   $20,858   $13,906   $6,953  
 
Subordinated Debt $0   $0   $0    $353,371   $353,371   $353,371   $353,371   $0  
 
Other Long Term Obligations $177,990   $90,855   $86,064    $0   $0   $0   $0   $0  
 
Other Liabilities $19,134   $140,823   $60,716    $0   $0   $0   $0   $0  
 
Common Stock $669   $669   $669    $287,732   $287,732   $287,732   $287,732   $287,732  
 
Preferred Stock $0   $0   $0    $0   $0   $0   $0   $0  
 
Other Equity $20,373   $31,503   $27,894    $0   $0   $0   $0   $0  
 
Treasury Stock $(24,597)   $(12,762)   $(17,326)    $0   $0   $0   $0   $0  
 
Capital Expenditures (Net) NA   $14,666   $5,861    $8,000   $8,000   $8,000   $8,000   $8,000  
 
Dividends as % of Net Earnings 50.2%   49.2%   57.2%    0.0%   0.0%   0.0%   0.0%   0.0%  
 
Depreciation (Net) NA   $4,951   $1,436    $6,000   $6,000   $6,000   $6,000   $6,000  
 
Estimated Borrowing Base as a % of Accounts Receivable 80.0%   80.0%   80.0%    80.0%   80.0%   80.0%   80.0%   80.0%  
 
Estimated Borrowing Base as a % of Inventory 35.0%   35.0%   35.0%    35.0%   35.0%   35.0%   35.0%   35.0%  
 
Estimated Borrowing Base as a % of
      Property, Plant and Equipment (Net)		 50.0%   50.0%   50.0%    50.0%   50.0%   50.0%   50.0%   50.0%  
 
Common Shares Outstanding (Fully Diluted) 10,090   10,447   10,619    10,619   10,619   10,619   10,619   10,619