4. Innovate commercial offerings

Expanding CSA offerings further into Oil and Gas industry
Growing Services backlog through downturn
($ in billions)
$12.9
$13.4
$14.3
'14  '15  '16

Advantages
Customer view
Availability
Intervals b/w maintenance
Efficiency
GE view
Data rich, 1B+ operating hrs
Incentives aligned
Earnings, Cash visibility

Expanding offerings along the value stream
1st performance driven contract with bonus scheme linked
to customer production
13-year service agreement covering all major maintenance
requirements Industry-first performance based CSA ...
GE Energy Financial
Services support Comprehensive life of well solutions ...
maintenance, intervention and upgrades

Note: Backlog, a Non-GAAP measure, as per GE Oil and gas
Supplemental Selected Financial Information, Jan 26th 2017
17

5. Drive a performance culture

Integration update

Oct '16
Deal announcement
Dec '16
Joint integration planning team operational
1H '17
Detailed transaction execution and integration planning
Mid- '17
Anticipated deal close

Integration update
Continuous customer engagement ... very positive feedback
Employee outreach and communications ongoing ...
40+ regional roadshows completed to date
Decisions made on core processes and systems
Regulatory process underway
Expect to make initial S-4 filing later today -a)

Synergy workstreams generated 350+ ideas
Synergy plan
0.7
$1.2
$1.6
'18
'19
'20
350+
Synergy Ideas Generated
150+
Prioritized Synergy Opportunities
Integration planning on track ... >$1.6B synergy
ideas generated
(a- Commences SEC review
19

Summary

Work across the value chain ... Unparalleled capability
Technology leader ... World-class portfolio of businesses
Digital capability ... Transforming industry Commercial
innovation ... Long history of performance-based contracts
Performance culture ... What GE is built on

20

GE

Additional Information and Where to Find It
In connection with the proposed transaction between GE and
Baker Hughes, Bear Newco, Inc. ("Newco") will prepare and
file with the SEC a registration statement on Form S-4 that
will include a combined proxy statement/prospectus of Newco
and Baker Hughes (the "Combined Proxy
Statement/Prospectus"). Baker Hughes and Newco will prepare
and file the Combined Proxy Statement/Prospectus with the
SEC, and Baker Hughes will mail the Combined Proxy
Statement/Prospectus to its stockholders and file other
documents regarding the proposed transaction with the SEC.
This communication is not a substitute for any proxy
statement, registration statement, proxy
statement/prospectus or other documents Baker Hughes and/or
Newco may file with the SEC in connection with the proposed
transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO
READ CAREFULLY AND IN THEIR ENTIRETY THE COMBINED PROXY
STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, ANY
AMENDMENTS OR SUPPLEMENTS TO THE COMBINED PROXY
STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS FILED BY BAKER
HUGHES OR NEWCO WITH THE SEC IN CONNECTION WITH THE PROPOSED
TRANSACTION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT
INFORMATION. Investors and security holders will be able to
obtain free copies of the Combined Proxy
Statement/Prospectus and other documents filed with the SEC
by Baker Hughes and/or Newco through the website maintained
by the SEC at www.sec.gov. Investors and security holders
will also be able to obtain free copies of the documents
filed by Newco and/or Baker Hughes with the SEC on Baker
Hughes' website at http://www.bakerhughes.com or by
contacting Baker Hughes Investor Relations at
alondra.oteyza@bakerhughes.com or by calling +1-713-439-8822.

No Offer or Solicitation
This communication is for informational purposes only and
not intended to and does not constitute an offer to
subscribe for, buy or sell, the solicitation of an offer to
subscribe for, buy or sell or an invitation to subscribe
for, buy or sell any securities or the solicitation of any
vote or approval in any jurisdiction pursuant to or in
connection with the proposed transaction or otherwise, nor
shall there be any sale, issuance or transfer of securities
in any jurisdiction in contravention of applicable law. No
offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, and otherwise in
accordance with applicable law.

Participants in the Solicitation
GE, Baker Hughes, Newco, their respective directors,
executive officers and other members of its management and
employees may be deemed to be participants in the
solicitation of proxies in connection with the proposed
transaction. Information regarding the persons who may,
under the rules of the SEC, be deemed participants in the
solicitation of proxies in connection with the proposed
transaction, including a description of their direct or
indirect interests, by security holdings or otherwise, will
be set forth in the Combined Proxy Statement/Prospectus and
other relevant materials when it is filed with the SEC.
Information regarding the directors and executive officers
of GE is contained in GE's proxy statement for its 2017
annual meeting of stockholders, filed with the SEC on March
8, 2017, its Annual Report on Form 10-K for the year ended
December 31, 2016, which was filed with the SEC on February
24, 2017 and certain of its Current Reports filed on Form
8-K. Information regarding the directors and executive
officers of Baker Hughes is contained in Baker Hughes' proxy
statement for its 2017 annual meeting of stockholders, filed
with the SEC on March 9, 2017, its Annual Report on Form
10-K for the year ended December 31, 2016, which was filed
with the SEC on February 8, 2017 and certain of its Current
Reports filed on Form 8-K. These documents can be obtained
free of charge from the sources indicated above.
22

Caution Concerning Forward-Looking Statements
This communication contains "forward-looking" statements as
that term is defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended by the Private Securities Litigation
Reform Act of 1995, including statements regarding the
proposed transaction between GE and Baker Hughes. All
statements, other than historical facts, including
statements regarding the expected timing and structure of
the proposed transaction; the ability of the parties to
complete the proposed transaction considering the various
closing conditions; the expected benefits of the proposed
transaction such as improved operations, enhanced revenues
and cash flow, synergies, growth potential, market profile,
customers' business plans and financial strength; the
competitive ability and position of the combined company
following completion of the proposed transaction, including
the projected impact on GE's earnings per share; the
projected future financial performance of GE Oil and Gas,
Baker Hughes and Newco; oil and natural gas market
conditions; costs and availability of resources; legal,
economic and regulatory conditions; and any assumptions
underlying any of the foregoing, are forward-looking
statements. Forward-looking statements concern future
circumstances and results and other statements that are not
historical facts and are sometimes identified by the words
"may," "will," "should," "potential," "intend," "expect,"
"endeavor," "seek," "anticipate," "estimate,"
"overestimate," "underestimate," "believe," "could,"
"project," "predict," "continue," "target" or other similar
words or expressions. Forward-looking statements are based
upon current plans, estimates and expectations that are
subject to risks, uncertainties and assumptions. Should one
or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual
results may vary materially from those indicated or
anticipated by such forward-looking statements. The
inclusion of such statements should not be regarded as a
representation that such plans, estimates or expectations
will be achieved. Important factors that could cause actual
results to differ materially from such plans, estimates or
expectations include, among others, (1) that one or more
closing conditions to the transaction, including certain
regulatory approvals, may not be satisfied or waived, on a
timely basis or otherwise, including that a governmental
entity may prohibit, delay or refuse to grant approval for
the consummation of the proposed transaction, may require
conditions, limitations or restrictions in connection with
such approvals or that the required approval by the
stockholders of Baker Hughes may not be obtained; (2) the
risk that the proposed transaction may not be completed in
the time frame expected by GE or Baker Hughes, or at all;

(3) unexpected costs, charges or expenses resulting from the
proposed transaction; (4) uncertainty of the expected
financial performance of the combined company following
completion of the proposed transaction; (5) failure to
realize the anticipated benefits of the proposed
transaction, including as a result of delay in completing
the proposed transaction or integrating the businesses of
GE, Baker Hughes and Newco; (6) the ability of the combined
company to implement its business strategy; (7) difficulties
and delays in achieving revenue and cost synergies of the
combined company; (8) inability to retain and hire key
personnel; (9) the occurrence of any event that could give
rise to termination of the proposed transaction; (10) the
risk that stockholder litigation in connection with the
proposed transaction or other settlements or investigations
may affect the timing or occurrence of the contemplated
merger or result in significant costs of defense,
indemnification and liability; (11) evolving legal,
regulatory and tax regimes; (12) changes in general economic
and/or industry specific conditions, including oil price
changes; (13) actions by third parties, including government
agencies; and (14) other risk factors as detailed from time
to time in GE's and Baker Hughes' reports filed with the
SEC, including GE's and Baker Hughes' annual report on Form
10-K, periodic quarterly reports on Form 10-Q, periodic
current reports on Form 8-K and other documents filed with
the SEC. The foregoing list of important factors is not
exclusive. Any forward-looking statements speak only as of
the date of this communication. Neither GE nor Baker Hughes
undertakes any obligation to update any forward-looking
statements, whether as a result of new information or
developments, future events or otherwise, except as required
by law. Readers are cautioned not to place undue reliance on
any of these forward-looking statements.
23