Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  þ     No o

          Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  þ  

          Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes þ   No o

          The aggregate market value of the outstanding common equity of the registrant as of the last business day of the registrant's most recently completed second fiscal quarter was $294.9 billion. Affiliates of the Company beneficially own, in the aggregate, less than one-tenth of one percent of such shares. There were 9,993,192,236 shares of voting common stock with a par value of $0.06 outstanding at February 28, 2003.

DOCUMENTS INCORPORATED BY REFERENCE

          The Annual Report to Share Owners for the fiscal year ended December 31, 2002 is incorporated by reference in Parts I, II and III to the extent described therein. The definitive proxy statement relating to the registrant's Annual Meeting of Share Owners, to be held April 23, 2003, is incorporated by reference in Part III to the extent described therein.

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     Unless otherwise indicated by the context, the terms "GE," "GECS" and "GE Capital " are used on the basis of consolidation described in note 1 to the consolidated financial statements on page 78 of the 2002 Annual Report to Share Owners of General Electric Company (the Company). The financial section of such Annual Report to Share Owners (pages 43 through 111 of that document) is set forth in Part IV Item 15(a)(1) of this 10-K Report and is an integral part hereof. References in Parts I and II of this 10-K Report are to the page numbers of the 2002 Annual Report to Share Owners included in Part IV of this 10-K Report. Also, unless otherwise indicated by the context, "General Electric" means the parent company, General Electric Company.

     General Electric's address is 1 River Road, Schenectady, NY 12345-6999; the Company also maintains executive offices at 3135 Easton Turnpike, Fairfield, CT 06828-0001.

     GE is one of the largest and most diversified industrial corporations in the world. GE has engaged in developing, manufacturing and marketing a wide variety of products for the generation, transmission, distribution, control and utilization of electricity since its incorporation in 1892. Over the years, GE has developed or acquired new technologies and services that have broadened considerably the scope of its activities.

     GE's products include major appliances; lighting products; industrial automation products; medical diagnostic imaging equipment; motors; electrical distribution and control equipment; locomotives; power generation and delivery products; nuclear power support services and fuel assemblies; commercial and military aircraft jet engines; and engineered materials, such as plastics, silicones and superabrasive industrial diamonds; and chemicals for treatment of water and process systems.

     GE's services include product services; electrical product supply houses; electrical apparatus installation, engineering, repair and rebuilding services; and through the third quarter of 2002, computer-related information services. Through its affiliate, the National Broadcasting Company, Inc., GE delivers network television services, operates television stations, and provides cable, Internet and multimedia programming and distribution services. Through another affiliate, General Electric Capital Services, Inc., GE offers a broad array of financial and other services including consumer financing, commercial and industrial financing, real estate financing, asset management and leasing, mortgage services, consumer savings and insurance services, and specialty insurance and reinsurance.

     In virtually all of its global business activities, GE encounters aggressive and able competition. In many instances, the competitive climate is characterized by changing technology that requires continuing research and development, as well as customer commitments. With respect to manufacturing operations, management believes that, in general, GE is one of the leading firms in most of the major industries in which it participates. The NBC Television Network is one of four major U.S. commercial broadcast television networks. It also competes with syndicated broadcast television programming and cable and satellite television programming activities. The businesses in which GE Capital Services engages are subject to competition from various types of financial institutions, including commercial banks, thrifts, investment banks, broker-dealers, credit unions, leasing companies, consumer loan companies, independent finance companies, finance companies associated with manufacturers, and insurance and reinsurance companies.

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     This 10-K Report includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.

     GE consolidated international revenues have remained relatively unchanged over the past several years.

     Revenue and segment profit information about the Company's operating segments in accordance with Statement of Financial Accounting Standards (SFAS) No. 131, Disclosures About Segments of an Enterprise and Related Information, is presented on page 57 of the 2002 Annual Report to Share Owners. Additional financial data and commentary on recent financial results for operating segments are provided on pages 50-58 of that report and in note 27 (pages 101 and 102) to the consolidated financial statements.

     Operating businesses that are reported as segments under SFAS No. 131 include Aircraft Engines, Commercial Finance, Consumer Finance, Consumer Products, Equipment Management, Insurance, NBC and Power Systems. The remaining key businesses do not meet the definition of a reportable segment and have been aggregated into three operating segments based on common characteristics of their activities (Industrial Products and Systems, Materials, and Technical Products and Services). There is appropriate elimination of the net earnings of GECS and the immaterial effect of transactions between segments to arrive at total consolidated data. A summary description of each of the Company's operating segments follows.

     Aircraft Engines (8.5%, 9.0% and 8.3% of consolidated revenues in 2002, 2001 and 2000, respectively) produces, sells and services jet engines, turboprop and turboshaft engines, and related replacement parts for use in military and commercial aircraft. GE's military engines are used in a wide variety of aircraft that includes fighters, bombers, tankers, helicopters and surveillance aircraft. The CFM56™, produced by CFMI, a company jointly owned by GE and Snecma of France, and GE's CF6 and GE90® engines power aircraft in all categories of large commercial aircraft: short/medium, intermediate and long-range. Applications for the CFM56™ engine include: Boeing's 737-300/-400/-500 series, the next generation 737-600/-700/-800/-900 series, and the 737 business jet; Airbus Industrie's A318, A319, A320, A321 and A340-200/-300 series; and military aircraft such as the KC-135R, E/KE-3 and E-6. The CF6 family of engines powers intermediate and long-range aircraft such as Boeing's 747, 767, DC-10 and MD-11 series, as well as Airbus Industrie's A300, A310 and A330 series. The GE90® engine is used to power Boeing's 777 series twin-engine aircraft. The GP7000, being designed and marketed in a joint venture with the Pratt & Whitney division of United Technologies Corporation, is offered on Airbus Industrie's A380. The business produces jet engines, such as the CF34®, for executive aircraft and regional commuter aircraft. The business also manufactures aircraft engine derivatives used for marine propulsion, mechanical drives and industrial power generation sources, the latter of which are reported as part of the Power Systems segment. Maintenance, component repair and overhaul services (MRO), including sales of replacement parts, are provided for many models of engines, including engines manufactured by competitors, and represent a significant portion of this segment's profits. In the second quarter of 2002, Aircraft Engines completed the acquisition of Unison Industries Inc., a global leader in ignition systems for aerospace and industrial applications.

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     The worldwide competition in aircraft jet engines and MRO (including parts sales) is intense. Both U.S. and export markets are important. Product development cycles are long and product quality and efficiency are critical to success. Research and development expenditures, both customer-financed and internally funded, are important in this segment. Focused intellectual property strategies and protection of key aircraft engine design, manufacture, repair and product upgrade technologies are also important. Potential sales for any engine are limited by, among other things, its technological lifetime, which may vary considerably depending upon the rate of advance in the state of the art, by the small number of potential customers and by the limited number of relevant airframe applications. Aircraft engine orders tend to follow military and airline procurement cycles, although cycles for military and commercial engine procurement are different. Procurements of military jet engines are affected by changes in global political and economic factors.

     In line with industry practice, airframe manufacturers support their sales of commercial jet aircraft from time to time with long-term financing commitments to customers, and engine manufacturers are often asked to participate in such financings. In making such commitments, it is GE's policy to establish a secured position in the aircraft being financed. Under such airline financing programs, GE had issued guarantees amounting to $0.7 billion at year-end 2002, and had entered into commitments totaling $1.6 billion to provide financial assistance on future aircraft engine sales. At December 31, 2002, the total estimated fair value of aircraft securing these guarantees exceeded the guaranteed amounts, net of the associated allowance for losses. See page 50 of the 2002 Annual Report to Share Owners for information about orders and backlog.

     Commercial Finance (12.2%, 11.0% and 9.2% of consolidated revenues in 2002, 2001 and 2000, respectively) offers businesses of all sizes an array of financial services and products worldwide. With a particular expertise in the mid-market segment, Commercial Finance provides loans, financing and operating leases, and other services for customers, including manufacturers, distributors and end-users, for a variety of equipment and major capital assets including industrial facilities and equipment, energy-related facilities, commercial real estate loans and investments, vehicles, aircraft, and equipment used in construction, manufacturing, data processing and office applications, electronics and telecommunications, and healthcare. A description of Commercial Finance's principal businesses follows.

     Commercial Equipment Financing (CEF) offers large and small companies a broad line of leases and loans. Customers include manufacturers, distributors, dealers, end-users, and municipalities. Financial products include financing for construction equipment, corporate aircraft, medical equipment, trucks and trailers. CEF also furnishes customers with direct-source tax-exempt finance programs, as well as lease and sale/leaseback offerings. Products are either held for CEF's own account or brokered to third parties. Transactions range in size from $50 thousand to $50 million, with financing terms from 36 to 180 months. CEF also maintains an asset management operation that redeploys off-lease and repossessed equipment and other assets. During 2002, CEF purchased certain assets and liabilities from Finova Corporation, Comdisco Corporation and Australian Guarantee Corporation.

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     The global commercial equipment financing industry continues to be highly fragmented and intensely competitive. Competitors in the U.S. domestic and international markets include independent financing companies, financing subsidiaries of equipment manufacturers, and banks (national, regional, and local). Industry participants compete not only on the basis of monthly payments, interest rates and fees charged customers but also on deal structures and credit terms. The profitability of CEF is affected not only by broad economic conditions that impact customer credit quality and the availability and cost of capital, but also by successful management of credit risk, operating risk and such market risks as interest rate and currency exchange risk. Important factors to continued success include maintaining strong risk management systems, diverse portfolios, service and distribution channels, strong collateral and asset management knowledge, deal structuring expertise and the reduction of costs through enhanced use of technology.

     CEF operates from offices throughout the Americas, Europe, Asia and Australia and through joint ventures in Indonesia and China. CEF headquarters are in Danbury, Connecticut.

     Real Estate is one of the world's leading providers of debt and equity capital to the global commercial real estate market. Real Estate provides funds for the acquisition, refinancing and renovation of real estate assets as well as making equity investments in real estate throughout the United States, Canada, Mexico, Europe and Asia. Lending is a major portion of Real Estate's business in the form of intermediate-term senior and subordinated fixed and floating-rate loans secured by existing income-producing commercial properties such as office buildings, apartment buildings, retail centers, warehouses and hotels. Loans range from single-property mortgages typically not less than $1 million to multi-property portfolios of several hundred million dollars. Real Estate's business also includes the origination and subsequent securitization of low leverage real estate loans, which are intended to be held less than one year before sale. Additionally, Real Estate purchases and provides restructuring financing for portfolios of real estate, mortgage loans, limited partnerships, and tax-exempt bonds.

     Real Estate holds equity positions in a diversified portfolio of real estate assets via direct real estate ownership and joint venture interests. Property types include apartment buildings, self-storage facilities, warehouses, parking facilities, retail centers and office properties. Real Estate's equity holdings increased in 2002 with the acquisition of Security Capital Group Incorporated, an international real estate operating company. This acquisition provided Real Estate with ownership positions in self-storage facilities, parking facilities, grocery-anchored neighborhood retail centers, warehouse facilities and distribution services, senior assisted living facilities, office properties and real estate investment advisory businesses. Also in 2002, Real Estate purchased the commercial real estate and asset-based lending portfolios of DaimlerChrysler Capital Services.

     Competition is intense in each of Real Estate's areas and across all product lines. Competitors include local, regional and, increasingly, multi-national lenders and investors. Important competitive factors in Real Estate's lending activities include financing rates, loan proceeds, loan structure, the ability to fund transactions efficiently, and the outlook of local real estate markets. Where Real Estate provides equity capital, principal competitive factors include the valuation of underlying properties and investment structure as well as transaction cycle time.

     Real Estate has offices throughout the United States, as well as in Canada, Mexico, Europe and Asia. Real Estate headquarters are in Stamford, Connecticut.

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     Commercial Finance (CF) is a leading global provider of revolving and term debt and equity to finance acquisitions, business expansion, bank refinancings, recapitalizations and other special situations. Products also include asset securitization facilities, capital expenditure lines and bankruptcy-related facilities, as well as factoring services. Loan transactions range in size from under $5 million to over $200 million. CF's clients are owners, managers and buyers of both public and private companies, principally manufacturers, distributors, retailers and diversified service providers. CF has industry specialists focused on the retail, and media and communications industries. CF also provides senior debt, subordinated debt and bridge financing to buyout and private equity firms.

     The corporate financing business is characterized by intense competition from a variety of lenders and factoring services providers, including local, regional, national and international banks and non-bank financing institutions. Competition is based on interest rates, fees, credit terms, and transaction structures. In addition to these factors, successful management of credit risks within the existing customer loan portfolio also affects profitability. Important factors to continued success include maintaining deal structuring expertise, strong risk management systems, and collateral management knowledge.

     CF headquarters are in Stamford, Connecticut. CF has lending operations in 25 cities, including international offices in Canada, Mexico, Thailand, Korea, Singapore, The Netherlands, and the United Kingdom, and also has significant factoring operations in the U.S., France, Mexico, the United Kingdom and Italy serving U.S. and European companies.

     Structured Finance Group (SFG) provides equity, debt and structured investments to clients throughout the world. SFG's clients are primarily in the global energy, telecommunications, industrial and transportation sectors and range from household names to early stage businesses. SFG combines industry and technical expertise to deliver a full range of sophisticated financial services and products. Services include corporate finance, acquisition finance and project finance (construction and term). Products include a variety of debt and equity instruments, as well as structured transactions, including leases and partnerships. In November 2002, SFG acquired part of the structured finance unit of Asea Brown Boveri (ABB). The acquired structured finance business includes global infrastructure financing, equipment leasing and financing businesses. This acquisition will increase SFG's presence in the project and trade finance markets.

     SFG's competition is diverse and global, ranging from large financial institutions to small niche capital providers. Additionally, two of SFG's client industry segments, telecommunications and energy, are faced with extraordinary challenges fostered by deregulation, globalization and technical innovation. Both of these industries have been recently experiencing significant volatility in demand for their products and services. For SFG to remain competitive, SFG must provide capital to borrowers in innovative and unique ways based on industry knowledge and competitive pricing and properly assess credit risks and effectively manage portfolios.

     SFG headquarters are in Stamford, Connecticut, and it has offices in Chicago, Illinois; Houston, Texas; New York, New York; Denver, Colorado; and San Francisco, California. Internationally, SFG is represented in London, England; Zurich, Switzerland; Stockholm, Sweden; Oslo, Norway; and Tokyo, Japan.

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     Aviation Services, the world's foremost aircraft leasing company, is a global commercial aviation financial services business that offers a broad range of financial products to airlines, aircraft operators, owners, lenders and investors. Financial products include leases, aircraft purchasing and trading, loans, engine/spare parts financing, pilot training, fleet planning and financial advisory services.

     Following the events of September 11, 2001, many of our airline customers have experienced financial difficulties. In face of declining traffic, they have responded by curtailing flight schedules and deferring and canceling deliveries of commercial aircraft. Deteriorating aircraft utilization and pricing affects Aviation Services, which owned 1,161 commercial aircraft at December 31, 2002, when, despite pressure on the industry, 1,149, or 99% were on lease. We believe, however, that the financial difficulties of our airline customers will continue to weigh on the airline industry in 2003.

     Aviation Services headquarters are in Stamford, Connecticut, with regional offices in Shannon, Republic of Ireland; New York, New York; Miami, Florida; Chicago, Illinois; Vienna, Austria; Toulouse, France; Luxembourg; Beijing and Hong Kong, China; Tokyo, Japan; and Singapore.

     Vendor Financial Services (VFS) provides financial services to over 100 equipment manufacturers and more than 4,500 dealers/distributors in North America, Europe and Asia (including Japan). Customers include major U.S. and non-U.S. manufacturers in a variety of industries including information technology, office equipment, healthcare, telecommunications, energy and industrial equipment. VFS establishes sales financing in two ways -- by forming captive partnerships with manufacturers that do not have them, and by outsourcing captive partnerships from manufacturers that do (captive partnerships provide sales financing solely for products of a given manufacturer). VFS offers industry-specific knowledge, leading edge technology, leasing and equipment expertise, and global capabilities. In addition, VFS provides an expanding array of related financial services to customers, including trade payables services. In November 2002, VFS acquired the stock of Deutsche Financial Services which became a VFS business line, Commercial Distribution Finance (CDF). CDF is a leading global provider of specialized distribution financing programs and services including inventory financing, accounts receivable financing, formula based lending, private label financing, rental finance, warranty and collateral management services.

     A further economic slowdown could impact the equipment financing industry, intensifying a competitive pricing environment, pressure delinquencies and residual realizations, and pressure any recourse obligations from vendor relationships. For VFS to remain competitive VFS must, among other things, drive down costs through significant investment in productivity initiatives and continue to manage effectively its spread of risk in industry sectors and equipment categories in conjunction with vendor partners.

     VFS has sales offices throughout the United States, Canada, Europe, Asia (including Japan), and Australia. VFS headquarters are in Danbury, Connecticut.

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     Consumer Finance (7.8%, 7.6% and 7.2% of consolidated revenues in 2002, 2001 and 2000, respectively) is a leading provider of credit services to consumers, retailers and auto dealers in 35 countries around the world. Consumer Finance provides private-label credit card loans, personal loans, time sales and revolving credit, residential mortgage financing, inventory financing for retail merchants, and auto leasing and inventory financing. A description of Consumer Finance's principal businesses follows.

     Global Consumer Finance (GCF) is a leading provider of credit and insurance products and services to non-U.S. retailers and consumers. GCF provides private-label credit cards and proprietary credit services to retailers in Europe, Asia and, to a lesser extent, Central and South America, including Tesco, Metro and Wal-Mart, as well as offering a variety of direct-to-consumer credit programs such as consumer loans, auto loans and finance leases, mortgages, debt consolidation, bankcards and the distribution of credit insurance. In May 2002, GCF acquired 100% of the Australian Guarantee Corporation (AGC) from Westpac Banking Corporation Limited. AGC, based in Sydney, Australia, is a leading provider of consumer auto lending and retail sales finance in Australia and New Zealand. Also in 2002, GCF acquired 100% of Time Retail Finance.

     GCF's operations are subject to a variety of bank and consumer protection regulations in their respective jurisdictions and a number of countries have ceilings on rates chargeable to consumers in financial service transactions. The consumer lending market is also subject to the risk of declining retail sales, changes in interest and currency exchange rates, increases in personal bankruptcy filings and payment delinquencies.

     The businesses in which GCF engages are subject to competition from various types of financial institutions including commercial banks, leasing companies, consumer loan companies, independent finance companies, manufacturers' captive finance companies, and insurance companies. Cross selling multiple products into its customer base is a critical success factor for GCF.

     GCF provides financing to consumers through operations in countries including Argentina, Australia, Austria, Brazil, the Caribbean countries, the Czech Republic, Denmark, France, Germany, Hong Kong, Hungary, India, Indonesia, Italy, Japan, Korea, Mexico, New Zealand, Norway, Poland, Portugal, Republic of Ireland, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Taiwan, Thailand, and the United Kingdom. GCF headquarters are in Stamford, Connecticut.

     Card Services (CS) is a leading provider of sales financing services to North American retailers in a broad range of consumer industries. CS offers customized private-label credit card solutions designed to attract and retain customers for retailers such as JC Penney, ExxonMobil, Wal-Mart, Sam's Club, Macy's and Lowe's. CS provides financing directly to customers of retailers or purchases the retailers' customer receivables. The terms for these financing plans differ according to the size of contract and credit standing of the customer. Financing is provided to consumers under contractual arrangements, both with and without recourse to retailers. CS' wide range of financial services includes application processing, sales authorization, statement billings, customer services and collection services. Additionally, CS issues and services the GE Capital Corporate Card product, providing payment and information systems which help medium and large-sized companies reduce travel costs, and the GE Capital Purchasing Card product, which helps customers streamline their purchasing and accounts payable processes. In June 2002, CS acquired the remaining 50% of the Monogram Credit Services, LLC (MCS) joint venture from Banc One, for $531 million.

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     CS' operations are subject to a variety of bank and consumer protection regulations. The unsecured consumer lending market's principal methods of competition are price, servicing capability including Internet value added e-services, promotional marketing, and risk management capability. The unsecured consumer lending market is subject to various risks including declining retail sales, increases in personal bankruptcy filings, increasing payment delinquencies and rising interest rates.

     CS operates principally in the United States and Canada. CS headquarters are in Stamford, Connecticut.

     Consumer Products (6.4%, 6.7% and 6.7% of consolidated revenues in 2002, 2001 and 2000, respectively) consists of Appliances and Lighting.

     Appliances manufactures and/or markets a single class of product -- major appliances -- that includes refrigerators, electric and gas cooking products, microwave ovens, freezers, dishwashers, clothes washers and dryers, water-softening and filtering products, and room air conditioning equipment. These are sold under GE, Hotpoint, Monogram, and Profile brands as well as under private brands for retailers and others. GE microwave ovens, gas and electric ranges, room air conditioners, water-softening and filtering products, freezers and some refrigerators are sourced from suppliers while investment in Company-owned facilities is focused on refrigerators, dishwashers, electric ranges and home laundry equipment. A large portion of appliance sales is for replacement of installed units. Such sales are effected through a variety of retail outlets. The other principal channel consists of residential building contractors who install appliances in new dwellings. GE has an extensive U.S. product services network that provides repair services, extended service plans, warranty administration and risk management services. Appliances has been headquartered in Louisville, Kentucky for more than 50 years and has operations in North America, Europe, Asia and South America.

     Demand for appliances is influenced by economic trends such as increases or decreases in consumer disposable income, availability of credit and housing construction. Competition is very active in all products and comes from a number of principal manufacturers and suppliers. An important factor is the degree of product differentiation achieved through innovation and new product features. Other significant factors include product quality and cost, brand recognition, customer responsiveness and appliance service capability.

     Lighting is a leader in lamp technology and manufacturing and marketing in the global lighting industry with significant operations in Cleveland, Ohio, and throughout North America, South America, Europe and Asia. Today, the business manufactures approximately 6,000 various lamp products for commercial, industrial and consumer markets. Product families include incandescent, halogen, high intensity discharge, fluorescent, stage/studio, miniature/sealed beam, projection, automotive and merchandiser as well as portable lighting fixtures, lamp components and LEDs (light-emitting diodes). It also manufactures outdoor lighting fixtures, residential wiring devices and commercial lighting controls.

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     Equipment Management (3.2%, 3.5% and 3.8% of consolidated revenues in 2002, 2001 and 2000, respectively) helps customers manage, finance and operate a wide variety of business equipment worldwide. With assets of more than $26 billion, Equipment Management provides leases, loans, sales and asset management services for portfolios of commercial and transportation equipment, including tractors, trailers, auto fleets, railroad rolling stock, intermodal shipping containers and modular space units.

     Equipment Management operates in highly competitive markets. Economic conditions, geographic location, pricing and equipment availability are important factors in this business. Future success will depend upon the ability to maintain a large and diverse customer portfolio, optimize asset mix, maximize asset utilization and effectively manage credit risk. In addition, Equipment Management seeks to understand and deliver unique product and service offerings to its customers in the most efficient and cost effective manner.

     Industrial Products and Systems (7.4%, 7.2% and 6.8% of consolidated revenues in 2002, 2001 and 2000, respectively) encompasses the following businesses: Transportation Systems, Industrial Systems, and GE Supply. Products and services provided by each of the businesses in this segment are sold primarily to industrial customers, including original equipment manufacturers, industrial end users, utilities, electrical contractors, as well as to distributors. These businesses compete against a variety of both U.S. and non-U.S. manufacturers and service providers. Markets for industrial products and services are diverse, global and highly price competitive. The aggregate level of economic activity in markets for such products and services generally lag overall economic slowdowns as well as subsequent recoveries. In the United States, industrial markets are undergoing significant structural changes reflecting, among other factors, increased international competition and pressures to modernize productive capacity. A description of products and services provided by each of the businesses in this segment follows.

     Transportation Systems is one of the world's leading suppliers to the railroad, transit, and mining industries, providing freight and passenger locomotives, motorized drive systems for mining trucks and drills, diesel engines for marine and stationary markets, electrical propulsion and control systems for rapid transit cars, railway signaling and communications systems, value added services, and information technology solutions. Product services include maintenance and repair of locomotives and communications and logistics systems for locomotive and train control. In 2000, to further enhance product services offerings, the business acquired Harmon Industries, a leading provider of wayside signaling and crossing warning systems as well as microprocessor-based signal and train control systems and services. In 2001, the business acquired locomotive service assets from the Wabtec Corporation -- establishing the capability to provide aftermarket products and perform full maintenance services on General Motors EMD locomotives. GE locomotives currently operate in more than 50 countries worldwide. Information about Transportation Systems orders and backlog is provided on page 52 of the 2002 Annual Report to Share Owners.

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     Industrial Systems includes electric motors and related products and services for the appliance, commercial, industrial, heating, air conditioning, automotive and utility markets; power delivery and control products such as circuit breakers, transformers, electricity meters, relays, capacitors, uninterruptible power supplies for critical processes, and arresters sold for installation in commercial, industrial and residential facilities; electrical and electronic industrial automation products, including drive systems, for metal and paper processing, mining, utilities and marine applications. Product services include engineering, management and technical expertise for power plants and other large projects; maintenance, inspection, repair and rebuilding of electrical apparatus produced by GE and others; and on-site engineering and upgrading of already installed products sold by GE and others. Other product services include the integration of software with hardware (principally motors, drives and programmable controls) into customized systems solutions for customers in the semiconductor, water treatment, pulp and paper, and petroleum industries. In 2002, the business continued its expansion in new security growth platforms with the acquisition of Interlogix, Inc. The business also continued its expansion in the sensors and instrumentation growth platform by acquiring Druck Holdings plc, a world leader in the application of advanced silicon sensor technologies for pressure measurement and control.

     Through a 50-50 joint venture (GE Fanuc Automation Corporation), which has two operating subsidiaries (one in North America and the other in Europe), the business offers a wide range of high-technology industrial automation systems and equipment, including computer numerical controls and programmable logic controls.

     GE Supply is a full-line, international distributor of electrical, aerospace parts, power generation products, voice and datacom equipment and supplies from GE and other leading manufacturers. It serves electrical contractors, industrial and commercial users, engineer constructors, original equipment manufacturers, utilities and the aerospace industry. Its operating units include GE Supply, GE Structured Services, GE Supply Logistics, and has more than 150 branch offices and five distribution Hubs throughout the U.S., Mexico, South America, Ireland, the Middle East and Southeast Asia.

     Insurance (17.7%, 19.0% and 19.1% of consolidated revenues in 2002, 2001 and 2000, respectively) offers a broad range of insurance and investment products. Insurance helps consumers create and preserve personal wealth, protect assets and enhance their life styles. For businesses, it provides reinsurance and primary commercial insurance products to insurance companies, Fortune 100 companies, self-insurers and healthcare providers. For state and local governments and other public entities, it offers financial guarantees for a variety of debt securities. Insurance headquarters are in Richmond, Virginia. A description of Insurance's principal businesses follows.

      GE Financial Assurance (GEFA) provides a wide variety of insurance and protection products to help consumers achieve financial security at every stage of life. GEFA's strategy is to provide dependable products to address consumers' needs for wealth accumulation, retirement income, personal protection, and wealth transfer needs. These products are sold through a family of regulated insurance and annuity affiliates. GEFA's principal product lines in North America and Asia are annuities (deferred and immediate, fixed and variable), life insurance (universal, term, ordinary and group), guaranteed investment contracts including funding agreements, long-term care insurance, supplementary accident and health insurance and consumer club memberships. GEFA's principal product lines and services in Europe are payment protection insurance (designed to protect customers' loan repayment obligations), personal investment products, and travel and personal accident insurance. GEFA's product distribution in North America, Europe and Asia is accomplished primarily through four channels: intermediaries (brokerage general agencies, banks and securities brokerage and financial planning firms), dedicated sales forces and financial advisors, worksite distribution, and direct and affinity marketing.

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     GEFA recognizes that consolidation in the financial services industry will create fewer but larger competitors. GEFA believes that the principal competitive factors in the sale of insurance and investment products are product features, distribution strength, commission structure, perceived stability of the insurer, claims paying ability ratings, service, name recognition, price and cost efficiency, and strong compliance practices. GEFA's ability to compete is affected by its ability to provide competitive products and quality service to the consumer, general agents, licensed insurance agents and brokers; to maintain operating scale; and to continually reduce its expenses through the elimination of duplicate functions and enhanced technology.

     Many of GEFA's activities are regulated by a variety of insurance and other regulators. GEFA headquarters are in Richmond, Virginia.

     Mortgage Insurance protects lenders and investors against the risks of default on low-down-payment mortgages. More than a quarter million customers per year obtain low-down-payment mortgages and Mortgage Insurance now has a no-down-payment product as well. Mortgage Insurance is engaged principally in providing residential mortgage guaranty insurance in the United States, United Kingdom, Canada and Australia. At December 31, 2002, Mortgage Insurance was the mortgage insurance carrier for over 2.1 million residential homes, with total insurance in force aggregating approximately $212.6 billion and total risk in force aggregating approximately $101.5 billion. When a valid claim is received, Mortgage Insurance either pays up to a guaranteed percentage based on the specified coverage, or pays the mortgage and delinquent interest, taking title to the property and arranging for its sale.

     The mortgage insurance industry is sensitive to the interest rate environment and housing market conditions. The mortgage insurance industry is intensely competitive as excess market capacity seeks to underwrite business being generated from a consolidating customer base. In addition, considerable influence is exerted on the industry by two government-sponsored enterprises, which buy the majority of the loans insured by mortgage insurers. Mortgage Insurance headquarters are in Raleigh, North Carolina.

     Through its principal insurance and reinsurance company affiliates -- Employers Reinsurance Corporation, GE Reinsurance Corporation and the Medical Protective Corporation -- GE Global Insurance Holding writes substantially all lines of reinsurance (where the insured party is another insurance company) and select lines of direct property and casualty insurance (where the insured party is a non-insurance company or an individual).

     The reinsurance operations include the reinsurance of property and casualty risks written by more than 1,000 insurers around the world. The direct insurance operations are focused on niche lines of business, principally medical malpractice coverage for physicians and dentists, medical professional liability for hospitals, errors and omissions coverage for insurance agents and brokers, professional liability insurance for attorneys, excess indemnity for self-insurers of medical benefits and excess workers' compensation for self-insurers. The life reinsurance affiliates are engaged in the reinsurance of life insurance products, including term, whole and universal life, annuities, certain health-related coverages and the provision of financial reinsurance to life insurers. Employers Reinsurance Corporation has recently announced its intent to explore the sale of its life reinsurance operations.

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     Management believes it competes in the reinsurance marketplace principally on the basis of its expertise, relationships, financial strength, price and creativity in developing customized solutions to customer needs. Within the direct insurance marketplace, management believes it competes principally on the basis of its product offerings, established relationships with customers and key distribution partners, price and ease of doing business.

     Employers Reinsurance Corporation is one of the largest competitors in its marketplace. Its property and casualty reinsurance operations are ranked fourth in the world in terms of net premiums written and it competes with the world's largest reinsurers as well as dozens of smaller niche competitors. Employers Reinsurance Corporation is the third largest life reinsurer in the world, and is ranked 12th among U.S. primary commercial insurers.

     Maintaining strong financial strength ratings is an important factor in remaining competitive in both the reinsurance and direct insurance markets in which GE Global Insurance Holding competes. During 2002, certain external credit rating agencies announced the lowering of financial strength ratings with respect to GE Global Insurance Holding and subsidiaries. Those rating agencies made similar announcements with regard to other property and casualty insurance and reinsurance entities at about the same time. Debt ratings for GE Global Insurance Holding affect $1.7 billion of outstanding debt. These ratings were adjusted negatively in 2002, but remained investment grade. We do not believe these actions will materially affect GE Global Insurance Holding liquidity or capital resources or the ability to write future business.

     Materials (5.8%, 5.6% and 6.2% of consolidated revenues in 2002, 2001 and 2000, respectively) consists of the Plastics and Specialty Materials businesses.

     Plastics includes high-performance plastics used by compounders, molders and major original equipment manufacturers for use in a variety of applications, including fabrication of automotive parts, computer enclosures, compact disks and optical-quality media, major appliance parts, telecommunications equipment and construction materials. Market opportunities for many of these products are created by substituting resins for other materials, which can provide customers with productivity through improved material performance at lower system costs. These materials are sold to a diverse worldwide customer base, mainly manufacturers. The business has a significant operating presence around the world and participates in numerous manufacturing and distribution joint ventures.

     The materials business environment is characterized by technological innovation and heavy capital investment. Being competitive requires emphasis on efficient manufacturing process implementation and significant resources devoted to market and application development. Competitors include large, technology-driven suppliers of the same, as well as other functionally equivalent, materials. The business is cyclical and is subject to variations in price and in the availability of raw materials, such as cumene, benzene and methanol. Availability of manufacturing capacity from the business or its competitors and anticipation of new product or material performance requirements are key factors affecting competition. Application development and associated technology assistance create incremental market demand. In addition, product and manufacturing process patents establish barriers to entry in many product lines.

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     Specialty Materials was formed in June 2001 and has a broad product offering, servicing diverse industries, including automotive, cosmetics, semiconductors, oil drilling and telecommunications. The business manufactures and sells high performance specialty materials including silicones, polymer additives, high purity quartzware and industrial grade and gem quality diamonds. These products are used by compounders, molders and major original equipment manufacturers in a variety of applications, including fabrication of automotive parts, medical parts, electronics equipment, semi-conductor equipment and construction tools. Market opportunities for many of these products are created by substituting specialty materials for other materials, providing customers with productivity through improved material performance at lower system costs. These materials are sold to a diverse worldwide customer base, mainly manufacturers with smaller portfolios of consumer products. The business has a significant operating presence around the world and participates in numerous manufacturing and distribution joint ventures. In the second quarter of 2002, Specialty Materials completed the acquisition of BetzDearborn, now GE Betz. GE Betz is a leader in the engineered chemical treatment of water and process systems in industrial, commercial and institutional applications.

     The specialty materials business environment is characterized by technological innovation and heavy capital investment. Being competitive requires emphasis on efficient manufacturing process implementation and significant resources devoted to market and application development. Competitors include large, technology-driven suppliers of the same, as well as other functionally equivalent, materials.

     NBC (5.4%, 4.6% and 5.2% of consolidated revenues in 2002, 2001 and 2000, respectively) is principally engaged in the broadcast of network television services to affiliated television stations within the United States; the production of live and recorded television programs; the operation, under licenses from the Federal Communications Commission (FCC), of television broadcasting stations; the ownership of four cable/satellite networks around the world, and investment and programming activities in multimedia, the Internet and cable television. The NBC Television Network is one of four major U.S. commercial broadcast television networks and serves more than 220 affiliated stations within the United States. At December 31, 2002, NBC owned and/or operated 28 VHF and UHF television stations including those located in Birmingham, AL; Los Angeles, CA; San Diego, CA; Hartford, CT; Miami, FL; Chicago, IL; Columbus, OH; New York, NY; Raleigh-Durham, NC; Philadelphia, PA; Providence, RI; Dallas, TX; and Washington, DC. Broadcasting operations, including the NBC Television Network and owned stations, are subject to FCC regulation. NBC's operations include investment and programming activities in cable television, principally through CNBC, MSNBC, CNBC Europe, and CNBC Asia; equity investments in Arts and Entertainment, The History Channel, ValueVision, Inc., and a non-voting interest in Paxson Communications Corporation. In 2002 NBC acquired the cable network Bravo. NBC's strategic alliance with Dow Jones merged the European and Asian business news services of Dow Jones with those of CNBC to form CNBC Europe and CNBC Asia, and in addition permits NBC to use Dow Jones editorial resources in the United States. In 2002, NBC acquired Spanish language broadcaster, Telemundo. NBC has entered into long-term arrangements with Triple Crown Productions and the National Association For Stock Car Auto Racing (NASCAR) that give NBC exclusive American broadcast rights to the Kentucky Derby, the Preakness Stakes and the Belmont Stakes beginning in 2001 through 2005 and, in conjunction with Turner Broadcasting System, Inc., to the exclusive television rights to 20 NASCAR races per network per year beginning in 2001 through 2006. The business has entered into a long-term arrangement with the United States Golf Association (USGA) that gives NBC exclusive national over-the-air broadcast rights to the USGA's major golf championships through the year 2005. NBC also has secured United States television rights to the 2004, 2006 and 2008 Olympic Games.

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     Power Systems (17.4%, 16.1% and 11.4% of consolidated revenues in 2002, 2001 and 2000, respectively) serves power generation, industrial, government and other customers worldwide with products and services related to energy production and distribution. In 2002, the business made several acquisitions including Bently Nevada, Enron Wind and PII. These acquisitions continue to improve the ability of the business to serve its global customers and further add to the portfolio of complete solutions for the energy industry. With the addition of GE Wind Energy, Power Systems now offers wind turbines as part of its renewable energy portfolio, which also includes hydropower and geothermal technology. The business also packages aircraft engine derivatives for use as industrial power sources. This activity is also reported in the Aircraft Engines segment. Gas turbines are used principally in power plants for generation of electricity and for industrial cogeneration and mechanical drive applications. GE Power System's Oil & Gas business offers advanced technology turbomachinery products and services for production, LNG, transportation, storage, refineries, petrochemical and distribution systems. With the acquisition of PII, the business gained technology leadership in total pipeline integrity solutions including analysis and pipeline asset management. Steam turbine-generators are sold to the electric utility industry and to private industrial customers for cogeneration applications. Nuclear reactors, fuel and support services for both new and installed boiling water reactors are also a part of this segment. A complete portfolio of aftermarket services, including equipment upgrades, contractual services agreements, repairs, equipment installation, monitoring and diagnostics, remote performance testing and DLN tuning provides customers total solutions to meet their needs. The business continues to invest in advanced technology development that will provide more value to our customers and more efficient solutions that comply with today's strict environmental regulations.

     Worldwide competition for power generation products and services is intense. Demand for most power generation products and services is global and as a result is sensitive to the economic and political environment of each country in which the business participates and to regional load growth requirements and demand side management. In addition, internationally, the influence of available fuels and related prices has a large impact on demand. For information about orders and backlog, see page 55 of the Annual Report to Share Owners.

     Technical Products and Services (7.0%, 7.2% and 6.1% of consolidated revenues in 2002, 2001 and 2000, respectively) consists of technology operations providing products, systems and services to a variety of customers. Principal businesses included in this segment are Medical Systems and through September 2002, Information Services.

     Medical Systems includes magnetic resonance (MR) scanners, computed tomography (CT) scanners, Positron Emission Tomography (PET) scanners, x-ray, patient monitoring, diagnostic cardiology, nuclear imaging, ultrasound, bone densitometry and other diagnostic and therapy equipment, and product services sold to hospitals and medical facilities worldwide. Product services include remote diagnostic and repair services for medical equipment manufactured by GE and by others, as well as computerized data management and customer productivity services. In 2002, GE Medical Systems announced its intention to acquire Instrumentarium Corporation, a leader in anesthesiology and critical care technology. The transaction is expected to close in mid-2003. In 2001, GE Medical Systems acquired Imatron, Inc., a leading developer of Electron Beam Tomography (EBT) scanners. GE Medical Systems also strengthened geographic and product positions in its Global Ultrasound business by acquiring Kretztechnik AG, an Austrian company, and EchoTech 3D Imaging Systems, based in Germany. GE Medical Systems Information Technologies expanded its products offerings by acquiring ProAct Medical and Data Critical, the latter a leading

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 innovator of wireless communication technologies for health care customers. GE Medical Systems enhanced its position in functional and molecular imaging by entering into numerous strategic agreements with companies such as GlaxoSmithKline and Amersham Health. The functional imaging business also acquired Coincidence Technologies SA, a leading developer of PET synthesis and handling units based in France. In 2000, the business entered the Bone Mineral Densitometry market through the acquisition of Lunar, a leading player in the segment, and also made a number of acquisitions to strengthen geographic and product positions in diagnostic cardiology and patient monitoring devices, including: NEC, Prucka, and Critikon. Other acquisitions in 2000 included Sopha Medical Vision, a France based global nuclear medicine company; Parallel Design, a leader in ultrasound imaging transducers; SEC, a provider of leading-technology clinical information systems; and MECON, a leader in healthcare data mining. See page 55 of the 2002 Annual Report to Share Owners for information about orders and backlog of GE Medical Systems.

     GE sold 90% of GE Global eXchange Services (GXS) in September 2002. Prior to its disposition GXS operated one of the largest business-to-business e-commerce networks in the world. GXS provided an extensive range of software and services to optimize and digitize customer supply chain management. From Integration Solutions, which enable information sharing across internal applications and between business partners, to Interchange Solutions, which provide electronic machine-to-machine communications across trading communities and finally Marketplace Solutions, with internet-based offerings for cost effective public and private exchanges, GXS provided tools to add value and lower costs for global B2B e-commerce.

     Serving a range of customers with special needs (which are rapidly changing in areas such as medical and information systems), businesses in this segment compete against a variety of both U.S. and non-U.S. manufacturers or services operations. Technological competence and innovation, excellence in design, high product performance, quality of services and competitive pricing are among the key factors affecting competition for these products and services. Throughout the world, GE Medical Systems plays a critical role in delivering new technology to improve patient outcomes and productivity tools to help control healthcare costs.

     All Other GECS (3.3%, 5.3% and 11.7% of consolidated revenues in 2002, 2001 and 2000, respectively) includes activities and businesses that we do not measure within one of the other financial services segments. A description of All Other GECS principal businesses follows.

     Information Technology Solutions (IT Solutions) is a provider of a broad array of information technology products and services, including full life cycle services that provide customers with cost-effective control and management of their information systems. Products offered include desktop personal computers, client server systems, UNIX systems, local and wide area network hardware, and software. Services offered include remote network/server monitoring and management, client support covering asset management, help desk and desk side support and program management and professional services. IT Solutions serves commercial, educational and governmental customers. During 2002, IT Solutions finalized sale agreements for its business units in Germany, Austria and Portugal. The transactions closed in January 2003.

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     The worldwide competition in information technology products and services is intense. Competition is very active in all solutions and services and comes from a number of principal manufacturers and other distributors and resellers of information technology solutions and services. Markets for solutions and services are highly price competitive. Additionally, many information technology product manufacturers are bypassing traditional information technology resellers in favor of direct manufacturer relationships with the ultimate end-users. IT Solutions' North American headquarters are in Newport, Kentucky; its European headquarters are in Munich, Germany.

     GE Equity manages equity investments in early-stage, early growth, pre-IPO companies. GE Equity's portfolio consists primarily of direct investments in convertible preferred and common stocks in both public and private companies; GE Equity also participates in certain investment limited partnerships. The portfolio includes investments in the technology and communications, media and entertainment, business services, financial services and healthcare sectors. The portfolio is geographically diversified with investments located throughout the United States, as well as in Latin America, Europe and Asia. Effective in the fourth quarter of 2002, GE Equity will no longer make new investments in private companies. GE Equity will continue to give financial support to companies within its existing portfolio. The existing portfolio will be managed for maximum value over time, eventually winding down. GE Equity headquarters are in Stamford, Connecticut.

     American Communications (Americom) engaged primarily as a satellite service supplier to a diverse array of customers, including the broadcast and cable TV industries, as well as broadcast radio. It also supplied integrated communications services for government and commercial customers. Americom also operated communications satellites and maintained a supporting network of earth stations, central terminal offices, and telemetry, tracking and control facilities. On November 9, 2001, we exchanged our satellite operations, comprising the stock of Americom and other related assets and liabilities, for a combination of cash and 31% of the publicly-traded stock of SES Global, a leading satellite company, in order to create the world's largest satellite services provider. Our investment in SES Global is accounted for on the equity method within Commercial Finance.

     We acquired control of Montgomery Ward, LLC (Wards) from August 2, 1999, upon Wards emergence from bankruptcy reorganization, to December 28, 2000, when Wards again filed for bankruptcy protection. Wards is substantially liquidated.

     Financial data for geographic segments (based on the location of the Company operation supplying goods or services and including exports from the U.S. to unaffiliated customers) are reported in note 27 to consolidated financial statements on pages 101 and 102 of the 2002 Annual Report to Share Owners.

     Additional financial data about GE's exports from the U.S. and total international operations are provided on pages 58-59 of the 2002 Annual Report to Share Owners.

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     See pages 50, 55 and 68 of the 2002 Annual Report to Share Owners for information about GE's backlog of unfilled orders.

     Total expenditures for research and development were $2,631 million in 2002. Total expenditures had been $2,349 million in 2001 and $2,193 million in 2000. Of these amounts, $2,215 million in 2002 was GE-funded ($1,980 million in 2001 and $1,867 million in 2000); and $416 million in 2002 was funded by customers ($369 million in 2001 and $326 million in 2000), principally the U.S. government. Aircraft Engines accounts for the largest share of GE's research and development expenditures from both GE and customer funds. Medical Systems, Power Systems, Transportation Systems and Plastics made other significant expenditures of GE and customer research and development funds.

     Approximately 10,500 person-years of scientist and engineering effort were devoted to research and development activities in 2002, with about 90% of the time involved primarily in GE-funded activities.

     See pages 59 and 96 of GE's 2002 Annual Report to Share Owners for a discussion of environmental matters.

     At year-end 2002, General Electric Company and consolidated affiliates employed 315,000 persons, of whom approximately 165,000 were in the United States. For further information about employees, see page 69 of the 2002 Annual Report to Share Owners.

     Approximately 25,200 GE manufacturing and service employees in the United States are represented for collective bargaining purposes by a total of approximately 150 different local collective bargaining groups. A majority of such employees are represented by union locals that are affiliated with, and bargain in conjunction with, the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers (IUE/CWA-AFL-CIO). During 2000, General Electric Company negotiated three-year contracts with unions representing a substantial majority of those United States employees who are represented by unions. Most of these contracts will terminate in June 2003. NBC is party to approximately 120 labor agreements covering about 2,100 staff employees (and a large number of freelance employees) in the United States. These agreements are with various labor unions, expire at various dates and are generally for a term ranging from three to five years.

     See Part III, Item 10 of this 10-K Report for information about Executive Officers of the Registrant.

     Because of the diversity of the Company's products and services, as well as the wide geographic dispersion of its production facilities, the Company uses numerous sources for the wide variety of raw materials needed for its operations. The Company has not been adversely affected by the inability to obtain raw materials.

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     The Company owns, or holds licenses to use, numerous patents. New patents are continuously being obtained through the Company's research and development activities as existing patents expire. Patented inventions are used both within the Company and licensed to others, but no operating segment is substantially dependent on any single patent or group of related patents.

     Agencies of the U.S. Government constitute GE's largest single customer. An analysis of sales of goods and services as a percentage of revenues follows:

     GE is a trademark and service mark of General Electric Company; NBC is a trademark and service mark of National Broadcasting Company, Inc.; and MSNBC is a trademark and service mark of MSNBC Cable, LLC. GE90 and CF34 are trademarks of General Electric Company. CFM56 is a trademark of CFM International, a 50/50 joint company between Snecma Moteurs of France and General Electric Company.

     Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports are available, without charge, on our website, www.ge.com/en/company/investor/secfilings.htm, as soon as reasonably practicable after they are filed electronically with the SEC. Copies are also available, without charge, from GE Corporate Investor Communications, 3135 Easton Turnpike, Fairfield, CT 06828.

     Manufacturing operations are carried out at approximately 188 manufacturing plants located in 38 states in the United States and Puerto Rico and at 191 manufacturing plants located in 33 other countries.

     We are not involved in any material pending legal proceedings.

     As previously reported, in January 2002 the Company entered into discussions with the New York State Department of Environmental Conservation regarding noncompliance with the state's Clean Water Act at its Waterford, NY facility. The state alleges spills and discharges in excess of permitted limits as well as reporting violations. The state informed the Company that it would seek a penalty of $1.5 million. It has since reduced its demand to $1 million. The Company has already commenced implementation of a multi-million dollar program to eliminate the source of the spills. Negotiations to resolve the final penalty are underway.

     As previously reported, in April 2002, the Ohio Environmental Protection Agency informed the Company that it was seeking penalties of $4.3 million for violations of the state's Clean Air Act at its Newark, OH facility. The state alleged that the site constructed air emission sources without undergoing adequate New Source Review. The matter involves conditions identified by the Company and voluntarily disclosed to the state more than 5 years ago which the Company proactively addressed with the concurrence of the state. The state has since reduced its demand to $1.4 million, which the Company still believes is inappropriate and unreasonable considering the history of the matter. Negotiations with the state are underway.

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     In September 2002, the Ohio Environmental Protection Agency informed the Company that it was seeking penalties of $220,000 for violations of the state's Clean Air Act at its Willoughby, OH facility. The state alleged that the site constructed air emission sources without undergoing permitting. Some of the facts in this matter are similar to those of the Newark, OH matter described above, and the Company is conducting negotiations with the state to resolve both matters jointly.

     For further information regarding environmental matters, see pages 59 and 96 of GE's 2002 Annual Report to Share Owners.

     It is the view of management that the above described proceeding will not have a material effect on the Company's financial position, results of operations, liquidity or competitive position.

     Not applicable.

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As of December 31, 2002, there were about 669,000 share owner accounts of record.

     The remaining information called for by this item relating to "Securities Authorized for Issuance under Equity Compensation Plans" is reported in Note 25 on page 98 of the Annual Report to Share Owners for the fiscal year ended December 31, 2002.

     Reported as data for revenues; net earnings; net earnings per share (basic and diluted); dividends declared; dividends declared per share; long-term borrowings; and total assets appearing on page 69 of the 2002 Annual Report to Share Owners.

     Reported on pages 46-56 and 58-71 (and graphs on pages 46, 47, 48, 50, 58, 59 and 63) of the Annual Report to Share Owners for the fiscal year ended December 31, 2002.

     Reported on page 62 of the Annual Report to Share Owners for the fiscal year ended December 31, 2002.

     See index under item 15.

     Not applicable.

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     All Executive Officers are elected by the Board of Directors for an initial term which continues until the Board meeting immediately preceding the next annual statutory meeting of share owners and thereafter are elected for one-year terms or until their successors have been elected. All Executive Officers have been executives of GE for the last five years except Robert A. Jeffe. Mr. Jeffe was a managing director of Credit Suisse First Boston prior to joining GE in 2001.

     The remaining information called for by this item is incorporated by reference to "Election of Directors" in the definitive proxy statement relating to the registrant's Annual Meeting of Share Owners to be held April 23, 2003.

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     Incorporated by reference to "Information Relating To Directors, Nominees and Executive Officers," "Stock Options Granted in 2002," "Aggregated SARs/Stock Options Exercised in 2002, and December 31, 2002, SAR/Option Value," "Contingent Long-Term Performance Incentive Awards," "Summary Compensation Table," "Stock Options and SARs" and "Retirement Benefits" in the definitive proxy statement relating to the registrant's Annual Meeting of Share Owners to be held April 23, 2003.

     Incorporated by reference to "Information relating to Directors, Nominees and Executive Officers" in the registrant's definitive proxy statement relating to its Annual Meeting of Share Owners to be held April 23, 2003.

     Incorporated by reference to "Certain Relationships and Related Transactions" in the registrant's definitive proxy statement relating to its Annual Meeting of Share Owners to be held April 23, 2003.

     Within the 90-day period prior to the filing of this report, GE management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of the company's disclosure controls and procedures as defined in Exchange Act Rule 13a-14(c). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the date of that evaluation. There have been no significant changes in internal controls, or in factors that could significantly affect internal controls, subsequent to the date the Chief Executive Officer and Chief Financial Officer completed their evaluation.

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     (a)1. Financial statements applicable to General Electric Company and consolidated affiliates are contained on the page(s) indicated in the GE Annual Report to Share Owners for the fiscal year ended December 31, 2002.

     (a)2.     The schedules listed in Reg. 210.5-04 have been omitted because they are not applicable or the required information is shown in the consolidated financial statements or notes thereto.

     (a)3.     Exhibit Index

     (3) The Certificate of Incorporation, as amended, and By-laws, as amended, of General Electric Company are incorporated by reference to Exhibit (3) of General Electric's Current Report on Form 8-K dated April 27, 2000.

     4(a) Amended and Restated General Electric Capital Corporation (GECC) Standard Global Multiple Series Indenture Provisions dated as of February 27, 1997 (Incorporated by reference to Exhibit 4(a) to GECC's Registration Statement on Form S-3 (No. 333-59707).

     4(b) Third Amended and Restated Indenture dated as of February 27, 1997 between GECC and JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as successor trustee (Incorporated by reference to Exhibit 4(c) to GECC's Registration Statement on Form S-3, File No. 333-59707).

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     4(c) First Supplemental Indenture dated as of May 3, 1999, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (Incorporated by reference to Exhibit 4(dd) to GECC's Post-Effective Amendment No. 1 to Registration Statement on Form S-3, File No. 333-76479).

     4(d) Second Supplemental Indenture dated as of July 2, 2001, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (Incorporated by reference to Exhibit 4 (f) to GECC's Post-Effective Amendment No.1 to Registration Statement on Form S-3 File No. 333-40880).

     4(e) Third Supplemental Indenture dated as of November 22, 2002, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (Incorporated by reference to Exhibit 4(cc) to GECC's Post-Effective Amendment No. 1 to the Registration Statement on Form S-3, File No. 333-100527).

     4(f) Form of Global Medium-Term Note, Series A, Fixed Rate Registered Note (Incorporated by reference to Exhibit 4(m) to GECC's Registration Statement on Form S-3, File No. 333-100527).

     4(g) Form of Global Medium-Term Note, Series A, Floating Rate Registered Note (Incorporated by reference Exhibit 4(n) to the GECC's Registration Statement on Form S-3, File No. 333-100527).

     4(h) Agreement to furnish to the Securities and Exchange Commission upon request a copy of instruments defining the rights of holders of certain long-term debt of the registrant and consolidated subsidiaries.*

     (10) All of the following exhibits consist of Executive Compensation Plans or Arrangements:

     (a) General Electric Incentive Compensation Plan, as amended effective July 1, 1991. (Incorporated by reference to Exhibit 10(a) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1991.)

     (b) General Electric Insurance Plan for Directors. (Incorporated by reference to Exhibit 10(i) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1980.)

     (c) General Electric Financial Planning Program, as amended through September 1993. (Incorporated by reference to Exhibit 10(h) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1993.)

     (d) General Electric Supplemental Life Insurance Program, as amended February 8, 1991. (Incorporated by reference to Exhibit 10(i) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1990.)

     (e) General Electric Directors' Retirement and Optional Life Insurance Plan. (Incorporated by reference to Exhibit 10(l) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1986.)

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     (f) General Electric 1987 Executive Deferred Salary Plan. (Incorporated by reference to Exhibit 10(k) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1987.)

     (g) General Electric 1991 Executive Deferred Salary Plan. (Incorporated by reference to Exhibit 10(n) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1990.)

     (h) General Electric 1994 Executive Deferred Salary Plan. (Incorporated by reference to Exhibit 10(o) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1993.)

     (i) General Electric Directors' Charitable Gift Plan, as amended through December 2002.*

     (j) General Electric Leadership Life Insurance Program, effective January 1, 1994. (Incorporated by reference to Exhibit 10(r) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1993.)

     (k) General Electric 1996 Stock Option Plan for Non-Employee Directors. (Incorporated by reference to Exhibit A to the General Electric Proxy Statement for its Annual Meeting of Share Owners held on April 24, 1996.)

     (l) General Electric 1995 Executive Deferred Salary Plan. (Incorporated by reference to Exhibit 10(t) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1995.)

     (m) General Electric 1996 Executive Deferred Salary Plan. (Incorporated by reference to Exhibit 10(v) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1996.)

     (n) General Electric 1997 Executive Deferred Salary Plan. (Incorporated by reference to Exhibit 10(t) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1997.)

     (o) General Electric 1990 Long Term Incentive Plan as restated and amended effective August 1, 1997. (Incorporated by reference to Exhibit 10(u) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1997.)

     (p) General Electric Deferred Compensation Plan for Directors, as amended December 19, 1997. (Incorporated by reference to Exhibit 10(v) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1997.)

     (q) General Electric 1999 Executive Deferred Salary Plan. (Incorporated by reference to Exhibit 10(v) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1998.)

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     (r) General Electric 1999 Executive Deferred Salary Plan. (Incorporated by reference to Exhibit 10(v) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1999.)

     (s) General Electric 2000 Executive Deferred Salary Plan. (Incorporated by reference to Exhibit 10(u) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 2000.)

     (t) General Electric Supplementary Pension Plan, as amended effective July 1, 2000. (Incorporated by reference to Exhibit 10(v) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 2000.)

     (u) Form of GE Executive Life Insurance Agreement provided to GE officers, as revised September 2000. (Incorporated by reference to Exhibit 10(w) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 2000.)

     (v) General Electric 2001 Executive Deferred Salary Plan. (Incorporated by reference to Exhibit 10(x) to General Electric Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 2001.)

     (w) General Electric 2003 Non-Employee Director Compensation Plan.*

     (x) General Electric 2003 Executive Deferred Salary Plan.*

     (y) Amendment No. 1 to General Electric 1990 Long Term Incentive Plan as restated and amended effective August 1, 1997.*

     (11) Statement re Computation of Per Share Earnings.**

     (12) Computation of Ratio of Earnings to Fixed Charges.*

     (21) Subsidiaries of Registrant.*

     (23) Consent of independent auditors incorporated by reference in each Prospectus constituting part of the Registration Statements on Form S-3 (Registration Nos. 33-50639, 33-39596, 33-39596-01, 33-29024, 333-59671, 333-96571, 333-72566 and 333-71778), on Form S-4 (Registration No. 333-42442) and on Form S-8 (Registration Nos. 333-01953, 333-42695, 333-74415, 333-83164, 333-98877, 333-94101, 333-65781, 333-88233, 333-57734, 333-99671 and 333-102111).*

     (24) Power of Attorney.*

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     (99)(a) Income Maintenance Agreement, dated March 28, 1991, between the registrant and General Electric Capital Corporation. (Incorporated by reference to Exhibit 28(a) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1990.)

     (99)(b) Undertaking for Inclusion in Registration Statements on Form S-8 of General Electric Company. (Incorporated by reference to Exhibit 99(b) to General Electric Annual Report on Form 10-K (Commission file number 1-35) for the fiscal year ended December 31, 1992.)

     (99)(c) Letter, dated February 4, 1999, from Dennis D. Dammerman of General Electric Company to Denis J. Nayden of General Electric Capital Corporation pursuant to which General Electric Company agrees to provide additional equity to General Electric Capital Corporation in conjunction with certain redemptions by General Electric Capital Corporation of shares of its Variable Cumulative Preferred Stock. (Incorporated by reference to Exhibit 99 (g) to General Electric Capital Corporation's Post-Effective Amendment No. 1 to Registration Statement on Form S-3, File No. 333-59707).

     (99)(d) Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

     (99)(e) Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

*     Filed electronically herewith.

**     Information required to be presented in Exhibit 11 is now provided in note 8 to the 2002 Annual Report to Share Owners in accordance with the provisions of FASB Statement of Financial Accounting Standards (SFAS) No. 128, Earnings per Share.

     (b)     Reports on Form 8-K during the quarter ended December 31, 2002.

A Form 8-K was filed on November 21, 2002, announcing the issuance of a press release setting forth management's outlook regarding earnings for 2002 and 2003.

(29)

I, Jeffrey R. Immelt, certify that:

1. I have reviewed this annual report on Form 10-K of General Electric Company;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and

c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: March 7, 2003

/s/ Jeffrey R. Immelt

Jeffrey R. Immelt
Chief Executive Officer

(32)

I, Keith S. Sherin, certify that:

1. I have reviewed this annual report on Form 10-K of General Electric Company;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and

c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: March 7, 2003

/s/ Keith S. Sherin

Keith S. Sherin
Chief Financial Officer

(33)

<PAGE>

F-1

Annual Report Page 43

FINANCIAL SECTION

ABOUT THESE FINANCIAL STATEMENTS

At GE, all of our businesses share common values and objectives, each striving to deliver excellent performance and generate increasing share owner value. However, our businesses are also diverse. With this diversity comes enormous opportunity, as well as significant challenges. One example of this combination of opportunity and challenge is our need to share our financial statements in the most meaningful way possible. To fulfill this objective we continue to present our consolidated financial information as well as information divided into two major categories – industrial (GE) and financial services (GECS). By reviewing the two major categories, you can gain a meaningful assessment of our performance in measures like leverage, asset turnover and cash flow. While our financial report is longer than it has been historically, that additional length arose from your requests for information. Our discussion of segment results includes asset details for the major financial services businesses, for example, since portfolio size is significant to earnings of those businesses.

When we committed to increasing our transparency, we expected that this report would be a primary vehicle that provides a reference source for your questions about us. We started that process last year, and the 2002 report continues the trend. You will see that our financial section, 69 pages long, contains significantly more information than our 2000 report contained in its 44 pages. We sincerely believe that we have progressed towards our transparency objective, and believe that you will find the important financial information you need in the pages that follow.

We are available to answer your questions, and, when those questions would be of interest to a broader audience, we will include that information in our financial reports. Following are among the other important changes this year, changes that we trust will assist you in using these financial statements:

• We present our financial information electronically at www.ge.com/investor . This site is much more than an electronic reproduction of the following pages. It is interactive and informative, and we believe it gives a glimpse into the future of financial reporting. We invite you to help us accelerate this process by giving us feedback on the website.
   
• We changed the way that we manage certain financial services businesses, increasing the total number of reporting segments from eight to 12. We have recast all comparative financial data to provide an accurate basis for comparison.
   
• We describe our businesses on pages 108 and 109.
   
• We have included a glossary of key financial and business terms on pages 110 and 111.

<PAGE>

F-2

Annual Report Page 44

MANAGEMENT’S DISCUSSION OF FINANCIAL RESPONSIBILITY

One of our most crucial management objectives is to ensure that our investors are well informed. We take full responsibility for meeting this objective, adopting appropriate accounting policies and devoting our full, unyielding commitment to ensuring that those policies are applied properly and consistently. We make every effort to report in a manner that is relevant, complete and clear, and we welcome and evaluate each suggestion from those who use our reports.

Rigorous Management Oversight

Members of our corporate leadership team review each of our businesses constantly, on matters that range from overall strategy and financial performance, to staffing and compliance. Our business leaders constantly monitor real-time financial and operating systems, enabling us to identify potential opportunities and concerns at an early stage, and positioning us to develop and execute rapid responses. Our Board of Directors oversees management’s business conduct, and our Audit Committee, which consists entirely of independent directors, oversees our system of internal financial controls and disclosure controls. We have taken a number of recent governance actions intended to enhance investor trust and improve the board’s overall effectiveness. These actions include increasing to a majority the number of independent directors, naming a Presiding Director who will conduct at least three meetings per year with non-employee directors, requiring each non-employee director to visit two of GE’s businesses annually to meet directly with operating leadership and voluntarily expensing our stock options.

Dedication to Controllership

We maintain a dynamic system of disclosure controls and procedures—including internal controls over financial reporting—designed to ensure reliable financial record-keeping, transparent financial reporting and disclosure, protection of physical and intellectual property, and efficient use of resources. We recruit and retain a world-class financial team, including 450 internal auditors who conduct thousands of audits each year, in every geographic area, at every GE business. Senior management and the Audit Committee oversee the scope and results of these reviews. We also maintain a set of integrity policies—our “Spirit & Letter”—which require compliance with law and policy, and which pertain to such vital issues as upholding financial integrity and avoiding conflicts of interest. We have published these integrity policies in 27 languages, and we have provided them to every one of GE’s more than 300,000 global employees, holding each of these individuals—from our top management on down—personally accountable for compliance with them. Our integrity policies serve to reinforce key employee responsibilities around the world, and we inquire extensively about compliance. Our strong compliance culture reinforces these efforts by requiring employees to raise any compliance concerns and by prohibiting retribution for doing so.

Visibility to Investors

We are keenly aware of the importance of full and open presentation of our financial position and operating results. To facilitate this, we maintain a Disclosure Committee, which includes senior executives who possess exceptional knowledge of our businesses and our investors. We have asked this committee to evaluate the fairness of our financial disclosures, and to report their findings to us and to the Audit Committee. We further ensure strong disclosure by holding more than 250 analyst and investor meetings every year, and by communicating all material information covered in those meetings to the public. In testament to the effectiveness of our stringent disclosure policies, investors surveyed annually by Investor Relations magazine have awarded GE Best Overall Investor Relations Program by a mega-cap company for six consecutive years, and 15 awards in other categories in the past seven years. We are in regular contact with representatives of the major rating agencies, and our debt continues to receive their highest ratings. We welcome the strong oversight of our financial reporting activities by our independent audit firm, KPMG LLP, who are engaged by and report directly to the Audit Committee. Their report for 2002 appears on page 45.

        Great companies are built on the foundation of reliable financial information and compliance with the law. For GE, the financial disclosures made in this report are a vital part of that foundation. We present this information proudly, with the expectation that those who use it will understand our company, recognize our commitment to performance with integrity, and share our confidence in GE’s future.

/s/ Jeffrey R. Immelt
Jeffrey R. Immelt
Chairman of the Board 
and Chief Executive Officer

/s/ Keith S. Sherin
Keith S. Sherin
Senior Vice President, Finance, and 
Chief Financial Officer

February 7, 2003

<PAGE>

F-3

Annual Report Page 45

Commercial Finance

(In millions)                                   2002          2001         2000
--------------------------------------------------------------------------------
Revenues
Commercial Equipment  Financing             $  5,005      $  4,535     $  3,634
Real Estate                                    2,160         1,919        1,977
Commercial Finance (CF)                        2,350         1,786        1,617
Structured Finance Group                       1,243         1,093          999
Aviation Services                              2,694         2,173        1,962
Vendor Financial Services                      2,342         2,095        1,792
Other Commercial Finance                         246           279            1
--------------------------------------------------------------------------------
Total revenues                              $ 16,040      $ 13,880     $ 11,982
================================================================================
Net earnings
Commercial Equipment  Financing             $    786      $    642     $    537
Real Estate                                      618           489          374
Commercial Finance (CF)                          587           368          290
Structured Finance Group                         479           386          344
Aviation Services                                439           475          479
Vendor Financial Services                        369           320          274
Other Commercial Finance                         (93)           44           (4)
--------------------------------------------------------------------------------
Total net earnings                          $  3,185      $  2,724     $  2,294
================================================================================

December 31 (In millions)                                  2002             2001
--------------------------------------------------------------------------------
Total assets
Commercial Equipment
  Financing                                             $57,764          $53,386
Real Estate                                              30,041           23,861
Commercial Finance (CF)                                  26,897           25,668
Structured Finance Group                                 19,293           17,130
Aviation Services                                        30,512           24,546
Vendor Financial Services                                23,761           20,941
Other Commercial Finance                                  7,498            5,723
--------------------------------------------------------------------------------
Total assets                                           $195,766         $171,255
================================================================================
Financing receivables--net                             $128,277         $117,540
================================================================================

Consumer Finance

(In millions)                                   2002          2001         2000
--------------------------------------------------------------------------------
Revenues
Global Consumer Finance                     $  6,489      $  5,561     $  5,429
Card Services                                  3,777         3,947        3,891
--------------------------------------------------------------------------------
Total revenues                              $ 10,266      $  9,508     $  9,320
===============================================================================
Net earnings
Global Consumer Finance                     $  1,255      $  1,033     $    856
Card Services                                    675           669          520
--------------------------------------------------------------------------------
Total net earnings                          $  1,930      $  1,702     $  1,376
===============================================================================

December 31 (In millions)                                  2002             2001
--------------------------------------------------------------------------------
Total assets
Global Consumer Finance                                 $58,310          $43,893
Card Services                                            18,655           19,085
--------------------------------------------------------------------------------
Total assets                                            $76,965          $62,978
================================================================================
Financing receivables--net                              $63,254          $47,891
================================================================================

Consumer Products

(In millions)                                   2002          2001         2000
--------------------------------------------------------------------------------
Revenues
Appliances                                  $  6,072      $  5,810     $  5,887
Lighting                                       2,384         2,625        2,830
--------------------------------------------------------------------------------
Total revenues                              $  8,456      $  8,435     $  8,717
================================================================================
Operating profit
Appliances                                  $    451      $    406     $    439
Lighting                                          44           242          440
--------------------------------------------------------------------------------
Total operating profit                      $    495      $    648     $    879
================================================================================

Equipment Management

(In millions)                                   2002          2001         2000
--------------------------------------------------------------------------------
Revenues                                    $  4,254      $  4,401     $  4,969
================================================================================
Net earnings                                $    311      $    359     $    465
================================================================================

December 31 (In millions)                                  2002             2001
--------------------------------------------------------------------------------
Total assets                                            $26,117          $25,410
================================================================================
Equipment leased to others                              $ 9,416          $ 9,749
================================================================================

Industrial Products and Systems

(In millions)                                   2002          2001         2000
--------------------------------------------------------------------------------
Revenues
Industrial Systems                          $  4,968      $  4,440     $  4,469
Transportation Systems                         2,314         2,355        2,263
GE Supply                                      2,473         2,302        2,159
--------------------------------------------------------------------------------
Total revenues                              $  9,755      $  9,097     $  8,891
================================================================================
Operating profit
Industrial Systems                          $    488      $    527     $    596
Transportation Systems                           402           400          436
GE Supply                                        109            99           80
--------------------------------------------------------------------------------
Total operating profit                      $    999      $  1,026     $  1,112
================================================================================

Insurance

(In millions)                                   2002          2001         2000
--------------------------------------------------------------------------------
Revenues
GE Financial Assurance                      $ 12,317      $ 12,826     $ 12,888
Mortgage Insurance                             1,090         1,075          973
GE Global Insurance
  Holding (ERC)                                9,432         9,453       10,223
Other Insurance                                  457           536          682
--------------------------------------------------------------------------------
Total revenues                              $ 23,296      $ 23,890     $ 24,766
================================================================================
Net earnings
GE Financial Assurance                      $    644      $    726     $    672
Mortgage Insurance                               460           407          356
GE Global Insurance
   Holding (ERC)                              (1,827)           32          505
Other Insurance                                  214           169          109
--------------------------------------------------------------------------------
Total net earnings                          $   (509)     $  1,334     $  1,642
================================================================================


Charges of $306 million in 2001 were not allocated to this segment because we
did not include these costs in measuring the performance of businesses in this
segment for internal purposes. Such charges, included in All Other GECS, related
to unprofitable insurance products and lines that have been exited and to
provisions for disposition of nonstrategic investments.

Materials

(In millions)                                   2002          2001         2000
--------------------------------------------------------------------------------
Revenues
Plastics                                    $  5,245      $  5,252     $  6,013
Specialty Materials                            2,406         1,817        2,007
--------------------------------------------------------------------------------
Total revenues                              $  7,651      $  7,069     $  8,020
================================================================================
Operating profit
Plastics                                    $    843      $  1,166     $  1,518
Specialty Materials                              282           267          347
--------------------------------------------------------------------------------
Total operating profit                      $  1,125      $  1,433     $  1,865
================================================================================

Technical Products and Services

(In millions)                                   2002          2001         2000
--------------------------------------------------------------------------------
Revenues
Medical Systems                             $  8,955      $  8,409     $  7,275
Global eXchange Services                         311           602          640
--------------------------------------------------------------------------------
Total revenues                              $  9,266      $  9,011     $  7,915
================================================================================
Operating profit
Medical Systems                             $  1,546      $  1,498     $  1,321
Global eXchange Services                          16           125          114
--------------------------------------------------------------------------------
Total operating profit                      $  1,562      $  1,623     $  1,435
================================================================================

All Other GECS

(In millions)                                   2002          2001         2000
--------------------------------------------------------------------------------
Revenues
IT Solutions                                $  3,733      $  4,180     $  7,072
GE Equity                                       (384)         (126)       1,079
Americom gain                                   --           1,158         --
Americom                                        --             540          594
Asset impairments                               --            (383)        (238)
Product line exits                              --             (53)        --
PaineWebber gain                                --            --          1,366
Wards                                           --            --          3,234
Other--All Other GECS                            982         1,358        2,033
--------------------------------------------------------------------------------
Total revenues                              $  4,331      $  6,674     $ 15,140
================================================================================
Net earnings
IT Solutions                                $    (24)     $     47     $   (152)
GE Equity                                       (377)         (270)         525
Americom gain                                   --             642         --
Americom                                        --             256          197
Asset impairments                               --            (310)         (49)
Product line exits                              --            (180)        --
Restructuring                                   --            (144)        (298)
PaineWebber gain                                --            --            848
Wards                                           --             (22)        (782)
Other--All Other GECS                            110          --           (254)
--------------------------------------------------------------------------------
Total net earnings                          $   (291)     $     19     $     35
================================================================================

(Dollars in millions)                   2002       2001       2000         1999
--------------------------------------------------------------------------------
COMMERCIAL FINANCE
Leverage ratio                         7.4:1      7.5:1      7.4:1        7.5:1
Adjusted net earnings                 $3,189     $2,788     $2,416       $1,834
CONSUMER FINANCE
Leverage ratio                        12.4:1     12.3:1     12.3:1       12.4:1
Adjusted net earnings                 $1,799     $1,602     $1,295         $848
EQUIPMENT MANAGEMENT
Leverage ratio                         5.0:1      5.1:1      5.1:1        4.9:1
Adjusted net earnings                   $313       $377       $484         $416
INSURANCE
Leverage ratio                         0.4:1      0.4:1      0.4:1        0.4:1
Adjusted net earnings                   $(95)    $1,879     $2,201       $2,142
ALL OTHER GECS
Adjusted net earnings                  $(580)     $(508)     $(584)      $ (285)
================================================================================

Consolidated international revenues



(In millions)                                   2002          2001         2000
--------------------------------------------------------------------------------
Europe                                      $ 24,301      $ 23,878     $ 24,144
Pacific Basin                                 12,026        11,447       12,921
Americas                                       5,165         5,507        5,912
Other international                            3,911         3,456        2,842
--------------------------------------------------------------------------------
                                              45,403        44,288       45,819
Exports from the U.S. to
   external customers                          7,481         7,149        7,138
--------------------------------------------------------------------------------
                                            $ 52,884      $ 51,437     $ 52,957
================================================================================

December 31 (In millions)                                  2002             2001
--------------------------------------------------------------------------------
Working capital                                         $ 3,821          $(2,398)
Less progress collections                                 6,603           11,638
--------------------------------------------------------------------------------
Working capital, excluding
   progress collections                                 $10,424          $ 9,240
================================================================================

December 31                                                2002             2001
---------------------------------------------------------------------------------
Senior notes                                                 52%              33%
Commercial paper                                             31               49
Other--principally current portion
of long-term debt                                            17               18
---------------------------------------------------------------------------------
Total                                                       100%             100%
=================================================================================

(In billions)                       2003      2004      2005      2006      2007
--------------------------------------------------------------------------------
GE                               $     0.6    $0.8      $0.4      $0.4      $0.3
GECS
  Commercial paper                    84.2      --        --        --        --
  Other                               46.6    47.5(a)   22.3      10.3      14.8
================================================================================

SELECTED FINANCIAL DATA

(Dollar amounts in millions; per-share amounts in dollars)          2002            2001           2000          1999          1998
-----------------------------------------------------------------------------------------------------------------------------------
GENERAL ELECTRIC COMPANY AND CONSOLIDATED AFFILIATES
    Revenues                                                 $   131,698     $   125,913     $  129,853    $  111,630    $  100,469
    Earnings before accounting changes                            15,133          14,128         12,735        10,717         9,296
    Cumulative effect of accounting changes                       (1,015)           (444)          --            --            --
    Net earnings                                                  14,118          13,684         12,735        10,717         9,296
    Dividends declared                                             7,266           6,555          5,647         4,786         4,081
    Earned on average share owners' equity excluding
       effect of accounting changes                                 25.8%           27.1%          27.5%         26.8%         25.7%
    Per share
       Earnings before accounting changes--diluted           $      1.51     $      1.41     $     1.27    $     1.07    $     0.93
       Cumulative effect of accounting changes--diluted            (0.10)          (0.04)          --            --            --
       Earnings--diluted                                            1.41            1.37           1.27          1.07          0.93
       Earnings before accounting changes--basic                    1.52            1.42           1.29          1.09          0.95
       Cumulative effect of accounting changes--basic              (0.10)          (0.04)          --            --            --
       Earnings--basic                                              1.42            1.38           1.29          1.09          0.95
       Dividends declared                                           0.73            0.66           0.57       0.48 2/3      0.41 2/3
       Stock price range                                     41.84-21.40     52.90-28.25     60.50-41.67   53.17-31.42   34.65-23.00
       Year-end closing stock price                                24.35           40.08          47.94         51.58         34.00
    Total assets                                                 575,244         495,023        437,006       405,200       355,935
    Long-term borrowings                                         140,632          79,806         82,132        71,427        59,663
    Shares outstanding--average (in thousands)                 9,947,113       9,932,245      9,897,110     9,833,478     9,806,995
    Share owner accounts--average                                655,000         625,000        597,000       549,000       534,000
===================================================================================================================================
GE DATA
    Short-term borrowings                                    $     8,786     $     1,722     $      940    $    2,245    $    3,466
    Long-term borrowings                                             970             787            841           722           681
    Minority interest                                              1,028             948            968           823           816
    Share owners' equity                                          63,706          54,824         50,492        42,557        38,880
-----------------------------------------------------------------------------------------------------------------------------------
       Total capital invested                                $    74,490     $    58,281     $   53,241    $   46,347    $   43,843
===================================================================================================================================
    Return on average total capital invested
       excluding effect of accounting changes                       24.5%           27.0%          27.4%         25.8%         23.9%
    Borrowings as a percentage of total capital invested            13.1%            4.3%           3.3%          6.4%          9.5%
    Working capital (a)                                      $     3,821     $    (2,398)    $      799    $    3,922    $    5,038
    Additions to property, plant and equipment                     2,386           2,876          2,536         2,036         2,047
    Employees at year end
       United States                                             125,000         125,000        131,000       124,000       125,000
       Other countries                                            94,000          94,000         92,000        86,000        82,000
-----------------------------------------------------------------------------------------------------------------------------------
       Total employees                                           219,000         219,000        223,000       210,000       207,000
===================================================================================================================================
GECS DATA
    Revenues                                                 $    58,187     $    58,353     $   66,177    $   55,749    $   48,694
    Earnings before accounting changes                             4,626           5,586          5,192         4,443         3,796
    Cumulative effect of accounting changes                       (1,015)           (169)          --            --            --
    Net earnings                                                   3,611           5,417          5,192         4,443         3,796
    Share owner's equity                                          36,929          28,590         23,022        20,321        19,727
    Minority interest                                              4,445           4,267          3,968         4,391         3,459
    Total borrowings                                             270,962         239,935        205,371       200,025       172,200
    Ratio of debt to equity at GE Capital                         6.58:1          7.31:1         7.53:1        8.44:1        7.86:1
    Total assets                                             $   489,828     $   425,484     $  370,636    $  345,018    $  303,297
    Insurance premiums written                                    16,999          15,843         16,461        13,624        11,865
    Employees at year end
       United States                                              40,000          33,000         37,000        43,000(b)     38,000
       Other countries                                            56,000          58,000         53,000        57,000        48,000
-----------------------------------------------------------------------------------------------------------------------------------
       Total employees                                            96,000          91,000         90,000       100,000        86,000
===================================================================================================================================

STATEMENT OF EARNINGS

                                                                         General Electric Company and
                                                                            consolidated affiliates
For the years ended December 31                                      -----------------------------------
(In millions; per-share amounts in dollars)                              2002         2001         2000
--------------------------------------------------------------------------------------------------------
REVENUES
     Sales of goods                                                 $  55,096    $  52,677    $  54,828
     Sales of services                                                 21,138       18,722       18,126
     Other income (note 2)                                              1,013          234          436
     Earnings of GECS before accounting changes                          --           --           --
     GECS revenues from services (note 3)                              54,451       54,280       56,463
--------------------------------------------------------------------------------------------------------
         Total revenues                                               131,698      125,913      129,853
--------------------------------------------------------------------------------------------------------
COSTS AND EXPENSES (note 4)
     Cost of goods sold                                                38,833       35,678       39,312
     Cost of services sold                                             14,023       13,419       12,511
     Interest and other financial charges                              10,216       11,062       11,720
     Insurance losses and policyholder and annuity benefits            17,608       15,062       14,399
     Provision for losses on financing receivables (note 13)            3,087        2,481        2,045
     Other costs and expenses                                          28,714       28,162       30,993
     Minority interest in net earnings of consolidated affiliates         326          348          427
--------------------------------------------------------------------------------------------------------
         Total costs and expenses                                     112,807      106,212      111,407
--------------------------------------------------------------------------------------------------------
EARNINGS BEFORE INCOME TAXES AND ACCOUNTING CHANGES                    18,891       19,701       18,446
Provision for income taxes (note 7)                                    (3,758)      (5,573)      (5,711)
--------------------------------------------------------------------------------------------------------
EARNINGS BEFORE ACCOUNTING CHANGES                                     15,133       14,128       12,735
Cumulative effect of accounting changes (note 1)                       (1,015)        (444)        --
--------------------------------------------------------------------------------------------------------
NET EARNINGS                                                        $  14,118    $  13,684    $  12,735
========================================================================================================
Per-share amounts (note 8)
     Per-share amounts before accounting changes
         Diluted earnings per share                                 $    1.51    $    1.41    $    1.27
         Basic earnings per share                                   $    1.52    $    1.42    $    1.29
     Per-share amounts after accounting changes
         Diluted earnings per share                                 $    1.41    $    1.37    $    1.27
         Basic earnings per share                                   $    1.42    $    1.38    $    1.29
========================================================================================================
Dividends declared per share                                        $    0.73    $    0.66    $    0.57
========================================================================================================




CONSOLIDATED STATEMENT OF CHANGES IN SHARE OWNERS' EQUITY

(In millions)                                                            2002         2001         2000
--------------------------------------------------------------------------------------------------------
Changes in share owners' equity (note 24)
Balance at January 1                                                $  54,824    $  50,492    $  42,557
--------------------------------------------------------------------------------------------------------
Dividends and other transactions with share owners                     (6,382)      (7,529)      (3,044)
--------------------------------------------------------------------------------------------------------
Changes other than transactions with share owners
     Increase attributable to net earnings                             14,118       13,684       12,735
     Investment securities--net                                         1,303         (306)        (552)
     Currency translation adjustments                                   1,000         (562)      (1,204)
     Derivatives qualifying as hedges                                  (1,157)        (955)        --
         Total changes other than transactions with share owners       15,264       11,861       10,979
--------------------------------------------------------------------------------------------------------
Balance at December 31                                              $  63,706    $  54,824    $  50,492
========================================================================================================

The notes to consolidated financial statements on pages 78-109 are an integral part of these statements.

<PAGE>

F-31

Annual Report Page 73

STATEMENT OF EARNINGS (continued)
                                                                       GE                                 GECS
                                                      --------------------------------    --------------------------------
                                                          2002        2001        2000        2002        2001        2000
--------------------------------------------------------------------------------------------------------------------------
REVENUES
     Sales of goods                                   $ 51,957    $ 49,057    $ 45,427    $  3,296    $  3,627    $  9,408
     Sales of services                                  21,360      18,961      18,380        --          --          --
     Other income (note 2)                               1,106         433         498        --          --          --
     Earnings of GECS before accounting changes          4,626       5,586       5,192        --          --          --
     GECS revenues from services (note 3)                 --          --          --        54,891      54,726      56,769
--------------------------------------------------------------------------------------------------------------------------
         Total revenues                                 79,049      74,037      69,497      58,187      58,353      66,177
--------------------------------------------------------------------------------------------------------------------------
COSTS AND EXPENSES (note 4)
     Cost of goods sold                                 35,951      32,419      30,782       3,039       3,266       8,537
     Cost of services sold                              14,245      13,658      12,765        --          --          --
     Interest and other financial charges                  569         817         811       9,935      10,598      11,111
     Insurance losses and policyholder and
        annuity benefits                                  --          --          --        17,608      15,062      14,399
     Provision for losses on financing
        receivables (note 13)                             --          --          --         3,087       2,481       2,045
     Other costs and expenses                            9,131       8,637       8,392      19,828      19,817      22,767
     Minority interest in net earnings of
        consolidated affiliates                            183         185         213         143         163         214
--------------------------------------------------------------------------------------------------------------------------
         Total costs and expenses                       60,079      55,716      52,963      53,640      51,387      59,073
--------------------------------------------------------------------------------------------------------------------------
EARNINGS BEFORE INCOME TAXES AND ACCOUNTING CHANGES     18,970      18,321      16,534       4,547       6,966       7,104
Provision for income taxes (note 7)                     (3,837)     (4,193)     (3,799)         79      (1,380)     (1,912)
--------------------------------------------------------------------------------------------------------------------------
EARNINGS BEFORE ACCOUNTING CHANGES                      15,133      14,128      12,735       4,626       5,586       5,192
Cumulative effect of accounting changes (note 1)        (1,015)       (444)       --        (1,015)       (169)       --
--------------------------------------------------------------------------------------------------------------------------
NET EARNINGS                                          $ 14,118    $ 13,684    $ 12,735    $  3,611    $  5,417    $  5,192
==========================================================================================================================



In the consolidating data on this page, "GE" means the basis of consolidation as
described in note 1 to the consolidated financial statements; "GECS" means
General Electric Capital Services, Inc. and all of its affiliates and associated
companies. Transactions between GE and GECS have been eliminated from the
"General Electric Company and consolidated affiliates" columns on page 72.

<PAGE>

F-32

Annual Report Page 74

STATEMENT OF FINANCIAL POSITION
                                                                                 General Electric Company
                                                                               and consolidated affiliates
                                                                               ---------------------------
At December 31 (In millions)                                                          2002        2001
----------------------------------------------------------------------------------------------------------
ASSETS
Cash and equivalents                                                             $   8,910   $   8,433
Investment securities (note 9)                                                     116,862     101,017
Current receivables (note 10)                                                       10,681       9,590
Inventories (note 11)                                                                9,247       8,565
Financing receivables (investments in time sales, loans and financing leases)--
     net (notes 12 and 13)                                                         199,917     174,140
Insurance receivables (note 14)                                                     31,585      28,312
Other GECS receivables                                                              11,444      11,105
Property, plant and equipment (including equipment leased to others)--
     net (note 15)                                                                  47,204      42,140
Investment in GECS                                                                    --          --
Intangible assets--net (note 16)                                                    46,180      35,124
All other assets (note 17)                                                          93,214      76,597
----------------------------------------------------------------------------------------------------------
TOTAL ASSETS                                                                     $ 575,244   $ 495,023
==========================================================================================================
LIABILITIES AND EQUITY
Short-term borrowings (note 18)                                                  $ 138,775   $ 153,076
Accounts payable, principally trade accounts                                        18,874      18,158
Progress collections and price adjustments accrued                                   6,706      11,751
Dividends payable                                                                    1,895       1,787
All other current costs and expenses accrued                                        15,577      14,132
Long-term borrowings (note 18)                                                     140,632      79,806
Insurance liabilities, reserves and annuity benefits (note 19)                     135,853     114,223
All other liabilities (note 20)                                                     35,236      32,921
Deferred income taxes (note 21)                                                     12,517       9,130
----------------------------------------------------------------------------------------------------------
     Total liabilities                                                             506,065     434,984
----------------------------------------------------------------------------------------------------------
Minority interest in equity of consolidated affiliates (note 22)                     5,473       5,215
----------------------------------------------------------------------------------------------------------
Common stock (9,969,894,000 and 9,925,938,000 shares outstanding
     at year-end 2002 and 2001, respectively)                                          669         669
Accumulated gains/(losses)--net
     Investment securities                                                           1,071        (232)
     Currency translation adjustments                                               (2,136)     (3,136)
     Derivatives qualifying as hedges                                               (2,112)       (955)
Other capital                                                                       17,288      16,693
Retained earnings                                                                   75,553      68,701
Less common stock held in treasury                                                 (26,627)    (26,916)
----------------------------------------------------------------------------------------------------------
     Total share owners' equity (notes 24 and 25)                                   63,706      54,824
----------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY                                                     $ 575,244   $ 495,023
==========================================================================================================


The sum of accumulated gains/(losses) on investment securities, currency
translation adjustments, and derivatives qualifying as hedges constitutes
"Accumulated nonowner changes other than earnings," as shown in note 24, and was
$(3,177) million and $(4,323) million at year-end 2002 and 2001, respectively.

The notes to consolidated financial statements on pages 78-109 are an integral
part of this statement.

<PAGE>

F-33

STATEMENT OF FINANCIAL POSITION (continued)

                                                                                            GE                     GECS
                                                                                 ---------------------   ---------------------
                                                                                      2002        2001        2002        2001
------------------------------------------------------------------------------------------------------------------------------
ASSETS
Cash and equivalents                                                             $   1,079   $   9,798   $   7,918   $   7,314
Investment securities (note 9)                                                         332         879     116,530     100,138
Current receivables (note 10)                                                       10,973       9,805        --          --
Inventories (note 11)                                                                9,039       8,295         208         270
Financing receivables (investments in time sales, loans and financing leases)--
     net (notes 12 and 13)                                                            --          --       199,917     174,140
Insurance receivables (note 14)                                                       --          --        31,585      28,312
Other GECS receivables                                                                --          --        12,996      13,267
Property, plant and equipment (including equipment leased to others)--
     net (note 15)                                                                  13,743      12,799      33,461      29,341
Investment in GECS                                                                  36,929      28,590        --          --
Intangible assets--net (note 16)                                                    23,049      14,367      23,131      20,757
All other assets (note 17)                                                          30,167      25,200      64,082      51,945
------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS                                                                     $ 125,311   $ 109,733   $ 489,828   $ 425,484
------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND EQUITY
Short-term borrowings (note 18)                                                  $   8,786   $   1,722   $ 130,126   $ 160,844
Accounts payable, principally trade accounts                                         8,095       6,680      12,608      13,705
Progress collections and price adjustments accrued                                   6,706      11,751        --          --
Dividends payable                                                                    1,895       1,787        --          --
All other current costs and expenses accrued                                        15,577      14,132        --          --
Long-term borrowings (note 18)                                                         970         787     140,836      79,091
Insurance liabilities, reserves and annuity benefits (note 19)                        --          --       135,853     114,223
All other liabilities (note 20)                                                     16,621      16,089      18,441      16,647
Deferred income taxes (note 21)                                                      1,927       1,013      10,590       8,117
------------------------------------------------------------------------------------------------------------------------------
     Total liabilities                                                              60,577      53,961     448,454     392,627
------------------------------------------------------------------------------------------------------------------------------
Minority interest in equity of consolidated affiliates (note 22)                     1,028         948       4,445       4,267
------------------------------------------------------------------------------------------------------------------------------
Common stock (9,969,894,000 and 9,925,938,000 shares outstanding
     at year-end 2002 and 2001, respectively)                                          669         669           1           1
Accumulated gains/(losses)--net
     Investment securities                                                           1,071        (232)      1,191        (348)
     Currency translation adjustments                                               (2,136)     (3,136)       (782)       (840)
     Derivatives qualifying as hedges                                               (2,112)       (955)     (2,076)       (890)
Other capital                                                                       17,288      16,693      12,271       5,989
Retained earnings                                                                   75,553      68,701      26,324      24,678
Less common stock held in treasury                                                 (26,627)    (26,916)       --          --
------------------------------------------------------------------------------------------------------------------------------
     Total share owners' equity (notes 24 and 25)                                   63,706      54,824      36,929      28,590
------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY                                                     $ 125,311   $ 109,733   $ 489,828   $ 425,484
==============================================================================================================================

In the consolidating data on this page, "GE" means the basis of consolidation as
described in note 1 to the consolidated financial statements; "GECS" means
General Electric Capital Services, Inc. and all of its affiliates and associated
companies. Transactions between GE and GECS have been eliminated from the
"General Electric Company and consolidated affiliates" columns on page 74.

STATEMENT OF CASH FLOWS
                                                                            General Electric Company
                                                                           and consolidated affiliates
                                                                           ------------------------------
For the years ended December 31 (In millions)                                2002        2001        2000
---------------------------------------------------------------------------------------------------------
CASH FLOWS--OPERATING ACTIVITIES
Net earnings                                                             $ 14,118    $ 13,684    $ 12,735
Adjustments to reconcile net earnings to cash provided
     from operating activities
        Cumulative effect of accounting changes                             1,015         444        --
        Depreciation and amortization of property, plant and equipment      5,998       5,370       5,039
        Amortization of goodwill                                             --         1,252       1,346
        Earnings (before accounting changes) retained by GECS                --          --          --
        Deferred income taxes                                               2,414       1,426       1,153
        Decrease (increase) in GE current receivables                        (409)        197        (537)
        Decrease (increase) in inventories                                    (87)       (485)       (924)
        Increase (decrease) in accounts payable                               227       4,676       3,297
        Increase (decrease) in GE progress collections                     (5,062)      3,446       3,255
        Increase (decrease) in insurance liabilities and reserves           9,454       8,194      (1,009)
        Provision for losses on financing receivables                       3,087       2,481       2,045
        All other operating activities                                     (1,267)     (8,296)     (3,710)
---------------------------------------------------------------------------------------------------------
CASH FROM OPERATING ACTIVITIES                                             29,488      32,389      22,690
---------------------------------------------------------------------------------------------------------
CASH FLOWS--INVESTING ACTIVITIES
Additions to property, plant and equipment                                (13,351)    (15,520)    (13,967)
Dispositions of property, plant and equipment                               6,007       7,345       6,767
Net increase in GECS financing receivables                                (17,945)    (13,952)    (16,076)
Payments for principal businesses purchased                               (21,570)    (12,429)     (2,332)
Investment in GECS                                                           --          --          --
All other investing activities                                            (15,090)     (5,752)    (12,091)
---------------------------------------------------------------------------------------------------------
CASH USED FOR INVESTING ACTIVITIES                                        (61,949)    (40,308)    (37,699)
---------------------------------------------------------------------------------------------------------
CASH FLOWS--FINANCING ACTIVITIES
Net increase (decrease) in borrowings (maturities of 90 days or less)     (17,347)     20,482      (8,243)
Newly issued debt (maturities longer than 90 days)                         95,008      32,071      47,645
Repayments and other reductions (maturities longer than 90 days)          (40,454)    (37,001)    (32,762)
Net dispositions (purchases) of GE shares for treasury                       (985)     (2,435)        469
Dividends paid to share owners                                             (7,157)     (6,358)     (5,401)
All other financing activities                                              3,873       2,047      12,942
---------------------------------------------------------------------------------------------------------
CASH FROM (USED FOR) FINANCING ACTIVITIES                                  32,938       8,806      14,650
---------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN CASH AND EQUIVALENTS DURING YEAR                       477         887        (359)
Cash and equivalents at beginning of year                                   8,433       7,546       7,905
---------------------------------------------------------------------------------------------------------
Cash and equivalents at end of year                                      $  8,910    $  8,433    $  7,546
=========================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid during the year for interest                                   $ (9,654)   $(11,125)   $(11,617)
Cash recovered (paid) during the year for income taxes                       (948)     (1,487)     (2,604)
=========================================================================================================


The notes to consolidated financial statements on pages 78-109 are an integral
part of this statement.

<PAGE>

F-35

STATEMENT OF CASH FLOWS (continued)

                                                                          GE                             GECS
                                                         ------------------------------   ------------------------------
                                                             2002       2001       2000       2002       2001       2000
------------------------------------------------------------------------------------------------------------------------
CASH FLOWS--OPERATING ACTIVITIES
Net earnings                                             $ 14,118   $ 13,684   $ 12,735   $  3,611   $  5,417   $  5,192
Adjustments to reconcile net earnings to cash provided
     from operating activities
        Cumulative effect of accounting changes             1,015        444       --        1,015        169       --
        Depreciation and amortization of property,
          plant and equipment                               2,199      1,919      1,725      3,799      3,451      3,314
        Amortization of goodwill                             --          545        486       --          707        860
        Earnings (before accounting changes)
          retained by GECS                                 (2,661)    (3,625)    (3,370)      --         --         --
        Deferred income taxes                               1,005        564        470      1,409        862        683
        Decrease (increase) in GE current receivables        (486)       207       (550)      --         --         --
        Decrease (increase) in inventories                   (149)      (881)      (663)        62        396       (261)
        Increase (decrease) in accounts payable               708        364        845       (880)     4,804      3,047
        Increase (decrease) in GE progress collections     (5,062)     3,446      3,255       --         --         --
        Increase (decrease) in insurance liabilities
          and reserves                                       --         --         --        9,454      8,194     (1,009)
        Provision for losses on financing receivables        --         --         --        3,087      2,481      2,045
        All other operating activities                       (590)       530        483       (559)    (8,688)    (4,587)
------------------------------------------------------------------------------------------------------------------------
CASH FROM OPERATING ACTIVITIES                             10,097     17,197     15,416     20,998     17,793      9,284
------------------------------------------------------------------------------------------------------------------------
CASH FLOWS--INVESTING ACTIVITIES
Additions to property, plant and equipment                 (2,386)    (2,876)    (2,536)   (10,965)   (12,644)   (11,431)
Dispositions of property, plant and equipment                --         --           53      6,007      7,345      6,714
Net increase in GECS financing receivables                   --         --         --      (17,945)   (13,952)   (16,076)
Payments for principal businesses purchased                (8,952)    (1,436)    (1,156)   (12,618)   (10,993)    (1,176)
Investment in GECS                                         (6,300)    (3,043)      --         --         --         --
All other investing activities                                203      1,508       (234)   (15,213)    (7,751)   (12,173)
------------------------------------------------------------------------------------------------------------------------
CASH USED FOR INVESTING ACTIVITIES                        (17,435)    (5,847)    (3,873)   (50,734)   (37,995)   (34,142)
------------------------------------------------------------------------------------------------------------------------
CASH FLOWS--FINANCING ACTIVITIES
Net increase (decrease) in borrowings (maturities
     of 90 days or less)                                    7,924        327     (1,331)   (34,687)    23,634     (2,121)
Newly issued debt (maturities longer than 90 days)             66      1,303        785     96,044     30,752     46,887
Repayments and other reductions (maturities
     longer than 90 days)                                  (1,229)      (950)      (855)   (39,225)   (36,051)   (31,907)
Net dispositions (purchases) of GE shares for treasury       (985)    (2,435)       469       --         --         --
Dividends paid to share owners                             (7,157)    (6,358)    (5,401)    (1,965)    (1,961)    (1,822)
All other financing activities                               --         --         --       10,173      5,090     12,942
------------------------------------------------------------------------------------------------------------------------
CASH FROM (USED FOR) FINANCING ACTIVITIES                  (1,381)    (8,113)    (6,333)    30,340     21,464     23,979
------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN CASH AND EQUIVALENTS DURING YEAR    (8,719)     3,237      5,210        604      1,262       (879)
Cash and equivalents at beginning of year                   9,798      6,561      1,351      7,314      6,052      6,931
------------------------------------------------------------------------------------------------------------------------
Cash and equivalents at end of year                      $  1,079   $  9,798   $  6,561   $  7,918   $  7,314   $  6,052
========================================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid during the year for interest                   $   (155)  $   (358)  $   (388)  $ (9,499)  $(10,767)  $(11,229)
Cash recovered (paid) during the year for income taxes     (2,331)    (1,616)    (1,804)     1,383        129       (800)
========================================================================================================================

In the consolidating data on this page, "GE" means the basis of consolidation as
described in note 1 to the consolidated financial statements; "GECS" means
General Electric Capital Services, Inc. and all of its affiliates and associated
companies. Transactions between GE and GECS have been eliminated from the
"General Electric Company and consolidated affiliates" columns on page 76.

(In millions; per-share
amounts in dollars)                              2002          2001         2000
--------------------------------------------------------------------------------
Net earnings, as reported                  $   14,118       $13,684      $12,735
Earnings per share,
   as reported
      Diluted                                    1.41          1.37         1.27
      Basic                                      1.42          1.38         1.29
Stock option expense
   included in net earnings                        27          --           --
Total stock option
    expense (a)                                   330           296          233
PRO-FORMA EFFECTS
Net earnings, on
   pro-forma basis                             13,815        13,388       12,502
Earnings per share, on
   pro-forma basis
      Diluted                                    1.38          1.33         1.24
      Basic                                      1.39          1.35         1.26
================================================================================

2002 and 2001 net earnings and earnings per share amounts include effects of
accounting changes.

(a)  As if we had applied SFAS 123 to expense stock options in all periods.
     Includes $27 million actually recognized in 2002 earnings.

                                                                         Share
                                                                         owners'
(In millions)                                            Earnings(a)     equity
--------------------------------------------------------------------------------
Adjustment to fair value of derivatives                    $(502)       $(1,340)
Income tax effects                                           178            513
--------------------------------------------------------------------------------
Total                                                      $(324)       $  (827)
================================================================================
The earnings per share effect was $0.03.


(a)  For earnings effect, amount shown is net of adjustment to hedged items.

(In millions)                                    2002         2001         2000
--------------------------------------------------------------------------------
Bravo exchange(a)                             $   571        $  --        $  --
Global eXchange Services
   gain(b)                                        488           --           --
Licensing and royalty
   income                                         103           75           65
Associated companies                             (170)        (106)        (111)
Marketable securities and
   bank deposits                                   31          184           55
Other items                                        83          280          489
--------------------------------------------------------------------------------
Total                                         $ 1,106        $ 433        $ 498
================================================================================

(a) Relates to NBC's exchange of certain assets for the cable network Bravo.

(b) Relates to our sale of 90% of Global eXchange Services.

(In millions)                                    2002         2001         2000
--------------------------------------------------------------------------------
Time sales, loan and
   other income(a)                            $22,030      $21,894      $22,002
Operating lease rentals                         6,191        6,088        6,183
Financing leases                                4,616        4,517        4,012
Investment income                               5,570        6,593        8,479
Premiums earned by
   insurance businesses                        16,484       15,634       16,093
--------------------------------------------------------------------------------
Total                                         $54,891      $54,726      $56,769
================================================================================

(a)  Includes gains on sales of financial assets through securitizations of $767
     million in 2002, compared with $1,327 million in 2001 and $489 million in
     2000, net of any effects of replenishing securitized credit card balances.

(In millions)                                    2002         2001         2000
--------------------------------------------------------------------------------
PREMIUMS WRITTEN
Direct                                        $11,659        $9,958       $9,390
Assumed                                         9,409        9,603        9,552
Ceded                                          (4,069)       (3,718)      (2,481)
--------------------------------------------------------------------------------
Total                                         $16,999        $15,843      $16,461
================================================================================
PREMIUMS EARNED
Direct                                        $10,922        $9,912       $9,026
Assumed                                         9,569        9,471        9,643
Ceded                                          (4,007)       (3,749)      (2,576)
--------------------------------------------------------------------------------
Total                                         $16,484        $15,634      $16,093
================================================================================

(In millions)                               2002            2001            2000
--------------------------------------------------------------------------------
GE                                          $773          $  694          $  648
GECS                                         977           1,006           1,176
================================================================================

(In millions)                   2003       2004       2005       2006       2007
--------------------------------------------------------------------------------
GE                              $511       $412       $367       $287       $252
GECS                             738        674        533        457        556
================================================================================

                                        Termination          Exit
(In millions)                              benefits         costs         Total
--------------------------------------------------------------------------------
2002 provision                                $ 195         $  75         $ 270
Usage                                           (93)           (4)          (97)
--------------------------------------------------------------------------------
Balance at
   December 31, 2002                           $102         $  71         $ 173
================================================================================

(In millions)                                    2002         2001         2000
--------------------------------------------------------------------------------
Expected return on
   plan assets                                  $(170)       $(185)       $(178)
Service cost for benefits
   earned                                         277          191          165
Interest cost on benefit
   obligation                                     469          459          402
Prior service cost                                 96           90           49
Net actuarial loss recognized                      78           60           40
--------------------------------------------------------------------------------
Retiree benefit plans cost                      $ 750        $ 615        $ 478
================================================================================

(In millions)                                               2002           2001
--------------------------------------------------------------------------------
Balance at January 1                                     $ 6,796        $ 6,422
Service cost for benefits earned                             277            191
Interest cost on benefit obligation                          469            459
Participant contributions                                     32             30
Plan amendments                                              (60)           --
Actuarial loss                                               567            287
Benefits paid                                               (687)          (593)
Other                                                         41            --
--------------------------------------------------------------------------------
Balance at December 31(a)                                $ 7,435        $ 6,796
================================================================================

(a)  The APBO for the retiree health plans was $5,458 million and $4,965 million
     at year-end 2002 and 2001, respectively.

(In millions)                                              2002            2001
--------------------------------------------------------------------------------
Balance at January 1                                    $ 1,771         $ 2,031
Actual loss on plan assets                                 (225)           (163)
Employer contributions                                      535             466
Participant contributions                                    32              30
Benefits paid                                              (687)           (593)
--------------------------------------------------------------------------------
Balance at December 31                                  $ 1,426         $ 1,771
================================================================================

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
Funded status(a)                                         $(6,009)       $(5,025)
Unrecognized prior service cost                              753            909
Unrecognized net actuarial loss                            2,277          1,393
--------------------------------------------------------------------------------
Net liability recognized                                 $(2,979)       $(2,723)
================================================================================
Amounts recorded in the Statement
   of Financial Position:
      Prepaid retiree life plans asset                   $    87        $    66
      Retiree health plans liability                      (3,066)        (2,789)
--------------------------------------------------------------------------------
Net liability recognized                                 $(2,979)       $(2,723)
================================================================================

(a) Fair value of assets less APBO, as shown in the preceding tables.

December 31                                 2002            2001            2000
--------------------------------------------------------------------------------
Discount rate                             6 3/4%           7 1/4%         7 1/2%
Compensation increases                    5                5              5
Healthcare cost trend(a)                 13               12             10
Expected return on assets                 8 1/2            9 1/2          9 1/2
================================================================================


(a) For 2002, gradually declining to 5% after 2010.

(In millions)                                    2002         2001         2000
--------------------------------------------------------------------------------
Expected return on
   plan assets                                $ 4,084        $4,327       $3,754
Service cost for benefits
   earned(a)                                   (1,107)        (884)        (780)
Interest cost on benefit
   obligation                                  (2,116)       (2,065)     (1,966)
Prior service cost                               (217)        (244)        (237)
SFAS 87 transition gain                          --           --            154
Net actuarial gain recognized                     912          961          819
--------------------------------------------------------------------------------
Income from pensions                            1,556        2,095        1,744
--------------------------------------------------------------------------------
Retiree benefit plans
   cost (note 5)                                 (750)        (615)        (478)
--------------------------------------------------------------------------------
Net cost reductions from
   principal postretirement
   benefit plans                              $   806        $1,480       $1,266
================================================================================


(a) Net of participant contributions.

(In millions)                                               2002           2001
--------------------------------------------------------------------------------
Balance at January 1                                    $ 30,423       $ 28,535
Service cost for benefits earned(a)                        1,107            884
Interest cost on benefit obligation                        2,116          2,065
Participant contributions                                    158            141
Plan amendments                                                9           --
Actuarial loss(b)                                          1,650            889
Benefits paid                                             (2,197)        (2,091)
--------------------------------------------------------------------------------
Balance at December 31                                  $ 33,266       $ 30,423
================================================================================
(a) Net of participant contributions.


(b) Principally associated with discount rate changes.

(In millions)                                               2002           2001
--------------------------------------------------------------------------------
Balance at January 1                                    $ 45,006       $ 49,757
Actual loss on plan assets                                (5,251)        (2,876)
Employer contributions                                        95             75
Participant contributions                                    158            141
Benefits paid                                             (2,197)        (2,091)
--------------------------------------------------------------------------------
Balance at December 31                                  $ 37,811       $ 45,006
================================================================================

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
Funded status(a)                                        $  4,545       $ 14,583
Unrecognized prior service cost                            1,165          1,373
Unrecognized net actuarial loss (gain)                     8,356         (3,541)
--------------------------------------------------------------------------------
Net asset recognized                                    $ 14,066       $ 12,415
================================================================================
Amounts recorded in the Statement
   of Financial Position:
      Prepaid pension asset                             $ 15,611       $ 13,740
      Supplementary Pension Plan
         liability                                        (1,545)        (1,325)
--------------------------------------------------------------------------------
Net asset recognized                                    $ 14,066       $ 12,415
================================================================================


(a) Fair value of assets less PBO, as shown in the preceding tables.

December 31                                 2002            2001            2000
--------------------------------------------------------------------------------
Discount rate                              6 3/4%           7 1/4%        7 1/2%
Compensation increases                     5                5             5
Expected return on assets                  8 1/2            9 1/2         9 1/2
================================================================================

(In millions)                                    2002         2001         2000
--------------------------------------------------------------------------------
GE
Current tax expense                           $ 2,833        $3,632       $3,331
Deferred tax expense from
   temporary differences                        1,004          561          468
--------------------------------------------------------------------------------
                                                3,837        4,193        3,799
--------------------------------------------------------------------------------
GECS
Current tax expense (benefit)                  (1,488)         517        1,229
Deferred tax expense from
         temporary differences                  1,409          863          683
--------------------------------------------------------------------------------
                                                  (79)       1,380        1,912
--------------------------------------------------------------------------------
CONSOLIDATED
Current tax expense                             1,345        4,149        4,560
Deferred tax expense from
   temporary differences                        2,413        1,424        1,151
--------------------------------------------------------------------------------
Total                                         $ 3,758        $5,573       $5,711
================================================================================

                                                       Consolidated                    GE                       GECS
                                                -----------------------     ----------------------     ----------------------
                                                 2002     2001     2000     2002     2001     2000     2002     2001     2000
------------------------------------------------------------------------------------------------------------------------------
Statutory U.S. federal income tax rate           35.0%    35.0%    35.0%    35.0%    35.0%    35.0%    35.0%    35.0%    35.0%%
Increase (reduction) in rate resulting from:
   Inclusion of after-tax earnings of GECS
      in before-tax earnings of GE               --       --       --       (8.5)   (10.7)   (11.0)    --       --       --
   Amortization of goodwill                      --        1.0      1.1     --        0.8      0.7     --        0.9      1.1
   Tax-exempt income                             (1.2)    (1.3)    (1.5)    --       --       --       (5.1)    (3.8)    (4.0)
   Tax on international activities
      including exports                         (10.6)    (5.4)    (4.9)    (5.2)    (3.2)    (3.0)   (22.5)    (6.7)    (5.8)
   Americom/Rollins goodwill                     --       (1.1)    --       --       --       --       --       (3.2)    --
   All other-net                                 (3.3)     0.1      1.3     (1.1)     1.0      1.3     (9.1)    (2.4)     0.6
------------------------------------------------------------------------------------------------------------------------------
                                                (15.1)    (6.7)    (4.0)   (14.8)   (12.1)   (12.0)   (36.7)   (15.2)    (8.1)
------------------------------------------------------------------------------------------------------------------------------
Actual income tax rate                           19.9%    28.3%    31.0%    20.2%    22.9%    23.0%    (1.7)%   19.8%    26.9%
==============================================================================================================================

                                                                         2002                    2001                 2000
                                                               --------------------   ---------------------  -------------------
(In millions; per-share amounts in dollars)                     Diluted       Basic    Diluted        Basic   Diluted     Basic
---------------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED OPERATIONS
Earnings before accounting changes                              $15,133     $15,133    $ 14,128    $ 14,128  $ 12,735  $ 12,735
Dividend equivalents-net of tax                                      13          --          12          --        11        --
---------------------------------------------------------------------------------------------------------------------------------
Earnings before accounting changes
   for per-share calculation                                     15,146      15,133      14,140      14,128    12,746    12,735
Cumulative effect of accounting changes                          (1,015)     (1,015)       (444)       (444)       --        --
---------------------------------------------------------------------------------------------------------------------------------
   Net earnings available for per-share calculation             $14,131    $ 14,118    $ 13,696    $13,684  $12,746    $12,735
=================================================================================================================================
AVERAGE EQUIVALENT SHARES
Shares of GE common stock outstanding                             9,947       9,947       9,932       9,932     9,897     9,897
Employee compensation-related shares,
   including stock options                                           81          --         120          --       160        --
---------------------------------------------------------------------------------------------------------------------------------
Total average equivalent shares                                  10,028       9,947      10,052       9,932    10,057     9,897
---------------------------------------------------------------------------------------------------------------------------------
PER-SHARE AMOUNTS
Earnings before accounting changes                             $   1.51    $   1.52    $   1.41    $   1.42    $ 1.27   $  1.29
Cumulative effect of accounting changes                           (0.10)      (0.10)      (0.04)      (0.04)       --        --
---------------------------------------------------------------------------------------------------------------------------------
Net earnings per share                                         $   1.41    $   1.42    $   1.37    $   1.38    $ 1.27   $  1.29
=================================================================================================================================

                                                             2002                                       2001
                                      --------------------------------------------- ------------------------------------------------
                                                     Gross       Gross                               Gross       Gross
December 31 (In millions)             Amortized unrealized  unrealized    Estimated Amortized   unrealized  unrealized     Estimated
                                           cost      gains      losses   fair value      cost        gains      losses    fair value
------------------------------------------------------------------------------------------------------------------------------------
GE
Debt-U.S. corporate                    $    350    $   --     $   (86)     $    264    $    350    $    99     $   --       $    449
Equity                                       86        10         (28)           68         412         47        (29)           430
------------------------------------------------------------------------------------------------------------------------------------
                                            436        10        (114)          332         762        146        (29)           879
------------------------------------------------------------------------------------------------------------------------------------
GECS
Debt
   U.S. corporate                        55,489     2,416      (1,490)       56,415      47,391        880     (1,626)        46,645
   State and municipal                   12,147       358         (45)       12,460      12,518        180       (136)        12,562
   Mortgage-backed                       12,285       438         (46)       12,677      10,024        210        (57)        10,177
   Asset-backed                           7,081       126         (32)        7,175       6,418        214        (33)         6,599
   Corporate-non-U.S                     13,396       529        (230)       13,695      13,088        232       (277)        13,043
   Government-non-U.S                     8,147       291         (62)        8,376       6,104        183       (124)         6,163
   U.S. government and federal agency     1,678        67         (18)        1,727       1,233         25        (32)         1,226
Equity                                    4,333       165        (493)        4,005       3,926        178       (381)         3,723
------------------------------------------------------------------------------------------------------------------------------------
                                        114,556     4,390      (2,416)      116,530     100,702      2,102     (2,666)       100,138
------------------------------------------------------------------------------------------------------------------------------------
Total consolidated                     $114,992    $4,400     $(2,530)     $116,862    $101,464    $ 2,248    $(2,695)      $101,017
====================================================================================================================================

                                                    Amortized          Estimated
(In millions)                                            cost         fair value
--------------------------------------------------------------------------------
Due in
   2003                                               $ 7,795            $ 7,833
   2004-2007                                           19,648             19,947
   2008-2012                                           23,260             23,821
   2013 and later                                      40,154             41,072
================================================================================

(In millions)                                    2002         2001         2000
--------------------------------------------------------------------------------
GE
Gains                                         $    --        $ 236        $   8
Losses, including
   impairments                                    (76)        (100)         (76)
--------------------------------------------------------------------------------
   Net                                            (76)         136          (68)
--------------------------------------------------------------------------------
GECS
Gains(a)                                        1,578        1,800        3,581
Losses, including
   impairments                                 (1,277)        (838)        (714)
--------------------------------------------------------------------------------
   Net                                            301          962        2,867
--------------------------------------------------------------------------------
Total                                         $   225        $1,098       $2,799
================================================================================


(a)  Includes $1,366 million, in 2000, from the sale of GECS investment in
     common stock of Paine Webber Group, Inc.

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
Aircraft Engines                                        $  1,841       $  1,976
Consumer Products                                            734            605
Industrial Products and Systems                            1,206            876
Materials                                                  1,242          1,008
NBC                                                          891            335
Power Systems                                              3,754          3,587
Technical Products and Services                            1,411          1,341
Corporate items and eliminations                             347            439
--------------------------------------------------------------------------------
                                                          11,426         10,167
Less allowance for losses                                   (453)          (362)
--------------------------------------------------------------------------------
                                                        $ 10,973       $  9,805
================================================================================

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
GE
Raw materials and work in process                       $  4,894       $  4,708
Finished goods                                             4,379          3,951
Unbilled shipments                                           372            312
--------------------------------------------------------------------------------
                                                           9,645          8,971
Less revaluation to LIFO                                    (606)          (676)
--------------------------------------------------------------------------------
                                                           9,039          8,295
--------------------------------------------------------------------------------
GECS
Finished goods                                               208            270
--------------------------------------------------------------------------------
                                                        $  9,247       $  8,565
================================================================================

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
COMMERCIAL FINANCE
Equipment                                               $ 61,961       $ 54,842
Commercial and industrial                                 36,512         35,239
Real estate                                               21,041         20,891
Commercial aircraft                                       11,397          9,081
--------------------------------------------------------------------------------
                                                         130,911        120,053
--------------------------------------------------------------------------------
CONSUMER FINANCE
Non U.S. installment, revolving
         credit and other                                 23,655         18,371
Non U.S.-Auto                                             15,113         11,938
U.S.-installment, revolving
         credit and other                                 14,312         11,465
Non U.S. residential                                       9,731          5,820
Other                                                      3,225          2,470
--------------------------------------------------------------------------------
                                                          66,036         50,064
--------------------------------------------------------------------------------
Other, principally Equipment
         Management                                        8,482          8,824
                                                         205,429        178,941
--------------------------------------------------------------------------------
Less allowance for losses (note 13)                       (5,512)        (4,801)
--------------------------------------------------------------------------------
                                                         $199,917      $174,140
================================================================================

                                                         Total financing leases   Direct financing leases          Leveraged leases
                                                         ----------------------   -----------------------     ---------------------
December 31 (In millions)                                     2002         2001         2002         2001         2002         2001
-----------------------------------------------------------------------------------------------------------------------------------
Total minimum lease payments receivable                   $ 90,452     $ 86,689     $ 58,591     $ 57,243     $ 31,861     $ 29,446
Less principal and interest on third-party
    nonrecourse debt                                       (24,249)     (22,588)          --           --      (24,249)     (22,588)
-----------------------------------------------------------------------------------------------------------------------------------
       Net rentals receivable                               66,203       64,101       58,591       57,243        7,612        6,858
Estimated unguaranteed residual value
    of leased assets                                        10,067        8,996        6,292        5,544        3,775        3,452
Less deferred income                                       (14,150)     (13,953)     (10,201)     (10,378)      (3,949)      (3,575)
-----------------------------------------------------------------------------------------------------------------------------------
Investment in financing leases                              62,120       59,144       54,682       52,409        7,438        6,735
Less amounts to arrive at net investment
       Allowance for losses                                   (873)        (757)        (771)        (684)        (102)         (73)
       Deferred taxes                                       (9,763)      (9,168)      (5,559)      (4,643)      (4,204)      (4,525)
-----------------------------------------------------------------------------------------------------------------------------------
Net investment in financing leases                        $ 51,484     $ 49,219     $ 48,352     $ 47,082     $  3,132     $  2,137
===================================================================================================================================

                                                Total time sales    Net rentals
(In millions)                                          and loans(a)  receivable(a)
--------------------------------------------------------------------------------
Due in
    2003                                                $ 47,887       $ 16,705
    2004                                                  25,120         14,479
    2005                                                  21,225         10,314
    2006                                                  11,686          6,741
    2007                                                   9,308          3,888
   2008 and later                                         28,083         14,076
--------------------------------------------------------------------------------
Total                                                   $143,309        $66,203
================================================================================


(a)  Experience has shown that a substantial portion of receivables will be paid
     prior to contractual maturity, and these amounts should not be regarded as
     forecasts of future cash flows.

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
Loans requiring allowance for losses                    $  1,140       $  1,041
Loans expected to be fully recoverable                       845            574
--------------------------------------------------------------------------------
                                                        $  1,985       $  1,615
================================================================================
Allowance for losses                                    $    397       $    422
Average investment during year                             1,747          1,121
Interest income earned while impaired(a)                      16             17
================================================================================

(a)  Recognized principally on cash basis.

(In millions)                                    2002         2001         2000
--------------------------------------------------------------------------------
BALANCE AT JANUARY 1
Commercial Finance                            $ 2,513        $1,682       $1,435
Consumer Finance                                2,173        2,149        2,025
Other                                             115          203          248
--------------------------------------------------------------------------------
                                                4,801        4,034        3,708
--------------------------------------------------------------------------------
PROVISION CHARGED
   TO OPERATIONS
Commercial Finance                              1,092          756          453
Consumer Finance                                1,950        1,646        1,471
Other                                              45           79          121
--------------------------------------------------------------------------------
                                                3,087        2,481        2,045
--------------------------------------------------------------------------------
OTHER ADDITIONS-
  PRINCIPALLY ACQUISITIONS                        704          564           22
--------------------------------------------------------------------------------
NET WRITE-OFFS
Commercial Finance                             (1,152)        (485)        (369)
Consumer Finance                               (1,849)       (1,659)      (1,245)
Other                                             (79)        (134)        (127)
--------------------------------------------------------------------------------
                                               (3,080)       (2,278)      (1,741)
--------------------------------------------------------------------------------
BALANCE AT DECEMBER 31
Commercial Finance                              2,634        2,513        1,682
Consumer Finance                                2,782        2,173        2,149
Other                                              96          115          203
--------------------------------------------------------------------------------
Balance at December 31                        $ 5,512        $4,801       $4,034
================================================================================

December 31                                                 2002           2001
--------------------------------------------------------------------------------
ALLOWANCE FOR LOSSES ON FINANCING
   RECEIVABLES AS A PERCENTAGE
   OF TOTAL FINANCING RECEIVABLES
   Commercial Finance                                       2.01%          2.09%
   Consumer Finance                                         4.21           4.34
   Total                                                    2.68           2.68
================================================================================
NONEARNING AND REDUCED EARNING
   FINANCING RECEIVABLES AS A
   PERCENTAGE OF TOTAL FINANCING
   RECEIVABLES
   Commercial Finance                                        1.7%           1.7%
   Consumer Finance                                          2.4            2.7
   Total                                                     1.9            2.0
================================================================================

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
Reinsurance recoverables                                $ 13,551       $ 12,606
Commercial mortgage loans                                  5,358          4,634
Premiums receivable                                        5,314          5,113
Residential mortgage loans                                 1,919          1,364
Corporate and individual loans                             1,801          1,244
Policy loans                                               1,539          1,290
Funds on deposit with reinsurers                             830            749
Other                                                      1,552          1,602
Allowance for losses                                        (279)          (290)
--------------------------------------------------------------------------------
Total                                                   $ 31,585       $ 28,312
================================================================================

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
ORIGINAL COST
   GE
   Land and improvements                                $    623       $    577
   Buildings, structures and related
      equipment                                            8,398          7,281
   Machinery and equipment                                22,264         21,414
   Leasehold costs and manufacturing
      plant under construction                             1,964          1,960
--------------------------------------------------------------------------------
                                                          33,249         31,232
--------------------------------------------------------------------------------
   GECS(a)
   Buildings and equipment                                 4,731          3,600
   Equipment leased to others
      Aircraft                                            20,053         16,173
      Vehicles                                            10,859         10,779
      Railroad rolling stock                               3,376          3,439
      Marine shipping containers                           1,611          1,618
      Mobile and modular structures                        1,383          1,325
      Information technology equipment                     1,033          1,321
      Construction and manufacturing
      equipment                                            1,239            799
      Scientific, medical and other
         equipment                                         2,058          1,001
--------------------------------------------------------------------------------
                                                          46,343         40,055
--------------------------------------------------------------------------------
                                                        $ 79,592       $ 71,287
================================================================================
Accumulated depreciation
   and amortization
   GE                                                   $ 19,506       $ 18,433
   GECS
      Buildings and equipment                              1,838          1,579
      Equipment leased to others                          11,044          9,135
--------------------------------------------------------------------------------
                                                        $ 32,388       $ 29,147
================================================================================


(a)  Includes $1.4 billion and $0.2 billion of assets leased to GE as of
     December 31, 2002 and 2001, respectively.

(In millions)


--------------------------------------------------------------------------------
Due in
   2003                                                                   $4,553
   2004                                                                    3,716
   2005                                                                    2,802
   2006                                                                    2,074
   2007                                                                    1,549
   After 2007                                                              5,030
--------------------------------------------------------------------------------
Total                                                                    $19,724
================================================================================

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
GE
Goodwill                                                 $20,044       $ 12,354
Capitalized software                                       1,559          1,435
Other intangibles                                          1,446            578
--------------------------------------------------------------------------------
                                                          23,049         14,367
--------------------------------------------------------------------------------
GECS
Goodwill                                                  19,094         15,933
Present value of future profits (PVFP)                     2,457          2,198
Capitalized software                                         894            901
Other intangibles                                            686          1,725
--------------------------------------------------------------------------------
                                                          23,131         20,757
--------------------------------------------------------------------------------
Total                                                   $ 46,180       $ 35,124
================================================================================


GE intangible assets are net of accumulated amortization of $5,203 million in
2002 and $4,772 million in 2001. GECS intangible assets are net of accumulated
amortization of $10,603 million in 2002 and $9,963 million in 2001.

December 31 (In millions)              2002                        2001
                             ----------------------       ---------------------
                                Gross                        Gross
                             carrying   Accumulated       carrying  Accumulated
                               amount  amortization         amount amortization
-------------------------------------------------------------------------------
Present value of
    future profits (PVFP)      $5,261      $(2,804)         $4,744      $(2,546)
Capitalized software            4,269       (1,816)          3,660       (1,324)
Servicing assets(a)             3,582       (3,240)          3,768       (2,629)
Patents, licenses
    and other                   2,250         (675)          1,344         (550)
All other                         556         (341)            708         (338)
-------------------------------------------------------------------------------
Total                         $15,918      $(8,876)        $14,224      $(7,387)
===============================================================================


(a)  Servicing assets, net of accumulated amortization, are associated primarily
     with serviced residential mortgage loans amounting to $33 billion and $59
     billion at December 31, 2002 and 2001, respectively.

                   2003          2004          2005          2006          2007
--------------------------------------------------------------------------------
                   11.2%          9.7%          8.7%          7.6%          6.7%
================================================================================

                                             Consolidated                   GE                      GECS
                                   -------------------------   ---------------------------   ------------------------
(In millions; per-share amounts
in dollars)                           2002      2001    2000      2002      2001      2000     2002     2001     2000
---------------------------------------------------------------------------------------------------------------------
Net earnings, as reported          $14,118   $13,684 $12,735   $14,118   $13,684   $12,735   $3,611   $5,417   $5,192
Net earnings, excluding goodwill
   amortization                    $14,118   $14,735 $13,794   $14,118   $14,735   $13,794   $3,611   $5,969   $5,812
=====================================================================================================================


                                              Diluted                        Basic
                                     -----------------------     -------------------------
                                      2002      2001    2000      2002      2001      2000
------------------------------------------------------------------------------------------
Earnings per share, as reported      $1.41     $1.37   $1.27     $1.42     $1.38     $1.29
Earnings per share, excluding
   goodwill amortization             $1.41     $1.47   $1.37     $1.42     $1.48     $1.39
==========================================================================================

                                                            2002
------------------------------------------------------------------------------------------
                                                                     Foreign
                                  Balance Transition                exchange      Balance
(In millions)                   January 1 impairment    Acquired   and other  December 31
------------------------------------------------------------------------------------------
Aircraft Engines                  $ 1,916     $  --      $   345       $  25       $2,286
Commercial Finance                  6,235        --        1,684          68        7,987
Consumer Finance                    3,826        --        1,286         450        5,562
Consumer Products                     393        --           --           3          396
Equipment Management                1,160        --           31          51        1,242
Industrial Products and Systems     1,198        --        1,712          18        2,928
Insurance                           3,372        --          542         262        4,176
Materials                           1,923        --        1,575           2        3,500
NBC                                 2,568        --        2,373        --          4,941
Power Systems                       1,948        --          942         205        3,095
Technical Products and Services     2,408        --          430          60        2,898
All Other GECS                      1,340      (1,204)      --            (9)         127
------------------------------------------------------------------------------------------
Total                             $28,287     $(1,204)   $10,920      $1,135      $39,138
==========================================================================================

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
GE
Investments
   Associated companies(a)                              $  3,640       $  2,539
   Other                                                   1,016          1,336
--------------------------------------------------------------------------------
                                                           4,656          3,875
Prepaid pension asset                                     15,611         13,740
Contract costs and estimated earnings                      3,466          2,561
Prepaid broadcasting rights                                1,053          1,108
Long-term receivables, including notes                     1,824            909
Derivative instruments(b)                                    364            254
Other                                                      3,193          2,753
--------------------------------------------------------------------------------
                                                          30,167         25,200
--------------------------------------------------------------------------------
GECS
Investments
   Associated companies(a)                                11,635         14,415
   Real estate(c)                                         14,395          8,141
   Assets held for sale                                    2,998            730
   Other                                                   5,164          5,222
                                                          34,192         28,508
Separate accounts                                          14,978        10,403
Deferred insurance acquisition costs                       8,086          6,768
Derivative instruments(b)                                  2,071          2,066
Other                                                      4,755          4,200
--------------------------------------------------------------------------------
                                                          64,082         51,945
--------------------------------------------------------------------------------
ELIMINATIONS                                              (1,035)          (548)
--------------------------------------------------------------------------------
                                                        $ 93,214       $ 76,597
================================================================================


(a)  Includes advances to associated companies which are non-controlled,
     non-consolidated equity investments.

(b)  Amounts are stated at fair value in accordance with SFAS 133. We discuss
     types of derivative instruments and how we use them in note 28.

(c)  GECS investment in real estate consists principally of two categories: real
     estate held for investment and equity method investments. Both categories
     contain a wide range of properties including the following at December 31,
     2002: offices (25%), self storage facilities (17%), apartment buildings
     (15%), retail facilities (12%), franchise properties (8%), industrial
     properties (8%), parking facilities (6%) and other (9%). At December 31,
     2002, investments were located in North America (71%), Europe (19%) and
     Asia (10%).

                                          2002                     2001
                             -------------------------   -----------------------
                                            Average                   Average
December 31 (In millions)        Amount        rate(a)   Amount          rate(a)
--------------------------------------------------------------------------------
GE
Commercial paper
   U.S                       $   6,568         1.69%   $     --           --%
   Non-U.S.                        296         2.89         266          3.87
Payable to banks,
   principally non-U.S             660         4.88       1,160          5.58
Current portion of
   long-term debt                   57         9.61          80          6.46
Other                            1,205                      216
--------------------------------------------------------------------------------
                                 8,786                    1,722
--------------------------------------------------------------------------------
GECS
Commercial paper
   U.S                          66,629         1.51     100,170          2.21
   Non-U.S                      17,611         3.41      17,289          3.36
Current portion of
   long-term debt               35,617         4.19      30,952          5.08
Other                           10,280                   12,590
--------------------------------------------------------------------------------
                               130,137                  161,001
--------------------------------------------------------------------------------
Foreign currency
   loss(b)                         (11)                    (157)
--------------------------------------------------------------------------------
                               130,126                  160,844
--------------------------------------------------------------------------------
ELIMINATIONS                      (137)                  (9,490)
--------------------------------------------------------------------------------
                              $138,775                 $153,076
================================================================================

                                  2002
                               Average
December 31 (In millions)         rate(a)    Maturities      2002      2001
---------------------------------------------------------------------------
GE
Industrial development/
   pollution control bonds        1.84%       2004-2027  $    346   $   336
Payable to banks,
   principally non-U.S.           6.44        2004-2007       246       241
Other(c)                                                      378       210

---------------------------------------------------------------------------
                                                              970       787
---------------------------------------------------------------------------
GECS
Senior notes                      3.79        2004-2055   126,947    78,347
Extendible notes                  1.46             2007    12,000        --
Subordinated notes(d)             7.53        2004-2035     1,263     1,171
---------------------------------------------------------------------------
                                                          140,210    79,518
---------------------------------------------------------------------------
Foreign currency
   gain (loss)(b)                                             626      (427)
---------------------------------------------------------------------------
                                                          140,836    79,091
---------------------------------------------------------------------------
ELIMINATIONS                                               (1,174)      (72)
---------------------------------------------------------------------------
                                                         $140,632   $79,806
===========================================================================


(a)  Based on year-end balances and year-end local currency interest rates,
     including the effects of interest rate and currency swaps, if any, directly
     associated with the original debt issuance.

(b)  Total GECS borrowings exclude the foreign exchange effects of related
     currency swaps in accordance with the provisions of SFAS 133.

(c)  A variety of obligations having various interest rates and maturities,
     including certain borrowings by parent operating components and affiliates.

(d)  At year-end 2002 and 2001, $996 million of subordinated notes were
     guaranteed by GE.

(In millions)                      2003     2004         2005     2006      2007
--------------------------------------------------------------------------------
GE                              $    57   $   351     $    30   $  132   $    41
GECS                             35,606    46,855(a)   21,723    9,840    14,244
================================================================================


(a)  Extendible notes amounting to $12 billion are floating rate securities with
     an initial maturity of 13 months, which can be extended on a rolling basis
     at the investor's option to a final maturity of five years ending in 2007.

                                            2002
                                  -----------------------
                                                  Average                   2001
December 31 (In millions)           Amount           rate                 Amount
--------------------------------------------------------------------------------
Short-term(a)                     $ 60,151           2.12%              $101,101
================================================================================
Long-term (including
   current portion)
   Fixed rate(b)                  $121,147           5.29%              $105,387
   Floating rate                    89,049           2.30                 34,031
--------------------------------------------------------------------------------
Total long-term                   $210,196                              $139,418
================================================================================


(a)  Includes commercial paper and other short-term debt.

(b)  Includes fixed-rate borrowings and $34.4 billion ($28.9 billion in 2001)
     notional long-term interest rate swaps that effectively convert the
     floating-rate nature of short-term borrowings to fixed rates of interest.

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
Investment contracts and
   universal life benefits                              $ 44,677       $ 39,052
Life insurance benefits(a)                                38,191         31,198
Unpaid claims and claims
   adjustment expenses(b)                                 30,571         27,233
Unearned premiums                                          7,436          6,337
Separate accounts (see note 17)                           14,978         10,403
--------------------------------------------------------------------------------
                                                        $135,853       $114,223
================================================================================


(a)  Life insurance benefits are accounted for mainly by a net-level-premium
     method using estimated yields generally ranging from 1.5% to 8.5% in 2002
     and 2% to 9% in 2001.

(b)  Principally property and casualty reserves amounting to $26.1 billion and
     $23.4 billion at December 31, 2002 and 2001, respectively. Includes amounts
     for both reported and incurred-but-not-reported claims, reduced by
     anticipated salvage and subrogation recoveries. Estimates of liabilities
     are reviewed and updated continually, with changes in estimated losses
     reflected in operations.

(In millions)                                    2002         2001         2000
--------------------------------------------------------------------------------
Balance at January 1-gross                   $ 27,233     $ 22,886     $ 21,473
Less reinsurance
   recoverables                                (9,400)      (5,477)      (4,832)
Balance at January 1-net                       17,833       17,409       16,641
Claims and expenses incurred
   Current year                                 9,505        9,199        9,718
   Prior years                                  3,188          682          607
Claims and expenses paid
   Current year                                (3,173)      (3,021)      (3,704)
   Prior years                                 (6,918)      (6,694)      (6,572)
Claims reserves related to
   acquired companies                              81         --            488
Other                                             409          258          231
--------------------------------------------------------------------------------
Balance at December 31-net                     20,925       17,833       17,409
Add reinsurance recoverables                    9,646        9,400        5,477
--------------------------------------------------------------------------------
Balance at December 31-
   gross                                     $ 30,571     $ 27,233     $ 22,886
================================================================================

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
Guarantees, principally on municipal
  bonds and asset-backed securities                     $226,559       $215,874
Mortgage insurance risk in force                         101,530         79,892
Credit life insurance risk in force                       23,283         24,323
Less reinsurance                                         (38,883)       (41,148)
--------------------------------------------------------------------------------
                                                        $312,489       $278,941
================================================================================

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
ASSETS
GE                                                      $  6,817       $  6,416
GECS                                                       7,584          8,585
--------------------------------------------------------------------------------
                                                          14,401         15,001
--------------------------------------------------------------------------------
LIABILITIES
GE                                                         8,744          7,429
GECS                                                      18,174         16,702
--------------------------------------------------------------------------------
                                                          26,918         24,131
--------------------------------------------------------------------------------
NET DEFERRED INCOME TAX LIABILITY                        $12,517         $9,130
================================================================================

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
GE
Provisions for expenses(a)                              $ (4,693)      $ (4,432)
Retiree insurance plans                                   (1,043)          (953)
Prepaid pension asset                                      5,464          4,809
Depreciation                                               1,536            932
Other-net                                                    663            657
--------------------------------------------------------------------------------
                                                           1,927          1,013
--------------------------------------------------------------------------------
GECS
Financing leases                                           9,763          9,168
Operating leases                                           3,627          3,399
Deferred insurance acquisition costs                       1,494          1,360
Allowance for losses                                      (1,569)        (2,139)
Derivatives qualifying as hedges                          (1,252)          (480)
Insurance reserves                                        (1,218)        (1,397)
AMT credit carryforward                                     (597)          (695)
Other-net                                                    342         (1,099)
--------------------------------------------------------------------------------
                                                          10,590          8,117
--------------------------------------------------------------------------------
NET DEFERRED INCOME TAX LIABILITY                       $ 12,517       $  9,130
================================================================================


(a)  Represents the tax effects of temporary differences related to expense
     accruals for a wide variety of items, such as employee compensation and
     benefits, interest on tax liabilities, product warranties and other sundry
     items that are not currently deductible.

December 31 (In millions)                                   2002           2001
--------------------------------------------------------------------------------
GE Capital                                              $  2,600       $  2,600
GE Capital affiliates                                      1,588          1,446
================================================================================

(In millions)                                    2002         2001         2000
--------------------------------------------------------------------------------
COMMON STOCK ISSUED                           $   669        $ 669        $ 669
================================================================================
ACCUMULATED NONOWNER
   CHANGES OTHER
   THAN EARNINGS
Balance at January 1                          $(4,323)     $(2,500)       $(744)
Cumulative effect of adopting
   SFAS 133-net of
   deferred taxes of $(513)                      --           (827)        --
Investment securities-net
   of deferred taxes of $805,
   $111 and $686(a)                             1,555          203        1,363
Currency translation
   adjustments-net of deferred
   taxes of $20, $48 and $(312)                 1,000         (562)      (1,204)
Derivatives qualifying as
   hedges-net of deferred
   taxes of $(822) and $(505)                  (2,070)        (690)        --
Reclassification adjustments-
   Investment securities-net
   of deferred taxes of $(135),
   $(274) and $(1,031)                           (252)        (509)      (1,915)
   Derivatives qualifying as
   hedges-net of deferred
   taxes of $207 and $397                         913          562         --
--------------------------------------------------------------------------------
Balance at December 31                        $(3,177)     $(4,323)     $(2,500)
================================================================================
OTHER CAPITAL
Balance at January 1                          $16,693      $15,195      $10,790
Gains on treasury stock
   dispositions(b)                                595        1,498        4,480
Adjustment for stock split                       --           --            (75)
--------------------------------------------------------------------------------
Balance at December 31                        $17,288      $16,693      $15,195
================================================================================
RETAINED EARNINGS
Balance at January 1                          $68,701      $61,572      $54,484
Net earnings                                   14,118       13,684       12,735
Dividends(b)                                   (7,266)     (6,555)      (5,647)
--------------------------------------------------------------------------------
Balance at December 31                        $75,553      $68,701      $61,572
================================================================================
COMMON STOCK HELD
   IN TREASURY
Balance at January 1                          $26,916      $24,444      $22,567
Purchases(b)                                    2,851        4,708        5,342
Dispositions(b)                                (3,140)     (2,236)      (3,465)
--------------------------------------------------------------------------------
Balance at December 31                        $26,627      $26,916      $24,444
================================================================================


(a)  For 2002, this category includes $(75) million, net of deferred taxes of
     $(42) million, for minimum pension liability on certain pension plans other
     than the principal plans.

(b)  Total dividends and other transactions with share owners reduced equity by
     $6,382 million, $7,529 million and $3,044 million in 2002, 2001 and 2000,
     respectively.

December 31 (In thousands)                    2002            2001         2000
--------------------------------------------------------------------------------
Issued                                   11,145,212     11,145,212   11,145,212
In treasury                              (1,175,318)    (1,219,274)  (1,213,206)
--------------------------------------------------------------------------------
Outstanding                               9,969,894      9,925,938    9,932,006
================================================================================

                                         Shares            Average per share
                                        subject         Exercise         Market
(Shares in thousands)                 to option            price          price
-------------------------------------------------------------------------------
Balance at
   December 31, 1999                    341,374         $   16.01     $   51.58
   Options granted                       46,278             47.84         47.84
   Options exercised                    (44,758)             8.82         53.00
   Options terminated                    (9,715)            28.47         --
-------------------------------------------------------------------------------
Balance at
    December 31, 2000                   333,179             21.03         47.94
    Options granted                      60,946             41.15         41.15
    Options exercised                   (31,801)            10.04         43.95
    Options terminated                   (7,871)            39.02         --
-------------------------------------------------------------------------------
Balance at
   December 31, 2001                    354,453             25.08         40.08
   Options granted                       46,928             27.37         27.30
   Options exercised                    (29,146)             9.45         31.86
   Options terminated                   (10,177)            38.14         --
-------------------------------------------------------------------------------
Balance at
   December 31, 2002                    362,058         $   26.26     $   24.35
===============================================================================

                                                        Weighted     Securities
                                      Securities         average  available for
December 31                         to be issued        exercise         future
(Shares in thousands)              upon exercise           price       issuance
-------------------------------------------------------------------------------
APPROVED BY SHARE
   OWNERS
Options                                  360,864       $   26.27            (a)
RSUs                                      28,488           (b)              (a)
NOT APPROVED BY SHARE
   OWNERS
Options                                    1,194           24.35            (c)
RSUs                                       3,761           (b)              (c)
--------------------------------------------------------------------------------
Total(d)                                 394,307       $   26.26        130,803
================================================================================


(a)  Under the 1990 Long-Term Incentive Plan, 0.95% of GE issued common stock
     (including treasury shares) as of the first day of each calendar year
     during which the plan is in effect becomes available for awards in that
     calendar year. Total shares available for future issuance under the 1990
     Long-Term Incentive Plan amounted to 105.9 million shares.

(b)  Not applicable.

(c)  Total shares available for future issuance under the consultants' plan
     amounted to 24.9 million shares.

(d)  In connection with various acquisitions, there are an additional 2.0
     million options outstanding, with a weighted average exercise price of
     $21.38.

(Shares in thousands)                 Outstanding         Exercisable
--------------------------------------------------------------------------------
                                               Average                 Average
                                  Average     exercise                exercise
Exercise price range    Shares       life(a)     price    Shares         price
-------------------------------------------------------------------------------
$6.39 - 8.51            61,926        1.1    $    8.15    61,926      $    8.15
 8.58 -14.73            70,357        3.0        11.70    70,352          11.70
 15.83-27.05            88,577        7.4        25.58    38,240          23.77
 27.20-41.35            63,136        7.3        36.89    24,876          37.55
 42.33-57.31            78,062        8.0        45.95    18,980          44.76
-------------------------------------------------------------------------------
Total                  362,058        5.6    $   26.26   214,374      $   18.75
===============================================================================


At year-end 2001, options with an average exercise price of $14.73 were
exercisable on 209 million shares; at year-end 2000, options with an average
exercise price of $11.35 were exercisable on 205 million shares.

(a)  Average contractual life remaining in years.

(In dollars)                                     2002         2001         2000
--------------------------------------------------------------------------------
Fair value per option(b)                      $  7.73        $12.15       $15.76
Valuation assumptions
  Expected option term (yrs)                      6.0          6.0          6.4
  Expected volatility                            33.7%        30.5%        27.1%
  Expected dividend yield                         2.7%         1.6%         1.2%
  Risk-free interest rate                         3.5%         4.9%         6.4%
================================================================================


(a) Weighted averages of option grants during each period.

(b) Estimated using Black-Scholes option pricing model.

For the years ended December 31 (In millions)                                             2002         2001         2000
------------------------------------------------------------------------------------------------------------------------
GE
     Purchases and sales of GE shares for treasury
     Open market purchases under share repurchase program                            $  (1,981)   $  (3,137)   $  (2,226)
     Other purchases                                                                      (870)      (1,571)      (3,116)
     Dispositions (mainly to employee and dividend reinvestment plans)                   1,866        2,273        5,811
------------------------------------------------------------------------------------------------------------------------
                                                                                     $    (985)   $  (2,435)   $     469
========================================================================================================================
GECS
     Financing receivables
     Increase in loans to customers                                                  $(209,431)   $(139,793)   $(100,938)
     Principal collections from customers--loans                                       185,329      120,334       87,432
     Investment in equipment for financing leases                                      (20,588)     (21,280)     (15,454)
     Principal collections from customers--financing leases                             16,202       12,311        7,873
     Net change in credit card receivables                                             (19,108)     (14,815)      (9,394)
     Sales of financing receivables                                                     29,651       29,291       14,405
------------------------------------------------------------------------------------------------------------------------
                                                                                     $ (17,945)   $ (13,952)   $ (16,076)
========================================================================================================================
     All other investing activities
     Purchases of securities by insurance and annuity businesses                     $ (64,721)   $ (53,452)   $ (35,911)
     Dispositions and maturities of securities by insurance and annuity businesses      54,423       45,403       25,960
     Proceeds from principal business dispositions                                        --          2,572         (605)
     Other                                                                              (4,915)      (2,274)      (1,617)
------------------------------------------------------------------------------------------------------------------------
                                                                                      $(15,213)     $(7,751)    $(12,173)
========================================================================================================================
     Newly issued debt having maturities longer than 90 days
     Short-term (91 to 365 days)                                                     $   1,796    $  12,622    $  12,782
     Long-term (longer than one year)                                                   93,026       16,118       32,297
     Proceeds--nonrecourse, leveraged lease debt                                         1,222        2,012        1,808
------------------------------------------------------------------------------------------------------------------------
                                                                                     $  96,044    $  30,752    $  46,887
========================================================================================================================
     Repayments and other reductions of debt having maturities
        longer than 90 days
     Short-term (91 to 365 days)                                                     $ (32,950)   $ (29,195)   $ (27,777)
     Long-term (longer than one year)                                                   (5,936)      (6,582)      (3,953)
     Principal payments--nonrecourse, leveraged lease debt                                (339)        (274)        (177)
------------------------------------------------------------------------------------------------------------------------
                                                                                     $ (39,225)   $ (36,051)   $ (31,907)
========================================================================================================================
     All other financing activities
     Proceeds from sales of investment contracts                                     $   7,894    $   9,080    $   8,826
     Redemption of investment contracts                                                 (6,834)      (7,033)      (9,061)
     Capital contributions from GE                                                       6,300        3,043         --
     Cash received upon assumption of insurance liabilities                              2,813         --         13,177
------------------------------------------------------------------------------------------------------------------------
                                                                                     $  10,173    $   5,090    $  12,942
-=======================================================================================================================

REVENUES
                                  Total revenues           Intersegment revenues          External revenues
                          ---------------------------    -----------------------   ---------------------------
For the years ended December 31
(In millions)                2002      2001      2000      2002     2001    2000      2002      2001      2000
--------------------------------------------------------------------------------------------------------------
Aircraft Engines          $11,141   $11,389   $10,779    $1,018   $1,282    $687   $10,123   $10,107   $10,092
Commercial Finance         16,040    13,880    11,982        55       37      77    15,985    13,843    11,905
Consumer Finance           10,266     9,508     9,320        12       12       4    10,254     9,496     9,316
Consumer Products           8,456     8,435     8,717        89       89     103     8,367     8,346     8,614
Equipment Management        4,254     4,401     4,969        83       90      24     4,171     4,311     4,945
Industrial Products
   and Systems              9,755     9,097     8,891       879      838     627     8,876     8,259     8,264
Insurance                  23,296    23,890    24,766         2       13       2    23,294    23,877    24,764
Materials                   7,651     7,069     8,020        25       21      46     7,626     7,048     7,974
NBC                         7,149     5,769     6,797         -       -       -      7,149     5,769     6,797
Power Systems              22,926    20,211    14,861       192      152     144    22,734    20,059    14,717
Technical Products
   and Services             9,266     9,011     7,915        18       21      19     9,248     8,990     7,896
All Other GECS              4,331     6,674    15,140      (152)    (152)   (107)    4,483     6,826    15,247
Corporate items and
   eliminations            (2,833)   (3,421)   (2,304)   (2,221)  (2,403) (1,626)     (612)   (1,018)     (678)
--------------------------------------------------------------------------------------------------------------
Consolidated Revenues    $131,698  $125,913  $129,853  $    --   $   --   $   --  $131,698  $125,913  $129,853
==============================================================================================================

Revenues of GE businesses include income from sales of goods and services to
customers and other income. Sales from one company component to another
generally are priced at equivalent commercial selling prices.

                                                                  Property, plant and equipment
                                                                 additions (including equipment
                                        Assets                         leased to others)(a)      Depreciation and amortization
                                     At December 31              For the years ended December 31  For the years ended December 31
                          ----------------------------------     ------------------------------  --------------------------------
(In millions)                2002          2001         2000        2002       2001       2000       2002       2001     2000
-----------------------------------------------------------------------------------------------------------------------------
Aircraft Engines          $10,326        $9,972      $10,006        $304       $402       $416       $310       $313     $286
Commercial Finance        195,766       171,255      123,662       7,452      8,829      5,720      2,040      1,452    1,160
Consumer Finance           76,965        62,978       57,018         221        195        184        232        178      289
Consumer Products           5,165         5,366        4,963         266        390        351        364        332      304
Equipment Management       26,117        25,410       23,531       1,902      4,282      4,800      1,391      1,473    1,394
Industrial Products
   and Systems              8,993         6,545        5,647         405        238        357        323        245      228
Insurance                 182,297       155,500      144,716          71         37        103        432        502    1,208
Materials                  13,414        10,517       10,065         927        814        573        658        557      507
NBC                        10,401         5,572        5,136         252         64         99        109         94       77
Power Systems              15,835        13,237       11,759         731        774        657        505        328      265
Technical Products
   and Services             7,575         6,984        6,229         170        213        211        249        210      143
All Other GECS              8,683        10,341       21,709       1,358        401        627        223        392      579
Corporate items and
   eliminations(b)         13,707        11,346       12,565         110         94         55        158      1,375    1,452
-----------------------------------------------------------------------------------------------------------------------------
Consolidated totals      $575,244      $495,023     $437,006     $14,169    $16,733    $14,153     $6,994     $7,451   $7,892
=============================================================================================================================


(a)  Additions to property, plant and equipment include amounts relating to
     principal businesses purchased.

(b)  Depreciation and amortization includes $1,252 million and $1,346 million of
     goodwill amortization in 2001 and 2000, respectively, and $64 million of
     unallocated RCA goodwill amortization in 2001 and 2000 that relates to NBC.

December 31 (In millions)                                  2002            2001
--------------------------------------------------------------------------------
CASH FLOW HEDGES
Ineffectiveness                                            $(24)           $  1
Amounts excluded from the
   measure of effectiveness                                  --              (1)
FAIR VALUE HEDGES
Ineffectiveness                                               3              26
Amounts excluded from the
   measure of effectiveness                                   3             (16)
================================================================================

                                                                Credit rating
                                                           ---------------------
                                                           Moody's           S&P
--------------------------------------------------------------------------------
Term of transaction
   Between one and five years                                  Aa3           AA-
   Greater than five years                                     Aaa           AAA
Credit exposure limits
   Up to $50 million                                           Aa3           AA-
   Up to $75 million                                           Aaa           AAA
================================================================================

                                                                 2002                                      2001
                                              -------------------------------------------  ----------------------------------------
                                                         Assets (liabilities)                        Assets (liabilities)
                                                         --------------------------------            ------------------------------
                                                         Carrying                                    Carrying
                                              Notional     amount    Estimated fair value  Notional     amount Estimated fair value
December 31 (In millions)                       amount      (net)        High         Low    amount      (net)      High        Low
-----------------------------------------------------------------------------------------------------------------------------------
GE(a)
Investments and notes receivable                  $(b)       $567        $567        $567     $ (b)       $570      $568       $568
Borrowings(c)(d)                                   (b)    (9,756)      (9,816)     (9,816)      (b)    (2,509)   (2,509)     (2,509)
GECS(a)
Assets
     Time sales and loans                          (b)    138,695     141,784     138,834       (b)    115,773   117,159    115,135
     Other commercial and residential
         mortgages                                 (b)      8,093       8,504       8,417       (b)      6,505     6,671      6,636
     Other financial instruments                   (b)      6,702       6,772       6,634       (b)      4,742     4,806      4,734
Liabilities
     Borrowings(c)(d)(f)                           (b)   (270,347)   (286,824)   (273,717)      (b)   (240,519) (249,516)  (240,519)
     Investment contract benefits                  (b)    (37,814)    (37,731)    (37,312)      (b)    (32,427)  (32,192)   (31,815)
     Insurance--financial guarantees
         and credit life(e)                    312,489     (3,614)     (3,475)     (3,564)  278,941     (2,941)   (2,983)    (3,091)
     Other financial instruments                   (b)       (369)       (369)       (369)      (b)       (629)     (590)      (590)
Other firm commitments
     Ordinary course of business
         lending commitments                    11,956         --          --          --    10,279         --        --         --
     Unused revolving credit lines
         Commercial                             28,525         --          --          --    27,770         --        --         --
         Consumer--principally credit cards    259,085         --          --          --   222,929         --        --         --
===================================================================================================================================


(a)  As a result of the adoption of FIN 45, guarantees within its scope are
     disclosed within notes 29 and 30.

(b)  These financial instruments do not have notional amounts.

(c)  Includes effects of interest rate and currency swaps.

(d)  See note 18.

(e)  See note 19.

(f)  Estimated fair values in 2001 have been re-evaluated consistent with our
     current methodology.

                                               Fixed      Variable
(In millions)                                   rate          rate         Total
--------------------------------------------------------------------------------
Ordinary course of business
   lending commitments                      $    842      $ 11,114      $ 11,956
Unused revolving credit
   lines
      Commercial                               8,879        19,646        28,525
      Consumer-principally
         credit cards                        136,249       122,836       259,085
================================================================================

December 31 (In millions)                                  2002             2001
--------------------------------------------------------------------------------
Receivables-secured by
  Equipment                                             $12,215          $12,781
  Commercial real estate                                 11,079            9,971
  Other assets                                            7,769            7,761
Credit card receivables                                  10,466            9,470
Trade receivables                                           693            3,028
--------------------------------------------------------------------------------
Total receivables                                       $42,222          $43,011
================================================================================

GE assets included in the categories above at year-end 2001 were as follows:
Equipment-$631 million; Other assets-$757 million; Trade receivables-$2,396
million. In 2002, we transferred the trade receivables program to a non-sponsored
entity and acquired the entire amount classified as equipment receivables
and all but $416 million of other assets.

December 31 (In millions)                                   2002            2001
--------------------------------------------------------------------------------
Credit and liquidity(a)(b)                               $27,247         $43,176
Credit and liquidity-unused(c)                             5,034           9,404
Performance guarantees                                     3,836           3,759
Performance guarantees-unused(c)                             364             441
Guarantee and reimbursement
   contracts                                               2,673           2,456
================================================================================


(a)  Includes credit support of $16.9 billion and $16.8 billion at December 31,
     2002 and 2001, respectively.

(b)  Net of participated liquidity of $11.7 billion and arrangements that defer
     $1.9 billion of liquidity support to 2004.

(c)  Available support conditioned on an increase of qualified assets in SPEs.

December 31 (In millions)                                2002              2001
--------------------------------------------------------------------------------
Retained interests-assets                             $ 2,195           $ 2,183
Servicing assets                                           54               202
Recourse liability                                       (233)             (757)
--------------------------------------------------------------------------------
Total                                                 $ 2,016           $ 1,628
================================================================================

(In millions)                                  2002          2001          2000
--------------------------------------------------------------------------------
Balance at January 1                        $   968         $ 767         $ 719
Current year provisions                         918           841           564
Expenditures(a)                                (694)         (658)         (557)
Other changes(b)                                112            18            41
--------------------------------------------------------------------------------
Balance at December 31                      $ 1,304         $ 968         $ 767
================================================================================
(a) Primarily related to Power Systems.


(b) Primarily related to acquisitions at Power Systems.

(Dollar amounts in millions;                   First quarter     Second quarter     Third quarter    Fourth quarter
per-share amounts in dollars)                2002       2001      2002     2001     2002     2001     2002     2001
-------------------------------------------------------------------------------------------------------------------
CONSOLIDATED OPERATIONS
Earnings before accounting changes        $ 3,518    $ 3,017    $4,426   $3,897   $4,087   $3,281   $3,102   $3,933
Cumulative effect of accounting changes    (1,015)      (444)     --       --       --       --       --       --
-------------------------------------------------------------------------------------------------------------------
Net earnings                                2,503      2,573     4,426    3,897    4,087    3,281    3,102    3,933
Per-share amounts before
   accounting changes
       Diluted earnings per share         $  0.35    $  0.30    $ 0.44   $ 0.39   $ 0.41   $ 0.33   $ 0.31   $ 0.39
       Basic earnings per share              0.35       0.30      0.45     0.39     0.41     0.33     0.31     0.40
Per-share amounts after
   accounting changes
       Diluted earnings per share            0.25       0.26      0.44     0.39     0.41     0.33     0.31     0.39
       Basic earnings per share              0.25       0.26      0.45     0.39     0.41     0.33     0.31     0.40
SELECTED DATA
GE
   Sales of goods and services             16,748     15,850    19,459   17,588   17,386   16,359   19,724   18,221
   Gross profit from sales                  5,067      4,960     6,319    5,677    5,702    5,245    6,033    6,059
GECS
Total revenues                             13,899     14,723    13,852   14,399   14,981   13,298   15,455   15,933
Earnings before accounting changes          1,657      1,401     1,327    1,477    1,551    1,301       91    1,407
===================================================================================================================