Exhibit J


[CITIGROUP SMITH BARNEY LOGO]

~$60k/year GE Water is also  expanding it presence  globally with new plants and
investment in Eastern Europe,  the Middle East and China. The business currently
generates ~65% of revenues in the Americas, ~25% in Europe, and ~10% in the rest
of the world.

The attractiveness of the water industry has  drawn  the  attention  of  several
companies in our coverage list, including ITT Industries, Danaher, GE,  and  SPX
Corp.  These companies have been attracted  by  the  fragmented  nature  of  the
industry,   the   growing   supply/demand   imbalance,   increased    regulatory
requirements, and new applications requiring higher levels of purification.  All
of these factors suggest that the industry could provide sustainable growth well
above GDP for the foreseeable future, in our view.  GE Water currently targets a
$40 billion sub-segment of the $360 billion water industry  (see  table  below).
GE views these markets as the most  attractive  in  the  industry,  given  their
above-average  growth  rates  (2-3X  GDP),  high  technology  base,  value-added
service component, and low capital  intensity/high  ROIC.    However,  we  would
not rule out a move into other adjacent markets in the water  industry  at  some
point in the future.  GE's chief competitors  in  these  markets  include  Ondeo
Nalco, U.S. Filter, and Ionics.

GE WATER TARGET MARKETS

 Waste Services                    $1B
 Environmental Services            $1B
 Smart Services                    $1B
 Contractual Services              $1B
 Chemicals & Services             $11B
 Filtration Consumables            $9B
 Modular Equipment                 $8B
 Customer Equipment                $5B
 Maintenance                       $1B
 TOTAL TARGETED MARKETS           $40B
Source:GE

GE SECURITY: SECURING A FOOTHOLD IN THE ATTRACTIVE SECURITY INDUSTRY
Industrial Systems President and  CEO  Lloyd  Trotter  outlined  the  steps  his
business has taken to integrate technology into the portfolio.  Historically,  a
focused product offering of steady  growth  industrial  businesses  has  defined
Industrial Systems.  We believe Interlogix, acquired in Q102, has established  a
profitable high-tech  platform  with  products  that  can  be  marketed  through
existing channels.

Interlogix is a global leader in the electronic  security  technology  industry.
The focus of Interlogix is to provide customers  with  communication  technology
and security information that provides, life safety and lifestyle  enhancements.
The emergence of Homeland  Security  and  web-enabled  premises  management  has
provided Interlogix with an opportunity to sell to  residential  and  commercial
end markets.  The global security market is estimated at  $127  billion  and  is
divided into two segments: Service and Products.  Service represents  about  $74
billion and Products represents about $53 billion of the global security market.
The Products segment is divided into two segments: Electronics  and  Mechanical.
GE is focusing on the $29 billion electronics segment.    The  company  believes
that the Electronics market can grow more than 10%  and  can  deliver  operating
margins greater than 15%.  GE's is targeting all of the major areas  within  the
electronics segment of the security market, including Access Control, Intrusion,
Fire Services, Video and Trace Detection/X-Ray.