2002 Earnings Guidance

Contributing Factors

• Economic recession and recovery

• Wholesale markets and Electric Choice

• Lower price purchase power positions

• Normalized Wholesale Marketing and Trading contribution

• Coal Based Fuels growth

• Cost pressures balanced with targeted synergies

$3.70

$4.00

Earnings per share

Regulated Electric

(incl Transmission)

Regulated

Gas

Non-Regulated

Average shares outstanding: 161 million

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