Strong and Stable Cash Flows

Regulated

Non-Regulated

Asset Sales

$1,350

$1,550

$1,079

2001P

2002P

Cash Flows

$ millions

2000

• BBB bond rating

• Targeted leverage of ~50-55%

• Estimated pre-tax interest coverage of 2.2X with expected gradual improvement through 2005

• Current policy is to maintain the dividend at $2.06 share (~5% yield) and reduce payout ratio through increased earnings

Data originally presented at June 2001 analyst meeting

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