PSEG Resources: Focus on Credit

• Key contributor of reliable earnings and steady cash flow

• Most of the cash return is in the form of tax benefits

• 66% of lessees investment grade

  • Increased to 70% after Collins termination

Energy Leases

11%

80%

91% Lease Related

Real Estate, Transportation

& Industrial Leases

LBO & Limited Partnerships

3%

Other

Total Assets $3B 12/31/03

6%

2003 Net Income of $66M*

* From continuing operations

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