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GECapitalservicesGrowthSpecialInitiativeCLIENTCONFIDENTIALThisreportissolelyfortheuseofclientpersonnel.Nopartofitmaybecirculated,quoted,orreproducedfordistributionoutsidetheclientorganizationwithoutpriorwrittenapprovalfromMcKinsey&Company.ThismaterialwasusedbyMcKinsey&Companyduringanoralpresentation;itisnotacompleterecordofthediscussion.DocumentDate2OVERVIEWGEAircraftEnginesGEAppliancesGECapitalServicesGECorporateResearchandDevelopmentGEElectricalDistributionandControlGEInformationServicesGELightingGEMedicalSystemsGEMotors&IndustrialSystemsGEPlasticsGEPowerSystemsGESupplyGETransportationSystemsNBCGEhomepageGECapitalServicesGECAPITALCORPORATIONGEGLOBALINSURANCEHOLDINGCO.FinancialGuarantyInsuranceCompanyGEAmericanCommunications(Americom)GECapitalAutoFinancialServicesGECapitalAviationServicesGECapitalCommercialDirectGECapitalcommercialEquipmentFinancingGECapitalCommercialFinanceGECapitalCommercialRealEstateFinancing&ServicesGECapitalConsumerFinancialServicesGECapitalEquityCapitalGroupGECapitalFleetServicesGECapitalGlobalConsumerFinanceGECapitalGlobalProject&StructuredFinanceGECapitalHawaiiGECapitalInsuranceServicesGECapitalModularSpaceGECapitalMortgageCorporationGECapitalPublicFinanceGECapitalRailcarServicesGECapitalRetailerFinancialServicesGECapitalSmallBusinessFinanceGECapitalSpacenetGECapitalTechnologyManagementServicesGECapitalTransportInternationalPool(TIP)GECapitalVendorFinancialServicesGECapitalContainerCorporationGreatNorthernAnnuityPenskeTruckLeasingEmployersReinsuranceCorporation3COMMITTINGTOGROWTHTherighttogrowBusinessbuildersConnectedcommunitiesStaircaseofinitiativesPlatformofcapabilitiesOpportunitypipelineReinforcingsystems&incentivesCultivateentrepre-neurshipBuildgrowthenginesCommittogrowthExpansivemindsetStretchtargets&valuesEARNTHERIGHTTOGROW•GECSassetsandrevenueshavegrownat20%ayearfor15years•GECSnetincomehasincreased22%ayear•GECSROEandROAarecurrently1.4%15.9%respectively•GE’smarketcaphasgrownat15percentayearsince1980•GEshareholderreturnshavegrownat16percentayearsince1980SETSTRETCHTARGETS•“Setthebarhigherthanpeoplethinktheycango”•Beasgoodasthebestintheworld”•“Ourstandardsaretougherthanever”•“Stretchmeansmovingbeyondbeingasgoodasyouhavetobetobeingasgoodasyoupossiblycanbe,settingimpossiblegoalsandgoingafterthem”-JackWelchDEVELOPEXPANSIVEMINDSET•“Wesetouttoshapeaglobalenterprise”•“Thisisacompanyfocusingonhugegrowthopportunities”•“Thisisacompanyintentongettingbigger”•“We’vespentadecadegettingbiggerandfasterandmorecompetitive,andweintendtocontinue”-JackWelch4DEVELOPANEXPANSIVEMINDSETANDVISIONOurdream,andourplan,welloveradecadeago,wassimple.Wesetouttoshapeaglobalenterprisethatpreservedtheclassicbig-companyadvantages-whileeliminatingtheclassicbig-companydrawbacks.Whatwewantedtobuildwasahybrid,andenterprisewiththereachandresourcesofabigcompany-thebodyofabigcompany-butthethirsttolearn,thecompulsiontoshare,andthebiasforaction-thesoul-ofasmallcompany…Thisisacompanyfocusingonhugegrowthopportunitiesaswelooktothemillennium-aGEthatrenewsitselfconstantly,exhilaratesitselfwithspeedandfreshensitselfbyconstantlearning…Weareacompanyintentongettingbigger,notsmaller-acompanywhoseonlyanswertothetrendyquestion-“Whatdoyouintendtospinoff?”-is:“Cash-andlotsofit.”-JackWelch(1995GEannualreport)Ourmissionistomakeourcustom...