Slide 1: First Quarter 2005 Earnings Teleconference
Entergy First Quarter 2005 Earnings Teleconference J. Wayne Leonard Chief Executive Officer Leo Denault Executive Vice President and Chief Financial Officer i = April 25, 2005 a Entergy
Slide 2: Safe Harbor and Reg G Compliance
Safe Harbor and Reg G Compliance In this presentation and from time to time, Entergy makes statements concerning its expectations, beliefs, plans, abjectives, goals, strategies, and future events or performance. Such statements are "forward-looking statements" within the meaning of the Private Secur
Slide 3: 1st Quarter As-Reported and Operational Earnings Comparison
1st Quarter As-Reported and Operational Earnings Comparison Earnings Per Share 1Q04 vs. 1Q05 $0.88 $0.81" +50 1004 1004 As-Reported Operational Special items Entergy-Koch Trading $0.03 Gulf South Pipeline $0.04 Total $0.07 $0.79 $0.79 cy $e 80. 301 1005 1005 As-Reported Operational Special Items Non
Slide 4: 1st Quarter Earnings Contribution by Business
1st Quarter Earnings Contribution by Business Utility, Parent & Other EPS 1904 vs. 1Q05 055 0.55 0.42 0.42 1Q04 1005 Performance Drivers ¢ Decreased revenues due to lower residential sales and industrial cogen loss Increased expenses due to increased benefits costs, planned fossil outages, and incre
Slide 5: Share Repurchase Program
Share Repurchase Program Shares Repurchased 04-05; Millions @average price 16.6 oF setishare @average price 5.6 _ of $68/share FY04 1005 $1.5B Program e Approved Aug 04 e@ ~$730M remaining 1Q05 Shares Outstanding; Millions Ending basic 213 Average basic 214 Average fully diluted 219 Page 4 of 11
Slide 6: 2005 Earnings Guidance
2005 Earnings Guidance As-Reported & Operational EPS Key 05 Guidance Assumptions Previous 05E Guidance vs. Current 05E Guidance Utility, Parent_& Other e@ Normal weather @ Increased revenue due to rate actions and sales growth e Increased O&M expense from inflation, benefits, and supply plan e Decre
Slide 7: 2005 Earnings Guidance
2005 Earnings Guidance As-Reported & Operational EPS OSE Guidance (Assumed to be in Lower End of Range) 0.21. 0.03). 460- oat, 0.02. 031 0.01 485 cas. 0.08. O41 Qos 032 006) a « oat or oo 079 _—: “ a 2 1004 1005 20-4004 Util Sales/ Nuclear Accretion 05 Rate Actions Volume Guidance ‘1005, Resuls Nucl
Slide 8: Financial Aspirations and Opportunities
Financial Aspirations and Opportunities Financial Aspirations Future Strategic Opportuni Ss EPS Near-term: 8-10% Growth ¢ Long-term: 5-6% Returns | 9% ROIC Rating Dividends Credit ¢< 50%net debtinet Metrics capital Credit Continuous improvement in ratings and business profile Targeting top - quartil
Slide 9: Q&A Session
Q&A Session = Entergy
Slide 10: Appendix: ELI Rate Case
Appendix: ELI Rate Case Description ELI Rate Case Request 167 Perryville / 2 Supply Plan Contracts (65) ROE: 10.25% + 80 bps vs. 11.4% (24) Waterford 3 Life Extension Accounting (30) Other (30) Proposed Settlement 18 Page 9 of 11
Slide 11: Appendix: Reg G Reconciliation
Appendix: Reg G Reconciliation EPS Contribution by Business Reconciliation of GAAP to Non-GAAP Measures First Quarter 2005 vs. 2004 (Per share in U.S. $) First Quarter 2005 2004 Utility, Parent & Other As-Reported 0.42 0.55 Less Special Items Total Special Items : : Operation al 042 0.55 Entergy Nuc
Slide 12: Appendix: Reg G Reconciliation
Appendix: Reg G Reconciliation Consolidated EPS Reconciliation of GAAP to Non-GAAP Measures Second - Fourth Quarters 2004 (Per share in U.S. $) 20-40 2004 As-Reported 3.05 Less Special Items Utility, Parent & Other Tax benefits-Entergy-Koch investment 0.07 Energy Commodity Services Entergy-Koch Trad