The following actions and steps were required to execute a spin-off of this magnitude:

• Creation of robust workplans, with ~50 milestones encompassing the entire scope of separation across the dimensions of people, process and technology.

• Current state assessments.

• Weekly Steering Co individual meetings specific to each of the three businesses.

• 300+ hours dedicated to external bank meetings.

• Target operating model designs.

• System readiness testing for all three companies – three different platforms.

• Data migration to two newly-created systems (GE Aerospace (GEA) & GE Healthcare (GEHC), plus certification on ALOC which is now the GE Vernova platform for trade finance).

• Policy compliance and governance – designed and rolled out.

• Hiring and consolidating new plus 20 team members.

• Knowledge transfer and formalised training (over 15 hours).

• Integration of business COE and corporate team to form one GE Vernova TF function.

• Credit line establishment with GE Vernova relationship banks.

• Identification of key banking partners based on historical relationship, outstanding bank exposure, commercial pipeline analysis and country representation.

• Negotiation of reimbursement agreements and assignment and assumption agreements with relationship banks.

• Bank evaluation of GE Vernova creditworthiness using public financial information and credit ratings to establish credit capacities for new credit lines.

• Establishment of US$3bn committed facility with 23 participant banks. And bilateral credit lines with relationship banks.

Once credit lines were approved by the banks and agreements were executed, the financial risk was transferred to GE Vernova.

PwC played an instrumental role in supporting the design of the operating model, monitoring and tracking the establishment of credit lines, providing project management support, and deploying the reporting infrastructure for GE Vernova’ ALOC system. Additionally, GE Vernova utilised its extensive network of global relationship banks.