Slide 1: Third Quarter 2003 Earnings Teleconference
Entergy Third Quarter 2003 Earnings Teleconference J. Wayne Leonard Chief Executive Officer C. John Wilder Executive Vice President and Chief Financial Officer & = October 23, 2003 —~ Entergy
Slide 2: Safe Harbor and Reg G Compliance
Safe Harbor and Reg G Compliance ‘The following constitutes a “Safe Harbor” statem ent under the Pri vate Securities Litigation Reform Act of 1995: From time to time, Entergy makes datements conceming its expectations, bdiefs, plans, objectives, goals, strategies, and fiture events of performance. S
Slide 3: Quarter Highlights
Quarter Highlights Operational Earnings Per Share 3Q02 vs. 3003 $1.50 $1.57 3Q02 3Q03 Net Margin - Operational 12 Months Ended: % 9.9 ROIC — Operational 12 Months Ended; % TA 77 3Q02 3Q03 3Q02 3Q03 ROE — Operational Net Debt to Net Capital 12 Months Ended; % 11.7 10.8 12 Months Ended; % 3Q02 3Q03 3Q
Slide 4: As-Reported and Operational Earnings
As-Reported and Operational Earnings Earnings Per Share 3Q02 vs. 3Q03 TBS: — 157 157 1.50 3Q02 3Q03 Special Items Special items ECS $0.09 None Gain on the sale of two development projects in Spain As-Reported i Operational Page 3 of 13
Slide 5: Lower Nuclear Results Offset By Increased Utility and Trading Earnings
Lower Nuclear Results Offset By Increased Utility and Trading Earnings Operational Earnings Per Share Key Eamings Drivers 3Q02 vs. 3Q03 3Q02 vs. 3Q03 $1.57 $1.50 - e Increased revenues due to EMI $C $ and ENO! rate increases e Near normal weather Nuclear e Lower revenues from NY plants shutdown by N
Slide 6: Utility Quarterly Operational Performance Measures
Utility Quarterly Operational Performance Measures Retail Sales Operational Earnings Per Share own 6 29.0 Retail sales 3002 vs. 3Q03 : - decreased by 3% due to loss of low margin industrial customers to 3Q02 3Q03 cogeneration OE Weather Impact $iShare | 3002 3003 Weather impact =| was less negative
Slide 7: Utility Sales Trends
Utility Sales Trends Retail Sales by Customer Class, Retail Sales by Customer Class Adjusted for Cogen Losses YTDO2 vs. YTDO3; GWh 3Q02 vs. 3Q03; GWh 24 1.2% 41.9% _*1.6% * ——— | TAS cane ise 299 29.8 1 302 sans YTDO2 Rederiet Cats —inuusiiat wastvet YTDOS Growth Growth Residential [J] Commercial &
Slide 8: Entergy Nuclear Quarterly Operational Performance Measures
Entergy Nuclear Quarterly perational Performance Measures = Total Generation Operational Eamings Per Share 2Q02 vs. 2Q03 3Q02 3Q03 Output increased 1% due to uprates and addition of VY offset by outages due to blackout Realized price decreased 5% due primarily to lower contract pricing at VY Product
Slide 9: Energy Commodity Services Quarterly Operational Performance Measures
Energy Commodity Services Quarterly Operational Performance Measures Throughput Operational Eamings Per Share 8f'day 302 vs. 3Q03 2.27 = J I , 302 303 0.16 0.13 Production Cost $immbtu $0.71 $0.096 3Q02 3Q03 | 302 3003 Throughput declined due to the lower gas demand and increased switching to fuel-o
Slide 10: Energy Commodity Services Quarterly Operational Performance Measures
Energy Commodity Services Quarterly Operational Performance Measures Trading Volatility Volumes Traded Gas and Power; % Befid (gas); TWh (power) 3a02 3002 3Q03 i Gas cae power i Gas []j Power Average DE@R Earnings / Average DE@R $M times Page 9 of 13,
Slide 11: Entergy-Koch, LP
Entergy-Koch, LP Cash Flow and Dividends Net Debt/Net Capital Adjusted Operating Cash Flow vs. Earnings % Contribution to Entergy 23 1Q01* - 3003; $B 10 08 Entergy-Koch, LP’s OCF minus 06 Net Working Capital Changes since 3003 04 \ Net Interest Coverage 02 # of times Entergy’s Earnings Contribution
Slide 12: Operating Cash Flow Drivers
Operating Cash Flow Drivers Operating Cash Flow 2003-2004 Operating Cash Flow Forecast 3Q02 vs. 3Q03; $M $B 867 20 0.2 1.9 1*9 mos. Earnings Deprec.! Working 20036 3Q02 3Q03 2003 Defer. Fuel Capital Recovery (Nuclear [il Utility, Parent [J Ecs & Other 4q03 Page 11 of 13
Slide 13: 2003 Earnings Guidance Tightened to Upper End of Range
2003 Earnings Guidance Tightened to Upper End of Range Operational Eamings Per Share Revised Guidance Assumptions Guidance at 2Q03 vs. New Guidance $4.15 - $4.25" $4.05 - $4.25* Ecs YTD=$0.78 e Lower than expected O&M expense Nuclear) Nuclear YTD = $0.61 e Reduced revenue due to outages caused by No
Slide 14: 2004 Earnings Guidance Affirmed
2004 Earnings Guidance Affirmed 2004 Guidance Assumptions Operational Eamings Per Share 2003 vs. 2004 SBE Utility, Parent & Other Disproportionate e Increased revenue from sales growth, Sharing no cogen losses, and full year impact of ENOI rate action Ecs P| e Decreased O&M expense from productivity
Slide 15: Q&A Session
Q&A Session = Entergy