Robert C. Wright, Jeffrey R. Immelt and Rochelle B. Lazarus joined the Board in 2000. John D. Opie retired as Vice Chairman in 2000 after 39 years of outstanding service to GE, including five years as a Director and Executive Officer.

Mr. Immelt was also elected GE President and will become Chairman when Mr. Welch retires at the end of 2001. The Board believes Mr. Immelt is ideally suited to lead the Company for many years in view of the keen strategic intellect, cutting-edge technological understanding, strong leadership characteristics and unique set of global team-building skills he demonstrated as President and CEO of GE Medical Systems since 1996.

Mr. Wright was elected Vice Chairman of the Board and an Executive Officer of GE and will continue to serve as President and CEO of NBC, a position he has held since 1986. Mr. Wright's strategic vision, outstanding business leadership and people skills will be valuable resources for the Board and the Company.

Ms. Lazarus has been Chairman and CEO of Ogilvy & Mather Worldwide since 1996. The spirit of innovation and insight she brings will be tremendous assets to GE.

The GE Board held 10 meetings during 2000.

At the December meeting, the Directors voted to increase GE's quarterly dividend by 17%, from 13 2/3¢ to 16¢ per share, marking the 25th consecutive year of GE dividend increases.

The Audit Committee, which consists entirely of outside Directors, held five meetings. It reviewed the activities and independence of GE's independent auditors and the activities of GE's internal audit staff. It also reviewed the Company's financial reporting process, internal financial controls and compliance with key GE policies and applicable laws.

The Finance Committee, in four meetings, reviewed GE's retirement plans, foreign exchange exposure, airline financing and other matters involving major uses of GE funds.

The Management Development and Compensation Committee, which consists entirely of outside Directors, reviewed all executive compensation plans, policies and practices, all changes in executive assignments and responsibilities, and succession plans for key positions. It held 11 meetings.

The Nominating Committee, at its three meetings, reviewed candidates for the Board and recommended the structure and membership of Board committees for the ensuing year.

The Operations Committee, in four meetings, reviewed the Company's operating plan and various operational matters.

The Public Responsibilities Committee, in three meetings, evaluated environmental and other public responsibility issues as well as activities of the GE Fund.

The Technology and Science Committee participated in one meeting at which it reviewed GE Power Systems' gas turbine business.