Slide 1: 2009-2011 Guidance
Exhibit 99.1 Contains Forward Looking Statements 2009-2011 Guidance $ in Millions, Except Earnings Per Share 2009 2010 2011 Consolidated Proportional 1,2 Consolidated Proportional 1,2 Consolidated Proportional1,2 Operating Cash Flow $2,000-$2,200 $1,200-$1,350 $2,300-$2,600 $1,450-$1,650 $2,600-$3,0
Slide 2: Reconciliation of 2009 Guidance
Contains Forward Looking Statements Reconciliation of 2009 Guidance $ in Millions, Except Earnings Per Share 2009 Consolidated Adjustment Factors 1 Proportional 1,2 Operating Cash Flow $2,000-$2,200 $800-$850 $1,200-$1,350 Operational Capex (a) $575-$675 $150-$175 $425-$500 Environmental Capex (b) $
Slide 3: Reconciliation of 2010 Guidance
Contains Forward Looking Statements Reconciliation of 2010 Guidance $ in Millions, Except Earnings Per Share 2010 Consolidated Adjustment Factors 1 Proportional 1,2 Operating Cash Flow $2,300-$2,600 $850-$950 $1,450-$1,650 Operational Capex (a) $575-$675 $125-$175 $450-$500 Environmental Capex (b) $
Slide 4: Reconciliation of 2011 Guidance
Contains Forward Looking Statements Reconciliation of 2011 Guidance $ in Millions, Except Earnings Per Share 2011 1,2 Consolidated Adjustment Factors 1 Proportional 1,2 Operating Cash Flow $2,600-$3,000 $1,000-$1,100 $1,600-$1,900 Operational Capex (a) $575-$675 $125-$175 $450-$500 Environmental Cap
Slide 5: Sum of the Parts Also Implies Substantial Undervaluation
Contains Forward Looking Statements 1 Sum of the Parts Also Implies Substantial Undervaluation $ in Millions, Except Earnings Per Share Unlisted Subs at Unlisted Subs at Unlisted Subs at 5.5x 2009 7x 2009 8.2x 2009 Proportional Proportional Proportional Basis EBITDA 2 EBITDA 2 EBITDA 2 Remarks Liste
Slide 6: Stock Trades at a Discount Based on Existing Portfolio & Reflects No Value for Development Pipeline
Contains Forward Looking Statements Stock Trades at a Discount Based on Existing Portfolio & Reflects No Value for Development Pipeline 1 Based on 2011 P/E Multiples 2 Based on Sum of the Parts 3 $15.25 $16.77 $10.78 $13.21 $8.62 $8.62 12.2x 8.2x 8.6x 7.0x 6.9x 5.5x Current Price Current Market Hist
Slide 7: Stock Trades at a Discount Based on Existing Portfolio & Reflects No Value for Development Pipeline
Contains Forward Looking Statements Stock Trades at a Discount Based on Existing Portfolio & Reflects No Value for Development Pipeline Based on 2011 Proportional 1 Free Cash Flow Yield 2 $15-$18 $8.62 10%-12% 21% Current Price 5/22/09 Target Yield 1. Proportional free cash flow and proportional fre
Slide 8: Reconciliation of Proportional EBITDA
Contains Forward Looking Statements 1 Reconciliation of Proportional EBITDA Adjustment 1,2 Consolidated Factor 2 Proportional Gross Margin $3,200-$3,400 $1,150-$1,250 $2,050-$2,150 Add Depreciation & Amortization $950-$1,050 $175 $775-$875 Less General & Administrative $300 - $300 EBITDA $3,850-$4,1
Slide 9: Definitions
Contains Forward Looking Statements Definitions Non-GAAP Financial Measures Adjusted earnings per share (a non-GAAP financial measure) is defined as diluted earnings per share from continuing operations excluding gains or losses of the consolidated entity due to (a) mark-to-market amounts related to
Slide 10: Definitions (cont’d)
Contains Forward Looking Statements Definitions (cont’d) Non-GAAP Financial Measures Subsidiary Distributions should not be construed as an alternative to Net Cash Provided by Operating Activities which are determined in accordance with GAAP. Subsidiary Distributions are important to the Parent Comp