Introduction

Cautionary statement

Sir John Parker, Chairman

Steve Lucas, Group Finance Director

Introductory items

Headlines

Segmental operating profit (1)

UK electricity & gas transmission - operating profit

Segmental operating profit (2)

Segmental operating profit (3)

UK gas distribution operating profit

Segmental operating profit (4)

Segmental operating profit (5)

US electricity & gas distribution operating profit

Segmental operating profit (6)

Segmental operating profit (7)

Segmental operating profit (8)

Other activities

Segmental operating profit (9)

Exchange rates

Exceptional items

Interest, tax, earnings & dividend

Capital investment

Cashflow & net debt

Return of value

Summary

Roger Urwin, Group Chief Executive

Key strengths

Operational performance

Managing regulatory relations

UK regulatory timetable

Disciplined capital management

In summary

QUESTIONS AND ANSWERS

Q1 De-emphasising larger acquisitions

Q2a Pre-tax real return on regulation businesses

Q2b Reconciliation between 16m reductions and 41m operating profit

Q3a "Other" that went from 2m loss to 55m profit

Q3b Property profit numbers

Q3c Return on US assets

Q4a 500m increase in CAPEX

Q4b Disposal proceeds post LDN

Q5 Progress of Crown Castle

Q6a Scale of projects in the US

Q6b 500m step up

Q7 Regulated assets to be ruled out as acquisitions in UK

Q8 Choice of order of contracts

Q9 Demise of Grid America

Q10a Effect of tax rate increasing to 30%

Q10b Effect of interest rates on short term debt