GE Money Signs European Deal with Ryanair

GE Money, the global consumer lending unit of GE and Ryanair today announced that they have signed a deal which will see GE Money provide co-branded credit cards for Europe’s largest low fares airline, across a number of European Markets.

The new Ryanair credit card was formerly launched today in the UK and will be introduced later in the year in two additional markets, Poland and Sweden. The agreement, which positions GE Money as Ryanair’s European credit card partner, also allows for the roll out of the card across other markets where Ryanair and GE Money operate. The card will be issued in association with Mastercard in the UK and will be available through Ryanair.com and at selected airports.

Cardholders will benefit from a rewards programme, based on their usage and spend, which will allow them redeem free flights across Ryanair’s extensive network of over 500 routes. Consumers can also transfer from an existing credit card provider to the Ryanair Mastercard with a 0% offer for 6 months on all balance transfers.

Commenting on the agreement Des O’Shea, Chief Commercial Officer of GE Money EMEA said;

“We are delighted to be selected by Ryanair as their partner of choice for its credit card. Both our organisations have an extensive presence across Europe coupled with an extensive customer base. We are also high growth companies with a keen focus on delivering value to the customer.

Our pan-European presence puts us in a unique position to offer partners, like Ryanair, best in class product knowledge and expertise with local market know-how. The development of these partnerships is a key platform of our organic growth strategy for the EMEA region.”

Michael Cawley, COO and Deputy CEO of Ryanair said;

“Ryanair’s new GE Money credit card is the icing on the cake for our passengers who already enjoy Europe’s lowest fares and best punctuality. This card offers competitive rates, free flights and a programme full of rewards for our millions of loyal customers”.

GE Money has over 130 million customers worldwide with operations in 54 countries, earnings of US $3.5 billion and assets of $190 billion. It operates multi market partnerships that include Apple, Dell, eBay/PayPal, Expert, Walmart (ASDA), Avon, Kia, Debenhams and the Metro Group in the EMEA region.

Ryanair is Europe's largest low fares airline and in the coming year will carry over 50m passengers on 512 routes across 136 airports in 26 countries with a fleet of 137 brand new Boeing 737-800 aircraft.



About GE Money

GE Money a unit of General Electric Company, with $190 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 54 countries around the world. GE Money, based in Stamford, Conn., offers a range of financial products globally, 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 online at www.gemoney.com

GE Money EMEA

GE Money first established a presence in EMEA in 1992. Today GE Money operates in 25 countries in the region and employs over 24,000 employees. GE Money EMEA has assets of $88.7 billion (2006) and NI of $1.6 billion. The region accounts for approximately 45% of the total global assets of GE Money.

GE Reports Second-Quarter EPS up 13% to $.52 per Share;2007 Share Repurchase Program Increased to $14 billion;Record Orders of $25 billion, up 32%

GE announced today record second-quarter 2007 earnings from continuing operations of $5.4 billion or $.52 per share, up 12% and 13%, respectively, from second quarter 2006. Revenues from continuing operations were $42.3 billion, up 12%, increasing 8% organically.

“Infrastructure and Commercial Finance, which account for 56% of segment profit, led our strong performance this quarter with profit growth of 23% and 18%, respectively,” GE Chairman and CEO Jeff Immelt said. “Global demand for our Infrastructure products and services is unprecedented with double-digit revenue and earnings growth in Oil & Gas, Aviation, Energy, and Transportation. Strong global origination at Commercial Finance contributed to double-digit growth in assets, revenues, and earnings.

“We are building a highly visible and sustainable growth pipeline around the world,” Immelt said. “We are winning with technology and deepening customer relationships through services. Our total orders were up 32% to a record $25 billion, and total backlog grew $18 billion year-over-year, an increase of 42%. Major equipment orders were $13.1 billion, up 54%, and major equipment backlog grew to $44 billion, up 53%. Services orders were up 11%, and our Customer Service Agreement (CSA) backlog stands at $96 billion, up 10%.

“With our strong orders and momentum, we are forecasting third quarter EPS from continuing operations of $.54-.56, up 15-19% over comparable 2006 earnings. We are reaffirming guidance for the full year and are on track to deliver a solid, low-risk performance in 2007 with high visibility to organic growth. We are increasing our 2007 share repurchase program to $14 billion, with the remaining $12 billion to be allocated over the second half of the year. The Board of Directors increased the program, announced in 2004, to $27 billion and accelerated it by a year to be completed by the end of 2007,” Immelt said.

GE delivered its tenth straight quarter of organic revenue growth of 2-3 times global GDP generated by broad-based services and global market demand. Services revenues were up 12% and global revenues grew 21%, with $8.3 billion from developing markets, up 29%.

GE’s segment profit grew 11% and industrial segment operating profit margin increased 70 basis points to 17%. With year-to-date segment operating profit growth of 120 basis points, the company is on track to meet its goal of 100 basis points of margin expansion for the year.

“For the quarter, GE Money had strong global growth in revenues and assets, and increased segment profit 8% despite a loss at its U.S. mortgage business, WMC,” Immelt said. “We have made the decision to exit this business and substantially reduced our exposure by selling $3.7 billion of WMC loans in the quarter.

“NBC Universal grew segment profit 2% with a strong cable, film, and digital performance. Its current operating improvements coupled with a successful upfront provides a solid foundation for future performance,” Immelt said.

“At Healthcare, the impact from the Deficit Reduction Act (DRA) and the continued regulatory suspension on shipments of surgical supplies by our OEC business was greater than expected,” Immelt said. “In the short term, these challenges more than offset strong performances in our other Healthcare businesses. However, the future of this business remains solid.”

In the second quarter, GE realized a $0.5 billion after-tax gain from its nuclear joint venture with Hitachi. At the same time, GE recorded $0.6 billion of restructuring and other charges, including $0.2 billion that was recorded in the GE Money segment. The company’s consolidated tax rate was 17%, consistent with the first quarter of 2007 and in line with expectations.

Second-Quarter 2007 Financial Highlights:

Earnings from continuing operations were a record $5.4 billion, up 12% from $4.8 billion in second quarter 2006. EPS from continuing operations were $.52, up 13% from last year’s $.46. GE’s Infrastructure and Commercial Finance businesses contributed strong double-digit earnings growth for the quarter.

Continuing revenues grew 12% to a record $42.3 billion. GE industrial sales were $24.3 billion, an increase of 10% from second quarter 2006, reflecting core growth and the net effects of acquisitions. Financial services revenues grew 11% over last year to $17.1 billion, primarily reflecting core growth.

Cash generated from GE’s continuing operating activities (CFOA) in the first six months of 2007 totaled $11.6 billion, down 16% from $13.8 billion last year. The decrease was the result of $3.0 billion of lower special dividends from GE Capital Services related to prior year proceeds from sales of insurance holdings, which more than offset an 11% increase from the industrial businesses’ continuing operations.

Discontinued Operations for the second quarter reflected a $21 million profit, down from last year’s $0.1 billion. Effective in second quarter 2007, discontinued operations for all periods presented include the results of our Plastics business, expected to be sold in third quarter 2007, and the results of our former Advanced Materials business for periods prior to its sale in fourth quarter 2006. Accordingly, second quarter net earnings were $5.4 billion ($.53 per share) in 2007 and $4.9 billion ($.48 per share) in 2006.

“We have made significant changes to drive growth across the company and around the world. We have created a faster growing, higher returning set of businesses through smart acquisitions and dispositions. We have diligently executed on our ‘growth as a process’ initiative. We have invested in technology and services to better serve our customers,” Immelt said. "Our financial goals have been clear: consistent, double-digit earnings growth with expanding margins and increasing returns. We have delivered another quarter that meets our goals and reflects the power of our portfolio of leading businesses. We are investing and delivering.”

GE will discuss preliminary second-quarter results on a conference call and Webcast at 8:30 a.m. ET today. Call information is available at www.ge.com/investor, and related charts will be posted there prior to the call.

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

GE Money to Increase Shareholding in Bank of Ayudhya to 31%

Bank of Ayudhya Public Company Limited (BAY) today announced that GE Money (representing GE Capital International Holdings Corporation), one of its major shareholders, upon receiving the requisite approval from the Bank of Thailand and Ministry of Finance, has increased its shareholding in BAY to 31%, on a fully diluted basis, as approved by BAY shareholders last year. GE Money subscribed for 444.7 million newly issued shares, representing a further investment in BAY of Bht 7.115 billion (approximately US$ 200 million). This further strengthens the bank’s capital adequacy ratio (CAR) to 19%.

Bank of Ayudhya Chairman of the Board, Mr. Veraphan Teepsuwan said, “We have reached another key milestone in our strategic partnership with GE Money, which is moving swiftly ahead as planned, and I am confident that the Bank will continue to draw benefits from this partnership. I believe other shareholders see this as another positive move for the bank. The Ratanarak family having 26% stake also welcomes this and remains fully supportive of the bank.”

GE Money Asia President and CEO Mr. Yoshiaki Fujimori said, “We are very pleased to be making this deeper commitment to the Bank. Our desire to increase GE Money’s shareholding in the Bank of Ayudhya reflects our unwavering confidence in BAY, the future of Thailand’s banking sector, and the long-term prospects of the country itself. We view the Ministry’s approval of the additional investment as a strong signal of the Government’s support for foreign direct investment. GE looks forward to further accelerating its partnership with BAY.”

Bank of Ayudhya President and CEO Mr. Tan Kong Khoon said, “I am delighted by the strong support we continue to receive from our major shareholders. This capital increase provides management with more flexibility for the growth plan of the Bank of Ayudhya. I am confident that, with this strengthened partnership, we are on track to achieving our vision to become Thailand’s most admired bank.”

Following an approval of the bank's shareholders at its Extraordinary Meeting of Shareholders held on 20 September 2006 (EGM Resolution No. 1-2549), GE has the right to increase its stake in BAY to up to 2 billion shares subject to necessary government approvals. On 3 January 2007, GE acquired an initial 1.391 billion shares equivalent to 25.4% interest in the Bank of Ayudhya. The current investment is made in accordance with the terms of the approval given by the bank's shareholders. That approval allows GE to subscribe for new shares at 16 baht per share up to the end of the third quarter of this year.

About Bank of Ayudhya Public Company Limited

Bank of Ayudhya Public Company Limited [SET:BAY], established on January 27, 1945, is the sixth largest commercial bank in terms of total assets in Thailand. BAY provides a full range of banking services to both its commercial and individual customers through 562 branches nationwide. On January 2007, BAY and GE Money, a premiere global consumer financial services firm, have successfully become strategic partners when GE Money took a 25.4% equity stake (fully diluted) in the Bank and plans are underway to leverage the synergies of both BAY and GE Money in helping to achieve BAY’s vision to become the most admired universal bank in Thailand.

ABOUT GE MONEY

With more than $190 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 55 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, and media content, 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