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Baker Hughes and GE Receive

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HOUSTON–(BUSINESS WIRE)–May 31, 2017– Baker Hughes Incorporated (NYSE:BHI) and General Electric Company (NYSE:GE) announced today that the European Commission has cleared the proposed transaction between Baker Hughes and GE’s oil and gas business under EU merger control rules. The companies remain confident in the value that the combined company will deliver to its customers, employees, shareholders and to the oil and gas industry. Baker Hughes and GE continue to work constructively with regulators and expect to close the transaction in mid-2017.

About Baker Hughes

Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company’s 32,000 employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources. For more information on Baker Hughes, visit: www.bakerhughes.com.

About GE

GE is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the “GE Store,” through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com

About GE Oil & Gas

GE Oil & Gas is inventing the next industrial era in the oil and gas sector. In our labs and factories, and in the field, we constantly push the boundaries of technology to solve today’s toughest operational & commercial challenges. We have the skills, knowledge and technical expertise to bring together the physical and digital worlds to fuel the future. Follow GE Oil & Gas on Twitter @GE_OilandGas or visit us at www.geoilandgas.com.

Additional Information and Where to Find It

In connection with the proposed transaction between GE and Baker Hughes, the new NYSE listed corporation (Bear Newco, Inc. or “Newco”) has filed with the SEC a registration statement on Form S-4, including Amendments No. 1 and 2 thereto. The registration statement was declared effective by the SEC on May 30, 2017. Newco and Baker Hughes have also filed with the SEC a definitive combined proxy statement/prospectus (the “Combined Proxy Statement/Prospectus”) and Baker Hughes has mailed the Combined Proxy Statement/Prospectus to its stockholders and has filed other documents regarding the proposed transaction with the SEC. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents Baker Hughes and/or Newco may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE COMBINED PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS OR SUPPLEMENTS TO THE COMBINED PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED BY BAKER HUGHES OR NEWCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders are able to obtain free copies of the Combined Proxy Statement/Prospectus and other documents filed with the SEC by Baker Hughes and/or Newco through the website maintained by the SEC at www.sec.gov. Investors and security holders will also be able to obtain free copies of the documents filed by Newco and/or Baker Hughes with the SEC on Baker Hughes’ website at http://www.bakerhughes.com or by contacting Baker Hughes Investor Relations at alondra.oteyza@bakerhughes.com or by calling +1-713-439-8822.

Baker Hughes and GE Announce Executive

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HOUSTON – June 05, 2017 – Baker Hughes Incorporated (NYSE:BHI) and General Electric Company (NYSE:GE) today announced the executive team that will lead Baker Hughes, a GE Company upon closing of their proposed transaction to combine GE’s Oil & Gas business with Baker Hughes.

The combined executive team, which has considerable experience, deep expertise and will drive global impact, will be as follows:

Lorenzo Simonelli, President & CEO
Maria Claudia Borras, President & CEO, Oilfield Services
Belgacem Chariag, Chief Global Operations Officer
Rod Christie, President & CEO, Turbomachinery & Process Solutions
Harry Elsinga, Chief Human Resources Officer
Jennifer Hartsock, Chief Information Officer
Matthias Heilmann, President & CEO, Digital Solutions
Jack Hinton, Chief Health, Safety and Environment (HSE) Officer
Nicola Jannis, Chief Business Development Officer
Derek Mathieson, Chief Marketing and Technology Officer
Jody Markopoulos, Chief Engineering and Supply Chain Officer
Will Marsh, Chief Legal Officer
Neil Saunders, President & CEO, Oilfield Equipment
Uwem Ukpong, Chief Integration Officer
Brian Worrell, Chief Financial Officer
For additional information regarding the executive leadership team of Baker Hughes, a GE Company, please click here.

The company will have operations in more than 120 countries, approximately 70,000 employees and hold dual headquarters in Houston, Texas and London, UK.

As previously announced, GE CEO Jeff Immelt will serve as Chairman of the Board of Directors of Baker Hughes, a GE Company, and Martin Craighead, currently Chairman and CEO at Baker Hughes, will serve as Vice Chairman of the Board.

Baker Hughes Announces

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HOUSTON–(BUSINESS WIRE)–Jun. 7, 2017– Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for May 2017 was 957, up 1 from the 956 counted in April 2017, and up 2 from the 955 counted in May 2016. The international offshore rig count for May 2017 was 202, up 1 from the 201 counted in April 2017, and down 27 from the 229 counted in May 2016.

The average U.S. rig count for May 2017 was 893, up 40 from the 853 counted in April 2017, and up 485 from the 408 counted in May 2016. The average Canadian rig count for May 2017 was 85, down 23 from the 108 counted in April 2017, and up 43 from the 42 counted in May 2016.

The worldwide rig count for May 2017 was 1,935, up 18 from the 1,917 counted in April 2017, and up 530 from the 1,405 counted in May 2016.

Baker Hughes and GE Reach Agreement

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HOUSTON–(BUSINESS WIRE)–Jun. 12, 2017– Baker Hughes Incorporated (NYSE:BHI) and General Electric Company (NYSE:GE) announced today that they have reached an agreement with the Department of Justice that would allow the parties to complete their proposed transaction under U.S. law. Today’s milestone represents significant progress toward creating an oil and gas productivity leader positioned to deliver value for customers, employees and shareholders.

Pursuant to a proposed consent decree filed today in District Court in Washington, D.C., GE has agreed that it will divest its GE Water & Process Technologies business (“GE Water”) after closing the Baker Hughes transaction. GE announced in March that it had agreed to sell GE Water to Suez for $3.4 billion. No other remedies are required by today’s proposed consent decree.

The companies also recently received clearance from the European Commission to complete the transaction without conditions, and Baker Hughes scheduled its shareholders vote for June 30. We look forward to completing our transaction and continue to target a mid-year close.