3 Forward-Looking Statements INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS In addition to historical information, this presentation contains a number of "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve estimates, expectations, and projections and, as a result, are subject to risks and uncertainties. Forward-looking statements often may be identified by the use of words such as anticipate, expect, project, intend, plan, believe and words and terms of similar substance used in connection with any discussion of future plans, actions or events. However, the absence of these or similar words does not mean that any particular statement is not forward-looking. Forward-looking statements in this presentation may relate to, among other matters: regulatory issues, including but not limited to environmental regulation, and the status of retail generation service supply competition in states served by Allegheny’s delivery business, Allegheny Power; financing plans; market demand for energy, the cost and availability of raw materials, including coal and natural gas, and Allegheny’s ability to enter into, modify and enforce long-term fuel purchase agreements; provider-of-last resort and power supply contracts; results of litigation; results of operations; internal controls and procedures; capital expenditures; status and condition of plants and equipment; changes in technology and their effects on the competitiveness of Allegheny’s generation facilities; work stoppages by Allegheny’s unionize employees; capacity purchase commitments; statements about the benefits of the proposed merger involving Allegheny and FirstEnergy, including future financial and operating results; Allegheny’s and FirstEnergy’s plans, objectives, expectations and intentions; the expected timing of completion of the transaction; and other statements relating to the merger that are not historical facts. There can be no assurance that actual results will not materially differ from expectations. Actual results have varied materially and unpredictably from past expectations. Factors that could cause actual results to differ materially include, among others, the following: the results of regulatory proceedings, including proceedings related to rates; plant performance and unplanned outages; volatility and changes in the price and demand for energy and capacity and changes in the value of financial transmission rights; volatility and changes in the price of coal, natural gas and other energy-related commodities; Allegheny’s ability to enter into, modify and enforce supplier performance under long-term fuel purchase agreements; the ability and willingness of counterparties to satisfy their financial and performance obligations; changes in the weather and other natural phenomena; changes in Allegheny’s requirements for, and the availability and price of, emission allowances; changes in industry capacity, development and other activities by Allegheny’s competitors; changes in market rules, including changes to the participant rules and tariffs for PJM Interconnection, LLC and defaults by other market participants; the loss of any significant customers or suppliers; changes in both customer usage and customer switching behavior and their resulting effects on existing and future load requirements; dependence on other electric transmission and gas transportation systems and their constraints on availability; environmental regulation; changes in other laws and regulations applicable to Allegheny, its markets or its activities; changes in the underlying inputs and assumptions, including market conditions used to estimate the fair values of commodity contracts; complications or other factors that make it difficult or impossible to obtain necessary lender consents or regulatory authorizations on a timely basis; recent and any future disruptions in the financial markets and changes in access to capital markets; the availability of credit; actions of rating agencies; inflationary and deflationary trends and interest rate trends; the effect of accounting pronouncements issued periodically by accountin standard-setting bodies; entry into, any failure to consummate, or any delay in the consummation of, contemplated asset sales or other strategic transactions; the likelihood and timing of the completion of the proposed merger with FirstEnergy, the terms and conditions of any required regulatory approvals of the proposed merger, the impact of the proposed merger on Allegheny’s employees and the potential diversion of management’s time and attention from ongoing business during this time period; general economic conditions; and other risks, including the continuing effects of global instability, terrorism and war. Additional risks and uncertainties are identified and discussed in Allegheny's reports and registration statements filed with the Securities and Exchange Commission. | 
