GE Money India's JV With SBI Reaches 3 Million Credit Cardholders Milestone.

Accelerates Growth Pace; Ramps up Distribution

NEW DELHI, India -- GE Money announced today that SBI Card, its joint venture with the State Bank of India (SBI), crossed the landmark 3 million cardholders milestone. The 2nd largest Card issuer in India, SBI Card is unique as the only Non-Banking Finance Company (NBFC) issuing credit cards in India and the incredible success of the card underscores its value to customers.

Commenting on this occasion, Mr. Roopam Asthana, CEO of SBI Card said, "This milestone is even more remarkable as we have added 1 million cardholders in just 10 months. Our objective is to accelerate the pace of growth by extending the benefits of SBI Card to a broader range of Indian consumers in Tier II cities, along with improved value propositions for the urban affluent customers."

"We have already increased our sourcing locations from 41 in 2002 to the current 109. In addition, we are ramping up our sales force from 5,000 to 7,000 by December 2006, for increased productivity."

Thanking the partners for this success, Mr. Asthana, said, "Our association with Indian Railways, Lifestyle, LG, Go Air, Vishal Mega-Mart, Hero Honda and Tata for co-branded cards has been one of the major factors in our success and we look forward to forging more successful partnerships in the future."

SBI Card has grown at an impressive CAGR (Compounded Annual Growth Rate) of 45% on spends & customer assets since the year 2000.

"As Indian consumers become more sophisticated and discerning, our continued customer growth shows the strength of our strategy," said GE Money India President and CEO, Mr Vishal Pandit. "By bringing GE's global practices and strong risk management to partnerships with leading Asian companies such as SBI, we provide innovative products that reflect a deep understanding of Indian consumers."

Reflecting the partnership's dedication to the local market, and to reach out to a younger, more urban target audience, SBI Card recently signed up famous Indian cricketer Yuvraj Singh as its Brand Ambassador and introduced a festival campaign this year -- "Jo Dikhta Hai Wohi Milta Hai Offer" -- "What you see is What you get."

ABOUT GE MONEY INDIA

GE Money is one of the leading providers of financial services to consumers and retailers in India, offering a range of innovative financial products to suit its customers' needs. It has a strong retail distribution network in over 5,500 outlets across 60 locations and is a leader in a wide range of products including auto finance, two wheeler finance, consumer durable finance, personal loans and home equity loans. Strong operations backed by the latest information technology support the product lines. Its CRM program is among the most successful customer retention programs in India and a single database housing nearly 2.4 million customer accounts, latest technology, and centralized operations ensure the best service standards in the industry. With strong joint venture partners in Maruti and State Bank of India, GE Money continues to add value to its customers and partners in India.

ABOUT GE MONEY

With more than $163 billion in assets, GE Money, the consumer financial services unit of GE, is a leading provider of credit services to consumers, retailers, and auto dealers in 51 countries around the world. GE Money, based in Stamford, Connecticut (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at http://global.gemoney.com.

ABOUT GE

GE (NYSE:GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.