GE Gives Two Finance Executives New Roles.

Business Editors

FAIRFIELD, Conn.--(BUSINESS WIRE)--Dec. 23, 2002

GE today named Kathryn A. Cassidy GE vice president and treasurer and promoted Mark J. Krakowiak to vice president - corporate risk and financing.

The changes take effect January 1, 2003, following the retirement of James R. Bunt, 61, who will leave GE at the end of 2002 after 34 years with the Company, the last nine as vice president and treasurer.

Cassidy is currently vice president and treasurer of GE Capital Services (GECS), with responsibility for GE's treasury operations, including cash operations and the issuance of the debt that funds the activities of GE's financial services businesses. Krakowiak currently holds the position of corporate financial analyst in GE's Office of the CEO. In his new role, he will oversee cash forecasting for the Company. In addition, he will be closely involved with the external rating agencies as well as financing matters regarding GE's industrial businesses.

Krakowiak will report to Keith S. Sherin, GE senior vice president and chief financial officer. Cassidy will continue to report to James A. Parke, GE senior vice president and GECS vice chairman, and will also report to Sherin.

"These changes are consistent with the integration of GE and GE Capital's treasury functions following the reorganization of GE Capital," Sherin said. "Kathy and Mark both have excelled in a variety of financial roles throughout their GE careers, and I'm delighted that they will expand their roles and apply their talents to the critical tasks of managing cash and ensuring that GE and GE Capital Services maintain their triple-A ratings.

"On behalf of GE, I want to thank Jim Bunt for more than 30 years of extraordinary work," Sherin said. "Jim has a unique combination of tremendous analytical skills and complete dedication to building the Company's financial strength. He has helped make GE one of the world's most financially strong companies."

Cassidy, 48, has held her current position since November 2001. In 2002, she oversaw the issuance of approximately $86 billion in term debt and expanded GECS back-up bank lines by $21 billion. She has held leadership positions in a variety of GE's financial services businesses over the past 23 years. She holds a B.A. from the University of Connecticut at Storrs and an M.B.A. in international finance from Fordham University.

Krakowiak, 41, has held his current position since September of 2000. In his 19 years with GE he has moved through positions of increasing responsibility at Aircraft Engines, Appliances, NBC and Plastics as well as GE Corporate. He served on GE's Corporate Audit staff, and he is a graduate of GE's Financial Management Program. He holds a B.B.A. from the University of Cincinnati and an M.B.A. in business administration from Bellarmine College.

GE (NYSE: GE) is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com