American Electric Power
Financial Results for YTD June 2004 Actual
Reconciliation of On-going and Reported Earnings
		2004 Actual
		Utility		Invest.		Parent		Total		EPS
		($ millions)
On-going Earnings		486		(13)		(34)		439		1.11
Dispositions:
Gain from sale of Nanyang General Light Electric Co.		-		6		-		6		0.01
Discontinued Operations:
UK Discontinued Operations		-		(64)		-		(64)		(0.16)
LIG Discontinued Operations		-		1		-		1		-
Total Special Items		-		(57)		-		(57)		(0.15)
Reported Earnings		486		(70)		(34)		382		0.96
Financial Results for YTD June 2003 Actual
Reconciliation of On-going and Reported Earnings
		2003 Actual
		Utility		Invest.		Parent		Total		EPS
		($ millions)
On-going Earnings		534		(90)		(18)		426		1.13
Changes in Accounting Principles:
SFAS 143 Asset Retirement Obligation		249		(7)		-		242		0.64
Cessation of EITF 98-10 re: MTM accounting		(13)		(36)		-		(49)		(0.13)
Impairments and Dispositions:
Adjustment to South Coast Impairment		-		6		-		6		0.02
Net Proceeds from Sale of Mutual Energy (back office operations)		-		26		-		26		0.07
Adjustment to sale of water heater rental program		(3)		-		-		(3)		(0.01)
Discontinued Operations:
UK Discontinued Operations		-		(37)		-		(37)		(0.09)
LIG Discontinued Operations		-		4		-		4		0.01
Total Special Items		233		(44)		-		189		0.51
Reported Earnings		767		(134)		(18)		615		1.64