Event Brief of Q4 2006 American Electric Power Earnings Conference Call - Final.

Original Source: FD (FAIR DISCLOSURE) WIRE

PARTICIPANTS

. Julie Sloat, American Electric Power, VP or IR . Mike Morris, American Electric Power, Chairman, Pres & CEO . Holly Koeppel, American Electric Power, CFO . Ashar Khan, SAC Capital, Analyst . Paul Patterson, Glenrock Associates, Analyst . Dan Eggers, Credit Suisse, Analyst

. John Kiani, Deutsche Bank, Analyst . Leslie Rich, Columbia Management, Analyst . Vikas Dwivedi, Prudential Equity Group, Analyst . Elizabeth Parrella, Merrill Lynch, Analyst . Daniele Seitz, Dahlman Rose & Co, Analyst . Michael Lapides, Goldman Sachs, Analyst . Tom Hagen, American Electric Power, EVP

OVERVIEW

AEP reported 4Q06 GAAP EPS of $0.46, ongoing EPS of $0.38, and 2006 EPS on a GAAP basis of $2.54 and 2006 ongoing EPS on a GAAP basis of $2.77. The Co. expects calendar year 2007 EPS to be between $2.85-3.05.

FINANCIAL DATA

A. Key Data From Call 1. 2006 reported EPS on a GAAP basis = $2.54.

2. 4Q06 GAAP EPS = $0.46. 3. 2006 reported ongoing EPS on a GAAP basis = $2.77. 4. 4Q06 ongoing EPS = $0.38. 5. Cash balance at the end of 2006 = $300m. 6. Calendar year 2007 EPS guidance = $2.85-3.05.

PRESENTATION SUMMARY

S1. Opening Comments (M.M.) 1. Highlights: 1. Total shareholder return in 2006 was 18.8%, which was extremely good performance.

1. Had a 5.4% increase in the dividend, $0.39 per qtr. per share. 2. Had solid earnings of $2.77 a share, which is reflective of its mid-year upward adjust in its guidance range that AEP started the year out with. 2. Financially, 2006 was a very solid year for the shareholders of AEP. 2. Regulatory Basis: 1. Is extremely important for a co. with the dedicated assets and the plan that AEP intends to execute over the next few years, was equally constructive in 2006. 2. AEP had an extremely rewarding year, receiving rate adjustments on the order of $450m plus from what was an early year forecast of some $500m. 3. Had significant progress in reducing the regulatory lag in many of its jurisdictions, so that there are riders and trackers and other means which allow for a much more current recovery of dollars as spent, …