•	Total orders $19.5B, (5)%; organic orders (3)%

•	Total revenues (GAAP) $20.5B, (8)%; Industrial organic revenues* $18.9B, (5)%

•	Industrial profit margin (GAAP) of 34.9%, +2,960 bps; adjusted Industrial profit margin* 5.8%, (410) bps

•	Continuing EPS (GAAP) of $0.72, including a $11.1 billion after-tax gain following the sale of BioPharma and a $4.6 billion after-tax unrealized loss on marking GE's investment in Baker Hughes to market; adjusted EPS* $0.05

•	GE CFOA (GAAP) $(1.7)B; Industrial free cash flow* $(2.2)B

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GE has implemented business continuity plans, safety protocols, and medical response plans to protect its employees while serving the needs of its customers and partners while minimizing disruption. GE has encouraged employees who are not directly performing customer-essential jobs to work from home wherever possible. For customer-essential employees, GE is dramatically increasing frequency of cleaning and disinfection at its facilities, applying physical distancing guidelines, monitoring health symptoms, and making personal protective equipment available as necessary, all in parallel with government directives.

•	GE is restricting travel to business-essential only, in parallel with government directives.

•	GE is offering additional, COVID-19-related paid leave policies for employees who are diagnosed with the virus or quarantined.

•	GE also has provided employees and their family members with emotional health and well-being resources, including resources for mindfulness, exercise, nutrition, stress, short-term counseling, and referrals.

•	GE is creating a GE Employee Relief Fund as a new public charity to support global employees facing unprecedented financial hardship due to COVID-19. More than 75 senior company leaders have pledged to contribute to the fund that will assist their coworkers.

•	The GE Foundation pledged financial support to the World Health Organization's COVID-19 Solidarity Response Fund and Boston Resiliency Fund and contributed to Americares to deliver 1.4 million protective masks to healthcare workers.

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Healthcare has increased its global manufacturing capacity and output for critical medical equipment important in the diagnosis and treatment of COVID-19, including in its respiratory, computed tomography (CT), monitoring solutions, x-ray, anesthesia, and point-of-care ultrasound product lines. Healthcare doubled its capacity of ventilators in the first quarter and plans to double it again by the end of June. The team also is providing digital solutions and using artificial intelligence to improve patient management and hospital operations to maximize life-saving resources.

•	Across its businesses, GE is helping to serve customer needs in several ways, including:

◦	Aviation, which powers two-thirds of U.S. military fighters and helicopters, is producing engines and components for military aircraft that are in the air daily around the world to assist in response efforts.

◦	Powering one-third of the world, Power and Renewable Energy teams support power generation that provides electricity essential for hospitals, health care facilities, and homes and businesses.

◦	GE is leveraging additive manufacturing to alleviate supply chain constraints, speed up production, and produce personal protective equipment for employees and health care workers on the front lines.

◦	GE Digital is offering a free 90-day license to its remote monitoring and control system to 20,000 utilities and factories. The remote capabilities allow plant operators and management teams real-time monitoring and control access to plant operations.

•	Each of GE’s businesses and Corporate are taking cost and cash actions to manage risk and proactively mitigate the financial impacts from COVID-19. Across the company, GE is targeting more than $2 billion in operational cost out and more than $3 billion in cash preservation activities in 2020 to improve its cost structure and preserve its ability to serve customers.

•	GE continues to prioritize innovation. For example, in the first quarter Healthcare introduced its LOGIQ™ E10 Series ultrasound, which can process 10 times more data and generate images faster than GE's previous

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•	GE completed the sale of BioPharma on March 31, 2020, for approximately $20 billion in net cash proceeds.

•	GE maintains access to strong liquidity. At the close of the first quarter ending March 31, 2020, GE held cash, cash equivalents, and restricted cash of $47.3 billion, including the proceeds from the BioPharma sale. Of the $47.3 billion, $33.8 billion was held in Industrial and $13.5 billion was held in Capital.

•	GE took a series of recent actions to enhance and extend its liquidity, reduce Industrial debt by more than $7 billion, and reduce Capital debt by approximately $4 billion, including:

◦

Leverage-neutral actions to enhance and extend liquidity: On April 22, 2020, GE issued $6 billion of GE Company debt and used the proceeds to complete a tender offer to purchase $4.2 billion of debt maturing between 2020 and 2024. GE intends to use the remaining proceeds toward debt reduction, and the combination of these transactions is expected to be leverage neutral. Separately, as part of its planned financial management process, on April 17, 2020, GE entered into a $15 billion revolving syndicated credit facility maturing in 2023, replacing GE’s prior $20 billion revolving syndicated credit facility maturing in 2021.

◦	Reduced Industrial debt by approximately $7 billion: GE reduced commercial paper use by $1.1 billion in the first quarter. Separately, using proceeds from the BioPharma transaction, GE repaid $6 billion of its intercompany loan to GE Capital on April 1, 2020.

◦	Reduced Capital debt by approximately $4 billion: GE Capital reduced external debt by $10 billion year to date, including $4.7 billion of maturities in the first quarter. GE Capital also completed a tender for $5.4 billion of its 2020 maturities on April 23, 2020. These were offset by the $6 billion intercompany loan repayment.

•	GE remains committed to achieving its leverage goals over time.

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(a)

Segment revenues include sales of products and services related to the segment. Segment profit excludes results reported as discontinued operations, restructuring and other charges, the portion of earnings or loss attributable to noncontrolling interests of consolidated subsidiaries, and as such only includes the portion of earnings or loss attributable to our share of the consolidated earnings or loss of consolidated subsidiaries. Segment profit excludes or includes interest and other financial charges, non-operating benefit costs, income taxes, and preferred stock dividends according to how a particular segment's management is measured – excluded in determining segment profit for Power, Renewable Energy, Aviation and Healthcare; included in determining segment profit, which we sometimes refer to as "net earnings," for Capital. Other income is included in segment profit for the industrial segments. Certain corporate costs, such as those related to shared services, employee benefits and information technology are allocated to our segments based on usage. A portion of the remaining corporate costs is allocated based on each segment's relative net cost of operations.

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(a)	Represents the adding together of all GE Industrial affiliates and GE Capital continuing operations on a one-line basis. See Note 1 to the 2019 consolidated financial statements at www.ge.com/ar2019 for further information about consolidation matters.

(b)

GE Capital cash, cash equivalents and restricted cash totaled $13.5 billion at March 31, 2020, including $1.3 billion which was subject to regulatory restrictions, primarily in insurance entities. Included in our credit facilities is an unused $20.0 billion back-up syndicated credit facility extended by 36 banks, expiring in 2021, and an unused $14.8 billion syndicated credit facility extended by six banks, expiring in 2020. The commitments under these syndicated credit facilities may be reduced by up to $6.7 billion due to offset provisions for any bank that holds a commitment to lend under both facilities. GE Capital has the right to compel GE to borrow under certain of these credit lines and transfer the proceeds as loans to GE Capital, which would be subject to the same terms and conditions as those between GE and the lending banks.

(c)	Balance included consolidated restricted cash of $0.6 billion at March, 2020 and December 31, 2019, respectively. GE restricted cash was $0.5 billion at March 31, 2020 and December 31, 2019, respectively, and GE Capital restricted cash was $0.1 billion at March 31, 2020 and December 31, 2019, respectively.

(d)	GE borrowings includes commercial paper of $1.9 billion and $3.0 billion at March 31, 2020 and December 31, 2019, respectively. GE Capital borrowings includes commercial paper of zero at both March 31, 2020 and December 31, 2019, respectively.

(e)	At March 31, 2020, the remaining GE Capital borrowings that had been assumed by GE as part of the GE Capital Exit Plan was $29.1 billion, for which GE has an offsetting receivable from GE Capital of $16.9 billion. The difference of $12.2 billion represents the amount of borrowings GE Capital has funded with available cash to GE via an intercompany loan in lieu of issuing borrowings externally.

(f)	At March 31, 2020, total GE borrowings is comprised of GE-issued borrowings of $19.0 billion and the $12.2 billion of borrowings from GE Capital as described in note (e) above for a total of $31.2 billion.

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•	the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses' and governments' responses to the pandemic on our operations and personnel, and on commercial activity and demand across our and our customers' businesses, and on global supply chains;

•	our inability to predict the extent to which the COVID-19 pandemic and related impacts will continue to adversely impact our business operations, financial performance, results of operations, financial position, the prices of our securities and the achievement of our strategic objectives;

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changes in macroeconomic and market conditions and market volatility (including developments and volatility arising from the COVID-19 pandemic), including interest rates, the value of securities and other financial assets (including our equity ownership position in Baker Hughes), oil and other commodity prices and exchange rates, and the impact of such changes and volatility on our financial position;

•	our de-leveraging and capital allocation plans, including with respect to actions to reduce our indebtedness, the timing and amount of GE dividends, organic investments, and other priorities;

•	further downgrades of our current short- and long-term credit ratings or ratings outlooks, or changes in rating application or methodology, and the related impact on our liquidity, funding profile, costs and competitive position;

•	GE’s liquidity and the amount and timing of our GE Industrial cash flows and earnings, which may be impacted by customer, supplier, competitive, contractual and other dynamics and conditions;

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GE Capital's capital and liquidity needs, including in connection with GE Capital’s run-off insurance operations and discontinued operations, the amount and timing of required capital contributions to the insurance operations and any strategic actions that we may pursue; the impact of conditions in the financial and credit markets on GE Capital's ability to sell financial assets; the availability and cost of funding; and GE Capital's exposure to particular counterparties and markets;

•	our success in executing and completing asset dispositions or other transactions, including our plan to exit our equity ownership position in Baker Hughes, the timing of closing for such transactions and the expected proceeds and benefits to GE;

•	global economic trends, competition and geopolitical risks, including changes in the rates of investment or economic growth in key markets we serve, or an escalation of trade tensions such as those between the U.S. and China;

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market developments or customer actions that may affect levels of demand and the financial performance of the major industries and customers we serve, such as secular, cyclical and competitive pressures in our Power business, pricing and other pressures in the renewable energy market, levels of demand for air travel and other customer dynamics such as early aircraft retirements, conditions in key geographic markets and other shifts in the competitive landscape for our products and services;

•	operational execution by our businesses, including our ability to improve the operations and execution of our Power and Renewable Energy businesses, and the performance of our Aviation business;

•	changes in law, regulation or policy that may affect our businesses, such as trade policy and tariffs, regulation related to climate change, and the effects of U.S. tax reform and other tax law changes;

•	our decisions about investments in new products, services and platforms, and our ability to launch new products in a cost-effective manner;

•	our ability to increase margins through implementation of operational changes, restructuring and other cost reduction measures;

•	the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of Alstom, SEC and other investigative and legal proceedings;

•	the impact of actual or potential failures of our products or third-party products with which our products are integrated, such as the fleet grounding of the Boeing 737 MAX, and the timing of its return to service and return to delivery, and related reputational effects;

•	the impact of potential information technology, cybersecurity or data security breaches; and

•	the other factors that are described in the "Risk Factors" section of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and of our Annual Report on Form 10-K for the year ended December 31, 2019, as such descriptions may be updated or amended in any future reports we file with the SEC.

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