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FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect Edison International's and SCE's current expectations and projections about future events based on Edison International's and SCE's knowledge of present facts and circumstances and assumptions about future events and include any statements that do not directly relate to a historical or current fact. Other information distributed by Edison International and SCE that is incorporated in this report, or that refers to or incorporates this report, may also contain forward-looking statements. In this report and elsewhere, the words "expects," "believes," "anticipates," "estimates," "projects," "intends," "plans," "probable," "may," "will," "could," "would," "should," and variations of such words and similar expressions, or discussions of strategy or plans, are intended to identify forward-looking statements. Such statements necessarily involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Some of the risks, uncertainties and other important factors that could cause results to differ from those currently expected, or that otherwise could impact Edison International and SCE, include, but are not limited to the:

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Additional information about risks and uncertainties, including more detail about the factors described in this report, is contained throughout this report and in the 20202021 Form 10-K, including the "Risk Factors" section. Readers are urged to read this entire report, including information incorporated by reference, as well as the 20202021 Form 10-K, and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Forward-looking statements speak only as of the date they are made and neither Edison International nor SCE are obligated to publicly update or revise forward-looking statements. Readers should review future reports filed by Edison International and SCE with the SEC. Edison International and SCE post or provide direct links to (i) certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) presentations, documents and information that may be of interest to investors in a section titled "Presentations""Presentations and Updates" at www.edisoninvestor.com in order to publicly disseminate such information. The reports, presentations, documents and information contained on, or connected to, the Edison investor website are not deemed part of, and are not incorporated by reference into, this report.

The MD&A for the nine months ended September 30, 20212022 discusses material changes in the consolidated financial condition, results of operations and other developments of Edison International and SCE since December 31, 20202021 and as compared to the nine months ended September 30, 2020.2021. This discussion presumes that the reader has read or has access to Edison International's and SCE's MD&A for the calendar year 20202021 (the "2020"2021 MD&A"), which was included in the 20202021 Form 10-K.

Except when otherwise stated, references to each of Edison International SCE, or Edison Energy GroupSCE mean each such company with its subsidiaries on a consolidated basis. References to "Edison International Parent and Other" mean Edison International Parent and its consolidated competitivesubsidiaries other than SCE and its subsidiaries and "Edison International Parent" mean Edison International on a stand-alone basis, not consolidated with its subsidiaries.subsidiaries. Unless otherwise described, all the information contained in this report relates to both filers.

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT OVERVIEW

Highlights of Operating Results

Edison International is the ultimate parent holding company of SCE and Edison Energy Group.Energy. SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. Edison Energy Group is a holding company for Edison Energy which is engaged in the competitive business of providing data-drivenintegrated decarbonization and energy solutions to commercial, institutional and industrial customers. Edison Energy's business activities are currently not material to report as a separate business segment.

Edison International's earnings are prepared in accordance with GAAP. Management uses core earnings (losses) internally for financial planning and for analysis of performance. Core earnings (losses) are also used when communicating with investors and analysts regarding Edison International's earnings results to facilitate comparisons of the company's performance from period to period. Core earnings (losses) are a non-GAAP financial measure and may not be comparable to those of other companies. Core earnings (losses) are defined as earnings attributable to Edison International shareholders less non-core items. Non-core items include income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as write downs, asset impairments and other income and expense related to changes in law, outcomes in tax, regulatory or legal proceedings, and exit activities, including sale of certain assets and other activities that are no longer continuing.

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Edison International's third quarter 20212022 losses increased $53decreased $213 million from the third quarter of 2020,2021, resulting from an increasea decrease in SCE's losses of $20$204 million and a decrease in Edison International Parent and Other's losses of $9 million. SCE's lower net loss consisted of $282 million of lower non-core losses and $78 million of lower core earnings. Edison International's decreased loss was due to $11 million of higher non-core earnings and $2 million of higher core losses. Edison International's earnings for the nine months ended September 30, 2022 decreased $39 million from the nine months ended September 30, 2021, resulting from a decrease in SCE's earnings of $2 million and an increase in Edison International Parent and Other's losses of $33$37 million. SCE's lower earnings consisted of $77 million of higher non-core losses and $75 million of higher core earnings. Edison International Parent and Other's higher losses consisted of $45$11 million of higher non-core earnings and $48 million of higher core earnings and $65 million of higher non-core losses. Edison International's earnings for the nine months ended September 30, 2021 increased $23 million from the nine months ended September 30, 2020, resulting from an increase in SCE's earnings of $35 million and an increase in Edison International

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See "Results of Operations" for discussion of SCESCE's and Edison International Parent and OtherOther's results of operations.

2021 General Rate CaseCost of Capital Applications

The 2021 GRC consists of four separate tracks. Track 1 is similar to previous GRCs and addresses revenue requirements for the three-year period of 2021 – 2023. Tracks 2 and 3 address the reasonableness of 2018 – 2019 and 2020 wildfire mitigation costs that were incremental to amounts authorizedAs discussed in the 2018 GRC, respectively. Track 4 will address2021 Form 10-K, in August 2021, SCE filed an application with the revenue requirementCPUC for 2024. SCE is scheduledauthority to submitestablish its testimonyauthorized cost of capital for track 4utility operations for 2022 and to reset the related annual cost of capital mechanism that can adjust the authorized cost of capital between SCE's cost of capital proceedings based on changes in May 2022. ForMoody's utility bond rate index (see "Business—SCE—Overview of Ratemaking Process" in the 2021 Form 10-K for further information on tracks 2 and 3 see "Liquidity and Capital Resources—Regulatory Proceedings."

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CPUC-approved utility owned storage expenditures, and expectedplanned FERC capital expenditures. See "Liquidity and Capital Resources—SCE—Regulatory Proceedings" for more information on the GRC track 4 filing.

Potential capital spending variability associated with future regulatory requests based on management judgment, potential for permitting delays and other operational considerations is reflected in the range case below. The CPUC-jurisdictional capital

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IncludingIn April 2022, SCE received a force majeure event notice from Ameresco in which Ameresco asserted that both manufacturing delays related to COVID-19 shut-downs in China and new shipping restrictions imposed by Chinese governmental authorities were then impacting the supply of batteries from China necessary for timely completion of the projects. Ameresco subsequently supplemented its force majeure notice noting additional CPUC capital expendituressupply chain issues related to COVID-19. SCE is continuing to evaluate the force majeure event notices. If there is a valid force majeure event under the contracts with Ameresco, subject to certain conditions, the project schedules and any related triggers of liquidated damages may be extended, and the contract prices may be increased to account for the impact of the force majeure event.

Permitting delays and engineering issues also impacted the projects. Because Ameresco did not achieve an in-service date of August 1, 2022, SCE is entitled to liquidated damages under the terms of the contracts subject to any relief Ameresco may be entitled to under the contracts, including any relief for a valid force majeure event. Once triggered, liquidated damages accrue daily for up to 60 days up to a maximum of $89 million in aggregate for all three projects.

Because of the delays described above and rate base associated with 2020 wildfire restoration capital expenditures subjectcertain changes requested by SCE, SCE expects all three projects to future CEMA applications, SCE's weighted average annual rate base could be upin-service prior to $42.3the summer of 2023. SCE expects to receive in aggregate approximately $270 million of tax credits available under the Inflation Reduction Act of 2022 for all three projects, which will accrue to the benefit of its customers.

Subject to reductions for any liquidated damages SCE is paid, SCE currently expects these storage projects to result in $1.0 billion in 2023, $46.0 billion in 2024 and $49.4 billion in 2025.

For further information regarding the capital program see "Liquidity and Capital Resources—SCE—Capital Investment Plan."

2021 Cost of Capital Application

In August 2021, SCE filed its application with the CPUC for authority to establish its authorized cost of capital for utility operations for a three-year term beginning in 2022 and to reset the related annual cost of capital mechanism. SCE was not required to file a full cost of capital application until April 2022 for rates effective in 2023. However, SCE filed its application pursuant to the cost of capital mechanism's provision that the utilities have a right to file a cost of capital application at any time upon an extraordinary or catastrophic event that materially impacts their respective cost of capital and/or capital structure and affects them differently than the overall financial markets. SCE believes the COVID-19 pandemic and accompanying government stimulus efforts constitute such an extraordinary event because they have led to a decrease in interest rates but an increase in SCE and other utilities' cost of equity, disrupting the traditional relationship between debt and equity assumed in adopting the cost of capital mechanism. SCE filed a joint motion with PG&E and SDG&E to consolidate all three utilities' cost of capital applications given the overlapping issues of law and fact, which was granted in October 2021.

expenditures. In its application, SCE seeks a return on common equity of 10.53%, compared to its current CPUC ROE of 10.30%, an embedded cost of long-term debt of 4.32%, and an embedded cost of preferred equity of 5.90%. SCE also seeks to maintain its current capital structure of 52% common equity, 43% long-term debt, and 5% preferred equity. Based on the capital structure and cost factors discussed above, SCE's weighted average return on rate base would be 7.63% for 2022.

Based on SCE's 2021 GRC, including the post-test year ratemaking mechanism, SCE's request would be rate neutral for SCE's customers in 2022 relative to SCE's current cost of capital.

In the alternative, SCE requests in its application that the CPUC suspend any adjustment to its CPUC-authorized ROE in 2022 based on the cost of capital mechanism currently in place. Should the CPUC grant this alternative relief, SCE would adjust its cost of long-term debt and preferred equity for 2022, resulting in a reduction in SCE's revenue requirement of approximately $50 million compared to the current authorized cost of capital, and file a cost of capital application by April 2022 for rates effective beginning January 2023.

The cost of capital mechanism requires that in any year where the difference between the current 12-month October through September average Moody's utility bond rates and the mechanism’s benchmark exceeds a trigger of 100-basis points, as occurred in 2021, an advice letter is filed on October 15 of such year to implement an adjustment to the utilities' ROE. In OctoberDecember 2021, the CPUC orderedapproved recovery of these expenditures and establishment of a balancing account for the utilities to file all materials that wouldassociated revenue requirement, which have been reflected in rates beginning in the first quarter of 2022. Authorized revenue requirements will be included in the October 15 advice letters withinannual ERRA review proceeding and can only be disallowed upon a finding that SCE failed to prudently administer the consolidated cost of capital proceeding.contracts.

If the cost of capital mechanism adjustment is triggered SCE's CPUC-authorized ROE would be adjusted down for 2022 from 10.30% to 9.72%. SCE's costs of long-term debt and preferred equity would also be adjusted for 2022 to reflect the then current embedded costs and projected interest rates. If the cost of capital mechanism adjustment is triggered, revenue requirements for 2022 are expected to reduce by $179 million. See "Liquidity and Capital Resources—SCE" for further details.

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FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect Edison International's and SCE's current expectations and projections about future events based on Edison International's and SCE's knowledge of present facts and circumstances and assumptions about future events and include any statements that do not directly relate to a historical or current fact. Other information distributed by Edison International and SCE that is incorporated in this report, or that refers to or incorporates this report, may also contain forward-looking statements. In this report and elsewhere, the words "expects," "believes," "anticipates," "estimates," "projects," "intends," "plans," "probable," "may," "will," "could," "would," "should," and variations of such words and similar expressions, or discussions of strategy or plans, are intended to identify forward-looking statements. Such statements necessarily involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Some of the risks, uncertainties and other important factors that could cause results to differ from those currently expected, or that otherwise could impact Edison International and SCE, include, but are not limited to the:

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●	the expirationcost and availability of some statutes of limitations, was a $1.3 billion increase in estimated losses for the 2017/2018 Wildfire/Mudslide Eventslabor, equipment and materials, including as of September 30, 2021. As a result of supply chain constraints;

●	ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;

●	risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;

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pandemics, such as COVID-19, and other events that cause regional, statewide, national or global disruption, which could impact, among other things, Edison International's and SCE's business, operations, cash flows, liquidity and/or financial results and cause Edison International and SCE alsoto incur unanticipated costs;

●	physical security of Edison International's and SCE's critical assets and personnel and the cybersecurity of Edison International's and SCE's critical information technology systems for grid control, and business, employee and customer data;

●	risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as CCAs and Electric Service Providers;

●	risks inherent in SCE's capital investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, changes in the CAISO's transmission plans, and governmental approvals;

●	risks associated with the operation of electrical facilities, including worker and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts;

●	actions by credit rating agencies to downgrade Edison International or SCE's credit ratings or to place those ratings on negative watch or negative outlook;

●	changes in tax laws and regulations, at both the state and federal levels, or changes in the application of those laws, that could affect recorded deferred tax assets and liabilities and effective tax rate;

●	changes in future taxable income, or changes in tax law, that would limit Edison International's and SCE's realization of expected recoveries through FERC electricnet operating loss and tax credit carryover benefits prior to expiration;

●	changes in the fair value of investments and other assets;

●	changes in interest rates and rates of $67 million againstinflation, including escalation rates (which may be adjusted by public utility regulators);

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governmental, statutory, regulatory, or administrative changes or initiatives affecting the charge,electricity industry, including the market structure rules applicable to each market adopted by the NERC, CAISO, Western Electricity Council, and similar regulatory bodies in adjoining regions, and changes in the United States' and California's environmental priorities that lessen the importance the state places on GHG reduction;

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availability and creditworthiness of counterparties and the resulting net charge to earnings was $1.2 billion ($894 million after-tax). The estimated losses foreffects on liquidity in the 2017/2018 Wildfire/Mudslide Events as of September 30, 2021 reflect the impact of the SED Agreement. Through September 30, 2021, Edison Internationalpower and SCE have recorded total pre-tax charges of $7.5 billion, expected recoveries from insurance of $2.0 billion and expected recoveries through FERC electric rates of $300 million related to the 2017/2018 Wildfire/Mudslide Events. The after-tax net charges to earnings recorded through September 30, 2021 have been $3.8 billion. As of September 30, 2021, SCE had paid $5.2 billion under executed settlements and had $84 million to be paid under executed settlements related to the 2017/2018 Wildfire/Mudslide Events. As of the same date, SCE had recovered $2.0 billion through insurance and $137 million through FERC-jurisdictional electric rates. After giving effect to all settlements entered into through September 30, 2021, Edison International and SCE's best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events was $2.2 billion. As of the same date, Edison International and SCE had assets for expected recoveries through FERC electric rates of $162 million on their consolidated balance sheets and had exhausted expected insurance recoveries related to the 2017/2018 Wildfire/Mudslide Events. Estimated losses for the 2017/2018 Wildfire/Mudslide Events litigation are based on a number of assumptions and are subject to change as additional information becomes available. Actual losses incurred may be higher fuel markets and/or lower than estimated based on several factors, including: the uncertainty in estimating damages that have been or may be alleged, the ability of counterparties to reach settlements through the ongoing claims mediation processes, uncertainties related to the litigation processes, uncertainty as to the legal and factual determinations to be made during litigation, including uncertainty as to the contributing causes of the 2017/2018 Wildfire/Mudslide Events, the complexities associated with fires that merge and whether inverse condemnation will be held applicable to SCE with respect to damages caused by the Montecito Mudslides, and the uncertainty as to how these factors impact future settlements. SCE will seek rate recovery of prudently-incurred, actual losses realized in connection with the 2017/2018 Wildfire/Mudslide Eventspay amounts owed in excess of available insurance, other thancollateral provided in support of their obligations;

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potential for CPUC-jurisdictional rate recovery of the $375 million of SED Excluded Losses. SCE believes that, in light of the CPUC's decision in a cost recovery proceeding involving SDG&E arising from several 2007penalties or disallowance for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to wildfires in SDG&E's service area, therewhere SCE's equipment is substantial uncertainty regarding how the CPUC will interpretalleged to be associated with ignition; and apply its prudency standard to an investor-owned utility in wildfire cost-recovery proceedings for fires ignited prior to July 12, 2019. Accordingly, while the CPUC has not made a determination regarding SCE's prudency relative to any of the 2017/2018 Wildfire/Mudslide Events, SCE is unable to conclude, at this time, that uninsured CPUC-jurisdictional wildfire-related costs are probable of recovery through electric rates. Current Wildfire Insurance Coverage SCE has approximately $1.0 billion of wildfire-specific insurance coverage for events that may occur during the period July 1, 2021 through June 30, 2022, subject to $50 million of self-insured retention and up to approximately $75 million of co-insurance, which results in net coverage of approximately $875 million. Various coverage limitations within the policies that make up SCE's wildfire insurance coverage could result in additional material self-insured costs, for instance in the event of multiple wildfire occurrences during a policy period or with a single wildfire with damages in excess of the policy limits. SCE believes that its insurance coverage for the July 1, 2021 through June 30, 2022 period meets its obligation to maintain reasonable insurance coverage under AB 1054. 10

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●	cost of fuel for generating facilities and related transportation, which could be impacted by, among other things, disruption of natural gas storage facilities, to the extent not recovered through regulated rate cost escalation provisions or balancing accounts.

Additional information about risks and uncertainties, including more detail about the factors described in this report, is contained throughout this report and in the 2021 Form 10-K, including the "Risk Factors" section. Readers are urged to read this entire report, including information incorporated by reference, as well as the 2021 Form 10-K, and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Forward-looking statements speak only as of the date they are made and neither Edison International nor SCE are obligated to publicly update or revise forward-looking statements. Readers should review future reports filed by Edison International and SCE with the SEC. Edison International and SCE post or provide direct links to (i) certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) presentations, documents and information that may be of interest to investors in a section titled "Presentations and Updates" at www.edisoninvestor.com in order to publicly disseminate such information. The reports, presentations, documents and information contained on, or connected to, the Edison investor website are not deemed part of, and are not incorporated by reference into, this report.

The MD&A for the nine months ended September 30, 2022 discusses material changes in the consolidated financial condition, results of operations and other developments of Edison International and SCE since December 31, 2021 and as compared to the nine months ended September 30, 2021. This discussion presumes that the reader has read or has access to Edison International's and SCE's MD&A for the calendar year 2021 (the "2021 MD&A"), which was included in the 2021 Form 10-K.

Except when otherwise stated, references to each of Edison International or SCE mean each such company with its subsidiaries on a consolidated basis. References to "Edison International Parent and Other" mean Edison International Parent and its subsidiaries other than SCE and its subsidiaries and "Edison International Parent" mean Edison International on a stand-alone basis, not consolidated with its subsidiaries. Unless otherwise described, all the information contained in this report relates to both filers.

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT OVERVIEW

Highlights of Operating Results

Edison International is the ultimate parent holding company of SCE and Edison Energy. SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. Edison Energy is engaged in the competitive business of providing integrated decarbonization and energy solutions to commercial, institutional and industrial customers. Edison Energy's business activities are currently not material to report as a separate business segment.