RNS Number:5107U
Morgan Stanley & Co. Inc.
21 January 2004

                           EMM DISCLOSURE


                                                    FORM 38.5 (SUMMARY)

Lodge with Company Announcements Office and the Panel.  Use a separate form
for each class of securities in which dealings have been made.


                      CONNECTED EXEMPT MARKET-MAKERS:
DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS


Name of EMM                  MORGAN STANLEY & CO INC & MORGAN STANLEY CAPITAL
                                                       SERVICES INC

Date of disclosure                  21 JANUARY 2004

Contact name                        GEORGE SOBEK

Telephone number                    020 7677 2488

Please see attached disclosure of dealings under Rule 38.5 in the securities 
of the following companies:


GENERAL ELECTRIC COMPANY


AMENDMENT

If the attached Rule 38.5 disclosure is to amend a previous disclosure, please
state which element(s) of previous disclosure was incorrect:

In the case of option business or dealings in derivatives full details should 
be given on a separate sheet so that the nature of the dealings can be fully 
understood. For options this should include the number of securities under
option, the exercise period (or in the case of exercise, the exercise date),
the exercise price and any option money paid or received.  For derivative
this should include, at least, the number of reference securities to which
they relate (when relevant), the maturity date (or if applicable the closing
out date) and the reference price.

For full details of the disclosure requirements see Rules 8 and 38 of the Code.
If in doubt contact the Monitoring Section of the Panel, Tel. No: 020 7638 0129


                                                          FORM 38.5

                   CONNECTED EXEMPT MARKET-MAKERS:
DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in                      GENERAL ELECTRIC COMPANY       (name of company)

Class of security               COMMON STOCK

Date of disclosure              21 JANUARY 2004

Date of dealing                 20 JANUARY 2004

Name of EMM                     MORGAN STANLEY & CO INC

Name of offeree/offeror with whom connected       AMERSHAM PLC (OFFEREE)


Total number of securities purchased              1,361,875

Highest price paid*                               $ 33.68

Lowest price paid*                                $ 32.21


Total number of securities sold                   1,265,701

Highest price received*                           $ 33.68

Lowest price received*                            $ 32.20


*Currency must be stated

DERIVATIVES
                                          Strike
Product          Date of    Buy/Sell      Price        Expiry    Underlying     Highest     Lowest
Description      Dealing                  (USD)        Date        Shares       Premium     Premium

CALL- GE         20/01/2004     B          37          03/20/2004      500       0.1            0.1
CALL- GE         20/01/2004     B          30          03/20/2004      500       3.5            3.5
CALL- GE         20/01/2004     S          30          03/20/2004      100         4              4
CALL- GE         20/01/2004     B          30          06/19/2004     5200       3.8            3.8
CALL- GE         20/01/2004     S          30          06/19/2004     7800         4            3.8
CALL- GE         20/01/2004     B          30          09/18/2004      700       4.1              4
CALL- GE         20/01/2004     S          30          09/18/2004      600       4.2            4.2
CALL- GE         20/01/2004     B          35          02/21/2004    26700       0.2            0.2
CALL- GE         20/01/2004     B          35          03/20/2004      100      0.35           0.35
CALL- GE         20/01/2004     S          35          03/20/2004     2200       0.4           0.35
CALL- GE         20/01/2004     B          35          06/19/2004    19200      0.95            0.8
CALL-GE          20/01/2004     S          35          06/19/2004    19800      0.95           0.85
CALL-GE          20/01/2004     B          35          09/18/2004     1300      1.25            1.2
CALL- GE         20/01/2004     B          40          09/18/2004     5700       0.2            0.2
CALL- GE         20/01/2004     S          27          03/20/2004      900         6              6 
CALL- GE         20/01/2004     B          32          02/21/2004    13600       1.4           1.15   
CALL- GE         20/01/2004     S          32          02/21/2004     9700      1.35           1.25  
CALL- GE         20/01/2004     B          32          03/20/2004     5800      1.55            1.4   
CALL- GE         20/01/2004     S          32          03/20/2004     5200      1.55            1.4
CALL- GE         20/01/2004     B          32          06/19/2004     1000      2.05           2.05   
CALL- GE         20/01/2004     S          32          06/19/2004     2700      2.15              2
CALL- GE         20/01/2004     B          37          06/19/2004     1800       0.3           0.25 
CALL- GE         20/01/2004     S          37          06/19/2004      100       0.5            0.5 
CALL- GE         20/01/2004     B          42          09/18/2004      200       0.1            0.1   
CALL- GE         20/01/2004     S          25          01/21/2006      600       9.6            9.6   
CALL- GE         20/01/2004     B          30          01/21/2006      700       5.5            5.5   
CALL- GE         20/01/2004     S          30          01/21/2006      900       5.6            5.6   
CALL- GE         20/01/2004     B          35          01/21/2006      500       3.2              3   
CALL- GE         20/01/2004     S          35          01/21/2006     1900       3.2              3   
CALL- GE         20/01/2004     B          40          01/21/2006     1100       1.4            1.4   
CALL- GE         20/01/2004     S          40          01/21/2006      400      1.75           1.75   
CALL- GE         20/01/2004     S          25          01/22/2005      200       8.8            8.8
CALL- GE         20/01/2004     B          30          01/22/2005      800       4.6            4.6
CALL- GE         20/01/2004     S          30          01/22/2005      800       4.5            4.5
CALL- GE         20/01/2004     B          35          01/22/2005     2200       1.8            1.7
CALL- GE         20/01/2004     S          35          01/22/2005      500       1.8            1.8
CALL- GE         20/01/2004     B          40          01/22/2005     7900       0.6            0.5
CALL- GE         20/01/2004     S          40          01/22/2005     1000       0.6           0.55
CALL- GE         20/01/2004     S          50          01/22/2005      800      0.05           0.05  
CALL- GE         20/01/2004     S          32          01/22/2005     7500       3.4           2.95  
PUT - GE         20/01/2004     B          30          03/20/2004      500       0.2            0.2
PUT - GE         20/01/2004     S          25          06/19/2004     2500      0.15           0.15   
PUT - GE         20/01/2004     S          30          03/20/2004      400      0.25           0.25   
PUT - GE         20/01/2004     B          30          06/19/2004     4100       0.5            0.5 
PUT - GE         20/01/2004     B          35          02/21/2004     3100       1.9            1.8 
PUT - GE         20/01/2004     B          35          03/20/2004     2200       2.2           2.15 
PUT - GE         20/01/2004     S          40          06/19/2004      500       6.9            6.9 
PUT - GE         20/01/2004     S          22          03/20/2004      700      0.05           0.05 
PUT - GE         20/01/2004     S          27          03/20/2004    20500      0.15            0.1 
PUT - GE         20/01/2004     B          32          02/21/2004      900       0.4            0.2 
PUT - GE         20/01/2004     B          32          03/20/2004     2200       0.7           0.65
PUT - GE         20/01/2004     S          32          03/20/2004    31000       0.8           0.75 
PUT - GE         20/01/2004     B          32          06/19/2004     1600       1.2           1.15 
PUT - GE         20/01/2004     S          32          06/19/2004      700      1.25           1.25
PUT - GE         20/01/2004     S          40          01/21/2006      700       8.2            8.2 
PUT - GE         20/01/2004     B          25          01/22/2005      200      0.45           0.45
PUT - GE         20/01/2004     B          30          01/22/2005     1400       1.4           1.25
PUT - GE         20/01/2004     S          60          01/22/2005      900      26.7           26.7
PUT - GE         20/01/2004     B          27          01/22/2005      900       0.8            0.8


                                                          FORM 38.5

                   CONNECTED EXEMPT MARKET-MAKERS:
DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in                    GENERAL ELECTRIC COMPANY         (name of company)

Class of security             COMMON STOCK

Date of disclosure            21 JANUARY 2004

Date of dealing               20 JANUARY 2004

Name of EMM                   MORGAN STANLEY CAPITAL SERVICES INC

Name of offeree/offeror with whom connected       AMERSHAM PLC (OFFEREE)


Total number of securities sold                   74,483

Highest price received*                           $ 33.39

Lowest price received*                            $ 32.33


*Currency must be stated

                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
EMMILFFALDILFIS