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Actual and Forecast Statements of Net Earnings
General Electric Company (GE)
Public Company Valuation Analysis
(Dollars and Shares in Millions, Except Per Share Amounts)

	*Actual*			*Forecast*	*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

Net Sales	$112,886	$134,481	$149,702	$164,672	$181,139	$199,253	$219,178	$241,096
Cost of Goods Sold	(51,206)	(61,759)	(66,814)	(74,102)	(81,513)	(89,664)	(98,630)	(108,493)

Gross Margin	61,680	72,722	82,888	90,570	99,626	109,589	120,548	132,603
	54.6%	54.1%	55.4%	55.0%	55.0%	55.0%	55.0%	55.0%

Operating Expenses	33,609	41,295	45,572	49,402	54,342	59,776	65,753	72,329


Operating Earnings	28,071	31,427	37,316	41,168	45,284	49,813	54,795	60,274
	24.9%	23.4%	24.9%	25.0%	25.0%	25.0%	25.0%	25.0%

Other Income (Expense):
Historical Interest Expense	(10,460)	(11,656)	(15,187)	0	0	0	0	0
Interest on Line of Credit	0	0	0	(8,489)	(24,924)	(26,521)	(30,977)	(35,694)
Interest on Term Loans	0	0	0	(10,614)	(3,129)	(2,816)	(2,190)	(1,564)
Interest on Subordinated Debt	0	0	0	0	(42,405)	(42,405)	(42,405)	(42,405)
Intangible Amortization	0	0	0	0	(22,177)	(22,177)	(22,177)	(22,177)
Other Income (Expense)	1,470	534	(1,922)	500	0	0	0	0

	(8,990)	(11,122)	(17,109)	(18,603)	(92,634)	(93,918)	(97,748)	(101,839)

Earnings Before Income Tax	19,081	20,305	20,207	22,565	(47,350)	(44,105)	(42,953)	(41,565)
Provision (Credit) For Income Tax	3,845	3,486	3,854	4,513	(18,940)	(17,642)	(17,181)	(16,626)


Net Earnings	$15,236	$16,819	$16,353	$18,052	$(28,410)	$(26,463)	$(25,772)	$(24,939)


Earnings per Share	$1.51	$1.61	$1.54	$1.70	$(2.68)	$(2.49)	$(2.43)	$(2.35)

Glossary of Statement of Net Earnings terms.