First Quarter 2004 Financial Results May 11, 2004

2 Safe Harbor Statement This Investor Presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of Forward-looking statements are subject to certain risks, uncertainties and assumptions and typically can be identified by the use of words such as “expect,” “estimate,” “anticipate,” “forecast,” “plan,” “believe” and similar terms. Such forward- looking statements include, but are not limited to, expected earnings, future growth and financial performance, timing of debt maturities, resolution of litigation and bankruptcy claims, the hiring of new independent auditors, the successful closing of announced transactions, the successful implementation of our acquisition and repowering strategy, the outcome of hearings on our RMR agreements and cost tracker for scheduled expenses, and FERC’s approval of the basic LICAP market design. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the power industry, competition in wholesale power markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the wholesale power markets and related government regulation, the condition of capital markets generally, our ability to access capital markets, our substantial indebtedness and the possibility that we may incur additional indebtedness, adverse results in current and future litigation, delays in hiring new independent auditors, delays in or failure to meet closing conditions in announced transactions, failure to identify or successfully implement acquisitions and repowerings, adverse rulings on our RMR agreements and cost tracker for scheduled expenses, resulting in us refunding certain payments received to date, and FERC not approving the basic LICAP market design. NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this Investor Presentation should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the Securities and Exchange Commission at

3  Progress Year-to-Date  Q1 Financial Results  Strategy  Progress Year-to-Date  Q1 Financial Results  Strategy Agenda

4  Strong first quarter operating performance –$266 million in adjusted EBITDA –$316 million in Free Cash Flow  Liquidity continues to strengthen – $1.4 billion at end of Q1  Post-Chapter 11 emergence plan solidly on track  Internal reorganization proceeding in accordance with plan  Strong first quarter operating performance –$266 million in adjusted EBITDA –$316 million in Free Cash Flow  Liquidity continues to strengthen – $1.4 billion at end of Q1  Post-Chapter 11 emergence plan solidly on track  Internal reorganization proceeding in accordance with plan Highlights

5 The First 100 Days’ Objectives Financial Priorities Organizational Priorities 4. Resolve commercial issues with Connecticut plants 1. Simplify capital structure 3. Reduce borrowing costs 2. Ensure our liquidity 1. Keep plants running safely, reliably and efficiently Operational Priorities 2. Increase contracted portion of merchant generation 3. Maintain momentum in asset sale program 2. Expedited phase-out of external advisers 3. Redirected management team 4. Restructured corporate organization 1. New CFO

6 Operational Performance - Core Regions  Our plants in the Northeast dealt successfully with periods of unusually cold weather  Our fuel diverse fleet of generators in New York and Connecticut, helped maintain affordable electric prices during gas price spikes  The Western Region successfully completed thirteen planned outages at seven different plants  Our plants in the Northeast dealt successfully with periods of unusually cold weather  Our fuel diverse fleet of generators in New York and Connecticut, helped maintain affordable electric prices during gas price spikes  The Western Region successfully completed thirteen planned outages at seven different plants 1,321 2,469 7,884 Net owned capacity MW In-market availability % Net capacity factor % Average heat rate (Btu / kWh) Equivalent availability % Generation (MWh) Region 11,600 10,700 11, million West million South Central million Northeast

7 0 2,000 4,000 6,000 8,000 10,000 EntergyNew YorkPJMNepool GigaWatt hours “In the money” Generation (1) Fuel Hedges (3) Energy Sales (2) Operational – 2004 Hedging Activity (1) ‘In the money’ generation is derived by multiplying the forward positive spark spread (on an hourly basis) by the available capacity of each unit and aggregating by region (2) Energy sales are actual monthly forward sales, including load serving contract commitments (3) Fuel Hedges are actual fuel purchases converted, according to each plant’s heat rate, to an equivalent amount of generation (MWh) For the balance of 2004, the Company has hedged 48% of “In the money” generation with forward energy commitments and has locked in the energy margin from those sales by purchasing 80% of the forward fuel requirements

8  We continue to make progress rationalizing the Company’s non-core assets for value: Asset Sales NameLocation Actual or expected cash proceeds (Millions) Balance Sheet Debt (Millions) Status Various$20$45 Batesville Others (4) Mississippi$27$292Executed PSA Loy Yang AAustralia$27N/ACompleted CobeeBolivia$50$24Completed Calpine CogenVarious, U.S.$3N/ACompleted PERCMaine$17$25Completed Executed PSAs TOTAL$144$386

RMR Agreements  FERC has approved, subject to hearing and refund, NRG’s RMR agreements for Middletown, Montville and Devon units (1,392 MW in total)  These RMR agreements will remain in effect until the LICAP market is implemented  FERC has also approved, subject to hearing and refund, NRG’s Cost Tracker for scheduled expenses incurred until LICAP implementation  The RMR Agreements, together with the Cost Tracker, will cover NRG’s cost of service for Middletown, Montville and Devon until the LICAP market is implemented  FERC had previously approved, subject to hearing and refund, an RMR Agreement for Devon 7 & 8 although ISO-NE recently notified NRG that one unit is not needed for reliability after April as a result, NRG plans to retire Unit 8 in May. Locational Installed Capacity (LICAP) market  Proposed LICAP market in New England that would pay Norwalk, Connecticut Jet Power, Middletown, Montville and Devon (1,812 MW in total) $5.34 per kW-month  Should provide a positive cash flow for the Connecticut fleet as a whole  FERC is expected to approve the basic LICAP market design sometime this summer RMR Agreements  FERC has approved, subject to hearing and refund, NRG’s RMR agreements for Middletown, Montville and Devon units (1,392 MW in total)  These RMR agreements will remain in effect until the LICAP market is implemented  FERC has also approved, subject to hearing and refund, NRG’s Cost Tracker for scheduled expenses incurred until LICAP implementation  The RMR Agreements, together with the Cost Tracker, will cover NRG’s cost of service for Middletown, Montville and Devon until the LICAP market is implemented  FERC had previously approved, subject to hearing and refund, an RMR Agreement for Devon 7 & 8 although ISO-NE recently notified NRG that one unit is not needed for reliability after April as a result, NRG plans to retire Unit 8 in May. Locational Installed Capacity (LICAP) market  Proposed LICAP market in New England that would pay Norwalk, Connecticut Jet Power, Middletown, Montville and Devon (1,812 MW in total) $5.34 per kW-month  Should provide a positive cash flow for the Connecticut fleet as a whole  FERC is expected to approve the basic LICAP market design sometime this summer Connecticut Status * These RMR agreements are expected to contribute up to $30 million of revenue per quarter *

10 Current Objectives: Checklist Financial Priorities Organizational Priorities 4. Resolve commercial issues with Connecticut plants 1. Simplify capital structure 3. Reduce borrowing costs 2. Ensure our liquidity 1. Keep plants running safely, reliably and efficiently Operational Priorities 2. Increase contracted portion of merchant generation 3. Maintain momentum in asset sale program 2. Expedited phase-out of external advisers 3. Redirected management team 4. Restructured corporate organization 1. New CFO Corporate debt maturities of less than $53 million due over next six years $2.7 billion refinanced two-tier security structure with weighted average cost of 6.8% (revolver undrawn) Liquidity of nearly $1.4 billion Bob Flexon appointed as CFO Bankruptcy legal/financial advisers role severely curtailed; positive 1Q ’04 cash flow impact Corporate restructuring with regional emphasis Streamlined HQ to be relocated in core region $146 million in asset dispositions as of May 7, 2004 completed - $97 million in cash, $49 million in debt reduction RMR agreements approved by FERC. LICAP expected summer or fall 2004 High percentage of coal requirements contracted and substantial portion of economic energy production sold forward 96% IMA from coal-fired fleet, safety record better than industry standard

11 Financial Results

12 Strong financial operating performance  Reported net income of $30 million or $0.30 per share  Net income of $34 million or $0.34 per share excluding non-recurring items Improved liquidity  Net cash flow of $280 million  Liquidity increased by $188 million over last quarter Strengthened financial position  Refinanced $503 million of senior credit facility  Executed interest rate swaps lowering interest expense by $20 million over the next two years Strong financial operating performance  Reported net income of $30 million or $0.30 per share  Net income of $34 million or $0.34 per share excluding non-recurring items Improved liquidity  Net cash flow of $280 million  Liquidity increased by $188 million over last quarter Strengthened financial position  Refinanced $503 million of senior credit facility  Executed interest rate swaps lowering interest expense by $20 million over the next two years First Quarter Financial Highlights

13 Operating revenues621 Operating income125 Net income 30 EBITDA259 Adjusted EBITDA266 Operating revenues621 Operating income125 Net income 30 EBITDA259 Adjusted EBITDA266 $ millions Key Financial Highlights

14 1 st Quarter 2004 Spark Spreads - North America Dark Gas Dual Fuel/Oil Spread 1,2 Spread Spread Spark Spread $99,813 $1,507 $31,013 (000s) $/MWh $31.23 $10.44 $39.15 Dark Gas Dual Fuel/Oil Spread 1,2 Spread Spread Spark Spread $99,813 $1,507 $31,013 (000s) $/MWh $31.23 $10.44 $ Dark spread is the spread between energy prices and coal-fired generation costs 2 Does not include LaGen

15 North American Generation by Fuel Fuel Cost $/MWh 208,725 46,302 70,689 91,734 Fuel Cost Q1 ’04 ($000) 7,721, ,684 1,372,617 5,554,714 MWh Q1 ‘04 694, , , ,303 Fuel Cost ‘03 ($000) Fuel Cost $/MWh 28,221,569 1,771,370 5,478,208 20,971,991 MWh ‘03Fuel Total Oil* Gas* Coal * Gas and Oil MWh are estimated since certain assets are dual fuel

16 EBITDA by Operating Segment ($ millions) EBITDA Adj Adj EBITDA Northeast South Central West Coast Other NA 20.7 (0.4) 20.3 International 55.1 (0.1) 55.0 Alt. Energy & Services Corp – Unallocated (10.0) 5.5 (4.5) Total ($ millions) EBITDA Adj Adj EBITDA Northeast South Central West Coast Other NA 20.7 (0.4) 20.3 International 55.1 (0.1) 55.0 Alt. Energy & Services Corp – Unallocated (10.0) 5.5 (4.5) Total

17 Adjusted EBITDA266 Interest Payments(43) Income Tax Payments(3) Other funds used by operations(20) FFO200 Other working capital changes25 Xcel settlement, net125 CFO350 Asset Sales3 CapEx(35) Other Cash Used by Investing(2) FCF316 Cash Used by Financing(38) Other sources of cash2 Net Cash Flow280 Adjusted EBITDA266 Interest Payments(43) Income Tax Payments(3) Other funds used by operations(20) FFO200 Other working capital changes25 Xcel settlement, net125 CFO350 Asset Sales3 CapEx(35) Other Cash Used by Investing(2) FCF316 Cash Used by Financing(38) Other sources of cash2 Net Cash Flow280 First Quarter Cash Flow $ millions

18 ($8.4) million ($8.4) million 100 bps Interest rates $39.0 million $1.00/mmbtu Natural Gas ($0.2) million $1.00/tonCoal ($1.4) million $1.00/bblOil Results in the following change to 2004 pre-tax income Factor Increased by: Factors Pricing as of 3/31/04, assuming current hedged positions 2004 Sensitivity Analysis

19 Liquidity 03/31/0412/31/03 Unrestricted: Domestic Unrestricted Cash International Unrestricted Cash Restricted Cash: Domestic International 5246 Total Cash 1, Letter of Credit Availability Revolver Availability Total Current Liquidity$1,395$1,207 03/31/0412/31/03 Unrestricted: Domestic Unrestricted Cash International Unrestricted Cash Restricted Cash: Domestic International 5246 Total Cash 1, Letter of Credit Availability Revolver Availability Total Current Liquidity$1,395$1,207 $ millions

20 March 31, 2004 Use of $250 million LC facility Xcel Energy (Resource Recovery) 33 Bank of New York (Peaker facility) 36 PMI support 44 Total $113 Uses of Collateral supporting PMI Letters of Credit * 49 Guarantees 56 Prepays/Deposits 28 Margin 24 Total $157 * Includes $5 million posted under separate LC facility March 31, 2004 Use of $250 million LC facility Xcel Energy (Resource Recovery) 33 Bank of New York (Peaker facility) 36 PMI support 44 Total $113 Uses of Collateral supporting PMI Letters of Credit * 49 Guarantees 56 Prepays/Deposits 28 Margin 24 Total $157 * Includes $5 million posted under separate LC facility Credit/Collateral $ millions

21 Near-Term Corporate Debt Maturities * Less than $53 million in corporate debt maturities in aggregate over remainder of decade * $ millions

22  Independent Auditors  Staff Appointment –Controller –Chief Risk Officer –Director Internal Audit –Director Planning and Analysis –Treasurer  Independent Auditors  Staff Appointment –Controller –Chief Risk Officer –Director Internal Audit –Director Planning and Analysis –Treasurer Other Items

23 Conclusions  Strong financial results, cash flow and liquidity  Improving our reporting to enhance understanding of results  Building the team  Strong financial results, cash flow and liquidity  Improving our reporting to enhance understanding of results  Building the team

24 Strategy: “Beyond Back to Basics” Strategy: “Beyond Back to Basics”

25 Corporate Strategy – Industry Perspective Each wholesale power generation company represents a different commodity risk proposition but their overall strategies have stayed in lockstep with each other MPoM BtB MPoM “Asset-light” IPP Industry Strategies Mothball marginal assets Greenfield Trading Leverage off logistics platform (service provider) Fuel mismatch Economy–driven (demand side) price recovery Sell non-core assets Cut G&A ReliantAlleghenyWilliams El Paso CalpineDynegy Current Stated Strategies Exit power business Trading

26 NRG – Back to Basics Our Back to Basics strategy is in full swing and visible progress is being made: Reduced corporate burden33% reduction in corporate headcount Sale of non-core assets$293 million in cash and $672 million in debt reduction in 2003 and year to date 2004 with more to come Delevering of balance sheetIn connection with asset sales and with mandatory offer Optimizing plant operations /Investment in PRB conversion, fuel handling processes coal handling and environmental remediation Fixing Connecticut and Connecticut on track; on to California California Our Back to Basics strategy is in full swing and visible progress is being made: Reduced corporate burden33% reduction in corporate headcount Sale of non-core assets$293 million in cash and $672 million in debt reduction in 2003 and year to date 2004 with more to come Delevering of balance sheetIn connection with asset sales and with mandatory offer Optimizing plant operations /Investment in PRB conversion, fuel handling processes coal handling and environmental remediation Fixing Connecticut and Connecticut on track; on to California California

27 How are We Making Money: Diversified Asset Portfolio * Our Competitive Advantages Sizeable asset base in the right markets Sizeable asset base in the right markets Long term contracts / relationships with retail cooperatives in South Central Long term contracts / relationships with retail cooperatives in South Central Locational advantage Locational advantage Healthy balance sheet Healthy balance sheet Flexibility to act in best interest of stakeholders Flexibility to act in best interest of stakeholders Our Competitive Advantages Sizeable asset base in the right markets Sizeable asset base in the right markets Long term contracts / relationships with retail cooperatives in South Central Long term contracts / relationships with retail cooperatives in South Central Locational advantage Locational advantage Healthy balance sheet Healthy balance sheet Flexibility to act in best interest of stakeholders Flexibility to act in best interest of stakeholders South Central West Northeast Gas 980 MW 40% Coal 1,489 MW 60% Gas 693 MW 56% Dual Fuel 628 MW 44% Relative Weaknesses Aging fleet Gaps in our ability to serve load shaped contracts Relative Weaknesses Aging fleet Gaps in our ability to serve load shaped contracts Core Regions: Northeast Northeast South Central South Central West West Fuel, dispatch and market diversified asset portfolio Our Competitive Advantages Sizeable asset base in the right markets Sizeable asset base in the right markets Long-term contracts / relationships with retail cooperatives in South Central Long-term contracts / relationships with retail cooperatives in South Central Locational advantage Locational advantage Healthy balance sheet Healthy balance sheet Flexibility to act in best interest of stakeholders Flexibility to act in best interest of stakeholders Our Competitive Advantages Sizeable asset base in the right markets Sizeable asset base in the right markets Long-term contracts / relationships with retail cooperatives in South Central Long-term contracts / relationships with retail cooperatives in South Central Locational advantage Locational advantage Healthy balance sheet Healthy balance sheet Flexibility to act in best interest of stakeholders Flexibility to act in best interest of stakeholders * Other North America includes 4,172 MW outside of core regions Gas 842 MW 11% Coal 2,407 MW 30% Dual Fuel 2,284 MW 29% Oil 2,350 MW 30%

28 Market Environment in which We Operate Deregulation / Reregulation Industry Structure Market Fundamentals Role of Fuel Deregulation / Reregulation Industry Structure Market Fundamentals Role of Fuel On the deregulation / reregulation spectrum, we are entering a period of stasis. The five ISOs will move forward methodically to refine their market model. Other regions are static. Further utility disaggregation is unlikely. Industry consolidation, while desirable, necessary and inevitable, will be delayed by the merchant generation industry’s current debt mountain. Supply-demand imbalance has peaked, but how long we remain in the commodity price cycle trough is an open issue. The timing of the correction depends much more on the actions of industry participants (supply) than on the strength of economic recovery (demand). While one can argue about the sustainability of currently high gas prices, higher gas volatility (on a delivered basis) is a near certainty. And now Eastern coal has shown more volatility. On the deregulation / reregulation spectrum, we are entering a period of stasis. The five ISOs will move forward methodically to refine their market model. Other regions are static. Further utility disaggregation is unlikely. Industry consolidation, while desirable, necessary and inevitable, will be delayed by the merchant generation industry’s current debt mountain. Supply-demand imbalance has peaked, but how long we remain in the commodity price cycle trough is an open issue. The timing of the correction depends much more on the actions of industry participants (supply) than on the strength of economic recovery (demand). While one can argue about the sustainability of currently high gas prices, higher gas volatility (on a delivered basis) is a near certainty. And now Eastern coal has shown more volatility.

29 MUST have scale in key markets MUST develop and expand our route to market Four imperatives MUST own a generation portfolio at a competitive cost relative to replacement cost 1 MUST be geographically diversified, in multiple markets 23 4  Highly cyclical, inelastic demand, supply driven  Pure commodity, but inability to store cause very high volatility  Assets relatively illiquid and generally movable Four fundamentals  Capital intensive - yes; Labor intensive - no Keys to Success in Merchant Generation Industry:

30 Relative to the Four Imperatives Competitive GenerationExcellent. $350/kW enterprise value across fleet – 50% discount to replacement cost Geographic DiversityExcellent. Core – 3 domestic markets and 2 international markets ScaleBetter than average. One of the bigger generators in the Northeast; but not scale in the true sense Route to MarketAverage. No retail customers, trading activity slowly expanding Relative to the Four Imperatives Competitive GenerationExcellent. $350/kW enterprise value across fleet – 50% discount to replacement cost Geographic DiversityExcellent. Core – 3 domestic markets and 2 international markets ScaleBetter than average. One of the bigger generators in the Northeast; but not scale in the true sense Route to MarketAverage. No retail customers, trading activity slowly expanding Assessing NRG -

31 Hedging – in the Future  Generation which is price competitive on both a SRMC and LRMC basis;  Generation that competitively serves load-shaping requirements through base, intermediate and peaking capacity;  Generation, from various fuels, such that we can offer the retail load providers at least a partial hedge against gas price spikes  Generation which is price competitive on both a SRMC and LRMC basis;  Generation that competitively serves load-shaping requirements through base, intermediate and peaking capacity;  Generation, from various fuels, such that we can offer the retail load providers at least a partial hedge against gas price spikes What are the elements of a successful strategy to hedge a substantial portion of our generation capacity with retail load providers? We must own plus it helps if we have...  The scale to negotiate as equals  Limited or no competitors with comparable capabilities  The scale to negotiate as equals  Limited or no competitors with comparable capabilities

32 The redevelopment of brownfield coal sites using clean coal technology should be cheaper, quicker and cleaner Age (years) Equivalent Operating Years Years Typical life expectancy range of a steam boiler with typical maintenance based on equivalent operating years. Our key assets, while not as old as they seem, are aging Brownfield Development – an Opportunity and a Necessity

33 Brownfield sites provide a distinct advantage in siting new generation projects due to existing infrastructure and transmission access. Repowering Opportunities 2008 and Beyond Concept Middletown Combined Cycle Concept0659 Norwalk Harbor Combined Cycle Concept Somerset Repowering Concept Indian River Repowering Concept Huntley Repowering Concept Encina Combined Cycle Concept Dunkirk Repowering Concept Big Cajun Repowering Concept Arthur Kill Combined Cycle PermittingNew675 Big Cajun Supercritical Coal-Fired Planning & Permitting El Segundo Combined Cycle Status Replaced (MW) New Capacity (net MW) Project What are the ingredients to brownfield success? Advance planning Advance planning Cheaper, quicker, cleaner Cheaper, quicker, cleaner Immediate relief Immediate relief Long-term PPA Long-term PPA

34 Economies of scale (G&A, operations, procurement) Economies of scale (G&A, operations, procurement) Average down portfolio LRMC recovery (EV/kW capacity) Average down portfolio LRMC recovery (EV/kW capacity) Increase market diversity Increase market diversity Enhance ability to successfully contract with retail load providers Enhance ability to successfully contract with retail load providers Improve optionality in capacity markets Improve optionality in capacity markets Secure fuel supply for our plant Secure fuel supply for our plant Grow earnings and earnings potential (but not at the expense of the balance sheet) Grow earnings and earnings potential (but not at the expense of the balance sheet) Why would a company that aggressively acquired its way into Chapter 11 consider an active acquisition strategy just a few months after emergence? Acquisitions - Why?

35 Select Acquisitions – Enhancing our Regional Businesses MWs $/MWh At a time when power plants are selling at a significant discount to replacement cost, we may have attractively priced opportunities to fill out gaps in our regional line-ups. = Our line-up range Upstate New York merit order Entergy merit order ,00020,00030,00040,00050,000 $6.20/MMBtu gas $4.20/MMBtu gas ,0001,5002,0002,500 $6.20/MMBtu gas $4.20/MMBtu gas $/MWh

36 NRG: Working Towards a Super-Regional Business Model We are transitioning NRG from a loose collection of power plants into three coherent regional businesses, each focused on developing as a foundation to their businesses, commercial relationships with the in- market retail load providers Locational advantage Base load coal / long term contracts Base load coal Principal Strength 2% (4% gross) 5%4% Market Share 1,321 (2,692 gross) 2,4697,884 Our MWs Lack of capacity market Shortfall of our generation relative to load we serve Reduction in transmission constraints Principal Vulnerability 60,00050,000180,000 Total MWs West South Central NortheastRegion

37 Summary - The New NRG West Coast South Central Northeast Extracting maximum value from existing fleet Reinvestment in repowering life extension of key assets Selective acquisitions to fill out regional line-ups Objective: To create a set of regional businesses with sustainable low (total) cost, fuel diversified asset portfolio competitively positioned to secure their key customers

38

39 Supplemental information

40 Adjusted EBITDA Reconciliation The following table summarizes the calculation of EBITDA and provides a reconciliation to net income/(loss) for the periods indicated: Reorganized NRG Predecessor NRG March 31, 2004 March 31, 2003 (Dollars in thousands) Net Income / (Loss)$ 30,235 $ (12,632) Plus: Income Tax Expense 14,208 32,878 Interest expense, excluding amortization of debt issuance costs and debt discount/ (premium) noted on the following page 78, ,345 Depreciation and amortization 58,637 64,071 WCP CDWR contract amortization (included in equity in earnings of unconsolidated affiliates) 30, Amortization of power contracts 16, Amortization of emission credits 6, Amortization of debt issuance costs and debt discount/(premium) 23,639 6,732 EBITDA$ 258,977 $ 260,394 Plus: (Income) on Discontinued Operations, net of Income taxes (2,391) (161,550) Corporate relocation charges 1, Reorganization charges 6, Restructuring and impairment charges ,136 Write downs and losses on sales of equity method investments 1,738 16,591 Adjusted EBITDA$ 265,690 $ 137,571

41 Adjusted EBITDA Reconciliation (cont.) EBITDA, Adjusted EBITDA and adjusted net income are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The presentation of Adjusted EBITDA and adjusted net income should not be construed as an inference that NRG’s future results will be unaffected by unusual or non-recurring items. EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA is presented because NRG considers it an important supplemental measure of its performance and believe debt-holders frequently use EBITDA to analyze operating performance and debt service capacity. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are: EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments; EBITDA does not reflect changes in, or cash requirements for, working capital needs; EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debts; Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and Other companies in this industry may calculate EBITDA differently than NRG does, limiting its usefulness as a comparative measure. Because of these limitations, EBITDA should not be considered as a measure of discretionary cash available to use to invest in the growth of NRG’s business. NRG compensates for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA only supplementally. See the statements of cash flow included in the financial statements that are a part of this press release. Adjusted EBITDA is presented as a further supplemental measure of operating performance. Adjusted EBITDA represents EBITDA adjusted for reorganization, restructuring, impairment and corporate relocation charges, discontinued operations, and write downs and losses on the sales of equity method investments; factors which we do not consider indicative of future operating performance. The reader is encouraged to evaluate each adjustment and the reasons NRG considers it appropriate for supplemental analysis. As an analytical tool, Adjusted EBITDA is subject to all of the limitations applicable to EBITDA. In addition, in evaluating Adjusted EBITDA, the reader should be aware that in the future NRG may incur expenses similar to the adjustments in this presentation.