AEP's dividend policy and expected EPS growth rate are detailed in this handout, which was shared at the Greater Chicagoland Coalition of Better Investing. This presentation reflects conditions at the time it was delivered and do not include later developments. Updated information about current conditions can be found in the companies' filings with the Securities and Exchange Commission. AEP has not undertaken an obligation to update the presentation on this page.

1. Chicagoland Investors
Expo
Chicago, IL
March 2, 2013

2. “Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995
This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP and each of its Registrant
Subsidiaries believe that their expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes
and results to be materially different from those projected. Among the factors that could cause actual results to differ materially from those in the forward-looking
statements are: the economic climate and growth in or contraction within and changes in market demand and demographic patterns in our service territory, inflationary or
deflationary interest rate trends, volatility in the financial markets, particularly developments affecting the availability of capital on reasonable terms and developments
impairing our ability to finance new capital projects and refinance existing debt at attractive rates, the availability and cost of funds to finance working capital and capital
needs, particularly during periods when the time lag between incurring costs and recovery is long and the costs are material, electric load, customer growth and the impact
of retail competition, particularly in Ohio, weather conditions, including storms and drought conditions, and our ability to recover significant storm restoration costs through
applicable rate mechanisms, available sources and costs of, and transportation for, fuels and the creditworthiness and performance of fuel suppliers and transporters,
availability of necessary generating capacity and the performance of our generating plants, our ability to recover increases in fuel and other energy costs through regulated
or competitive electric rates, our ability to build or acquire generating capacity, and transmission lines and facilities (including our ability to obtain any necessary regulatory
approvals and permits) when needed at acceptable prices and terms and to recover those costs (including the costs of projects that are cancelled) through applicable rate
cases or competitive rates, new legislation, litigation and government regulation including oversight of nuclear generation, energy commodity trading and new or
heightened requirements for reduced emissions of sulfur, nitrogen, mercury, carbon, soot or particulate matter and other substances or additional regulation of fly ash and
similar combustion products that could impact the continued operation and cost recovery of our plants and related assets, evolving public perception of the risks
associated with fuels used before, during and after the generation of electricity, including nuclear fuel, a reduction in the federal statutory tax rate could result in an
accelerated return of deferred federal income taxes to customers, timing and resolution of pending and future rate cases, negotiations and other regulatory decisions
including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance, resolution of litigation, our ability to
constrain operation and maintenance costs, our ability to develop and execute a strategy based on a view regarding prices of electricity, coal, natural gas and other
energy-related commodities, prices and demand for power that we generate and sell at wholesale, changes in technology, particularly with respect to new, developing or
alternative sources of generation, our ability to recover through rates or market prices any remaining unrecovered investment in generating units that may be retired before
the end of their previously projected useful lives, volatility and changes in markets for electricity, natural gas, and other energy-related commodities, changes in utility
regulation, including the implementation of ESPs and the transition to market and expected legal separation for generation in Ohio and the allocation of costs within
regional transmission organizations, including PJM and SPP, our ability to successfully manage negotiations with stakeholders and obtain regulatory approval to terminate
the Interconnection Agreement, changes in the creditworthiness of the counterparties with whom we have contractual arrangements, including participants in the energy
trading market, actions of rating agencies, including changes in the ratings of our debt, the impact of volatility in the capital markets on the value of the investments held by
our pension, other postretirement benefit plans, captive insurance entity and nuclear decommissioning trust and the impact on future funding requirements, accounting
pronouncements periodically issued by accounting standard-setting bodies and other risks and unforeseen events, including wars, the effects of terrorism (including
increased security costs), embargoes, cyber security threats and other catastrophic events
Investor Relations Contacts
Bette Jo Rozsa Julie Sherwood Sara Macioch
Managing Director Director Analyst
Investor Relations Investor Relations Investor Relations
614-716-2840 614-716-2663 614-716-2835
bjrozsa@aep.com jasherwood@aep.com semacioch@aep.com 2

3. American Electric Power
Predominantly regulated business focused on
clarity, execution, line-of-sight and discipline
Significant transmission growth opportunities
Stable regulatory relationships
Rationalized cost structure
Dividend growth supported by regulated
earnings with a strong balance sheet AEP Fast Facts
$14.9B Revenues *
Ohio generation fleet and related retail and $1.3B Net Income *
wholesale marketing business well-positioned
for success in a competitive market BBB-/Baa2/BBB senior
unsecured credit rating **
* represents GAAP results for 2012
** S&P/Moody’s/Fitch
Serving 5.3 million electric customers in 11 states 3

4. AEP Return and Stock Statistics
Total Shareholder Return Stock Statistics
as of Dec. 31, 2012 as of Feb. 28, 2013
Closing Price: $46.79
52 Week Range: $36.97 - $47.03
Market Capitalization: $22.7 billion
Annual Dividend: $1.88/share
Dividend yield: 4.0%
AEP 2013 P/E Multiple: 14.8
1 Year 3 Year 5 Year AEP 2014 P/E Multiple: 14.1
AEP
S&P 500 Electric Utilities Index Wall Street Analyst Coverage – 11 Buys,
13 Holds
S&P 500
Strong historic stock performance with a competitive dividend yield 4

5. Highly Diversified Regulated Utility Platform
Twelve Months Ended 12/31/12 Proforma* Earned ROEs
* pro-forma adjusts GAAP results by eliminating any material nonrecurring items and is not weather normalized
Customers: 1,459,000 960,000 173,000 584,000 535,000 524,000 986,000
Employees: 3,131 2,128 392 2,649 1,127 1,472 1,315
Total Assets: $13.0B $10.5B $1.6B $7.8B $3.3B $6.3B $6.9B
Utility Operations ROE of 10.6% as of December 31, 2012
5

6. Generation Fleet
Pumped Pumped
Storage/Wind/ Storage/Wind/
Hydro/Solar Hydro/Solar
4% 10%
Nuclear
7%
Nuclear
6%
Coal/Lignite
Demand
Controlled Response/Energy
Natural 35% Efficiency
Gas/Oil 7%
Coal/Lignite
25% Controlled
50%
Natural Gas/Oil
Coal/Lignite 27%
Coal/Lignite
Announced Uncontrolled
Retirements 15%
14%
2013 Generation Capacity 2020 Generation Capacity
by Fuel Type by Fuel Type
Based on 37,594 MW Based on 39,740 MW
We are investing $4-5 billion to transform our fleet over the
next several years
6

7. Transmission Holdco Business Growth
Cumulative Transmission Holdco Net Property, Plant & Equipment
AEP Transmission Holdco
2010 Net PP&E = $50M
(excluding unconsolidated JVs)
124% CAGR in Net Transmission Holdco PP&E
$2.8
Transcos and Transource
Regulated by FERC
$2.2
Revenue requirement reset
annually based on prior year’s
activity plus the current year’s
projected plant-in-service
$1.4 balances, reducing regulatory lag
Transcos: ROEs 11.49% (PJM) /
$0.7 11.20% (SPP)
$0.3
Transource: 86% ownership;
capital investment begins in 2014
Note: 2013 annual depreciation is $9M; Transmission JV investments, other than Transource, are not
reflected above as the ventures are not consolidated on AEP’s financial statements
Expected growth in EPS contribution closely tied to growing capital investment 7
7

8. Ohio Business in Transition
Customer choice for generation service
has been in place since 2000
Ohio Power has experienced increased
customer shopping for generation
service over the past two years with
51percent of the load switched as of
December 31, 2012
Recent PUCO orders address the
transition of Ohio Power generation to
the competitive market
Targeting corporate separation implementation on January 1, 2014
8

9. Dividend Policy
Dividend History Since 2004
Dividend statistics $/share
- Current yield: 4.0%
- Current quarterly payment: $0.47/share
- Current payout ratio: 59.7%
- Growth of 3.8% per annum since 2004
- Paid 410 consecutive quarters
In January 2013, board increased
targeted payout ratio to 60 – 70%
of consolidated earnings
Dividend level supported by
earnings from regulated
operations
Dividend expected to grow in line
with earnings from regulated
operations
Board increased targeted payout ratio to 60-70 percent 9

10. Expected EPS Growth Rate
Expected EPS growth rate of 4 –
6% off of 2013 operating Expected Operating Earnings Per Share Growth Rate
earnings guidance range
$3.55
Supported by rate base growth $3.45
$3.15 - $3.45
of regulated operations
$3.35 6%
- Capital investment of $3.6B in 2013 $3.05 - $3.25
and $3.8B in 2014 and 2015 $3.25
- Priority allocation of capital to $3.15
transmission investment 4%
$3.05
- Authorized ROE range of 9.96% (AEP 2013E 2014E
Texas) to 12.8% (Prairie Wind JV)
4 – 6% Operating Earnings Per Share Growth Rate 10

11. AEP’s Financial Strength
Liquidity Summary Credit Metrics
AEP has two core credit facilities 12/31/2011 12/31/2012
available: FFO to
Interest 4.5x 4.6x
Coverage
- $1.75 billion core credit FFO to Debt 18.7% 19.9%
facility due June 2016
Debt to
55.3% 55.2%
- $1.75 billion core credit Capitalization
facility due July 2017
AEP Corporate Credit Ratings
AEP also has a $1 billion interim
credit facility due May 2015 to
fund certain Ohio Power S&P Moody's Fitch
maturities during the transition BBB (Stable) Baa2 (Stable) BBB (Negative)
Balance sheet stable at mid-50% debt to capitalization ratio
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12. AEP Investment Opportunity
Clear regulated business model Stable dividend with an attractive
defines AEP yield, supported by earnings from
- Stable income and cash flows regulated operations
- Significant investment opportunities
in infrastructure upgrades to improve Strong balance sheet
reliability and operations
- Diversified across 11 jurisdictions Anticipated equity needs met through
- Critical mass in transmission for dividend reinvestment program,
future growth securitization and bonus depreciation
Creating a path for a successful Expected earnings growth rate of 4 –
competitive business 6% off 2013 base
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13. Questions
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