General Electric (GE) 8-K Unaudited Pro Forma Condensed Consolidated Financial Statements

EXHIBIT 99

GENERAL ELECTRIC COMPANY

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As previously reported by General Electric Company (the "Company" or "GE") on November 17, 2015, GE completed the split-off of Synchrony Financial ("Synchrony") through which the Company accepted 671,366,809 shares of GE common stock from its shareholders in exchange for 705,270,833 shares of Synchrony stock that it owned (the "Exchange"). As a result, Synchrony's historical results, which had been reported in General Electric Capital Corporation's ("GECC's") Consumer business, will be reported in GE's consolidated financial statements as discontinued operations and in subsequent periods GE's consolidated financial statements will no longer reflect the assets, liabilities, results of operations or cash flows attributable to Synchrony.

Also, as previously reported by GE on November 30, 2015, the rest of GECC's Consumer business met the criteria to be classified as held for sale.  The Consumer business, including the results of Synchrony, will be reported as discontinued operations beginning in the fourth quarter of 2015.

The following unaudited pro forma condensed consolidated statement of financial position of GE as of September 30, 2015, is presented as if the Exchange and the classification of the Consumer business (including Synchrony) as discontinued operations, as described in the notes to these unaudited pro forma condensed consolidated financial statements, had occurred at September 30, 2015. The unaudited pro forma condensed consolidated statements of earnings for the nine months ended September 30, 2015 and 2014, and each of the years ended December 31, 2014, 2013 and 2012, reflect the classification of Consumer as discontinued operations and the Synchrony split-off as if such events had occurred on January 1, 2012. The unaudited pro forma condensed consolidated financial statements are based on the historical financial statements of GE for each period presented and in the opinion of GE management, all adjustments and disclosures necessary for a fair presentation of the pro forma data have been made.

These unaudited pro forma condensed consolidated financial statements are presented for illustrative purposes only and are not necessarily indicative of the results of operations or financial condition that would have been achieved had the Exchange and classification of the Consumer business as discontinued operations been completed as of the dates indicated or of the results that may be obtained in the future. These unaudited pro forma condensed consolidated financial statements and the notes thereto should be read together with the following:

 GE's audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2014, and Management's Discussion and Analysis included in GE's Annual Report on Form 10-K for the year ended December 31, 2014 as updated by GE's Current Report on Form 8-K filed August 7, 2015.

 GE's unaudited consolidated financial statements and the notes thereto as of and for the nine months ended September 30, 2015, and Management's Discussion and Analysis included in GE's Quarterly Report on Form 10-Q for the quarter ended September 30, 2015.

 GE's Current Report on Form 8-K filed November 23, 2015.

 GE's Current Report on Form 8-K filed November 30, 2015.

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General Electric Company
Unaudited Pro Forma Condensed Consolidated Statement of Financial Position
At September 30, 2015
		General
		Electric				Adjustments
		Company		Consumer		and Effects of the
(In millions, except share amounts)		Historical		Adjustment		the Exchange		Pro Forma
Assets
Cash and equivalents	$	99,086	$	(15,219)	$	-	$	83,867
Investment securities		36,933		(4,462)		-		32,471
Current receivables		22,332		-		-		22,332
Inventories		19,285		-		-		19,285
Financing receivables – net		72,353		(60,149)		-		12,204
Other GECC receivables		6,280		(405)		-		5,875
Property, plant and equipment – net		50,704		(265)		-		50,439
Goodwill		61,660		(9,088)		-		52,572
Other intangible assets – net		13,618		(684)		-		12,934
All other assets		45,793		(2,977)		-		42,816
Financing receivables held for sale		22,832		(22,713)		-		119
Deferred income taxes		176		918		(82)		1,012
Assets of businesses held for sale		8,309		(4,917)		-		3,392
Assets of discontinued operations		121,949		121,533		(86,969)		156,513
Total assets	$	581,310	$	1,572	$	(87,051)	$	495,831
Liabilities and equity
Short-term borrowings	$	46,495	$	(189)	$	-	$	46,306
Accounts payable, principally trade accounts		11,762		(400)		-		11,362
Progress collections and price adjustments accrued		11,247		-		-		11,247
Dividends payable		2,324		-		-		2,324
Other GE current liabilities		12,624		-		102		12,726
Non-recourse borrowings of consolidated securitization entities		16,225		(13,640)		-		2,585
Bank deposits		48,656		(48,656)		-		-
Long-term borrowings		180,011		(10,872)		-		169,139
Investment contracts, insurance liabilities and insurance annuity benefits		26,135		(28)		-		26,107
All other liabilities		60,685		(2,527)		(217)		57,941
Liabilities of businesses held for sale		1,384		(260)		-		1,124
Liabilities of discontinued operations		43,768		78,144		(67,590)		54,322
Total liabilities		461,317		1,572		(67,705)		395,184
Common stock (10,109,239,000 and 9,437,872,191 shares outstanding for GE Historical and Pro forma, respectively)		702		-		-		702
Accumulated other comprehensive income (loss) – net attributable to GE								-
Investment securities		561		-		1		562
Currency translation adjustments		(5,281)		-		22		(5,259)
Cash flow hedges		(174)		-		-		(174)
Benefit plans		(12,089)		-		136		(11,953)
Other capital		32,760		-		-		32,760
Retained earnings		135,932		-		3,668		139,600
Less common stock held in treasury		(41,207)		-		(20,383)		(61,590)
Total GE shareowners' equity		111,204		-		(16,556)		94,648
Noncontrolling interests		8,788		-		(2,790)		5,998
Total equity		119,993		-		(19,346)		100,647
Total liabilities and equity	$	581,310	$	1,572	$	(87,051)	$	495,831

Amounts may not add due to rounding.

The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements.

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General Electric Company
Unaudited Pro Forma Condensed Consolidated Statement of Earnings
For the nine months ended September 30, 2015
		General
		Electric
		Company		Consumer		Effects of the
(In millions; per-share amounts in dollars)		Historical		Adjustment		Exchange		Pro Forma
Revenues and other income
Sales of goods	$	53,003	$	-	$	-	$	53,003
Sales of services		22,263		-		-		22,263
Other income		1,092		-		-		1,092
GECC revenues from services		16,373		(9,237)				7,136
Total revenues and other income		92,731		(9,237)		-		83,494
Costs and expenses
Costs of goods sold		42,748		-		-		42,748
Cost of services sold		14,690		-		-		14,690
Interest and other financial charges		3,976		(1,748)		-		2,228
Investment contracts, insurance losses and insurance annuity benefits		1,952		(10)		-		1,942
Provision for losses on financing receivables		4,636		(4,596)		-		40
Other costs and expenses		19,125		(3,562)		-		15,563
Total costs and expenses		87,127		(9,915)		-		77,212
Earnings (loss) from continuing operations
before income taxes		5,604		679		-		6,282
Benefit (provision) for income taxes		(7,466)		238		-		(7,227)
Earnings (loss) from continuing operations		(1,862)		917				(945)
Less net earnings (loss) attributable to noncontrolling interests		229		(270)		-		(41)
Earnings (loss) from continuing operations attributable
to GE common shareowners	$	(2,091)	$	1,187	$	-	$	(904)
Per share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share	$	(0.21)					$	(0.10)
Basic earnings (loss) per share	$	(0.21)					$	(0.10)
Average equivalent shares
Diluted		10,085				(671)		9,414
Basic		10,085				(671)		9,414

Amounts may not add due to rounding.

The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements.

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General Electric Company
Unaudited Pro Forma Condensed Consolidated Statement of Earnings
For the nine months ended September 30, 2014
		General
		Electric
		Company		Consumer		Effects of the
(In millions; per-share amounts in dollars)		Historical		Adjustment		Exchange		Pro Forma
Revenues and other income
Sales of goods	$	53,894	$	-	$	-	$	53,894
Sales of services		21,945		-		-		21,945
Other income		792		-		-		792
GECC revenues from services		17,964		(10,822)		-		7,142
Total revenues and other income		94,595		(10,822)		-		83,773
Costs and expenses
Costs of goods sold		43,600		-		-		43,600
Cost of services sold		14,668		-		-		14,668
Interest and other financial charges		3,975		(1,898)		-		2,077
Investment contracts, insurance losses and insurance annuity benefits		1,940		(13)		-		1,927
Provision for losses on financing receivables		2,693		(2,663)		-		29
Other costs and expenses		18,744		(3,659)		-		15,087
Total costs and expenses		85,620		(8,233)		-		77,388
Earnings (loss) from continuing operations
before income taxes		8,975		(2,588)		-		6,385
Benefit (provision) for income taxes		(1,034)		449		-		(585)
Earnings (loss) from continuing operations		7,941		(2,139)		-		5,800
Less net earnings (loss) attributable to noncontrolling interests		(75)		(71)		-		(146)
Earnings (loss) from continuing operations attributable
to GE common shareowners	$	8,016	$	(2,068)	$	-	$	5,946
Per share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share	$	0.79					$	0.63
Basic earnings (loss) per share	$	0.80					$	0.63
Average equivalent shares
Diluted		10,121				(671)		9,450
Basic		10,042				(671)		9,371

Amounts may not add due to rounding.

The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements.

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General Electric Company
Unaudited Pro Forma Condensed Consolidated Statement of Earnings
For the year ended December 31, 2014
		General
		Electric
		Company		Consumer		Effects of the
(In millions; per-share amounts in dollars)		Historical		Adjustment		Exchange		Pro Forma
Revenues and other income
Sales of goods	$	76,569	$	-	$	-	$	76,568
Sales of services		30,190		-		-		30,190
Other income		778		-		-		778
GECC revenues from services		24,671		(15,023)		-		9,648
Total revenues and other income		132,208		(15,023)		-		117,184
Costs and expenses
Costs of goods sold		61,257		-		-		61,257
Cost of services sold		20,054		-		-		20,053
Interest and other financial charges		5,334		(2,611)		-		2,723
Investment contracts, insurance losses and insurance annuity benefits		2,548		(18)		-		2,530
Provision for losses on financing receivables		3,623		(3,544)		-		80
Other costs and expenses		25,238		(4,959)		-		20,278
Total costs and expenses		118,054		(11,132)		-		106,921
Earnings (loss) from continuing operations
before income taxes		14,154		(3,891)		-		10,263
Benefit (provision) for income taxes		(1,508)		736		-		(773)
Earnings (loss) from continuing operations		12,646		(3,155)		-		9,490
Less net earnings (loss) attributable to noncontrolling interests		112		(157)		-		(45)
Earnings (loss) from continuing operations attributable
to GE common shareowners	$	12,534	$	(2,998)	$	-	$	9,535
Per share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share	$	1.24					$	1.01
Basic earnings (loss) per share	$	1.25					$	1.02
Average equivalent shares
Diluted		10,123				(671)		9,452
Basic		10,045				(671)		9,374

Amounts may not add due to rounding.

The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements.

10

General Electric Company
Unaudited Pro Forma Condensed Consolidated Statement of Earnings
For the year ended December 31, 2013
		General
		Electric
		Company		Consumer		Effects of the
(In millions; per-share amounts in dollars)		Historical		Adjustment		Exchange		Pro Forma
Revenues and other income
Sales of goods	$	71,873	$	-	$	-	$	71,873
Sales of services		28,669		-		-		28,669
Other income		3,108		-		-		3,107
GECC revenues from services		25,336		(15,741)		-		9,595
Total revenues and other income		128,986		(15,741)		-		113,245
Costs and expenses
Costs of goods sold		57,867		-		-		57,867
Cost of services sold		19,274		-		-		19,274
Interest and other financial charges		5,539		(2,669)		-		2,870
Investment contracts, insurance losses and insurance annuity benefits		2,676		(15)		-		2,661
Provision for losses on financing receivables		4,053		(4,048)		-		5
Other costs and expenses		26,154		(4,686)		-		21,468
Total costs and expenses		115,563		(11,418)		-		104,145
Earnings (loss) from continuing operations
before income taxes		13,423		(4,324)		-		9,100
Benefit (provision) for income taxes		(1,212)		(7)		-		(1,219)
Earnings (loss) from continuing operations		12,211		(4,330)		-		7,881
Less net earnings (loss) attributable to noncontrolling interests		298		(36)		-		262
Earnings (loss) from continuing operations attributable
to GE common shareowners	$	11,913	$	(4,294)	$	-	$	7,618
Per share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share	$	1.16					$	0.79
Basic earnings (loss) per share	$	1.16					$	0.80
Average equivalent shares
Diluted		10,289				(671)		9,618
Basic		10,222				(671)		9,551

Amounts may not add due to rounding.

The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements.

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General Electric Company
Unaudited Pro Forma Condensed Consolidated Statement of Earnings
For the year ended December 31, 2012
		General
		Electric
		Company		Consumer		Effects of the
(In millions; per-share amounts in dollars)		Historical		Adjustment		Exchange		Pro Forma
Revenues and other income
Sales of goods	$	72,990	$	-	$	-	$	72,990
Sales of services		27,158		-		-		27,158
Other income		2,563		-		-		2,563
GECC revenues from services		25,180		(15,303)		-		9,877
Total revenues and other income		127,891		(15,303)		-		112,588
Costs and expenses
Costs of goods sold		56,785		-		-		56,784
Cost of services sold		17,525		-		-		17,525
Interest and other financial charges		6,442		(3,294)		-		3,149
Investment contracts, insurance losses and insurance annuity benefits		2,857		(10)		-		2,847
Provision for losses on financing receivables		3,224		(3,218)		-		5
Other costs and expenses		26,497		(4,420)		-		22,077
Total costs and expenses		113,330		(10,942)		-		102,387
Earnings (loss) from continuing operations
before income taxes		14,561		(4,361)		-		10,201
Benefit (provision) for income taxes		(2,526)		1,141		-		(1,385)
Earnings (loss) from continuing operations		12,035		(3,218)		-		8,816
Less net earnings (loss) attributable to noncontrolling interests		223		(53)		-		170
Earnings (loss) from continuing operations attributable
to GE common shareowners	$	11,812	$	(3,165)	$	-	$	8,646
Per share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share	$	1.12					$	0.87
Basic earnings (loss) per share	$	1.12					$	0.88
Average equivalent shares
Diluted		10,564				(671)		9,893
Basic		10,523				(671)		9,852

Amounts may not add due to rounding.

The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements.

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NOTES TO THE UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1) EXCHANGE AND SPLIT-OFF OF SYNCHRONY

As previously reported by GE on November 17, 2015, GE completed the previously announced split-off of Synchrony through which GE accepted 671,366,809 shares of GE common stock from its shareholders in exchange for 705,270,833 shares of Synchrony stock representing all the Synchrony stock that it owned.

These unaudited pro forma condensed consolidated financial statements reflect an exchange ratio of 1.0505 shares of Synchrony common stock for each share of GE common stock, which represents the ratio that was in effect following the official close of trading on the New York Stock Exchange ("NYSE") on November 12, 2015, and is calculated as the average GE price of $30.3454 per share divided by 93% of the average Synchrony price of $31.0620 per share, reflecting a discount of 7%. The average prices reflect the simple arithmetic average of the daily volume-weighted average prices of shares of GE common stock and Synchrony common stock on the NYSE during the three consecutive trading days ending on and including November 12, 2015. These unaudited pro forma condensed consolidated financial statements reflect the acceptance of 671,366,809 shares of GE common stock in exchange for the 705,270,833 shares of Synchrony common stock.

Shares of Synchrony common stock exchanged	705,270,833
Exchange ratio	1.0505
Total shares of GE common stock accepted	671,366,809

The 671,366,809 shares of GE common stock acquired in the Exchange have been reflected as treasury stock on the unaudited pro forma condensed consolidated statement of financial position. This transaction results in a pro forma one-time net gain to GE estimated as of September 30, 2015 to be approximately $3,668 million calculated as follows:

(In millions)
Fair value of GE common stock tendered (671,366,809 shares acquired at the GE closing price of	$	20,383
$30.36 per share as of November 16, 2015)
GECC's carrying value in Synchrony at September 30, 2015		(16,589)
Accumulated other comprehensive loss		(24)
Estimated transaction costs		(102)
Pro forma net gain as of September 30, 2015	$	3,668

The pro forma net gain, which would be reflected in discontinued operations in GE's consolidated statement of earnings, has not been reflected in the unaudited pro forma condensed consolidated statements of earnings and has been reflected as an adjustment to retained earnings on the unaudited pro forma condensed consolidated statement of financial position.

The amount of the actual gain to be reported in the fourth quarter of 2015 will differ from the pro forma net gain set forth above based on factors including GE's carrying value of Synchrony at the time the Exchange was consummated (which carrying value increased as GE recognized its share of Synchrony's earnings through the closing of the Exchange).

2) CONSUMER DISCONTINUED OPERATIONS

As previously reported by GE on November 30, 2015, GE met the criteria to classify the rest of GECC's Consumer business as held for sale as of that date. The Consumer business will be reported as discontinued operations beginning in the fourth quarter of 2015.  These unaudited pro forma condensed consolidated financial statements present the Consumer business (including Synchrony) as discontinued operations for all periods presented.

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