Slide 1: First Quarter 2004 Earnings Teleconference
Entergy First Quarter 2004 Earnings Teleconference J. Wayne Leonard Chief Executive Officer Leo Denault Executive Vice President and Chief Financial Officer r= Aprit 26, 2004 = En ter gy
Slide 2: Safe Harbor statement
‘The flloving ccnsttutes a “Sate Harber” statemert under the Private Seourties Litigation Reform Ret of 1995: Fromtine totime, Entetgy males statements ooncuming ts expectations, beet, plans, objedives, goals, rateles, and fue events or perornance. Such atements are "bnuaréooking statements" wihin t
Slide 3: New and Improved Earnings Release Format
New and Improved Earnings Release Format What's Improved? What's New? Release Size Main body Earnings Displays EPS reduced to 10 Sensitivities sensitivity to pages Table key drivers Appendices Some release Regulatory Tracks tables moved to Galendar a Estimated Displays financial potential EPS Note:
Slide 4: As-Reported and Operational Earnings
As-Reported and Operational Earnings Earnings Per Share 103 vs. 1904 173 1.12 0.88 038 1Q03 1004 Special items Special items Utility — SFAS 143 (0.03) None Nuclear ~ SFAS 143 $0.70 Total $0.61 (| as-Reportea [fj operational Paged of 8
Slide 5: Operating Cash Flow
Operating Cash Flow st 1003 1004 Utility, Parent & Other 1Q03-vs. 1004; 5M Entergy Nuclear 103s. 1004; $m 1003 1004 Energy Commodity Services 1Q03-vs. 1004; 5M 1003 1904 7 (se) “ my Increased over $200m primarily due to deferred fuel recovery Increased over 100% due to higher revenue and lower expen
Slide 6: Utility, Parent & Other Quarterly Operational Performance Measures
ility, Parent & Other Quarterly Operational Performance Measures Lite Quarter Highlights Utility) Operational Earnings Per Share 103s. 1004 1003 1004 Retail Sales a6 a 1003 04 Weather Impact siShare oa ) (0.02) O&M Expense smh 10.75 ana L) 103 a04 Retail sales were slightly higher with industrial sa
Slide 7: Entergy Nuclear Quarterly Operational Performance Measures
Entergy Nuclear Quarterly Operational Performance Measures (1 Quarter Highlights -Nuclear__] Total Generation Gan Operational Earnings Per Share 1093 687 Output increased Taos ve 1908 7% due to uprates and less unplanned outages 1g03 1004 Realized Price smh zs x70 Realized price increased 4% due to
Slide 8: Progress in Nuclear Hedging Program
Progress in Nuclear Hedging Program Energy Contracts Added In 04 Entergy Nuclear Output er 100 as of 12510 NA ‘i or O4E OSE OBE OTE OBE Avg. Price sas] saa | sae | ssa | sao aSince 123103 | $1 $2 $2 $2 | so Page? of
Slide 9: Energy Commodity Services Quarterly Operational Performance Measures
Energy Commodity Services Quarterly Operational Performance Measures Throughput Operational Earnings Per Share = 3Cfdav 1G03vs. 1004 Throughput 220 222 increased slightly due to increased gas oat supply in service 7903 Ta04 region Production Gost Simmbiu Production cost increased due to non- recurri
Slide 10: Energy Commodity Services Quarterly Performance Measures
Energy Commodity Services Quarterly fe) Perf M ‘Trading Volatility Gain/Loss Days Gas and Power; % ratio 81 ag 23 50 a 13 r| 1003 1004 EKT Europe Wi cas [J power Average DE@R EBITDA / Average DE@R Mi times 65 =a Pages of
Slide 11: 2004 Earnings Guidance Unchanged
2004 Earnings Guidance Unchanged Operational Earnings Per Share Key Guidance Assumptions O3vs. 04 utility, Parent_and Other 425 . $4.10 - $4.30 © Increased revenues due to rate Bar actions and sales growth 30 © Decreased interest and O&M expense a © Increased depreciation expense Nuclear © Increased
Slide 12: Near-Term Earnings Growth Aspiration Is 8-10%
Near-Term Earnings Growth Aspiration Is 8-10% Earnings Growth Components EPS Growth; % 10% Retail Open Near-Term Acces Aspiration o% Intrinsic “shia” Upside Opportunities for 05 and Beyond uputet Hinata prea 04 EPS. OS EPS. Guidance $4.10-4.30 Baseline Range Page 11 of 13
Slide 13: Free Cash Flow Contributes to Strong Liquidity
Free Cash Flow Contributes to Strong Liquidit Projected Gash Available for Capital Redeployment a LE (2.6) (1.2) 2.0 Operating Maintenance Prefered& FreeCash Additional Growth Net Cash Cash Flow — Capital © Common Flow Debt Capacity Capital Available Expenditures Dividends Commitments 6.0 Page 12 01
Slide 14: Return and Credit Metrics Demonstrate Financial Flexibility
Return and Credit Metrics Demonstrate Financial Flexi ROIG — Operational 12 Months Ended; % oe ia 1003 1904 Gash Flow interest Coverage 12 Months Ended; % ROE - Operational ‘12 Months Ended; % Net Debt to Net Capital 12 Months Ended; % aa 1003 1904 Page 13 013
Slide 15: Q&A Session
Q&A Session Entergy