Aei 6-K AEI Reports First Quarter 2009 Results and Issues Full Year 2009 Guidance

Exhibit 99.2

Annex I

AEI
Consolidated Balance Sheets
As of March 31, 2009 and December 31, 2008
(Unaudited)
(millions of dollars (U.S.), except share and par value data)

	2009		2008
ASSETS
Current assets:
Cash and cash equivalents	$	686	$	736
Restricted cash		51		83
Accounts and notes receivable
Trade (net of allowance of $69 and $46, respectively)		902		863
Unconsolidated affiliates		13		11
Inventories		239		239
Prepaids and other current assets		305		384
Total current assets		2,196		2,316
Property, plant and equipment, net		3,519		3,524
Investments in and notes receivable from unconsolidated affiliates		961		907
Goodwill		564		614
Intangibles, net		368		393
Other assets		1,117		1,199
Total assets	$	8,725	$	8,953
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
Trade	$	540	$	572
Unconsolidated affiliates		32		30
Current portion of long-term debt, including related party		429		547
Accrued and other liabilities		591		594
Total current liabilities		1,592		1,743
Long-term debt, including related party		3,226		3,415
Deferred income taxes		193		199
Other liabilities		1,356		1,331
Commitments and contingencies
Shareholders’ equity		2,358		2,265
Total liabilities and shareholders’ equity	$	8,725	$	8,953

Annex II

AEI
Consolidated Income Statements
For the three months ended March 31, 2009 and 2008
(Unaudited)
(millions of dollars (U.S.))

	2009			2008
Revenues	$	1,847		$	2,170
Cost of sales		1,398			1,711
Gross margin		449			459
Operating expenses
Operations, maintenance and general and administrative expenses		177			228
Depreciation and amortization		60			52
Taxes other than income		11			11
(Gain) loss on disposition of assets		5			(68	)
Total operating expenses		253			223
Equity income from unconsolidated affiliates		27			35
Operating income		223			271
Other income (expense):
Interest income		17			23
Interest expense		(79	)		(92	)
Foreign currency transaction gain (loss), net		(39	)		30
Other income (expense), net		(6	)		7
Total other income (expense)		(107	)		(32	)
Income before income taxes and minority interests		116			239
Provision for income taxes		76			78
Net income		40			161
Less: Net income (loss) — noncontrolling interest		(3	)		106
Net income attributable to AEI	$	43		$	55
Basic earnings per share attributable to AEI	$	0.19		$	0.26
Diluted earnings per share attributable to AEI	$	0.19		$	0.26

Annex III

AEI
Consolidated Statements of Cash Flows
For the three months ended March 31, 2009 and 2008
(Unaudited)
(millions of dollars (U.S.))

	2009			2008
Cash flows from operating activities:
Net income	$	40		$	161
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amoritization		60			52
Increase in deferred revenue		31			51
Deferred income taxes		22			12
Equity earnings from unconsolidated affiliates		(27	)		(35	)
Distributions from unconsolidated affiliates		6			13
Foreign currency transaction (gain) loss, net		39			(30	)
(Gain) loss on disposition of assets		5			(68	)
Minority interests
Changes in operating assets and liabilities, net of translation, acquisitions, dispositions and non-cash items		(151	)		(44	)
Net cash provided by operating activities		25			112
Cash flows from investing activities:
Proceeds from sale of investments		60			—
Capital expenditures		(74	)		(66	)
Cash paid for acquisitions, exclusive of cash and cash equivalents acquired		—			(87	)
Cash and cash equivalents acquired		—			71
Net decrease in restricted cash		29			34
Other		2			9
Net cash provided by (used in) investing activities		17			(39	)
Cash flows from financing activities:
Issuance of long-term debt		56			95
Repayment of long-term debt		(35	)		(47	)
Decrease in short-term borrowings		(88	)		(30	)
Dividends paid to minority interests		(11	)		(26	)
Other		(4	)		(4	)
Net cash used in financing activities		(82	)		(12	)
Effect of exchange rate changes on cash		(10	)		(2	)
Increase (decrease) in cash and cash equivalents		(50	)		59
Cash and cash equivalents, beginning of period		736			516
Cash and cash equivalents, end of period	$	686		$	575
Subsidiary Distributions to Parent	$	110		$	68

Annex IV

AEI
Adjusted Net Income
For the three months ended March 31, 2009 and 2008
(Unaudited)
(millions of dollars (U.S.))

	2009		2008
Net income attributable to AEI	$	43	$	55
Excluding (a):
Foreign currency transaction (gain) loss, net		11		(7	)
(Gain) loss on disposition of assets:
SIE / Gazel transaction		—		(18	)
Adjusted net income	$	54	$	30
Adjusted earnings per share	$	0.24	$	0.14

(a) Amounts shown are net of tax and minority interests.

Annex V

AEI
EBITDA and Adjusted EBITDA
For the three months ended March 31, 2009 and 2008
(Unaudited)
(millions of dollars (U.S.))

	2009			2008
Net income attributable to AEI	$	43		$	55
Depreciation and amortization		60			52
Net income (loss) — noncontrolling interests		(3	)		106
Provision for income taxes		76			78
Interest expense		79			92
EBITDA		255			383
Subtract:
Interest income		17			23
Foreign currency transaction gain (loss), net		(39	)		30
Gain (loss) on disposition of assets		(5	)		68
Other income (expense), net		(6	)		7
Adjusted EBITDA	$	288		$	255

Annex VI

AEI
EBITDA and Adjusted EBITDA by segment
For the three months ended March 31, 2009
(Unaudited)
(millions of dollars (U.S.))

							Natural Gas
	Power			Power			Transportation			Natural Gas
	Distribution			Generation			and Services			Distribution			Retail Fuel			Other			Eliminations			Total
Net income (loss) attributable to AEI	$	57		$	16		$	10		$	10		$	(6	)	$	(61	)	$	17		$	43
Depreciation and amortization		29			11			4			6			8			2			—			60
Minority interests		2			(5	)		5			12			(16	)		—			(1	)		(3	)
Provision for income taxes		32			20			8			7			5			4			—			76
Interest expense		20			12			10			4			13			39			(19	)		79
EBITDA		140			54			37			39			4			(16	)		(3	)		255
Subtract:
Interest income		10			3			1			1			1			1			—			17
Foreign currency transaction gain (loss), net		(2	)		(1	)		(4	)		(1	)		(32	)		1			—			(39	)
Gain (loss) on disposition of assets		(5	)		—			—			—			—			—			—			(5	)
Other income (expense), net		(1	)		5			3			(5	)		(7	)		(1	)		—			(6	)
Adjusted EBITDA	$	138		$	47		$	37		$	44		$	42		$	(17	)		(3	)	$	288

Annex VII

AEI
EBITDA and Adjusted EBITDA by segment
For the three months ended March 31, 2008
(Unaudited)
(millions of dollars (U.S.))

							Natural Gas
	Power			Power			Transportation		Natural Gas
	Distribution			Generation			and Services		Distribution			Retail Fuel			Other			Eliminations			Total
Net income (loss) attributable to AEI	$	43		$	9		$	19	$	8		$	26		$	(40	)	$	(10	)	$	55
Depreciation and amortization		35			6			5		4			1			1			—			52
Minority interests		3			(6	)		11		8			100			(7	)		(3	)		106
Provision for income taxes		26			19			8		8			1			16			—			78
Interest expense		36			13			11		6			5			21			—			92
EBITDA		143			41			54		34			133			(9	)		(13	)		383
Subtract:
Interest income		14			5			2		—			1			1			—			23
Foreign currency transaction gain (loss), net		(1	)		1			1	��	2			26			1			—			30
Gain (loss) on disposition of assets		(6	)		—			—		—			74			—			—			68
Other income (expense), net		(3	)		8			9		(1	)		(5	)		(1	)		—			7
Adjusted EBITDA	$	139		$	27		$	42	$	33		$	37		$	(10	)	$	(13	)	$	255

Annex VIII

AEI
Net Debt
As of March 31, 2009 and December 31, 2008
(Unaudited)
(millions of dollars (U.S.))

	2009			2008
Debt	$	3,655		$	3,962
Less: Cash		(686	)		(736	)
Restricted cash — current		(51	)		(83	)
Restricted cash — non-current		(51	)		(49	)
NET DEBT	$	2,867		$	3,094