New Leader Named for GE Auto Warranty Services; GE Money Promotes Orlando Zayas to Lead Vehicle Service Contract Business

Business Wire, August 8, 2006

LAKEWOOD, Colo. -- GE Money, a unit of General Electric, has named Orlando Zayas as president of GE Auto Warranty Services, a leading provider of vehicle service contracts.

Zayas comes to the position from GE Money's Benefit Solutions business, where he developed and grew a strategy aimed at helping employees of small to mid-size businesses cope with spiraling healthcare and legal costs. He has a track record of growth, achieving a revenue increase of more than 40 percent in a key product area.

Zayas, 44, takes the helm of a business that delivered double-digit growth in service contract volume in 2005, which was a third consecutive year of record results for growth and profitability for the business. Zayas succeeds Jim Slavik as president of GE Auto Warranty Services. Slavik left the post to join the leadership team of a joint venture between GE Money and Cosmos Bank, a major banking and consumer finance player in Taiwan.

Zayas joined GE in 2000 and has held a series of leadership positions with increasing levels of responsibility, including Vice President of Customer Delivery for its Partnership Marketing Group division. Before joining GE, Zayas was Vice President of Sales Operations with Cendant Corp. He also served for several years as an F&I Director (Finance & Insurance) with an auto dealer group in the Houston area. Zayas had responsibility for management and profitability of a full suite of products, including Financing, Warranty and Insurance.

"It's an honor to lead this business," said Zayas. "The team has done a terrific job delivering industry-leading technology for our agents and customers. It's resulted in three years of double-digit growth and productivity. Going forward, my job is to accelerate the growth and innovation that has established GE as the industry leader in vehicle service contracts."

About GE Auto Warranty Services:

GE Auto Warranty Services, a part of GE Money, is a leading provider of vehicle service contracts and related products. For more information, visit www.geaws.com. To contact GE Auto Warranty Services, call 1-800-828-1392 or e-mail awssales@ge.com.

About GE Money

With more than $163 billion in assets, GE Money, a unit of General Electric Company, is a leading provider of credit services to consumers, retailers and auto dealers in 50 countries around the world. GE Money, based in Stamford, Conn. (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 online at http://www.gemoney.com.

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. For more information, visit the company's Web site at http://www.ge.com/.