Slide 1: Fourth Quarter 2004 Earnings Teleconference
Entergy Fourth Quarter 2004 Earnings Teleconference J. Wayne Leonard Chief Executive Officer Leo Denault Executive Vice President and Chief Financial Officer & = January 31, 2005 —~ Entergy
Slide 2: Safe Harbor and Reg G Compliance
Safe Harbor and Reg G Compliance In this presentation and fromtime to time, Entergy makes staternents concerning its expectations, beliefs, plans, abjectives, goals, strategies, and future events or performance. Such statements are forward-looking staternents" within the meaning of the Private Secur
Slide 3: 4th Quarter As-Reported and Operational Earnings Comparison
4 Quarter As-Reported and Operational Earnings Comparison Earnings Per Share 4Q03 vs. 4Q04 0.38 13 0.17 Special Items Utility and Nuclear - VSP ($0.52) Nuclear - SFAS 143 ($0.03) Total ($0.55) Oi As-Reported il Operational 0.68 0.50 4Q04 Special Items Parent & Other — Tax benefits, Entergy-Koch, LP
Slide 4: Full Year As-Reported and Operational Earnings Comparison
Full Year As-Reported and Operational Earnings Comparison Earnings Per Share FY03 vs. FY04 $4.25 $4.01 $3.93 $3.80 ‘ i NE J Util Par Oth $1 188 Ec! FY03 FY03 FY04 FY04 | As-Reported Operational As-Reported Operational Special Items Special Items Utility — SFAS 143 implementation ($0.09) _ Parent & O
Slide 5: Quarter Earnings Contribution by Business
4 Quarter Earnings Contribution by Business Utility, Parent & Other EPS 4Q03 vs. 4Q04 Entergy Nuclear EPS 4003 vs. 4004 0.36 0.29 024 0.22 0.22 0.13 0.01 3 4Q04 4003 4004 0.17 Performance Drivers Performance Drivers Increased revenues due to higher retail sales ¢ Normal weather in 4a04 compared to (
Slide 6: Net Cash Flow from Operating Activities
Net Cash Flow from Operating Activities Net Cash Flow from Operating Net Cash Flow from Operating Activities Activities 4Q03 vs. 4004; $M FY03 vs. FY04; $M 2,006 830 4003 4004 FY03 FY04 Page 5 of 11
Slide 7: 2005 Earnings Guidance
2005 Earnings Guidance As-Reported & Operational EPS Key 05 Guidance Assumptions Previous O5E Guidance vs. CurrentO5E pity, Parent & Other Guidance ainy, Parent & Other @ Increased revenues due to rate actions and sales growth $4.60 - $4.85 $4.60 - $4.85 e Increased O&M expenses from inflation and s
Slide 8: Cash Available for Deployment
Cash Available for Deployment Projected Cash Available for Deployment 05E - 07E; $B 7.1 - 6.3 (0.4) (2.5) 23 (1.5) Decom Maintenance Free Net Cash Trust Cash Available Contributions Expenditures Flow Con Nuclear Operating Preferred & Additional Share Fuel Cash Flow Common Debt Repurchases Purchases
Slide 9: Share Repurchase Program
Share Repurchase Program Shares Repurchased 04; Millions 9.2 4.5 24 ——— 1Q04 2Q04 3Q04 4Q04 FY04 16.6 @average price of $61/share Page 8 of 11
Slide 10: Financial Aspirations and Opportunities
Financial Aspirations and Opportunities Financial Aspirations Future Strategic Opportuni Ss EPS oNear-term: 8-10% Growth eLong-term: 56% Returns 9% ROIC Credit ¢< 50% net debtinet Metrics capital Credit Continuous Rating improvement in ratings and business profile Dividends | eConsistent dividend in
Slide 11: Q&A Session
Q&A Session = Entergy
Slide 12: Appendix: Reg G Reconciliation
Appendix: Reg G Reconciliation EPS Contribution by Busi ess Recon n of GAAP to Non-GAAP Measures Fourth Quarter 2004 vs. 2003 (Per share in U.S. §) Fourth Quarter 2004-2003 Utility, Parent & Other ‘As-Reported 036-017 Less Special Items Tax benefits — Entergy-Koch investment 07 : Voluntary severance