energy future holindings _EEI

EEI Conference

C. John WilderChief Executive Officer

November 8, 2005

1

Safe Harbor StatementThis presentation contains forward-looking statements, which are subject to various risks and uncertainties. Discussion of risks and uncertainties that could cause actual results to differ materially from management's current projections, forecasts, estimates and expectations is contained in the company's SEC filings. In addition to the risks and uncertainties set forth in the company's SEC filings, the forward-looking statements in this release could be affected by the ability of the company to implement the initiatives that are part of its operational improvement and cost reduction program and financial and growth strategies, and the terms under which the company executes those initiatives, the ability of the company to execute its share repurchase program and the actions of its board of directors with respect to future dividends and other cash distributions to shareholders, which will be based upon a number of factors, including the company’s profit levels, operating cash flow levels and capital requirements as well as financial and other business conditions existing at the time.

Regulation GThis presentation includes certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measure is included in the appendix of the printed version of the slides and the version included on the company’s website at www.txucorp.com under Investor Resources/Presentations.

2

Today’s Agenda

Financial PrinciplesFinancial Principles

• Financial Outlook And Growth• Financial Sensitivities• Long-Term Sources And Uses Of Cash

TXU TodayTXU Today• The TXU Turnaround • Core Strategic Principles

Business Unit Strategies


• TXU Power • TXU Retail/Wholesale• TXU Electric Delivery

Risk/Market OutlookRisk/Market Outlook• Natural Gas• Heat Rate• Capital Allocation Principles

3

65

37

TXU

Too Much Debt: Debt/Total Enterprise ValueJan 04; Percent

Top quartile (S&P Electric)

43%43%

1.1

11.9

TXU

Poor Returns: Annual TRSJan 94 - Jan 04; Percent

Top quartile (S&P Electric)

January 2004: TXU Was Challenged By The Transition To Its New Competitive Environment

12.09.8

TXU Best in class

Costly Operations: Nuclear Oper. Costs03; $/MWh

18%18% 280

12

TXU Best in class

Poor Service: Average Speed To Answer03; Seconds

96%96%

981%

4

To Compete In This New Environment, TXU Designed And Is Executing A Three Phase Improvement Plan…

Phase 1:Risk And Return Restructuring

Phase 3:Ongoing Value

Creation

Phase 2:Performance Improvement

Today

• Sold disadvantaged businesses • Quickly reallocated $14 billion to repair balance sheet• Reduced major risks

• Identified $1.3 billion in performance improvements over 3 years

• Identified $900 million in year one – outperforming plan

5

…The Execution Of The Turnaround Plan Has Created Significant Value For TXU Shareholders By Focusing On Three Key Levers

26

23

20

4

557

319

26

25

25

Gains Across The Board: TXU Value Creation 05; $/share

Portfolio management and capital allocation

Performance management

Stock priceFeb 04

Gas plant improve-

ments(dispatch and cost)

CGE cost reductions

Other costs

(bad debt, sourcing,

SG&A)

Baseload capacity

factor

Stock Price Today

Share repurchases

and asset sales

Hedge removal

Total value creation is greater than $15 billionTotal value creation is greater than $15 billion

Commodity increases

Risk management

276%276%

94

Based on price as of November 4th

6

TXU’s Strategy Reflects Core Beliefs About What It Takes To Win In The Energy Business

• Just like in other capital intensive sectors, scale is necessary to standardize operations, gain critical mass, and extract rent from suppliers

• “Quality scale” is needed to gain access to advantaged new build, and gain competitive and regulatory leadership

Long-Term Winners Must Leverage Not Only Scale But “Quality Scale”3

• Superior operations and performance management can drive a 200 basis-point increase in ROIC

• Many companies in the sector have not transformed their performance level to reflect a competitive environment (delta between median and top quartile is 10-20%)

An Industrial Skill Set Is Crucial For Continual High Performance2

• Energy markets will continue to go through cycles; only assets with a structural cost advantage will win over the long term

• Structurally advantaged positions provide better opportunities over the long term

Long-Term Success In The Energy Sector Is Based On Having Access To Structurally Advantaged Assets1

RationalePrinciple

7

Principle 1: TXU’s Core Businesses Are Structurally Advantaged Across The Entire Value Chain

Structural advantages

TXU Power

Generation

2nd largest U.S. deregulated output

Access to low cost lignite reserves

63 TWh of baseload production in a gas on the margin market

TXU Electric Delivery

Transmission and Distribution

6th largest U.S. transmission & distribution company

Top quartile costs and reliability

High growth NERC region (2.0%)

Efficient capital recovery

No commodity exposure

No retail customers

TXU Energy

Retail

Large scale competitive retailer

Loyal customer base

Strong brand recognition

Superior service

Wholesale

TXU Wholesale

Access to largest ERCOT generation fleet

Access to largest ERCOT retail position

Incumbent expertise in regulatory advocacy and market design

05E EBITDA $1.2 B$2.6 - 2.7 B

TXU Competitive Business TXU Regulated Business

8

Principle 2: An Industrial Skill Set Will Help Drive Superior Returns Throughout The Cycle

Operational Excellence

• Top decile throughput • World class industrial

production costs• Industry leading reliability• Lean corporate SG&A

Market Leadership

• Superior customer service and brand management

• Customer segmentation and pricing

• Distinctive commodity sourcing

Risk/Return Mindset

• Strict capital allocation discipline

• Risk/return restructuring• Commodity risk

management

Performance Management• High performance culture• Balanced cascading scorecards• Employee development• Incentives linked to key value drivers

9

Principle 3: Multi-Market Leadership Is Crucial As Demonstrated By Similarities Between The E&P Sector And The Power Sector…

• Regulated model makes every transmission region different

• Power marketing constrained to regional transmission grids

• Exploration and development driven by local geology and infrastructure

Multi-local

• Regulated returns cycle based on interest rate cycle

• Power price cycle driven by gas price volatility, fuel price volatility, demand growth, investment conduct

• Oil/gas price cycles driven by investment conduct, declining economics and demand cyclicality

Cyclical

• All capex and rate structures must be approved by local/federal regulators

• State/federal regulators approve development and competitive market rules

• Country regimes define development rules and economics

Importance of regulatory

relationships

• T&D companies can often invest up to 10% of their market cap in annual capex

• Minimum efficient investment > $750 million

• Minimum efficient investment > $1 billion

Capital intensive

E&P Power Generation DeliveryCharacteristic

10

...And Looking At The Characteristics Of The Most Successful E&PCompanies…

H

61A

61B

25C

21D

7E

6F

0G

-5

Shareholder Value Creation (SVC)…91-01; $ billions

…has been driven by scale and quality of scale

1 “Market Leading” positions defined as having greater than 15% investment share in a basin with PVI > 2.

Scale:Equity Cap

High

LowLow High

Quality of Scale:Percent of value in “Market Leading”positions1

A

G

E

F

B

D

C

H

Actual E&PCompanies

11

…The Winning Strategy In The Power Sector Will Require The Combination Of Scale And Quality Of Scale

In the E&P sector, the combination of both factors was needed to drive significant value creation over time

In the E&P sector, the combination of both factors was needed to drive significant value creation over time

• Better access to future development opportunities

• Providing competitive leadership and capital discipline

• Providing regulatory leadership

• Standardization of operating practices

• Ability to take part in needed large capital investments

• Ability to extract excess rents from equipment suppliers

Competitive Advantages

• Taking advantage of sites like Oak Grove for new build

• Ensuring capital is invested appropriately in needed infrastructure

• Advocating that market rules (e.g., Nodal) develop to ensure fair competition

• Applying TXU Operating System across larger portfolio of assets

• Taking part in infrastructure build out without “betting the company”

• Leveraging bulk purchases to reduce equipment supplier costs and increase returns

TXU Application

Quality of scale

Scale

Key Principle

12

Scale Is Needed To Take A Meaningful Part In The Next Infrastructure Build Out

Major Project Capex$ billions

Equity Market Cap$ billions

Deepwater GOM development(e.g., Thunderhorse)

Project As Percent Of Market CapPercent

370

233

124

Exxon

CVX

BP

1.1

1.7

3.2

4

2000 MW coal plant

47

27

24

6.3

11.1

12.5

3

Exelon

TXU

Dominion

While E&P leaders have the scale to take the risk of major new build projects, in the deregulated power sector new build projects represent major bets

While E&P leaders have the scale to take the risk of major new build projects, in the deregulated power sector new build projects represent major bets

131 “Market leading” defined as percent of state T&D assets >30%.

Scal

e: N

et T

&D

pla

nt in

ser

vice

in

ERC

OT/

SPP

High

Low

Low High

Quality of Scale: Percent of total assets in “Market Leading” positions1

TXU

WinningStrategy

TXU Electric Delivery’s Aspiration Is To Establish A Winning Position in ERCOT/SPP

Most delivery companies lack scale, despite some quality positions in a particular stateWhile a couple of players have established leadership positions, none has taken a leading position across multiple regions

Most delivery companies lack scale, despite some quality positions in a particular stateWhile a couple of players have established leadership positions, none has taken a leading position across multiple regions

Actual DeliveryCompanies

141 “Market Leader” defined as solid fuel TWh >10% of NERC region merchant TWh.

Scal

e: T

otal

mer

chan

t gen

erat

ion

High

Low

Low High

Quality of Scale: Percent of value in “Market Leading” positions1

TXU

WinningStrategy

TXU Power’s Aspiration Is To Follow The “Regional Market Leader”Strategy And Replicate Its Quality Scale Position In Other Deregulated Markets

No deregulated company has been able to establish “quality scale” in multiple marketsThere are a number of companies that have high quality positions but lack the scale to extract “Market Leader” value

No deregulated company has been able to establish “quality scale” in multiple marketsThere are a number of companies that have high quality positions but lack the scale to extract “Market Leader” value

Actual PowerCompanies

15

Today’s Agenda








16

TXU Power Has A Structurally Advantaged Portfolio In A Market With Strong Fundamentals…

Large Portfolio05; TWh of deregulated generation

TXU

178

62 62 46 46 44 40 37 30

ERCOT Average Implied Heat Rate04; MMBtu/MWh

Cumulative GWs

TXU units

369

1215182124

10 20 30 40 50 60 70 80

Nuclear(2.3 GW)

Lignite(5.8 GW)

Gas(10.2 GW)

Solid fuel capacity provides low cost baseload power

Gas fleet provides shaping and ancillary services

Source: PlattsEXC NRG/

TGND PPL EME FE AYE ETR

Source: Platts

Low Coal Prices1

05; $/MMBtu

1.72.1 2.3

2.6

3.5 3.53.8 4.0

TXUECARMAPP

WECC MAINSERCFRCC MAAC

7565 61 60 56 54 54 53 52 50

Robust Wholesale Power Prices 05; $/MWh

NPCCMAIN

ERCOTMAAC SPP

WECC

1 Emissions-adjusted.

FRCCSERC MRO

ECAR

17

Based On Core Beliefs About Value Creation, TXU Power Has Designed A Bottom-Up Business Unit Strategy

TXU Power

Continue To Strengthen The ERCOT Position

Gain Scale Outside Of ERCOT And

Build Market Leader Position

Leverage TXU Operating System to continue to drive increased value from Texas baseload fleet

Take advantage of existing sites (Sandow, Oak Grove) to add new capacity in Texas

Scale TXU Operating System to improve 3rd party assets

Leverage creative transactional solutions with counterparties who share our vision

Develop deeper multi-market wholesale capabilities

The ultimate goal is to develop sustainable competitive positions in multiple markets

The ultimate goal is to develop sustainable competitive positions in multiple markets

18

0102030405060708090

100

3rd Quartile

O&M For Non-Scrubbed Coal Fleet2 (n=160)02-04; $/KW-year

In Coal Generation, TXU’s Goal Is To Redefine High Performance Utilization While Simultaneously Achieving High Performance Costs

4th Quartile

Capacity Factor For US National Coal Fleet1 (n=225)02-04; Percent

TXU Power is driving increased production and cost reduction via the Operating System TXU Power is driving increased production and cost reduction via the Operating System 1 Sample set includes all coal plants > 450 MWs.2 Sample set includes all coal plants > 450 MWs, 2002-2004 non-scrubbed coal plants. TXU plants normalized for scrubbing & fuel type.

92%

08

$69M

EBITDA improvement

90%Total

05Plant

1st Quartile2nd Quartile

82.1 76.2 68.7 58.6

0508

0102030405060708090

100

05

17.0 21.0 25.7 32.3

08

$21

08

$30M

EBITDA improvement

$26Total

05Plant


3rd Quartile4th Quartile

03

03

19

Making Progress: Capacity Factor02-04; Percent

More Productive: Non-Fuel O&M02-04; $/kW

95.4

91.3

92.6

95.1

TXU 03-05

Exelon Large

Plants1

TXU 06-08

TXU 03-05

Exelon Large

Plants1

TXU 06-08

79

10194 89

Closing the gap on capacity factor and cost will have ~$120 million upside relative to 03-05

Closing the gap on capacity factor and cost will have ~$120 million upside relative to 03-05

1 Exelon large plants include Byron, Braidwood, Lasalle, Limerick, and Peach Bottom.

TXU 08-10

TXU 08-10

The Goal In Nuclear Is To Replicate Top Fleet Performance At A Single Plant

20

TXU Has Access To Two Development Opportunities In Texas…Sandow Unit 5Rockdale, Texas

1 LI refers to Limestone Injection; SNCR refers to Selective Non-Catalytic Reduction.2 FGD refers to Flue Gas Desulphurization; SCR refers to Selective Catalytic Reduction.

Oak Grove Steam Electric Station Robertson County, Texas

SCPCTechnology

2X2Configuration

LignitePrimary Fuel

FGD/SCR2SO2 and NOX Controls

1,720Installed Capacity (MW)

Key Statistic

2 mos. after permitBegin Construction

June 09/Dec 09Commercial Operation

In-ProcessAir Permit

Key Milestones

CFBTechnology

2X1Configuration

LignitePrimary Fuel

LI/ SNCR1SO2 and NOX Controls

600Installed Capacity (MW)

Key Statistic

April 06Resume Construction

Oct 08Commercial Operation

CompleteAir Permit

Key Milestones

21

…That Deliver Strong Returns With A Strong Expected Hedged Position…

55165265230Capex

757575Est. hedged output-%

707015Net income

06

160

10

165

09

45

0807

EBITDA

Sandow 5 – 600 MW06E-10E; $ millions

PV/I = 1.5IRR = 11%Cash payback = 9 years

PV/I = 1.5IRR = 11%Cash payback = 9 years

Oak Grove – 1,720 MW06E-10E; $ millions

PV/I = 1.7IRR = 14.2%Cash payback = 8 years

PV/I = 1.7IRR = 14.2%Cash payback = 8 years

15250650740260Capex

7575Est. hedged output-%

28530Net income

06

575

10

165

090807

EBITDA

22

…Based On The Ability To Drive High Performance Across All Aspects Of The Project

0.40.1

0.30.3

(0.1)

0.7

1.7

Respectable Returns: Oak Grove Project Economics - NPV05; $ billions

Value$/kW

-30 180 90410

IRRPercent

The difference between a regulated new build and a industrial new build is significant; without both the commercial and operational skill set, new build

economics will not work

The difference between a regulated new build and a industrial new build is significant; without both the commercial and operational skill set, new build

economics will not work

Plant value based on

“regulated”performance

Compression of build

schedule by 1 year

Reduction in capex by $250/

kW

Reduction in O&M by

$10/kW- year

Increase in capacity factor by

10%

Access to advantaged

fuel

170 260

Optimized value

1,080

5.6% 2.3% 0.5%2.3%1.8% 1.7% 14.2%

23

Other asset-intensive industries that have had similar characteristics have consolidated and created value

Other asset-intensive industries that have had similar characteristics have consolidated and created value

Consolidation Opportunity

Fragmented Ownership

Top 5 merchant players account for only 12% of national coal capacity

Fragmented Ownership

Top 5 merchant players account for only 12% of national coal capacity

Wholesale Market Deregulation

Competitive wholesale markets have aligned incentives with risks

Wholesale Market Deregulation

Competitive wholesale markets have aligned incentives with risks

Performance Variability

Performance Variability

Fundamental Gas Price Shift

Dark spreads are up 81%, driving plant values up over 100%

Fundamental Gas Price Shift

Dark spreads are up 81%, driving plant values up over 100%

Variances between 1st and 4th quartile: •Capacity factor: 57%•Cost: 261%

Market Forces Have Converged To Create An Opportunity To Consolidate And Improve Coal Generation…

24

Identifying The Value Opportunity Starts With Focusing On Assets That Fit TXU’s Core Strengths…

US Fleet

Rationale

# Plants

Capacity (GW, 04)

• Nuclear already consolidated

• Gas plants are a market timing bet

• TXU Operating System focused on coal

• Greater opportunity to retain value in merchant fleet

• Quicker/cheaper transaction execution

• TXU Operating System most effective on large plants

• Small plants generally older and marginal

597

306 GW

279

95 GW

108

80 GW

15,757

959 GW

US Coal US Merchant Coal

US Merchant Coal >100 MW

Generation (TWh, 04)

3,950 TWh 1,950 TWh 550 TWh 530 TWh

25

…And Estimating The Performance Improvements By Replicating TXU’s Performance Across The Entire Merchant Coal Fleet

4.1

EBITDA Improvement Potential For Targeted US Merchant Coal Fleet1

$ billions

Target

Aspiration

Total improvement would be valued at over $40 billionTotal improvement would be valued at over $40 billion

2.4

0.9

0.70.5 4.9 0.8

1 Power prices estimated using 2010 forward price of $7.05 natural gas.

Value creation

$/kW

510

370

Capacity factor

Envupgrades

Non-fuel O&M

Heat rate

Fuel cost

Gross value

Cost to achieve

Net value

0.4

26

Applying These Value Levers To Individual Plants Produces A Targeted Origination List Of Counterparties

Relative ImprovementPercent

EBITDA Improvement$ millions

3525150100H3020160100I2015165115J

50

8595

225245220160140

Target

15

25253030304050

Target

20

35404040405060

Aspiration180A220B

140F

70

130

325345300

Aspiration

K

G

EDC

Operator

TXU will leverage creative transaction structures to minimize premiumsTXU will leverage creative transaction structures to minimize premiums

27

TXU’s Aspiration To Double The Size Of The Coal Portfolio Over The Next 5+ Years

TXU is pursuing a multi-pronged strategy of organic growth and transactions to reach its portfolio goals

TXU is pursuing a multi-pronged strategy of organic growth and transactions to reach its portfolio goals

0.8-1.63.9-7.731-4730-603.5-7.0Potential transactions

1.63.253-69688.5TXU today + Organic growth

12-15.5

2.70.51.70.5

5.8

Coal capacity

(GW)

2010 Target

Organic growthOther Texas existing sitesOak GroveSandow 5

2006 TXU

0.63.217-2222

2.4-3.27.1-10.910098-128

0.62.00.6

0.02

Capital investment ($ billions)

1.036-4746

0.3511-14140.11

0.10

Oper.Earnings1

($ billions)

3-44

3-44

% of 2010 target

Coal generation

(TWh)

1 Based on $60/MWh power.2 Does not include sustaining Capex.

28

105

7556

39

103

01 02 03 04 05

TXU Retail/Wholesale Is The Largest Competitive Retailer In AGrowth Market

2.41.9

0.9

0.2 0.1 0.1

Large Competitive Customer Base05; Millions of customers

TXU

Highly Competitive Market Oct 05; Number of certified ERCOT retailers

Strong Demand 03; Residential GWh/household

Sources: KEMA, company filings

RRI Direct Energy

First Choice

Green Mountain

Source: NERC

Source: PUC

High Growth05E-14E; Percent annual growth

FRCCWECC

ERCOTMRO

MAACSERC

MAINSPP

ECARNPCC

2.82.4

2.0 1.91.7 1.7 1.6 1.6 1.6

1.3

15 15 15 15 15 1411 10 10

7 7

LA TN AL FL MS TX US OH PA NY CA

Gexa

Sources: EIA, BEA

29

Based On Core Beliefs About Value Creation, TXU Energy Has Designed A Bottom-Up Business Unit Strategy

TXU Retail/Wholesale

Return The North Texas Consumer Franchise

To Profitability

Opportunistically Build Profitable Businesses In

Other Customer Segments

Introduce innovative products and pricing plans that meet customer needs and provide sustaining margins

Continue to advocate for a market-based structure that encourages competition

Continue to redefine customer service to distinguish TXU Energy from its competitors

Take advantage of higher headroom opportunities in South Texas to acquire residential customers

Focus on higher margin customers in small, medium, and large commercial segments

Continue to drive cost leadership to enhance competitiveness across all segments

TXU Energy’s top priority is to restore profitability to North TexasTXU will continue to monitor opportunities outside of Texas

TXU Energy’s top priority is to restore profitability to North TexasTXU will continue to monitor opportunities outside of Texas

30

1 Based on average customer usage of 16,000 kWh/yr. with PUC-approved residential load profile; headroom defined as PTB rate – cost of energy (avg. NYMEX 12 mo. strip x 7.8 heat rate x assumed 25% for load shaping, congestion, line losses and other ancillary costs) – avg. wires cost (based on published TXU Electric Delivery rates, excluding clawback).

2 NYMEX 12-month strip through 10/31/05.

North Texas Residential Headroom vs. Gas Price Since Market Open02-05; Mixed measures

Gas price2

$/MMBtuRetail headroom1

$/MWh

-30

-20

-10

0

10

20

30

40

Jan-02

Apr-02

Jul-02

Oct-02

Jan-03

Apr-03

Jul-03

Oct-03

Jan-04

Apr-04

Jul-04

Oct-04

Jan-05

Apr-05

Jul-05

Oct-05

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.0012-month forward gas price

Retail headroom

Although Margins In This Business Are Currently Negative Due To High Gas Prices …

31

10

(5)

3

27

… They Are Expected To Improve With The Approved Fuel Factor Adjustment And Should Continue To Expand Over The Long Term Based Upon The Current Gas Curve

Projected Headroom1

05E - 08E; $/MWh

1 Based on actual fuel factors through Oct-05 and $11.52/MMBtu for all future periods; assumes avg. customer usage of 16,000 kWh/yr.2 Actual prices through Oct-05, forward prices based upon NYMEX curve as of 10/31/05.

The combination of the adjusted fuel factor and backwardation of the curve allow headroom and net margins to recover to reasonable levels

The combination of the adjusted fuel factor and backwardation of the curve allow headroom and net margins to recover to reasonable levels

$9.71$8.95Gas price2

06E - 08E05E

Gross margin

Net margin

32

With an average customer life of three years and competitive discounts of at least 5 –10%, headroom of over $20/MWh is needed for attackers to achieve positive economicsWith an average customer life of three years and competitive discounts of at least 5 –

10%, headroom of over $20/MWh is needed for attackers to achieve positive economics

9

21

NA

7%

177$30

NA12$25

NA53$20

10%5%

9

10

2

2

10

25

Attacker Gross And Net Margins With 7% Discount And Headroom Of $25/MWh1,2

07E; $/MWh

North Texas headroom

Com-petitordiscount

Acquisition cost

Attacker gross margin

Net margin

Breakeven Payback For New Customer07E; Months1,2

Attacker discount; %

Head-room

($/MWh)

Reasonable payback

Long-Term Headroom Of Approximately $25/MWh Is Needed To Allow Competitors To Earn A Reasonable Risk Adjusted Return

Net margin

1 TXU Energy margins estimated using NYMEX 10/31/05 gas strip for calendar 06, average consumption of 16.0 MWh per year.2 Attacker economics based on above, with discounts from PTB as shown, acquisition costs of $105/customer amortized over 36 months, marginal SG&A of $3/MWh, and bad debt of 1.3%.

33

The UK Experience Supports $20 - $30/MWh Headroom And Resilient Market Shares

$26 $25 $24 $26

01 02 03 04

UK Retail Energy Gross Margins1

01 - 04; $/MWh

Incumbent Native Market Shares 01 - 04; Percent

On an equivalent basis to ERCOT, UK residential incumbents achieved gross margins averaging approximately $25/MWh from 01 to 04Six years after market open, UK incumbents continue to hold the majority of their legacy customers, while acquiring new customers in other areas

On an equivalent basis to ERCOT, UK residential incumbents achieved gross margins averaging approximately $25/MWh from 01 to 04Six years after market open, UK incumbents continue to hold the majority of their legacy customers, while acquiring new customers in other areas

1 Gross margins for combined electricity and gas customers (all major competitors offer both energy types and may discount either or both). Margins reported by Datamonitor and adjusted for definitional differences between UK and TXU reporting. 01- 04 average FX of $1.60/£ assumed for all years.

Source: Datamonitor, PA Consulting, TXU Energy analysis

69% 64% 62% 61%

01 02 03 04

34

FPL

TXU Electric Delivery Has An Advantaged Structural Position…Size: Large Customer Base04; Millions of customers

Scope: Large Infrastructure04; Thousands of miles of primary distribution lines

Demand: High Growth05E-14E; Percent annual growth

TXU

FRCCWECC

ERCOTMRO

MAACSERC

MAINSPP

ECARNPCC

2.82.4

2.0 1.91.7 1.7 1.6 1.6 1.6

1.3

10587 87

69 69 65 59 54

TXU

5.3 5.2

4.2 4.2

3.1 3.0 2.9 2.6 2.3 2.2

Source: FERC

PCG EXC PGN ETR D DUKEDSO

Source: NERC

Source: Proprietary benchmarking study

146

Supportive Regulatory Environment

63

TXU Electric Delivery is a scale player in a high-growth regionTXU Electric Delivery is a scale player in a high-growth region

OutstandingAbove AverageAverageBelow AverageSource: Banc of America Securities Research

35

…And A Unique Business Model That Makes It Look More Like A FERC Transmission Or Pipeline System Than A Traditional Utility

Traditional T&D comparables

Gas LDC’s Pipeline MLP’s

FERC TransCo


Regulation

Capital tracker

Commodity risk

Retail customers

State State FERC FERC State

No No No Yes Yes1

Yes Yes No No No

Yes Yes No No No

TXU Electric Delivery has higher growth and more progressive investment recovery mechanisms than typical regulated transmission and distribution peer companies

TXU Electric Delivery has higher growth and more progressive investment recovery mechanisms than typical regulated transmission and distribution peer companies

1 For transmission and automated meter reading investments

36

Based On Core Beliefs About Value Creation, TXU Electric Delivery Has Designed A Bottom-Up Business Unit Strategy


Continue To Redefine Excellence In Texas

Consolidate Regional T&D ToExtract Synergies

Focus on distinctive asset management: optimize reliability and costs

Take advantage of high growth market and advantaged business model to invest in needed infrastructure

Scale TXU’s distinctive asset management capabilities over a larger grid

Take a national role in technology through leading technology consortium and third party infrastructure fund

TXU will continue to drive distinctive performance in Texas while attempting to scale its operating edge regionally

TXU will continue to drive distinctive performance in Texas while attempting to scale its operating edge regionally

Integrate BPL and AMR into grid to help redefine service quality

37

$0$22

$44$66

$88$110$132

$154$176

$198$220

026

5278

104130156

182208

234260

TXU Electric Delivery Has Achieved Top Quartile Reliability While Simultaneously Maintaining Top Quartile Costs



Non-Storm SAIDI1 (n=33)04; Minutes

71.3 87.5 145.1 183.0

Significant capital investments are planned to ensure consistent top quartile reliability, while rigorous focus on cost efficiency will result in top decile cost performance by 08

Significant capital investments are planned to ensure consistent top quartile reliability, while rigorous focus on cost efficiency will result in top decile cost performance by 08

1 TXU Electric Delivery is evaluating adoption of the IEEE 1366 standard for reporting reliability performance. Projected 2008 non-storm SAIDI calculated under this method would be 74.59.2. 2 Benchmark includes specific O&M accounts as well as maintenance capital.

O&M Costs2 Per Customer (n=33)04; $/customer

85.8 112.0 128.0 139.6



0508

03

0508

03

38

7.3

2.2

0.1

9.6

Based On A Rapidly Growing Market, And The Importance Of KeepingThe Lights On, TXU Electric Delivery Is Investing In Needed Infrastructure Upgrades

243 300 350 425 425 450

300300

375 325 350 350

75 7525

75

03 04 05E 06E 07E 08E

543600

750825 850 875

North Texas Economic Cost Of One Minute of downtime1

05: $ millions

Residential Commercial Industrial Total

TXU Electric Delivery Capex Budget03-08; $ millions

1 Outage cost/Customer also influenced by time of the day, season, region and duration of outage.Source: Lawrence Berkeley National Laboratory study, 2004

Transmission

Distribution

Automated meters

• TXU Electric Delivery’s capital and technology deployment strategy is designed to lower grid congestion, and increase system reliability

• About 50% of TXU Electric Delivery’s capital is eligible for expedited recovery

• TXU Electric Delivery’s capital and technology deployment strategy is designed to lower grid congestion, and increase system reliability

• About 50% of TXU Electric Delivery’s capital is eligible for expedited recovery

39

Today The ERCOT Grid Remains Fragmented . . .

Source: Energy Velocity

All Too Small: Share Of Gross Transmission And Distribution PPE04; Percent

AEP12%

PNM3%

CNP22%

TXU38%

Publics and Co-ops

25%

100% = $25 billion

Nearly 40 public power companies and co-ops comprise 25% of the ERCOT market

Nearly 40 public power companies and co-ops comprise 25% of the ERCOT market

40

350

475

Weighted Avg Rest ofERCOT

TXU

…Offering An Opportunity Through Improvements In Efficiency And Reliability

Source: Texas Public Utilities Commission, FERC Form 1

Relative Cost PositionSAIDI04; Minutes

75

100

Weighted Avg Restof ERCOT

TXU

Relative Reliability Position

Total Cash Cost Per Customer04; $/customer

Driving the market to TXU performance levels implies potential annual savings of

over $550 million

Driving the market to TXU performance levels implies potential annual savings of

over $550 million

26%26% 25%25%

Reducing SAIDI by 25 minutes could save the Texas economy

over $425 million annually

Reducing SAIDI by 25 minutes could save the Texas economy

over $425 million annually

41

TXU Has Implemented A Process To Help Each Business Achieve Their Strategic Aspirations

Transaction

1st4th 2nd 4th 1st3rd 2nd 3rd 4th 1st 2nd 3rd 4th

2006 2008 2007

Electric Delivery

• Technology consortium• Infrastructure fund• 1st Delivery transaction

TXU Power

• Sandow 5 online• Oak Grove online• 1st Power transaction

1st 2nd 3rd 4th

2009

42

Today’s Agenda








43

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

06 07 08 09 10

TXU Believes The Fundamentals Support Backwardation In The Natural Gas Curve…

Natural Gas Price Forecasts06E-10E; $/MMBtu

NYMEX

PIRA

US And Canada Gas Supply And Demand (12 Bcfd LNG addition)10E; $/MMBtu

Cumulative CapacityBcfd

0

2

4

6

8

10

12

0 10 20 30 40 50 60 70 80 90

2010 demand

Price range=$5.50-$7.00

While the gas curve is backwardated,fundamentals still support historically high prices

While the gas curve is backwardated,fundamentals still support historically high prices

44

0.0

9.9

8.10.40.10.11.0

7.7

…And Significant Heat Rate Recovery Over The Next Ten Years

ERCOT Market 7X24 Heat Rates (NYMEX)06E-10E; MMBtu/MWh

2006 heat rate

Unmothballingof gas peakers

2010 heat rate

Baseload capacity additions

Long-term heat rate to support

CCGT new build1

Demand growth

Demand destruction

Wind generation increases

Details • 2% yearly demand growth

• 1.7 GW per year

• 1.1 GW of destruction

• 1.8 GW • 2.4 GW • Sandow 5 (0.6 GW)

• Oak Grove (1.7 GW)

• S.A. Power (0.8 GW)

The growth in ERCOT supports limited baseload expansionThe growth in ERCOT supports limited baseload expansion

2010 Henwoodestimate = 9.1

1 Based on $5.00 gas prices.

Equivalent to an 8.5 HSC heat rate

45

Over The Next Three Years TXU Will Remain Relatively Neutral To Natural Gas And Become Longer Heat Rate

~50-60~40-50~30-40Expected underlying position

87-89%89%91-98%Percentage hedged

(100)

(300)

460-

46008E

(80)

(330)

460-

46007E

-Gas plants

(50)PPAs/Tolls/Other forward power and gas sales

(380)Retail “short”position1

470Total “native long”position

47006E

Current baseload production

TXU has locked in ~ 90% of its natural gas exposure and is maintaining the majority of its long-term heat rate exposure

TXU has locked in ~ 90% of its natural gas exposure and is maintaining the majority of its long-term heat rate exposure

Well Controlled: Natural Gas Position06E-08E; Million MMBtu

Growth Potential: Heat Rate Position06E-08E; Million MWh

~32~27~13Expected underlying position

53%59%80%Percentage hedged

2

(38)

686

6208E

3

(42)

665

6107E

5Gas plants

(3)PPAs/Tolls/Other forward power and gas sales

(50)Retail “short”position1

66Total “native long”position

6106E

Current baseload production

1 Assumes retail price remains constant

46

TXU’s EBITDA Is Expected To Remain Relatively Insensitive To NaturalGas Price Changes And Heat Rate Changes

<1.5%

<1.0%<1.0%

06E 07E 08E

EBITDA Impact Of $1/MMBtu change in natural gas06E-08E; Percent

EBITDA Impact of 0.2 MMBtu/MWhchange in market heat rate1

06E-08E; Percent

Change in EBITDA$ millions

~30-40 ~40-50 ~50-60 ~30 ~50 ~55

Over the next three years, TXU has a small sensitivity to natural gas price and heat rate changes due to the benefits of market hedges and its integrated

portfolio

Over the next three years, TXU has a small sensitivity to natural gas price and heat rate changes due to the benefits of market hedges and its integrated

portfolio

1 Based on 06 natural gas price = $11.00, 07 natural gas price = $9.65, 08 natural gas price = $8.49.

<1.5%

<1.0%<1.0%

06E 07E 08E

47

Excess

Yes

Payout 30-40% of operational earnings

Payout 30-40% of operational earnings

ExcessDividendPayout

EquityHolders

Cash FlowfromOper-ations

andAssetSalesTX

U B

usin

ess

Uni

ts “Customer”Capital

Yes

Quality serviceProduction reliability

Quality serviceProduction reliability

Repurchasesor Distributions

Retained forInvestment

Excess

TXU Also Manages Risk Through Its “Cash Scrubber”

The cash scrubber will govern the allocation of operating cash flow and the deployment of growth capital

The cash scrubber will govern the allocation of operating cash flow and the deployment of growth capital

Growth capital

Yes, if

PV/ Investment threshold of 1.325-35% cash returned <5 yrs

PV/ Investment threshold of 1.325-35% cash returned <5 yrs

DebtHolders

FinancialFlexibility

Yes, until in 06+

EBITDA/Interest: >5.0Debt/EBITDA: <2.5Debt/MEV: 30% to 50%

EBITDA/Interest: >5.0Debt/EBITDA: <2.5Debt/MEV: 30% to 50%

48

Today’s Agenda








49

TXU Is Focused On Achieving Balanced Financial Performance

TXU’s ultimate financial objective is tosimultaneously improve all three economic dimensions

TXU’s ultimate financial objective is tosimultaneously improve all three economic dimensions

Increased Returns

Increased Financial Flexibility

Increased Earning Power

Increased Value

50

Execution Of TXU’s Strategy Results In A Robust Forward Plan For Consolidated TXU

Operating Cash Flow2

03-06E; $ billionsOperational EPS1

03-06E; $/shareFree Cash Flow3

03-06E; $ billions

EBITDA/Interest1

03-06E; RatioDebt4/EBITDA1

03-06E; Percent

135%135%

610%610%

60%60%

285%285%

03 04 05E 06E

1.9-2.0

3.1-3.2

4.25.1

03 04 05E 06E

7.0-7.24.9-

5.04.03.0

03 04 05E 06E

205%205%

1.00.7

03 04 05E 06E03 04 05E 06E

0.79 1.41

3.25-3.35

5.50-5.75

1.52.0

2.6-2.7

4.5-4.7

1 Results are from continuing operations excluding special items and are split adjusted.2 03 normalized operating cash flow (OCF) ($2.4B) excluding cash tax refund ($0.6B) and 02 collections; 04 normalized OCF ($1.8B) excluding special items (-$0.3B); 05 normalized OCF

excludes an estimated $125 million of special items.3 Normalized free cash flow is defined as normalized operating cash flow less capital expenditures and nuclear fuel.4 Debt excludes transition bonds.

EBITDA1

03-06E; $ billions

145%145%

03 04 05E 06E

2.3 2.7

3.8 -3.9

5.5 -5.7

1.7 -1.8

2.6 -2.8

51

06 Outlook Is Driven By A Combination Of Performance Improvements And Commodity Impacts…

Consolidated TXU Operational EPS (split adjusted)05E-06E; $/share

0.03 Reduction of interest expense

5.50 – 5.7506E operational earnings outlook range

(0.04)Mass market customer churn

0.13 O&M and SG&A cost improvements0.18 Improvement from hedge roll-off and expiration of

wholesale/LCI contracts

0.16Increased base load production1.75 Wholesale market prices

3.25-3.35 05E operational earnings outlook range

0.11 Change in diluted shares outstanding

06EPerformance driver

52

908886Coal capacity factor(Percent)

481606 residential churn (% of customers)

1311706 gas prices ($/MMBtu)

7.97.77.506 7X24 market heat rate (MMBtu/MWh)

96

Base

9792Nuclear capacity factor(Percent)

HighLowDescription

(0.19)

(0.04)

(0.03)

(0.09)

(0.09)

0.10

0.04

0.01

0.09

0.02

Low HighBase = 5.50-5.75

Impact On Consolidated TXU 06E EPS (split adjusted)06E; $/share

The Financial Plan Is Sensitive To A Number Of Variables…

The plan is resilient to most sensitivitiesThe plan is resilient to most sensitivities

53

…But Taken Together The Plan Is Resilient Under Downside Scenarios…

5.855.50-5.75 5.25

Consolidated TXU Operational EPS (split adjusted)06E; $/share

The combination of TXU’s integrated business model and estimated performance improvements drive earnings growth under all scenarios

The combination of TXU’s integrated business model and estimated performance improvements drive earnings growth under all scenarios

Gas price

Residential churn

Capacity factorCoalNuclear

$7.00

16%

86%92%

$11.00

8%

88%96%

$13.00

4%

90%97%

Low gas1/double churn Base Case High Gas/Half churn1

1 Assumes no change in PTB fuel factor relative to 10/28/05 approved increase

54

…Justifying A Rebased Common Dividend For Shareholders

160 280540

350

425

03 04 05E 06E

384%384%

The dividend is expected to grow at a high performance rateThe dividend is expected to grow at a high performance rate

~95% payout for Electric Delivery1

~18% payout for TXU Energy

775

1 Net income adjusted to exclude $32 million of transition bond amortization post tax expense.

29% payout for TXU Corp

Continued Growth: TXU Dividend03-06E; $ millions

55

Based On The Following Sources And Uses Of Capital…

Through execution of the industrial mindset, TXU will generate over $7 billion of discretionary FCF to grow the business or return to shareholders

Through execution of the industrial mindset, TXU will generate over $7 billion of discretionary FCF to grow the business or return to shareholders

20.0

2.0

06E-10E

21 - 23

Core portfolio capex

Cash for investment/distribution

OCF

Sources Of Cash 06E-10E (indicative); $ billions

6.5

2.5

4.0

2.0

7.0

06E-10E

Uses Of Cash 06E-10E (indicative); $ billions

Sandow & Oak Grove

Dividends

TXU Corp./Energy LLC debt

TXU Electric Delivery debt

21 - 23

56

…TXU’s Strategy Will Result In Solid Long-Term Earnings Growth Even Without The Benefit Of External Transactions…

3.735.3106 EPS less commodity impacts and retail churn

0.250.06Electric Delivery growth

0.570.26Performance improvements0.00(0.15)CP steam generator replacement

Capital allocation

Organic growth

Execution

Commodity

6.10-6.405.60-5.90 EOY EPS

5.50-5.75 5.50-5.7506 EPS

0.790.27Debt repurchases and share repurchases1.170.06Organic growth subtotal

2.7%

0.720.200.57

(1.90)

06E-10E

2.2%

0.000.000.11

(0.32)

06E-07E

Annual growth rate (percent)

Commodity impacts and retail churn

SandowOak Grove

Execution sub-total

Performance Driver

The combination of superior execution, organic growth, and capital allocation more than fills the gap caused by commodity backwardation

The combination of superior execution, organic growth, and capital allocation more than fills the gap caused by commodity backwardation

TXU Consolidated EPS (Split Adjusted06E-07E and 06E-10E; $ millions

57

…With Even Greater Growth If Able To Successfully Execute Value Creating Transactions

Breakout Investments: TXU Operational EPS (split adjusted)06E-10E; $/share

5.313.73

0.571.17

0.790.635.50-5.75

0.120.06 0.27

06E 07E 10E

06 EPS – commodity impacts - churn1

ExecutionOrganic growth

5.60-5.90

6.75-7.05

Transaction growth2

The combination of strong free cash flow, performance improvements and value creating intrinsic growth overcomes a backwardated commodity curve to provide solid

earnings growth

The combination of strong free cash flow, performance improvements and value creating intrinsic growth overcomes a backwardated commodity curve to provide solid

earnings growth

1 Includes impact of gas price declines, heat rate recovery, and churn2 Based on investing $7 billion over 5 years in underperforming coal plants with a PV/I=1.3 ($1,350 of new EBITDA)

CAGR5.0%

CAGR5.0%

Capital allocation

58

TXU: A Strong Core Business Poised For Growth

1. Rebased 06 earnings (split adjusted) of $5.50-5.75/ share

2. Highly competitive dividend and distributions3. Industry leading free cash flow of ~$3 billion4. Industry leading financial flexibility with over

7 X interest coverage5. A ~90% hedged natural gas position with

exposure to ERCOT heat rate recovery

1. Operations excellence – top decile coal reliability and targeting top quartile costs

2. Restructuring prowess – Generated over $10 billion through restructuring an underperforming portfolio

3. Performance management culture – driving year over year real productivity gains of more than 5%

…With Access To…

1. ~ $400 million of annual EBITDA performance improvements between 2006 and 2010

2. ~850 million of annual EBITDA line of sight organic growth by 2010

3. 5 year EPS growth of 2.5-3.0%

1. A $50 billion opportunity to improve the US merchant coal fleet

2. A $50 billion opportunity in US new build generation over the next 20 years

3. A $50 billion opportunity in US power company restructuring

4. 5-year EPS growth of 5% with successful execution of transactions

A Superior Economic Engine… …Driven By An Industrial Skill Set…

…Significant Organic Growth That Overcomes Commodity Declines…

…And Significant Transactional Growth Potential

Regulation G Reconciliations

For future periods, TXU is currently unable to estimate the impact of special items or changes in accounting principles or policies on free cash flow, return on invested capital, total debt to capitalization or interest coverage. TXU is therefore currently unable to reconcile the most directly comparable GAAP measures to these items for forecasted periods.

60

Financial Definitions

Operating revenues (GAAP) less fuel and purchased power costs and delivery fees (GAAP).Contribution Margin

Cash provided by operating activities adjusted for unusual or nonrecurring items. Used by TXU predominantly as a forecasting tool to estimate cash available for capital expenditures, nuclear fuel, dividends, debt reduction and other investments.

Normalized Operating Cash Flow(non-GAAP)

Cash from operating activities, adjusted for unusual or nonrecurring items, less capital expenditures and nuclear fuel. Used by TXU predominantly as a forecasting tool to estimate cash available for dividends, debt reduction, and other investments.

Normalized Free Cash Flow (non-GAAP)

Shares of common stock outstanding multiplied by closing share price as of the balance sheet date. Measures the market value of a company’s equity at a point in time.

Market Capitalization (non-GAAP)

Total debt plus preference stock plus market capitalization less cash and restricted cash.Enterprise Value (non-GAAP)

EBITDA divided by cash interest expense is a measure used by TXU to assess credit quality.EBITDA/Interest (non-GAAP)

Income from continuing operations before interest income, interest expense and related charges, and income tax plus depreciation and amortization and special items. EBITDA is a measure used by TXU to assess performance.

EBITDA (non-GAAP)

Interest expense and related charges less amortization of discount and reacquired debt expense plus capitalized interest. Cash interest expense is a measure used by TXU to assess credit quality.

Cash Interest Expense(non-GAAP)

Capital expenditures.Capex

Per share (diluted) income from continuing operations net of preference stock dividends, excluding special items and the adjustment in 2005 for the dilution effect of the cost of the true-up payment on the 52.5 million share accelerated common stock repurchase and the adjustment in 2004 for the dilution effect of the convertible senior notes, the majority of which were repurchased in the fourth quarter. TXU relies on operational earnings for evaluation of performance and believes that analysis of the business by external users is enhanced by visibility to both reported GAAP earnings and operational earnings.

Operational Earnings per Share(non-GAAP)

DefinitionMeasure

61

Financial Definitions – cont.

Total debt less transition bonds divided by total enterprise value is used by TXU to assess credit quality.Debt/Total Enterprise Value (non-GAAP)

Total debt less transition bonds and debt-related restricted cash divided by EBITDA. Transition, or securitization, bonds are serviced by a regulatory transition charge on wires rates and are therefore excluded from debt in credit reviews. Debt-related restricted cash is treated as net debt in credit reviews. Debt/EBITDA is a measure used by TXU to access credit quality.

Debt/EBITDA (non-GAAP)

Long-term debt (including current portion), plus bank loans and commercial paper, plus long-term debt held by subsidiary trusts, plus preferred securities of subsidiaries, including exchangeable preferred membership interests (EPMIs).

Total Debt (GAAP)

Operational earnings (non-GAAP) plus preference stock dividends plus after-tax interest expense and related charges, net of interest income on restricted cash related to debt, divided by the average of the beginning and ending total capitalization less debt-related restricted cash. This measure is used to evaluate operational performance and management effectiveness.

Return on Invested Capital (ROIC) (non-GAAP)

Unusual charges related to the implementation of the performance improvement program and other charges, credits or gains, that are unusual or nonrecurring. Special items are included in reported GAAP earnings, but are excluded from operational earnings. Special items associated with the performance improvement program include debt extinguishment losses and costs related to severance programs, asset impairments and facility closures.

Special Items

DefinitionMeasure

62

Table 1: TXU Corp. Operational Earnings Reconciliation Twelve Months Ended December 31, 2004 and 2003 $/share after tax

1.582.82Operational earnings-2.58Special items

0.010.04Effect of diluted shares calculation(0.06)(0.07)Preference stock dividends

1.630.27Income from continuing operations 0.060.07Preference stock dividends

-2.83Premium on EPMIs0.15(0.03)Cum. effect of changes in accounting principles

-(0.05)Extraordinary gain(0.20)(1.26)Discontinued operations

1.62(1.29)Net income (loss) to common 0304

63

Table 2: TXU Corp. Normalized Operating Cash Flow, Normalized Free Cash Flow and Normalized Free Cash Flow Yield Twelve Months Ended December 31, 2004 and 2003 $ millions, unless otherwise noted

710(44)

(721)

1,475

(337)(601)

-2,413

03

1,043Normalized free cash flow(87)Nuclear fuel

(912)Capital expenditures

2,042Normalized operating cash flow

-2002 collections in 2003-2003 tax refund

284Special items 1,758Reported cash provided by operating activities

Ref04

64

Table 3: TXU Corp. Interest and Debt Coverage RatiosTwelve Months Ended December 31, 2004 and 2003 $ millions, unless otherwise noted

25242Income tax expense

B(1,847)(1,677)Reconciling adjustments from cash flow statement

A2,4131,758Cash provided by operating activities

56681Income from continuing operations

2,2901,550EBITDA

3.04.0EBITDA/interest – ratio (C/D)

5.14.2Debt/EBITDA – ratio (F/C)

4.23.6Cash provided by operating activities + cash interest expense/cash interest expense – ratio (A+D/D)

5.27.3Total debt/cash provided by operating activities – ratio (E/A)

E12,59112,889Total debt

784695Interest expense and related charges

F11,56611,631Total debt less transition bonds and debt-related restricted cash

(525)-Debt-related restricted cash

724760Depreciation and amortization

(500)

765

12

(31)

2,290

-

(36)

784

03

(1,258)

680

12

(27)

2,740

1,190

(28)

695

04

Transition bonds

DCash interest expense

Capitalized interest

Amortization of discount and reacquired debt expense

CEBITDA (excluding special items)

Special Items

Interest income

Interest expense and related charges

Ref

65

2003 RefDebt

Notes payable - Long-term debt due currently 678 Long-term debt held by subsidiary trusts 546 Other long-term debt less due current 10,608 Transition bonds (500) APreferred securities of subsidiaries 759

Total debt less transition bonds 12,091 BPreference stock 300 Total debt and preference stock 12,391 CMarket capitalization

Shares outstanding 324 Price per share 23.72

Total market capitalization 7,685

Cash and restricted cash (1,423)

Enterprise Value 18,653 D

Debt to enterprise value - % (B/D) 64.8

Common equity (GAAP) 5,619 ETotal Capital (C-A+E) (GAAP) 18,510 FDebt/Total Capital -% (B-A)/F 68.0

Table 4: TXU Corp. Total Debt to Enterprise Value Twelve Months Ended December 31, 2003 $ millions, unless otherwise noted

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