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Press Release

GE Consumer Finance to Acquire WMC Finance Co.

April 20, 2004

GE Consumer Finance to Acquire WMC Finance Co.

STAMFORD, Conn.--(BUSINESS WIRE)--April 20, 2004--GE Consumer

Finance, the consumer lending unit of General Electric Company

(NYSE:GE), today announced it plans to acquire WMC Finance Co. Terms

were not disclosed.

The transaction, which is subject to regulatory approval, is

anticipated to close in the third quarter of 2004 and will expand GE's

global consumer finance business in the United States. GE Consumer

Finance has $107 billion in assets globally.

This acquisition represents an exciting step in the growth and

broadening of our Americas consumer finance business, said Mark W.

Begor, president and chief executive officer of GE Consumer

Finance-Americas. The U.S. market for consumer finance is $7 trillion

and it's growing, and this acquisition immediately gives us another

channel through which we can expand quickly to reach new consumers.

We are thrilled to have the WMC team headed by Amy Brandt join GE

Consumer Finance, said Begor.

WMC, a leading nationwide wholesale lender, originates loans

through its network of more than 10,000 independent distributors who

use WMC's proprietary Internet-based origination system, WMCDirect.

WMC offers instant loan pre-qualifications, electronic document

submissions and loan approvals in minutes with automated underwriting.

The company, which employs more than 1,200 people, will continue

to be based in Woodland Hills, Calif., with offices in Texas and New

York.

WMC is a proven innovator and technology leader, and we've had

tremendous success in growing our business to this point, said Amy

Brandt, WMC's president and chief operating officer, who will lead the

unit as president and CEO when the transaction is completed. This

agreement will allow us to combine WMC's lending expertise and strong

relationships with GE's growth strategy and superior financial

strength to produce a fantastic new business that can better serve the

needs of our customers.

GE acquires WMC from affiliates of Apollo Management L.P. We are

thrilled to have had the opportunity to be a part of WMC's growth over

the last seven years, said Marc Becker, partner at Apollo Management,

L.P. WMC Finance Corp. has gained recognition as one of the leading

companies in this segment, and this acquisition by a world-class

company such as GE is a tribute to WMC employees.

About GE and GE Consumer Finance

GE Consumer Finance, a unit of General Electric Company, with

$107.4 billion in assets, is a leading provider of credit services to

consumers, retailers and auto dealers in 38 countries around the

world. GE Consumer Finance, based in Stamford, Conn., 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. GE (NYSE: GE) is a diversified technology, media and

financial services company with operations worldwide. More information

about GE can be found online at www.ge.com.

--30--SM/ny*

CONTACT: GE Consumer Finance

Peter Tosches, 203-585-6701 (office)/ 203-247-7487 (cell)

[email protected]

or

WMC Finance Corp.

Brandie Young, 818-592-2319 (office)

[email protected]

Cristy Williams
[email protected]
678.518.2596


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