Baker Hughes and GE Oil & Gas Complete Combination, Creating the World’s First and Only Fullstream Oil and Gas Company

Uniquely Positioned to Drive Productivity, Lower Costs and Innovate
Globally for Customers

LONDON & HOUSTON–(BUSINESS WIRE)–Baker Hughes, a GE company (NYSE: BHGE) announced today that the
transaction combining GE’s oil and gas business with Baker Hughes is
complete. The new company is the first and only to bring together
industry-leading equipment, services and digital solutions across the
entire spectrum of oil and gas development.

Starting today, BHGE will help its customers acquire, transport and
refine hydrocarbons more efficiently, productively and safely, with a
smaller environmental footprint and at lower cost per barrel. BHGE is
focused on:

• Providing a fullstream offering. No other company brings
  together capabilities across the full value chain of oil and gas
  activities—from upstream to midstream to downstream. This portfolio
  positions BHGE to create new sources of value, improving productivity
  and project economics through integrated equipment and service
  offerings.
• Combining physical and digital to increase reliability and uptime. Applying
  digital and advanced technologies to oil and gas could bring
  approximately five percent productivity improvements across the entire
  industry. BHGE will use cloud-based software, advanced manufacturing
  and brilliant factory solutions to help its customers capture some of
  this opportunity—reducing risk and improving productivity in their
  operations as well as its own.
• Creating new ways to win. BHGE’s leading technology and access
  to the “GE Store” of knowledge, experience and research mean that it
  can bring new solutions to market faster. It deepens its competitive
  advantage through its long-standing local partnerships, creative
  business models and access to financing.
• Building on heritage to create a world-class culture. BHGE
  brings together over 125 years of experienced talent in the industry
  with a mindset of continuous improvement to serve customers in over
  120 countries. Both Baker Hughes and GE have world-recognized
  commitments to integrity, innovation, simplification and diversity,
  and BHGE recommits to these principles.

Lorenzo Simonelli, president and CEO of Baker Hughes, a GE company said,
“Disruptive change is the oil and gas industry’s new normal. We created
BHGE because oil and gas customers need to withstand volatility, work
smarter and bring energy to more people. Our offering is further
differentiated from any other in the industry across the value stream
and enables and assists our customers in driving productivity, while
minimizing costs and risks.”

Simonelli continued, “BHGE has proven technologies and experience with
the spirit of a startup, and our leadership team looks forward to
quickly demonstrating the strengths of the new company. Our focus is on
integrating our businesses quickly and seamlessly so we can drive
long-term value for all of our stakeholders.”

Jeffrey Immelt, chairman and CEO of GE, said, “BHGE can help our
customers be more productive in any cycle, especially today’s. It’s a
smart deal for our combined customers, shareholders and employees.
Lorenzo and his team are world-class leaders and will focus on
accelerating the Company’s capability to extend the digital framework in
ways oil and gas customers have never seen before. The completion of the
transaction marks a new era in the industry, and I am extremely proud of
our team’s focus, dedication and diligence, which resulted in the
completion of this combination in just eight months.”

The integration of the Russian businesses will be completed upon receipt
of Russian regulatory approval.

Set up for success

BHGE’s global organization is designed to achieve business continuity,
minimize disruption and meet and exceed performance objectives. It
brings global scale and tailors its capabilities for the local needs of
its customers. In numbers, that breaks down to:

• ~70,000 people
• Operations in more than 120 countries
• Four product companies—Oilfield Services, Oilfield Equipment,
  Turbomachinery and Process Solutions, and Digital Solutions—and 24
  product lines and segments
• Dual headquarters in Houston, TX and London, UK

Click here
to view a snapshot of the company.

Its highly experienced executive team, which has drawn on the talent and
expertise inherent in both predecessor businesses, is well positioned to
guide and support the organization for success. As previously announced,
GE Chairman Jeff Immelt is serving as Chairman of the Board of Directors
of Baker Hughes, a GE company, and Martin Craighead, former Chairman and
CEO at Baker Hughes, is Vice Chairman of the Board.

Click here
to learn more about the executive leadership and governance teams.

Stock Exchange Trading

Class A common stock of Baker Hughes, a GE company will begin trading on
the New York Stock Exchange (NYSE) under the symbol BHGE on the opening
of the NYSE on July 5, 2017. In connection with the completion of the
transaction, the shares of common stock of Baker Hughes Incorporated
(NYSE: BHI) will continue to trade on the NYSE until the close of the
NYSE today, July 3, 2017, at which point BHI will be delisted from the
NYSE.

Stockholders of Baker Hughes immediately prior to the closing of the
transaction will receive one share of Class A common stock of Baker
Hughes, a GE company and will also be entitled to a special one-time
cash dividend of $17.50 per share (to be paid on July 6,
2017). Following the closing of the transaction and during the NYSE
trading day today, July 3, 2017, Baker Hughes will be quoted on the NYSE
with the value of the special one-time cash dividend of $17.50 per
share. As a result, a person who purchases one share of common stock of
Baker Hughes after the closing of the transaction on July 3, 2017 would
be purchasing the right to receive one share of Class A common stock of
Baker Hughes, a GE company and the right to receive the special one-time
cash dividend of $17.50. Conversely, a person who sells one share of
common stock of Baker Hughes on or prior to July 3, 2017 would be
selling such rights and would not receive the special one-time cash
dividend of $17.50 with respect to such share. For additional
information regarding the transaction, stockholders are encouraged to
visit the investor page at investors.bhge.com.

Learn more

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About Baker Hughes, a GE company

Baker Hughes, a GE company (NYSE: BHGE) is the world’s first and only
fullstream provider of integrated oilfield products, services and
digital solutions. We deploy minds and machines to enhance customer
productivity, safety and environmental stewardship, while minimizing
costs and risks at every step of the energy value chain. With operations
in over 120 countries, we infuse over a century of experience with the
spirit of a startup – inventing smarter ways to bring energy to the
world.

Visit us at BHGE.com.

Caution Concerning Forward-Looking Statements:

This document contains “forward-looking statements” – that is,
statements related to future, not past, events. In this context,
forward-looking statements often address our expected future business
and financial performance and financial condition, and often contain
words such as “expect,” “anticipate,” “intend,” “plan,” “believe,”
“seek,” “see,” “will,” “would,” “estimate,” “forecast” or “target.”
Forward-looking statements by their nature address matters that are, to
different degrees, uncertain, such as statements about our future
growth, our future product and service offerings and their performance,
and the integration of GE Oil & Gas and Baker Hughes.

For us, particular uncertainties that could cause our actual results to
be materially different than those expressed in our forward-looking
statements include: (1) unexpected costs, charges or expenses resulting
from the combination of GE Oil & Gas and Baker Hughes; (2) uncertainty
of the expected financial performance of BHGE following completion of
the combination; (3) failure to realize the anticipated benefits of the
combination, including as a result of delay in integrating the
businesses of GE Oil & Gas and Baker Hughes; (4) the ability of BHGE to
implement its business strategy; (5) difficulties and delays in
achieving revenue and cost synergies of BHGE; (6) inability to retain
and hire key personnel; (7) the risk that stockholder litigation in
connection with the combination or other settlements or investigations
may result in significant costs of defense, indemnification and
liability; (8) evolving legal, regulatory and tax regimes; (9) changes
in general economic and/or industry-specific conditions, including oil
price changes; (10) actions by third parties, including government
agencies; (11) the risk factors in the section titled “Risk Factors” of
the Registration Statement on Form S-4 (File No. 333-216991) initially
filed with the U.S. Securities and Exchange Commission on March 29, 2017
and declared effective on May 30, 2017, and (12) other risk factors as
detailed from time to time in BHGE’s reports filed with the SEC. These
or other uncertainties may cause our actual future results to be
materially different than those expressed in our forward-looking
statements. We do not undertake to update our forward-looking statements.

Our public communications and SEC filings may include certain
forward-looking projected financial information that is based on current
estimates and forecasts. Actual results could differ materially.

Contacts

Baker Hughes, a GE company
Media Relations:
Stephanie
Cathcart, +1 202-549-6462
[email protected]
Melanie
Kania, +1 713-439-8303
[email protected]
or
Investor
Relations:
Philipp Mueller, +1 281-809-9088
[email protected]