GENERAL ELECTRIC CAPITAL CORPORATION

Operating Segments

Revenues and earnings before accounting changes, by operating segment, of General Electric Capital Services, Inc. (GECS), the sole owner of the common stock of GE Capital (GECC), are summarized and discussed below with a reconciliation to the GECC-only results, for the four quarters and total year of 2002. The most significant component of these reconciliations is the exclusion from the GE Insurance segment at the GECC level of the results of GE Global Insurance Holdings (principally Employers Reinsurance Corporation - ERC), which is not a subsidiary of GECC but is a direct subsidiary of GECS.

All quarters presented have been reclassified to conform to the change in segment leverage ratios, the revision of our historical techniques for allocating shared costs and unusual items and the alignment of certain operations previously reported in the All Other GECS segment to Vendor Financial Services within the GE Commercial Finance segment. For additional information, see note 17 to the consolidated financial statements.

CONSOLIDATED

		2002
(In millions)		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues
GE Commercial Finance	$	4,016		$	4,404		$	4,522		$	4,839		$	17,781
GE Consumer Finance		2,372			2,463			2,701			2,730			10,266
GE Equipment Management		1,031			1,050			1,073			1,100			4,254
GE Insurance		5,768			5,263			6,197			6,068			23,296
All Other GECS		712			672			488			718			2,590
Total revenues		13,899			13,852			14,981			15,455			58,187
Less portion of revenues not included in GECC		(2,494	)		(2,177	)		(2,614	)		(2,596	)		(9,881	)
Total revenues as reported in GECC	$	11,405		$	11,675		$	12,367		$	12,859		$	48,306
Net earnings
GE Commercial Finance	$	720		$	735		$	879		$	855		$	3,189
GE Consumer Finance		498			466			467			368			1,799
GE Equipment Management		75			67			83			88			313
GE Insurance		516			95			327			(1,033	)		(95	)
All Other GECS		(152	)		(36	)		(205	)		(187	)		(580	)
Total earnings before accounting changes		1,657			1,327			1,551			91			4,626
Less portion of net earnings not included in GECC		(52	)		245			207			1,479			1,879
Total earnings in GECC before accounting changes		1,605			1,572			1,758			1,570			6,505
Cumulative effect of accounting changes		(1,015	)		-			-			-			(1,015	)
Total net earnings as reported in GECC	$	590		$	1,572		$	1,758		$	1,570		$	5,490

GE Commercial Finance

		2002
(In millions)		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues
Commercial Equipment Financing	$	993		$	1,069		$	1,147		$	1,330		$	4,539
Real Estate		448			545			543			588			2,124
Commercial Finance (CF)		610			554			615			571			2,350
Structured Finance Group		296			296			323			328			1,243
Aviation Services		568			683			741			702			2,694
Vendor Financial Services		953			1,081			974			1,122			4,130
Other GE Commercial Finance		148			176			179			198			701
Total revenues		4,016			4,404			4,522			4,839			17,781
Less portion of GE Commercial Finance not included in GECC		(46	)		(58	)		(10	)		(122	)		(236	)
Total revenues as reported in GECC	$	3,970		$	4,346		$	4,512		$	4,717		$	17,545
Net earnings
Commercial Equipment Financing	$	158		$	149		$	166		$	246		$	719
Real Estate		168			140			187			155			650
Commercial Finance (CF)		110			141			208			140			599
Structured Finance Group		131			127			124			106			488
Aviation Services		98			121			133			102			454
Vendor Financial Services		69			81			87			132			369
Other GE Commercial Finance		(14	)		(24	)		(26	)		(26	)		(90	)
Total net earnings		720			735			879			855			3,189
Less portion of GE Commercial Finance not included in GECC		(14	)		(19	)		14			(28	)		(47	)
Total net earnings as reported in GECC	$	706		$	716		$	893		$	827		$	3,142
Assets
Commercial Equipment Financing	$	47,557		$	49,965		$	49,782		$	51,757		$	51,757
Real Estate		24,334			30,144			29,273			29,522			29,522
Commercial Finance (CF)		26,049			26,073			26,188			26,897			26,897
Structured Finance Group		17,149			17,701			17,514			19,293			19,293
Aviation Services		26,797			27,968			28,741			30,512			30,512
Vendor Financial Services		21,374			22,197			22,272			25,518			25,518
Other GE Commercial Finance		9,152			9,396			9,584			10,746			10,746
Total assets		172,412			183,444			183,354			194,245			194,245
Less portion of GE Commercial Finance not included in GECC		(526	)		(580	)		(690	)		(985	)		(985	)
Total assets as reported in GECC	$	171,886		$	182,864		$	182,664		$	193,260		$	193,260
GECC Financing Receivables - net	$	115,872		$	118,421		$	117,866		$	126,147		$	126,147

GE Consumer Finance 

		2002
(In millions)		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues
Global Consumer Finance	$	1,469		$	1,501		$	1,789		$	1,730		$	6,489
Card Services		903			962			912			1,000			3,777
Total revenues		2,372			2,463			2,701			2,730			10,266
Less portion of GE Consumer Finance not included in GECC		(104	)		(119	)		(53	)		(157	)		(433	)
Total revenues as reported in GECC	$	2,268		$	2,344		$	2,648		$	2,573		$	9,833
Net earnings
Global Consumer Finance	$	313		$	315		$	343		$	253		$	1,224
Card Services		209			175			148			138			670
Other GE Consumer Finance		(24	)		(24	)		(24	)		(23	)		(95	)
Total net earnings		498			466			467			368			1,799
Less portion of GE Consumer Finance not included in GECC		(17	)		(39	)		(6	)		(55	)		(117	)
Total net earnings as reported in GECC	$	481		$	427		$	461		$	313		$	1,682
Assets
Global Consumer Finance	$	44,644		$	52,712		$	54,968		$	58,310		$	58,310
Card Services		17,797			16,327			17,759			18,655			18,655
Total assets		62,441			69,039			72,727			76,965			76,965
Less portion of GE Consumer Finance not included in GECC		(912	)		(343)			(333	)		(1,080	)		(1,080	)
Total assets as reported in GECC	$	61,529		$	68,696		$	72,394		$	75,885		$	75,885
GECC financing receivables - net	$	45,715		$	56,473		$	60,118		$	62,646		$	62,646

GE Equipment Management

		2002
(In millions)		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues	$	1,031		$	1,050		$	1,073		$	1,100		$	4,254
Less portion of GE Equipment Management not included in GECC		(13	)		(15	)		(14	)		(12	)		(54	)
Total revenues as reported in GECC	$	1,018		$	1,035		$	1,059		$	1,088			4,200
Net earnings	$	75		$	67		$	83		$	88		$	313
Less portion of GE Equipment Management not included in GECC		2			3			2			3			10
Total net earnings as reported in GECC	$	77		$	70		$	85		$	91			323
Assets	$	24,683		$	25,140		$	24,923		$	25,222		$	25,222
Less portion of GE Equipment Management not included in GECC		51			57			55			57			57
Total assets as reported in GECC	$	24,734		$	25,197		$	24,978		$	25,279		$	25,279
GECC Equipment Leased to Others	$	9,441		$	9,435		$	9,235		$	9,416		$	9,416

GE Insurance

		2002
(In millions)		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues
GE Financial Assurance	$	2,983		$	2,817		$	3,209		$	3,308		$	12,317
Mortgage Insurance		280			256			265			289			1,090
GE Global Insurance Holding (ERC)		2,407			2,076			2,585			2,364			9,432
Other GE Insurance		98			114			138			107			457
Total revenues		5,768			5,263			6,197			6,068			23,296
Less portion of GE Insurance not included in GECC		(2,350	)		(2,022	)		(2,554	)		(2,349	)		(9,275	)
Total revenues as reported in GECC	$	3,418		$	3,241		$	3,643		$	3,719		$	14,021
Net earnings
GE Financial Assurance	$	254		$	118		$	260		$	302		$	934
Mortgage Insurance		119			152			142			125			538
GE Global Insurance Holding (ERC)		87			(229	)		(143	)		(1,509	)		(1,794	)
Other GE Insurance		56			54			68			49			227
Total net earnings		516			95			327			(1,033	)		(95	)
Less portion of GE Insurance not included in GECC		(79	)		233			132			1,496			1,782
Total net earnings as reported in GECC	$	437		$	328		$	459		$	463		$	1,687

All Other GECS

		2002
(In millions)		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues
IT Solutions	$	495		$	473		$	501		$	523		$	1,992
GE Equity		(55	)		(87	)		(206	)		(36	)		(384	)
Americom gain		-			-			-			-			-
Americom		-			-			-			-			-
Asset impairments		-			-			-			-			-
Product line exits		-			-			-			-			-
PaineWebber gain		-			-			-			-			-
Wards		-			-			-			-			-
Other - All Other GECS		272			286			193			231			982
Total revenues		712			672			488			718			2,590
Less portion of All Other GECS not included in GECC		19			37			17			44			117
Total revenues as reported in GECC	$	731		$	709		$	505		$	762		$	2,707
Net earnings
IT Solutions	$	(8	)	$	(4	)	$	(8	)	$	(26	)	$	(46	)
GE Equity		(70	)		(84	)		(166	)		(55	)		(375	)
Americom gain		-			-			-			-			-
Americom		-			-			-			-			-
Asset impairments		-			-			-			-			-
Product line exits		-			-			-			-			-
Restructuring		-			-			-			-			-
PaineWebber gain		-			-			-			-			-
Wards		-			-			-			-			-
Other - All Other GECS		(74	)		52			(31	)		(106	)		(159	)
Total net earnings		(152	)		(36	)		(205	)		(187	)		(580	)
Less portion of All Other GECS not included in GECC		56			67			65			63			251
Total net earnings as reported in GECC	$	(96	)	$	31		$	(140	)	$	(124	)	$	(329	)