April 2, 2024, GE Vernova (NYSE: GEV) Celebrates its Listing on the NYSE

This is a big day for us, but it's a big day for us because it's the beginning. This team is ready to play our part in leading the energy transition. Our name is GE Vernova, and the energy is to change the world. Innovation is part of our DNA. Our future is electric. This is an incredible company, an incredible journey, an incredible opportunity for all of our stakeholders.

Launch day is finally here. History will unfold as GE Aerospace and GE Vernova become standalone companies, and you have a front row seat to it all. Stay with us as Larry Culp and Scott Strazik ring the bell and usher in a new era. We are glad you are here for this historic, once-in-a-lifetime moment. We are live from the New York Stock Exchange in New York City. This is a special employee broadcast of GE Vernova's launch day with Jeff Goldstein and Maya Zabon, April 2nd, 2024.

Hello to all our Vernova colleagues, customers, friends, and families around the world. I'm Jeff Goldstein, the global hydrogen strategy leader for GE Vernova and co-host of GE's award-winning podcast, Cutting Carbon.

And I'm Maya Zabon. I'm a digital project leader in electrification and a leadership program ambassador. We are thrilled to be your employee hosts for today's broadcast. Now, today marks the culmination of years of hard work and dedication as GE Vernova launches off and takes its bold step to become an independent and publicly traded company. It's such an honor to be watching and celebrating this remarkable achievement with all of you, which will take place just steps behind us. In the upcoming hour, you'll experience firsthand the array of activities unfolding today here at the New York Stock Exchange, which is abbreviated as NYSE. This is also a moment of celebration for us, that more than 880,000 GE Vernova employees around the world, the impact that each and every one of you has made has positioned us for this moment. Today is the official founding day of GE Vernova, and we are its founders. Collectively, we have the energy to change the world as we continue our bold mission to electrify and decarbonize the world. GE Vernova, we are ready.

We're now going to take you right to the NYSE trading floor where Director of Employee Engagement, Madison Wilson, is standing by with some very special guests to kick off our day. Madison, over to you.

Thank you, Jeff. I'm standing here today with our very own Scott Strazik and his children, Jack and Clarissa. Team, thank you so much for being here with us today.

We are thrilled to be here, Madison. It is a big day, and there's no place else we'd rather be than here.

Amazing. Scott, today is launch day. Huge energy here at the New York Stock Exchange, big energy around the world. Really, really exciting. There's a multitude of employees and teams watching from around the world, and we have our very own representatives of our future generation here with us today. What is going through your mind right now?

It's a big day. It's a day that I'm filled with appreciation for our teams and everything they've done, pride for what we've accomplished, but also with real optimism and ambition for what we're going to do from here. This is just the beginning. It's an important day, it's a weighty day. In many ways, coming to the building here and seeing the energy is important, but it's just the beginning. Excited about everything that's going to follow.

Amazing. Scott, over the last 130 years, GE has made an impact all over the world. As we embark on our new chapter as GE Vernova, what positions us so well to take on the legacy from the past and own it for the future as Vernova?

Well, we're going to protect all the great, special things that have made GE the company that it's been for 130 years: our commitment to innovation, to people, continuing to develop our products, our people, our technology, partnering with our customers in a real way. The ambition that has been GE is something that we're going to nurture and protect, while also creating our pathway forward as a focused, purpose-built company to lead in the energy transition, both electrifying and decarbonizing the world. We've got a lot to look forward to.

Awesome. Jack, let's throw you a question. What is the coolest part of your dad leading a company that's helping to better our planet?

What I really think is really cool about my dad's business is he's trying to decarbonize the world. And you know, winter, there's always a lot of snow, but over kind of like the past years, there hasn't been a lot of snow. And I am a really big skier, and I've been race skiing for a while, and I can't go a single season without skiing.

Awesome. Yeah, we need the snow to ski, don't we? And Clarissa, question for you. In a few short moments, your dad's going to be up on that podium ringing the bell. What advice do you have for him?

Um, to make sure he smiles, to make sure he has fun, and make sure he doesn't trip.

Important advice. Great, important advice. Scott, to close it out, 880,000 new founders of Vernova, so excited after the bell ringing today. What do you want them to feel after that bell is rung today?

I think we've got an incredible opportunity in front of us, everyone. This is, we're walking into a real super cycle of investment within the space. We have customers that have made commitments that we can help them solve, and we're at a unique time as a company in our beginning, but as the history of what GE is, that I have incredible optimism, incredible ambition for what we can become, and it's there for us to take together. So as one team, I look forward with real hope and look forward to everything that follows.

Wonderful. Scott, Jack, Clarissa, thank you so much for being with us today. Jeff and Maya, back to you.

I hope you all enjoyed hearing from Scott and his children. I mean, it's great to have them be part of this very important day, and as you can imagine, the energy here is electric.

Yeah, it was great hearing from them. Maya, but at the moment, I want to shift our attention to Cassie Hart of GE Vernova and Vanessa Mu Young of GE Aerospace. They're going to take all of us on an exclusive behind-the-scenes tour of the NYSE building, giving us an inside look at what Scott and Larry and other employees are going to experience today.

Hi, I'm Cassie Hart, senior energy transition analyst for Vernova.

And I'm Vanessa Mu Young, a lead engineer at GE Aerospace. We are outside the New York Stock Exchange, and we're going to head in and give you a behind-the-scenes tour of the route that Larry and Scott will be taking for today's event. This is the lobby where guests embark on their journey into the heart of the New York Stock Exchange. After checking in, they'll take the elevator to various unique event spaces, including the illustrious boardroom. So many interesting people have walked these rooms and halls and participated in bell ringing ceremonies: world leaders such as Ronald Reagan, Desmond Tutu, and Condoleezza Rice; business CEOs like Warren Buffett, Mary Barra, Sir Richard Branson, and previous GE CEO Jack Welch; athletes such as Michael Phelps, Jackie Robinson; and famous individuals like Aretha Franklin, Elizabeth Hurley, and Bradley Cooper. This is the stage where Larry and Scott will share their remarks about this historic day that completes the spin-off of GE Vernova and the launch of GE Aerospace. The New York Stock Exchange president, Lynn Martin, will then present Scott and Larry with commemorative gifts. One of the gifts is a two-sided coin. One side has the front of the New York Stock Exchange building representing the six pillars of capitalism, and the other side has a Buttonwood tree where the NYSE was founded under by 24 stock brokers in 1792. Larry and Scott will also be given the official framed listing certificates for GE Aerospace and GE Vernova. After the gift exchange, all guests will head down to the trading floor. Time is of the essence here, as the opening bell waits for no one.

Welcome to the New York Stock Exchange trading floor. On the busiest of days, billions of shares can trade hands, the time measured in microseconds. These blue lines on the floor mark the path from the elevator through the center of the trading floor to where most of the crowd watches the bell ring. So here we are, right under the bell podium. There will be representatives from GE Aerospace and GE Vernova on the bell podium above. They will be escorted to this area where Larry and Scott will sign the distinguished guest book. By signing this book, they join a long line of celebrated financiers, pioneers, innovators, and leaders who walked the same path. After they pause for a few pictures, the clock is still ticking, so it's time for everyone to quickly move this way to this secret staircase behind the podium. We are now on the podium. Take a look at the best view of the trading floor. Here's where the timing gets really precise. At 9:29 and 30 seconds, everyone gathered on the floor will erupt in applause in anticipation of the bell ringing. Larry and Scott will be watching the clock right above the CNBC set. They need to get the timing perfect to prepare the trading floor for what comes next. At 9:29 and 50 seconds, 10 seconds before the market opens, Larry and Scott will push this green button and hold it for exactly 10 seconds. This isn't just a ceremony; the bell ushers in the morning trading, as stocks must wait until the bell stops ringing to open. Opening bell, closing bell, the whole world is watching. Once the bell rings, GE Aerospace and GE Vernova will begin trading as separate listed companies, an incredibly historic moment for all GE employees. While the action unfolds on the floor, the podium guests sneak in one more tradition. We call it 'tagging the wall,' a little authorized graffiti to remind future bell ringers what great company they're in. Back on the floor now, our work here is done, but the work of the market goes on, and the work for GE Aerospace and GE Vernova as they begin their journeys as separate companies is just beginning. We hope you enjoyed this behind-the-scenes tour. Enjoy the rest of the broadcast as we celebrate this historic moment with two iconic brands.

We have several GE Vernova employee ambassadors helping with the social content that you are hopefully seeing. Fak is joining us now from the trading floor. Hi, Fak, thank you so much for joining us today. You are one of GE Vernova's social ambassadors, and you've had the opportunity to be right in the action of the morning. Now, can you tell us what is it like, I mean, being here for this historic moment?

Hi, Maya. I could not be more thrilled to be on the trading floor today. I'm really honored to be here. The floor is buzzing with excitement about GE Vernova, and my hope is to capture this energy so all our global employees can take part of it and feel it. I would like to give a shout-out to my manager, Lauren Edelman; program sponsor, Katie Wilner; all my mentors; and everyone I worked with. I could not have been here today without the support I got from all of you. Today is a reminder of the exciting future to come. It is also a reminder of the importance of our roles as employees in advancing the energy transition and the future of GE Vernova.

Yes, that is so true, Fak. I completely agree, and I mean, we all have such a unique opportunity to contribute to such a big transformation for our planet. And well, I know you have a busy morning ahead, but thank you so much for talking with us today and taking the time.

Thank you. Now, up next, we are going to say hello to colleagues that are gathered at our different sites around the globe. As we prepare to ring the bell, we will now go live to four of these locations, and we'll be starting in Greenville, South Carolina, where Clarissa Ellis joins us now.

Thank you, Maya. I'm excited to come to you live from Greenville, South Carolina, where we design and manufacture gas turbines and test onshore wind components. As you can see, there are over 200 GE Vernova employees here with me, and you can just feel the energy in this room. Joining me are Jamie and Tasha Merrill, veterans in gas manufacturing for over 30 years. They've seen remarkable growth in technology and in Greenville's footprint, and to top it off, they're married. They met here at GE 30 years ago, making it a true family affair. Tasha, Jamie, launch day is finally here. This is the moment we've all been waiting for. How does it feel?

Optimistic and exciting.

How does it feel, Jamie?

I'm happy that they have come, and you know, I'm really excited about it.

Jamie, alongside the many changes and advancements at GE Vernova, our commitment to safety remains unwavering. In fact, our leadership is actively investing time and resources to strengthen our EHS framework, ensuring safe operations in both the factory and the field. Over the past 30 years, how have you observed this commitment to safety evolve, and what does this commitment mean to you and GE Vernova at large?

As we look to the future, for 30 years, there's been a significant amount of anticipation that has evolved. So commitment has been at the forefront of safety. GE has also recognized the importance of having a safe environment for all employees. So from that aspect, I've seen the evolution, so to speak, that has evolved to the point where employees and GE and leaders from the management group recognize that GE pretty much takes care of their folks and takes care of everyone around it. So, you know, from that aspect, you know, GE has always taken safety at the forefront and been really good about doing that.

Thank you, Jamie. Tasha, Scott and the leadership team often highlight our one-team culture of value. I know you're deeply passionate about it. How do you envision this sense of community transforming our business and the organization as a whole, now and in the future?

I have one word for that: a continued, well, two words: continued family. At GE, they're like my second family. I mean, I know their cousins, their uncles, their moms, their dads, grandparents. We're just together a lot, and we laugh together, we cry together, and if there's issues, we work them out together because every family has issues. But in the end, I can remember walking, well, go back when we walked in, walk into the doors of GE, you know you're walking into the best place to work, and you're going to build something that helps not just you, your family, but people around the world, and that's a great feeling. Our culture, we're just going to bring everything together and be an even bigger, happier family. We're going to work together to make it happen, decarbonize and energize the world.

That's great, Tasha. A real family affair. Thank you, Tasha. Thank you, Jamie. It was fantastic talking to both of you. Enjoy the rest of the broadcast. Jeff, over to you.

Thank you, Clarissa. We just love hearing about the family ties that exist all throughout Vernova. Now, we're going to switch to Dammam, Saudi Arabia, with Kash Momin, who joins us from Gemtech. And for those who don't know, Gemtech is GE's manufacturing and technology center. It's one of our largest gas turbine centers globally.

Hello from the Gemtech campus in Dammam, Saudi Arabia, which is home to a service and repair center for gas turbines, an R&D facility, and a monitoring and diagnostic center, as well as a manufacturing joint venture, all servicing the power sector. I'm here with Lina Sadiq, an engineer in gas power. Thank you for joining us, Lina.

Absolutely, thank you for having me. I'm excited to be here.

So, Lina, I understand that GE has had a significant impact in your life and the lives of other generations in your family. Tell us about that.

Correct. Well, firstly, GE has been a recognizable backdrop throughout my life, with its famous logo on appliances all over my home. There was really no hesitation to join this conglomerate of a company as soon as I graduated, especially since I aspired to be an engineer just like my dad. Actually, funny story: during my first power plant visit to see our gas turbine up close and in action, I had called my dad afterwards to tell him all about it, only to find out that he had worked at that very same plant exactly three decades ago. I know, right? It was a full-circle moment for us, and as we were exchanging stories, it really solidified just how much impact GE technology has had not only on that power plant's capabilities but the broader power sector in that region. So it's important to note that I'm the second generation in my family to have consistent, reliable access to energy every day, but I'm also the second engineer in my family to directly work in and impact the energy landscape of our community, which is something I'm really proud of. It's just astonishing to see how much has transformed since my grandparents' days.

Wow, thank you so much, Lina, for sharing your inspirational story. Over to you, Maya.

Thank you, Kash. I mean, it was an incredible story to hear about the generational reach GE has had within Lina's family. Let's now move to Bengaluru in India.

Hello, Maya. The anticipation is growing here, and the employees are excited. Joining me here is Rahul Jain, an engineer in electrification software. Hi, Rahul. You have worked at GE for over 16 years now and have seen GE's transformation over the years. How would you describe this transformation since you witnessed this over your journey at GE, and what about it gets you excited for the future?

Hey, thank you, Gangel. First, let me tell you what a day, what a day here. It's really inspiring and humbling to be a founder today. That's really inspiring. I think I personally witnessed decades of growth, years and years of personal growth, but I feel truly excited to play a role in another era of bringing innovation that truly matters to the world. Look, at the heart of any transformation is its people and its culture. And think about it: Vernova, which is a global company present in 100-plus countries, is still so well ingrained here today. That's transformation for me. Look, in the last two decades, I have personally seen a lot of positive impacts this company has made over the world. Think about energy transition, think about industrial software, think about healthcare, think about our own people's growth individually. I think that's transformation, right? Many times over 16 years, a lot of my friends have asked me, 'What is so special about GE Vernova or GE?' And there is a very simple answer: is purpose. I'm in the electrification software business, and we build software which caters to 40% of the world's electric utility companies to orchestrate electricity across the world. We build software which makes energy consumption business more and more efficient every day. I connect with that purpose, and that's a true reason for my personal transformation as a leader in the electrification software business in GE Vernova.

Hey folks, we're having some technical difficulties with India, so we're actually going to jump right now to our final stop on that global watch party, which is Stafford, UK, where we've got our three grid solution businesses. Let's jump right over to Ellie Ivanova.

Ellie, Jeff, hello from Stafford in the UK. Hello from Stafford in the UK. I'm here with Venita Mahajan, project manager with Grid Solutions, and Mark P, who's in commercial operations in the offshore wind business. Thank you both for being with us on this historic day. Mark, let me start with you. You talk to customers every day as a global accounts director in the offshore wind business. What do you think Vernova should do in the future to continue to serve the customers better?

Yeah, I think from my perspective, it's firstly about listening carefully. It's about answering their needs because the context they're working in today is very different from the past. You know, we're constantly getting asked for a broader scope solution. A great example today, we're sitting here today in the UK grid solution facility, when I talk to you about the offshore substations, you know, what synergies can we get with that, what technical advantages can we get, and the customers are really looking for an integrated energy system. And with that integrated energy system, they get energy security, which is normally focused around a hub. And in the hubs, you could be powering a hydrogen plant, green fuels, a feedstock process. Another great example is the big win that Vernova had on the Teesside net zero power station, which has full carbon capture technology, and that area of the UK is going to be the first UK decarbonized industrial cluster. But that brings some challenges in terms of volume in the market, so customers are looking for capacity certainty, and they're also looking for technical maturity. So when you bring all of that together, you know, GE's 130 years plus of experience, the 12 businesses we have, I think we're really well positioned to furnish the needs of the customer in the future. And I think lastly, individually, make sure we're accountable, build the cross-functional virtual teams, and make sure everyone contributes, is heard, and we succeed as one team. Ellie, I'm really excited for the future. I think so is everybody here today.

And Venita, you've been with the company for two and a half years, first as an intern and now as a full-time employee. What made you join Vernova, and what inspires you every day to come to work?

I wanted to contribute to clean energy solutions, and clean energy solutions is what we are indeed driving here at GE Vernova to counter the climate crisis. I get to work on projects across the globe that contribute to the planet's sustainability and net zero goal. I'm inspired every day by our solutions, by innovations, and also the sense of purpose. Every day, I help to connect the grid and the dots across the world. I aid to electrify and decarbonize the world. I somewhat feel like a superwoman to make our tomorrows brighter.

Thank you, Venita. That's really inspiring. Maya, I'm sure all of our colleagues with me here across Europe and the world are excited for the rest of the broadcast and are ready to ring the bell along with Scott at the big bell. Over to you.

Thanks, folks. We're going to go right now live to the boardroom where Lynn Martin, president of the NYSE, Larry, and Scott have already started their remarks.

I don't know that when he uttered those words, he would have been talking about the last five years of GE, but it is truly inspirational, the genius that you have all achieved over those last five years, and it brings you to today. Today's about respecting the past and the greatness of one of the most iconic brands of this nation. Now, I think about innovation every day in my job, and in my mind, there are no two letters that better embody the spirit of innovation and have always embodied the spirit of innovation in the past and the future of this country than GE. So, I spent a lot of time walking around our home at the NYSE, and over the last 24 hours, I see one tagline, one historic moment, and two iconic brands. Those six words have not been embodied by anyone better than you all. You have truly built a world that works, not just a world that worked for the last 131 years, 132 years being a member of our community, but you have built the world that works for the future. So today is about defining in the moment what's next, and it's the beginning, it's the welcoming, it's the debut of two iconic brands that embody the spirit of innovation: GE Aerospace and GE Vernova. Now, our shared history, as Larry very eloquently put last night, over the last 132 years together with GE, is one that we have never and will never take for granted. Be it our common roots with the modern ticker tape created by Thomas Edison, our 132 years of having GE as a listed company, or our North Star, our common North Star of changing the world, you through innovation and us through being the market where capital is raised to allow those innovations to flourish. So with that, it's my honor and privilege on behalf of all of us at the New York Stock Exchange to welcome two iconic brands for the future who are going to power the way of innovation of America and of global societies: GE Aerospace and GE Vernova. So with that, I'm going to call two people to the stage that need absolutely no introduction for the last couple of years. Larry and Scott, you want to come on up.

Congratulations. Thank you, thank you. What's going on? Well, good morning, and Lynn, thank you, Joe, the entire NYSE team for hosting us. I couldn't imagine doing this anywhere this morning but at the NYSE. As you pointed out, I'm sure that video has been used before, but I hope everyone saw the portrait that's smack in the middle of Edison and the shout-out to engines. You can't open up the New York Stock Exchange without turbomachinery, right? But here we are.

Here we are. It was three years ago almost to the day that we said we need to have a different conversation with the board. The AirCap transaction was on its downward slope and we knew we could really wrestle, as the pandemic began to clear, with a fundamental question: what are we going to do when we grow up? What are we going to do with these wonderful businesses? One thing led to another and here we are. Here we are launching two industry leaders that have been working to change the world and will do no less as we move forward. GE Aerospace, are you in the house?

Approximately 900,000 people are aloft at this very moment with GE power underwing. That is an awesome responsibility. 70,000 engines across our installed base, both commercial and in defense, keeps us close to the product, keeps us close to the customer day in and day out. It's a wonderful, wonderful business model. Decades of industry leadership that we will take forward, not for granted but as our obligation to build on. And my partner and my friend, Scott Strazik, you've got a couple people here, don't you?

What a turnaround. I have shared with some of you, I'll say it in a larger audience, I got a lot of good counsel back in the fall of 2018. Some of the worst counsel I got was: 'GE Power is a business that cannot be turned around.' How's that for advice? And look what you did. You have written a tremendous turnaround story and you're doing the same thing at Renewables, which really gives us the foundation to launch GE Vernova. And if there's anything the world needs at this very moment, it is a company capable of leading the energy transition at scale, in whatever form that will take. No small mission, no small obligation. I couldn't be more excited, Scott, for you and the team. I couldn't be more confident in what you're going to continue to do, building again on decades of success as we move forward. I won't have a role, but as a shareholder, so I'll be watching.

As Lynn indicated, this is such a wonderful place to both look back and look forward. And if we look back to 1893, it was GE's first CEO, Charles Coffin, who wrote in our first annual report: 'We're putting GE together,' the result of three companies coming together. And as you think about where we are today, with Healthcare not too far away, we've come full circle. We're back to three. But at the same time, look how far we have come. And I really want us all focused from here on the future. At Aerospace, at Vernova, we have a heritage, we have a legacy every company envies, but that is no guarantee. We have to get out there every single day and, very much in the spirit of Kaizen, continue to improve and serve and grow and build. And I know that is exactly what we're going to do as both GE Vernova and GE Aerospace. Let me just close before I hand it over to Scott. Thank you. It has been a privilege to be with you. I suspect a good number of the Aerospace folks are a bit envious, always available for that stray operating review. But I will have an undiluted focus as we move forward on GE Aerospace. Enjoy the day. I am so proud to have been on this journey with you. I'm so optimistic about what lies ahead. Let's do it.

What a setting. I hope everyone on the broadcast can feel the energy in the room, in the building. This is just such a special moment for all of us. I just want to thank everyone for being here and everyone on the broadcast, and Lynn for hosting us in this incredible event. Larry, I've got to thank you again on behalf of the entire team. For everybody's benefit, I met Larry for the first time on August 15th of 2018, which at the time the meeting was set up was right before summer break. And I was like, really? You know, right before summer break, we've got to get ready for this board member in Atlanta. But then a few days afterwards, going home, it's the most motivated I went home at the end of a week in a really long time because of the tone of the conversation, because of the opportunity to learn. And that day in August of 2018 through the last five and a half years has just continued to be a laboratory to learn and experiment and has been motivating from beginning to end. So Larry, for continually protecting for the best of what is GE while giving us an opportunity to recreate ourselves in the company, thank you.

To the corporate team, to the SMO teams that have played a critical part bringing these companies together and letting us stand up on day one, thank you. To the Aerospace team, we are going to be rooting you on every day and looking for opportunities for us to partner together as we continue to decarbonize our industries and lead forward from here. And for our Vernova team, I just want to again thank you all for the work. I come at this with so much pride and so much appreciation for what all of you do every day, and also so much optimism and ambition for what we can become as a purpose-built company to electrify and decarbonize the world, exactly as Larry said, at a period of time in which the world needs a company like GE Vernova. So for all of us, I just want to again thank everybody in the room, everyone on the broadcast. There's a ton to be prideful about, there's a ton to be optimistic about. Today is just the beginning. Thanks.

Okay, so being an iconic institution yourself, you can appreciate that in our 232 years of history, we have a couple of traditions we like to do every day. First tradition is we present a medallion to our bell ringers every day. First, I would like to present Larry a medallion to you. Congratulations. It's just been a masterclass in execution of strategy over the last five years. It's been our privilege to watch that as your partner. Thank you, Larry.

Congratulations on the transformation that you have done to the business. I can't think of a business in this day and age that is better positioned than a clean energy power business. So congratulations to you as well.

So after we ring the bell to open the equity markets, these fine gentlemen are going to open your respective stocks, which there'll be two of as of this morning. You are going to do that with a mallet. We like bells at the NYSE, so you will use a mallet to open your stock and hit the first trade bell. Scott, one for you.

And it's pretty cool. It is pretty cool. And those can also serve as really helpful appliances for management meetings and investor meetings too.

Well, Lynn, you're very kind. If we could return the favor, I think both Scott and I would like to share a little bit of our launch material. And this is a brand book. Thank you so much, GE Aerospace. It's our honor. Thank you so much.

And a small prototype inside of one of our wind turbines.

Oh, that is amazing. That will be proudly displayed. No, sure, thank you again.

Okay, and last but certainly not least, I want to present you both with the culmination of three years of hard work: your original listing certificate. First, Larry, it's my honor to present you GE Aerospace's.

Great. And then Scott, it's my honor to present you with GE Vernova's.

Congratulations. We hope that this will serve as a reminder of the three years of hard work you've just put into a masterful transformation of one of the most iconic businesses in America. Thank you.

Okay, with that, I am going to turn it over to our web hosts to guide the folks who are joining us remotely through the rest of the program.

It was really wonderful to hear from Scott and Larry. Must be incredibly surreal for both of them to reach this pivotal moment where their vision and their optimism is propelling these iconic and historic companies towards achieving their missions. It's just amazing.

Absolutely, Jeff. I completely agree. Their journey to this point is remarkable and their leadership is truly inspiring. Now, momentum is building. The leadership team who will be on the podium for the opening bell, they're making their way right now to the trading floor. What's really interesting is, and we're in this historic site, and did you know that GE and the New York Stock Exchange have just this history that goes back decades? Joe Tam is the exchange's regional head of sales and GE's liaison. He's been working with GE for more than 20 years. And having met him last night, his reputation about being just this amazing guy who everyone loves is really true. Joe's going to share some of that history between GE and the New York Stock Exchange. He's even going to show us some of the artifacts that are housed right here in this building, some of those tied directly to GE and Thomas Edison.

Hello everyone. I'm Joe Tam, Northeast Regional Head for the New York Stock Exchange, and it is truly an honor to stand before you today as someone who has been working with the GE family for over two decades as your primary point of contact with the exchange. Today is more than just a celebration; it's a historic day for GE, the New York Stock Exchange, and all across the capital markets landscape. We're honoring the monumental refocusing of your businesses to solve the biggest challenges in flight and energy today. I'm so excited to share more about the history between GE and the New York Stock Exchange. Let's start on May 17, 1792, 100 years before GE made its public debut. In the earliest days of the American financial markets, I have next to me the Buttonwood Agreement, a historic financial document that laid the groundwork for the formation of the New York Stock Exchange. From here until the 1850s, when JP Morgan came on the scene, the New York Stock Exchange became the largest, most liquid exchange in the country. And if you wanted to tap to global investors, you had to list in New York instead of a regional exchange. In those early days, though, trading had its limits. Imagine a world without the instant microsecond updates that we're accustomed to. The telegraph, ticker tape, and telephone were groundbreaking innovations for stock trading. And there was one person in particular, Thomas Edison, who had the biggest influence on these inventions. One of Edison's first big inventions was the universal stock ticker in 1872. The commercial success he found revolutionizing market data delivery proved to be the key catalyst in the founding of the Edison Electric Company and later GE. Throughout this iconic building on Wall Street, there are many historic artifacts and connections to Thomas Edison and GE. The pneumatic tube system that GE brought to life provided an efficient and level playing field for all orders, ensuring the NYSE provided a fair and orderly marketplace for every customer. Here is a beautiful copy of a letter from Edison written to NYSE President Frederick Lawrence on August 24th, 1882, asking under what terms he could install his improved stock ticker at the exchange. And like the true entrepreneur that he was, Edison proposed to fund the project with his own personal means. And here we have the original listing application that GE filed to list their securities to the public on the New York Stock Exchange. Formal approval from the New York Stock Exchange list committee proudly approving GE security to formally have their stock traded with us. And we have a beautiful panoramic of your stock certificates over the years, starting in 1892 all the way through the 80s. But let's shift now to a more recent relationship, the one between GE and Citadel Securities, GE's designated market maker. Every company who lists on the New York Stock Exchange has one. We are on the floor of the New York Stock Exchange with Pete Pachachi, Head of Floor Trading for Citadel Securities. Here is where the GE stock actually trades. Good to see you, Pete.

Hey Joe, great to see you. Today is such an exciting day.

Pete, tell us a little bit about yourself and about what you do as a designated market maker.

We've been the designated market maker in GE my entire career. I've been on the trading floor. A designated market maker is unique to the New York Stock Exchange, and there's actually a physical trader on the floor responsible to provide liquidity each day in the shares. That means that there's a person there who puts up their capital to make sure that the stock trades in an orderly fashion.

Can you talk a little bit about how your team interacts with the amazing investor relations team on GE?

Our traders here are an extension of the IR team at our listed companies. They're there to support the listed companies in their daily functions, to help them understand what's going on in the stock. GE has been listed for over 130 years on the New York Stock Exchange. Our partnership, forged over a century, has seen numerous leaders at the helm, and I consider myself very fortunate to have worked with many of them. It's not just a company; it's a legacy. A heartfelt thanks to Larry Culp and Scott Strazik and the entire GE, GE Aerospace, and GE Vernova teams for their unwavering dedication to making this day a reality. So here's to today's one historic moment and two iconic brands: GE Aerospace and GE Vernova. Congratulations and enjoy the day.

I want to thank Joe Tam and the whole NYSE team for helping make this such an amazing, special day. Joining me now in studio is GE Vernova's Chief Investor Relations Officer and Vice President, Michael Leitus. Michael and his team work closely with Joe and the whole NYSE. Michael, thanks for joining us in studio today. Really great to have you.

No, thank you for having me. I'm excited to be here.

So Michael, I know with this being such a milestone event that you've been meeting with investors kind of leading up to today. Can you give us a sense of what that investment community is telling you about Vernova's prospects as a standalone company?

That's a great question. We've heard a great deal of excitement from investors about GE Vernova's prospects. They like the unique role that we play in the energy transition with our unparalleled scope and scale of solutions to really help the world electrify and decarbonize. Investors have appreciated the new opportunities to meet with our management team and learn more about our three segments leading up to this launch as an independent public company. They're looking for us to deliver on or exceed our financial targets that we outlined on March 6th at that investor day, which I know everyone in the organization is working hard to deliver. We're excited to continue engaging with investors, educating them on our unique competitive advantages and our plans to drive long-term profitable growth.

Great, Michael. I know time's tight today, we got to get you down to the floor for the opening bell. So just one more question for you. We know the market responded really well to the news about the separation, and the proof point around that is GE Healthcare. And we know that that stock has performed really well since January 23rd when that happened. How are investors thinking about the prospects for GE Vernova stock?

Another great question. Look, GE Healthcare has been a success. Many of the investors we've talked to expect both Vernova and GE Aerospace will be as well. Investors are excited about the positioning, especially as we help customers meet rising electricity demand needs and help them reach their decarbonization goals. We're seeing a lot of interest in our segments, including a lot of interest in the electrification business, but also they're just simply excited about our growth and margin prospects across the board. Investors are beginning to understand how the GE Vernova culture supports a focus on profitable growth and free cash flow through both innovation and lean. From a financial perspective, at the investor day we set out our revenue, our EBITDA, and our free cash flow targets. This was received positively by the investor community. That said, the last thing I'm going to say is that we all need to remember this is about long-term value creation. It's not just about how the stock performs early on. We are focused on serving this exciting market that is experiencing multi-decade growth, a positive reception by the investor community, and now we need to deliver.

Michael, going to wrap it there because I know we got to get you down to the trading room floor. Thank you so much for being here today. Good luck with that bell. All right folks, let's now switch to a live feed from the trading floor where Larry and Scott are getting ready to sign the distinguished guest book. They're both going to be recorded as the official bell ringers today. Anyone who has been the official bell ringer since the 1940s, when this tradition started, has signed the book. You can also see the GE Vernova representatives that are going to be up on the podium as the opening bell rings. At Scott Strazik, Rachel Gonzalez, and Ken Parks. That also includes our segment and business leaders: Mave Agoni, Vic Abate, Philip Perrin, and Scott Reese. We're now going to go live to an NYSE reporter helping us today, Allison Kik. Allison has four GE Vernova executives with her on the trading floor. Allison, over to you.

Jeff, thanks so much and congratulations to all of you on today's bell ringing. I do have a great team of executives standing next to me. We've got Kristin Carvell, Chief Communications Officer; Roger Martella, Chief Sustainability Officer; and Steven Barrett, Chief People Officer. Kristin, let me start with you. What an exhilarating day for GE Vernova. Could you give me a glimpse into the message that GE Vernova will be sharing externally as a brand and as a publicly traded company?

Sounds so exciting. Roger, let me move over to you now. You've recently released the GE Vernova sustainability framework. Could you elaborate on why this initiative is so crucial for driving the organization's mission, and how do you envision GE Vernova becoming a leader in sustainability within the energy industry?

Well, Allison, thank you. We may be a little biased, but we think no company has a more important mission, as Kristin referred to, than GE Vernova to electrify and decarbonize the planet. So just like any good business has a good business plan, we have a good sustainability plan, called our sustainability framework, on how we're going to succeed in that purpose. We're going to electrify the planet by installing capacity, especially for people who lack access to affordable, reliable, sustainable electricity. We're going to decarbonize the electricity grid by innovating the technology the world needs, from carbon capture to small modular nuclear reactors. We're going to conserve the planet's resources by lowering our emissions and by making our products more respectful. And we're going to enable our employees and our communities to thrive. So this is our purpose and our mission.

Fantastic. Roger. Steven, the one-team mentality, it's been instrumental in propelling GE Vernova to this milestone. How do you envision this to continue to shape your organization's culture as you move forward?

Excellent question. We wouldn't be here if it wasn't for one team. Going forward, to really manage that energy transition, it can't be done without one team. And so my ask to all of our people is: replace the 'me' with the 'V' in your vocabulary, and from now on, identify yourself as GE Vernova.

Thank you. What's the big takeaway from today? How excited are you? This is a historic day. This is kind of concluding 132 years of GE and starting two new companies that will be here for decades to come. Talk me through the significance of all of it.

Well, I think the world needs energy. It's the foundation of our civilization. That's what we bring. And our planet needs more care, so decarbonizing is really critical. The fact that we're raising capital to do just exactly that here on the New York Stock Exchange really symbolizes what we're going to do.

Fantastic. Thanks so much for talking with us. And we are less than 20 seconds to go before the opening bell. This is a historic moment. GE Vernova will soon be the new standalone energy company, with GE Aerospace focused on the company's aviation technology products. Let's go to it. Let's go to that opening bell.

And there you have it. It's official. GE Vernova is now an independent and publicly traded company. Jeff and Maya, back to you.

Wow, what an absolutely amazing moment. Right as Allison just said, GE Vernova has officially opened the market as an independent and publicly traded company here on the New York Stock Exchange. I don't know about you, but for me, you know, what started out as... it's still, it's a surreal experience to be here in this moment. Exceeded beyond my expectations.

Totally, Maya. I could not agree more. And I mean, everyone is still celebrating. You can see it right behind us and the podium bell. It's been an incredible day, and we hope you all feel the same way and you've enjoyed spending some time with us wrapping up.

Before we wrap up, yeah, I think we just want to take a moment and thank everyone who made this possible. The GE Vernova Communications team have been fantastic. Maya, you've been an amazing partner. A special shout out to Stacy Phillips from the communications team who really was a driving force helping us. Stacy, thank you.

I completely agree. Thank you, Jeff. It's been incredible to work with you. So wrapping up this special employee broadcast, I'm Maya Zabon alongside Jeff Goldstein and our dedicated team here at the New York Stock Exchange. GE Vernova fellow founders, thank you for joining us today. Our mission to electrify and decarbonize the world is more important now than ever. And Jeff and I, we absolutely have the energy to change the world, and we know you do too.

For the last 130 years, we've electrified the world, connected communities, illuminated possibility, delivered prosperity. We've played our part in building a world that works. But time stops for nobody, and neither do we. It's time to go harder, to provide more sustainable, affordable, reliable, and secure electricity for all before it's too late. The next 130 years start right now, right here. The world is depending on us to innovate and collaborate, electrify and decarbonize, revolutionize. It's on us to make change now. We have to beat our own records. That means blazing new power highways to connect diverse technologies and powering toward net zero while providing electricity for 700 million more people, delivering our most powerful wind turbines yet, to even more places around the world. It's not going to be easy. It's going to take big moves. But hey, we have the experience, the people, and the pioneering spirit that power the future and help decarbonize the planet. It's not just keeping the lights on. It's digitizing and orchestrating the grid, developing modern and more affordable nuclear technologies, scaling and utilizing lower carbon fuels. It's time to show the world what a new era of energy feels like. We've got this because we've got the energy, the energy, the energy to change the world. The energy to change the world. Let's do this.