2004 reported earnings of $2.75 per  share adjusted for net gains from  dispositions of $(0.57) per share,  miscellaneous adjustments of $(0.01)  per share, and UK and LIG discontinued  operations of $0.16 per share, produces  ongoing earnings of $2.33 per share. 2003 reported earnings of $0.29 per  share adjusted for disposition and  write-down of assets of $2.42 per  share, and UK and LIG discontinued  operations (excluding write-down of  assets) of $0.32 per share, offset in  part by the changes in accounting  principles for asset retirement obliga- tions and mark-to-market accounting  of $(0.50) per share, produces ongoing  earnings of $2.53 per share. MICHIGAN OHIO INDIANA ARKANSAS WEST VIRGINIA VIRGINIA KENTUCKY TENNESSEE OKLAHOMA TEXAS LOUISIANA AEP SERVICE TERRITORY TRANSMISSION LINES 2004 2003  Variance  Net Income (in millions) ongoing  $924  $975  $(51)  as reported  $1,089  $110  $979) Earnings Per Share ongoing  $2.33  $2.53  $(0.20) as reported $2.75  $0.29  $2.46) Revenues (in billions)  $14.1  $14.7  $(0.6) Cash Dividends $1.40  $1.65  $(0.25) Year-End Closing Stock Price  $34.34  $30.51  $3.83)  Book Value Per Share at Year-End  $21.51  $19.93  $1.58) Total Assets (in billions)  $34.7  $ 36.8  $(2.1) U.S. Customers (at year-end) (in thousands)  5,053  5,023  30) Global Employment (at year-end)  19,893  22,075  (2,182) 2 0 0 4 S U M M A R Y