RNS Number:6559U
Morgan Stanley & Co. Inc.
26 January 2004



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                  26 JANUARY 2004

Contact name                        ESPEN MARTHINUSSEN

Telephone number                    020 7677 5468

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


GENERAL ELECTRIC COMPANY


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              26 JANUARY 2004

Date of dealing                 23 JANUARY 2004

Name of EMM                     MORGAN STANLEY & CO. INC.

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


Total number of securities purchased              607,535

Highest price paid*                               $ 33.87

Lowest price paid*                                $ 33.08


Total number of securities sold                   417,953

Highest price received*                           $ 33.87

Lowest price received*                            $ 33.09



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

CALL- GE         23/01/2004     B         37.50        03/20/2004     3500       0.1            0.1
PUT- GE          23/01/2004     B         27.50        03/20/2004      800       0.1            0.1
CALL- GE         23/01/2004     B         35.00        02/21/2004     4000      0.25           0.15
PUT- GE          23/01/2004     B         32.50        02/21/2004      500       0.3            0.3
CALL- GE         23/01/2004     B         37.50        06/19/2004      400      0.35           0.35
CALL- GE         23/01/2004     B         35.00        03/20/2004     3900       0.5           0.35
PUT- GE          23/01/2004     B         32.50        03/20/2004   120900      0.75            0.5
CALL- GE         23/01/2004     B         40.00        01/22/2005     3300       0.6           0.55
CALL- GE         23/01/2004     B         37.50        09/18/2004      300      0.65           0.65
PUT- GE          23/01/2004     B         27.50        01/22/2005     2900      0.85           0.75
CALL- GE         23/01/2004     B         35.00        06/19/2004     2400         1           0.95
PUT- GE          23/01/2004     B         32.50        06/19/2004      500       1.1            1.1
CALL- GE         23/01/2004     B         35.00        09/18/2004     1500      1.35            1.3
CALL- GE         23/01/2004     B         32.50        02/21/2004     1000       1.4            1.3
CALL- GE         23/01/2004     B         32.50        03/20/2004    28200      1.75            1.3
PUT- GE          23/01/2004     B         32.50        09/18/2004     1500       1.6           1.55
PUT- GE          23/01/2004     B         35.00        02/21/2004     4200      1.95            1.8
CALL- GE         23/01/2004     B         32.50        06/19/2004     1200       2.2           2.05
CALL- GE         23/01/2004     B         32.50        09/18/2004      500       2.5            2.5
CALL- GE         23/01/2004     B         35.00        01/21/2006      700         3              3
CALL- GE         23/01/2004     B         30.00        02/21/2004     2300       3.8            3.6
CALL- GE         23/01/2004     B         30.00        06/19/2004     1000       4.1            3.7
CALL- GE         23/01/2004     B         30.00        03/20/2004      100       3.8            3.8
CALL- GE         23/01/2004     B         30.00        01/22/2005      600       4.8            4.8
CALL- GE         23/01/2004     B         30.00        01/21/2006     1000         6            5.9
CALL- GE         23/01/2004     B         25.00        06/19/2004      100       8.8            8.8
GE BASKET NOTES  23/01/2004     B                      02/28/2009     2700      9.22           9.22
CALL- GE         23/01/2004     S         37.50        03/20/2004     1000       0.1            0.1
PUT- GE          23/01/2004     S         30.00        02/21/2004     2000       0.1            0.1
PUT- GE          23/01/2004     S         27.50        03/20/2004     3400       0.1            0.1
PUT- GE          23/01/2004     S         30.00        03/20/2004     1600      0.25            0.2
CALL- GE         23/01/2004     S         35.00        02/21/2004      900      0.25           0.25
PUT- GE          23/01/2004     S         32.50        02/21/2004     6100       0.4           0.25
CALL- GE         23/01/2004     S         40.00        09/18/2004     1100      0.35            0.3
CALL- GE         23/01/2004     S         35.00        03/20/2004    65200       0.5           0.35
PUT- GE          23/01/2004     S         32.50        03/20/2004     3000       0.8            0.6
PUT- GE          23/01/2004     S         27.50        01/22/2005      500      0.85           0.85
CALL- GE         23/01/2004     S         35.00        06/19/2004     2900      1.05            0.9
CALL- GE         23/01/2004     S         32.50        02/21/2004    21600      1.35            1.1
CALL- GE         23/01/2004     S         35.00        09/18/2004     1000      1.45           1.25
PUT- GE          23/01/2004     S         32.50        06/19/2004      800       1.3            1.3
CALL- GE         23/01/2004     S         32.50        03/20/2004     3300      1.75           1.55
PUT- GE          23/01/2004     S         35.00        03/20/2004     1000      1.95           1.95
CALL- GE         23/01/2004     S         35.00        01/22/2005      100      2.05           2.05
CALL- GE         23/01/2004     S         32.50        06/19/2004     1500      2.35           2.15
PUT- GE          23/01/2004     S         35.00        06/19/2004      300      2.55           2.55
CALL- GE         23/01/2004     S         30.00        02/21/2004      600         4              4
CALL- GE         23/01/2004     S         30.00        06/19/2004      100       4.4            4.4
PUT- GE          23/01/2004     S         37.50        06/19/2004      100       4.6            4.6
PUT- GE          23/01/2004     S         37.50        09/18/2004      900         5              5
CALL- GE         23/01/2004     S         30.00        01/21/2006     1500         6            5.9
CALL- GE         23/01/2004     S         25.00        03/20/2004      200       8.7            8.7


                                                          FORM 38.5


Dealing in                    GENERAL ELECTRIC COMPANY         (name of company)

Class of security             COMMON STOCK

Date of disclosure            26 JANUARY 2004

Date of dealing               23 JANUARY 2004

Name of EMM                   MORGAN STANLEY CAPITAL SERVICES INC

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


Total number of securities buy                          1

Highest price received*                           $ 33.65

Lowest price received*                            $ 33.65


Total number of securities sells                   13,775

Highest price received*                           $ 33.76

Lowest price received*                            $ 33.76



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

END

EMMILFITLLIRFIS