Exhibit 99.2

Leading the Way in Electricity SM

Second Quarter 2010

Financial Teleconference

August 5, 2010 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

Forward-Looking Statements

Statements contained in this presentation about future performance, including, without limitation, earnings, asset and rate base growth, load growth, capital investments, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results are discussed under the headings “Risk Factors,” and “Management’s Discussion and Analysis” in Edison International’s 2009 Form 10-K, most recent Form 10-Q and other reports filed with the Securities and Exchange Commission, which are available on our website: www.edisoninvestor.com. These filings also provide additional information on historical and other factual data contained in this presentation.

August 5, 2010 1 EDISON INTERNATIONAL®

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Second Quarter Earnings Summary

Earnings EPS

($ millions)

Core1

$253 $0.78 $205

$0.62

Q2 09 Q2 10 Q2 09 Q2 10

Basic

$344 $1.05

$(16) $(0.05) Q2 09 Q2 10 Q2 09 Q2 10

Q2 09 Q2 10 Variance

Core EPS1

SCE

$0.61

$0.75

$0.14

EMG

0.19

(0.10)

(0.29)

EIX parent company

(0.02)

(0.03)

(0.01)

and other

Core EPS

$0.78

$0.62

$(0.16)

Non-Core Items

SCE

$0.92

$0.17

$(0.75)

EMG

(1.90)

0.18

2.08

EIX parent company

0.15

0.08

(0.07)

and other

Total Non-Core

$(0.83)

$0.43

$1.26

Basic EPS

$(0.05)

$1.05

$1.10

Diluted EPS

$(0.05)

$1.05

$1.10

1 See Earnings Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. The impact of participating securities is included in EIX parent company and other and was $(0.01) for the quarter ended June 30, 2010 and zero for the quarter ended June 30, 2009.

August 5, 2010 2 EDISON INTERNATIONAL®

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SCE Second Quarter Highlights

EPS

Q2 09

Q2 10

Variance

Core1

$0.61

$0.75

$0.14

Non-Core Items

Tax settlement

0.92

0.17

(0.75)

Basic EPS

attributable to SCE1

$1.53

$0.92

$(0.61)

Key Core Earnings Drivers

Higher operating revenue $0.10

• Rate base growth

• Operating revenue and other

Higher operating expense (0.05) Higher depreciation (0.06)

Higher AFUDC 0.02 Income taxes and other 0.13

Total $0.14

Recent Developments

• $40 million earnings benefit from implementation of a tax accounting method change related to SCE’s capital investments

• 2012 GRC Notice of Intent submitted July 19, 2010

• SmartConnect™ Program on track with over 1 million meters installed

1 See Use of Non-GAAP Financial Measures in Appendix and First Quarter Earnings Summary slide for reconciliation of core earnings per share to basic earnings per share.

August 5, 2010 3 EDISON INTERNATIONAL®

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EMG Second Quarter Highlights

EPS

Q2 09

Q2 10

Variance

Core1

$0.19

$(0.10)

$(0.29)

Non-Core Items

Tax settlement

(1.88)

0.18

2.06

Discontinued operations

(0.02)

-

0.02

Basic EPS

attributable to EMG1

$(1.71)

$0.08

$1.79

Key Core Earnings Drivers

Merchant coal2

$(0.29)

Renewable projects

0.02

EMMT—trading

0.03

Natural gas projects

(0.01)

Edison Capital3

(0.05)

Corporate expense & other

0.01

Total

$(0.29)

Recent Developments

• The estimated costs to retrofit all of the units to comply with the SO2 portion of CPS is approximately $1.2 billion (in 2010 dollars) no final - decisions have been made on individual units

• Received approval on all SNCR permit applications from Illinois EPA

• Closed Laredo Ridge $140 million financing and began construction

• Additional energy hedges of 4,648 MWh and 408 MWh for 2011 and 2012, respectively

1 See Use of Non-GAAP Financial Measures in Appendix and Second Quarter Earnings Summary slide for reconciliation of core earnings per share to basic earnings per share.

2 Includes impact of unrealized gains of $0.04 in 2009 and unrealized losses of $0.03 in 2010.

3 Includes $0.06 per share gain on sale of Midland Cogeneration Ventures in Q2 2009.

August 5, 2010 4 EDISON INTERNATIONAL®

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Global Tax Settlement

($ millions)

December 31, 2009

SCE

Edison Capital

EIX parent co.

& other

SEC

EIX consolidated1

June 30, 2010

EIX consolidated1

Edison Capital

EIX parent co.

& other

EIX consolidated1

Income Statement2

Overall tax settlement impacts

$306

$(614)

$54

$(254)

$359

$(572)

$97

$(116)

Cash3

Net proceeds from termination

$-

$1,385

$-

$1,385

$-

$1,385

$-

$1,385

of cross-border leases

Taxes settled

875

(1,069)

(149)

(343)

875

(1,322)

(149)

(596)

Estimated future net tax

(payments)/receipts

(229)

(602)

189

(642)

(247)

(342)

201

Cash flow expected over time

$646

$(286)

$40

$400

$628

$(279)

$52

$401

1 Includes all other Edison International consolidated subsidiaries.

2 Includes Q4 09 non-core impact of $5 million for SCE and $14 million for Edison Capital from revised interest costs from the IRS.

3 See the “EIX: Liquidity & Capital Resources-Intercompany Tax-Allocation Agreement” section of the 2009 EIX 10-K for additional information concerning the overall tax settlement with the Internal Revenue Service.

August 5, 2010 5 EDISON INTERNATIONAL®

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Year-to-Date Earnings Summary

Earnings

($ millions)

EPS

Core1

$512 $1.58 $473 $1.44

Q2 09 Q2 10 Q2 09 Q2 10

Basic

$580 $1.77 $234 $0.72 Q2 09 Q2 10 Q2 09 Q2 10

Q2 09

Q2 10

Variance

Core EPS1

SCE

$1.25

$1.38

$0.13

EMG

0.37

0.12

(0.25)

EIX parent company

(0.04)

(0.06)

(0.02)

and other Core EPS

$1.58

$1.44

$(0.14)

Non-Core Items

SCE

$0.92

$0.05

$(0.87)

EMG

(1.93)

0.20

2.13

EIX parent company

0.15

0.08

(0.07)

and other

Total Non-Core

$(0.86)

$0.33

$1.19

Basic EPS

$0.72

$1.77

$1.05

Diluted EPS

$0.72

$1.77

$1.05

1 See Earnings Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. The impact of participating securities is included in EIX parent company and other and was $(0.01) for the six months ended June 30, 2010 and zero for the six months ended June 30, 2009.

August 5, 2010 6 EDISON INTERNATIONAL®

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EMG Coal-Fired Fleet

Midwest Generation (Illinois)

• 5,471 MW – Six mid-merit facilities

• Utilizes Powder River Basin (PRB) coal

• Rail under contract through 2011

• Operational statistics Q2 09 Q2 10 YTD 09 YTD 10

• Total Generation (GWh) 6,808 5,430 13,450 13,642

• Forced Outage Rate 5.7% 10.4% 6.4% 8.2%

• Capacity Factor 57.1% 45.5% 56.7% 57.5%

• Equivalent Availability 78.5% 59.8% 80.6% 72.7%

• Load Factor 72.7% 76.2% 70.3% 79.1%

Homer City (Pennsylvania)

• 1,884 MW – Three base-load units

• Utilizes Northern Appalachian (NAPP) coal

• Coal largely sourced locally and delivered by truck

• Operational statistics Q2 09 Q2 10 YTD 09 YTD 10

• Total Generation (GWh) 3,025 2,289 5,683 5,243

• Forced Outage Rate 7.0% 14.1% 9.5% 12.1%

• Capacity Factor 73.4% 55.5% 69.3% 63.9%

• Equivalent Availability 90.5% 64.5% 83.7% 72.3%

• Load Factor 81.1% 86.0% 82.8% 88.4%

All-in Average Realized Prices1,3

$52.12

$52.23

$49.00

$47.98

$30.81

$34.57

$33.86

$30.99

$18.19

$17.55

$18.37

$16.99

Q2 09

Q2 10

YTD 09

YTD 10

$61.38

$60.57

$56.62

$52.13

$36.30

$36.34

$31.22

$34.26

$20.91

$25.08

$22.36

$24.23

Q2 09

Q2 10

YTD 09

YTD 10

1 Includes the price of energy, capacity, ancillary services, etc.

2 Average realized gross margin is equal to all-in average realized price less average fuel and emission costs.

3 See Other Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix.

Average realized gross margin ($/MWh)2 Average realized fuel cost ($/MWh)3

August 5, 2010 7 EDISON INTERNATIONAL®

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EMG Hedge Program Status

June 30, 2010

Remainder of

2010

2011

2012

2013

Midwest Generation1

Total estimated GWh hedged (NI & AEP/Dayton Hubs)

9,835

14,152

2,040

—  

Average price ($/MWh)

$42.87

$37.93

$41.37

$—  

Coal under contract (millions of tons)2

10.2

11.7

9.8

—  

Homer City

Total estimated GWh hedged (West Hub)

2,540

2,428

1,182

—  

Average price ($/MWh)

$71.19

$52.15

$51.78

$—  

Coal under contract (millions of tons)2

2.5

4.2

1.7

0.5

1 As of June 30, 2010, EMMT had entered into 1.5 billion cubic feet of natural gas futures contracts (equivalent to approximately 255 GWh of energy only contracts using a ratio of

6 MMBtu to 1 MWh) for the Midwest Generation plants to economically hedge energy price risks during 2010 at an equivalent average price of approximately $38.40/MWh.

2 In July 2010, MWG purchased an additional 3.9 million tons for 2011. The amount of coal under contract in tons is calculated based on contracted tons and applying an 8,800 Btu equivalent for the Midwest Generation plants and a 13,000 Btu equivalent for the Homer City facilities.

August 5, 2010 8 EDISON INTERNATIONAL®

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EMG Capacity Sales

June 30, 2010

Installed

Unsold

Capacity

RPM Capacity Sold in

Other Capacity Sales,

Capacity

Capacity1

Sold

Base Residual Auction

Net of Purchases2

Aggregate

Price per

Average Price

Average Price

MW

MW

MW

MW

MW-day1

MW

per MW-day

per MW-day

July 1, 2010 to May 31, 2011

Midwest Generation

5,477

(548)

4,929

4,929

$174.29

—  

—  

$174.29

Homer City

1,884

(211)

1,673

1,813

$174.29

(140)

$55.36

$184.24

June 1, 2011 to May 31, 2012

Midwest Generation

5,477

(495)

4,982

4,582

$110.00

400

$85.00

$107.99

Homer City

1,884

(113)

1,771

1,771

$110.00

—  

—  

$110.00

June 1, 2012 to May 31, 2013

Midwest Generation

5,477

(773)

4,704

4,704

$16.46

—  

—  

$16.46

Homer City

1,884

(148)

1,736

1,736

$133.37

—  

—  

$133.37

June 1, 2013 to May 31, 2014

Midwest Generation

5,477

(827)

4,650

4,650

$27.73

—  

—  

$27.73

Homer City3

1,884

(104)

1,780

1,780

$226.15

—  

—  

$226.15

1 Capacity not sold arises from: (1) capacity retained to meet forced outages under the RPM auction guidelines, and (2) capacity that PJM does not purchase at the clearing price resulting from the auction.

2 Other capacity sales and purchases, net includes contracts executed in advance of the RPM base residual auction to hedge the price risk related to such auction, participation in RPM incremental auctions, and other capacity transactions entered into to manage capacity risks.

3 Excludes 100 MW capacity swap transaction executed prior to the base residual auction at $135 MW-day.

August 5, 2010 9 EDISON INTERNATIONAL®

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EMG Wind Energy Business

Portfolio & Development Pipeline1

• 24 projects in service (1,185 MW)

• 4 projects under construction (600 MW)

• 27 projects in development pipeline (3,400 MW)

Recent Activities1

• April 2010, received $92 million of U.S. Treasury grants for Phase II of Goat Wind and High Lonesome wind projects

• July 2010, completed $140 million non-recourse financing for Laredo Ridge

Wind Turbine Commitments/Inventory1

• 102 MW available for new projects at June 30, 2010

Estimated Capital Expenditures to Complete Wind Projects at June 30, 2010 ($ millions)

Investment

Prior

to

MW

Total

Spend

Complete

Sources3

Projects under construction

600

$1,363

$868

$495

$787

Turbine commitments/inventory2

102

106

21

85

—  

Total

702

$1,469

$889

$580

$787

1 Data as of June 30, 2010 except construction as of July 31, 2010. Projects reflect EMG ownership share. Development pipeline includes projects owned or under exclusive agreements.

2 Amounts exclude balance of plant costs for 102 MW available for new projects, which would be an additional $75 million to $120 million based on typical project costs. Also excludes 199 MW of turbines under EME’s supply agreement with Mitsubishi Power Systems Americas, Inc., which is under legal dispute. Remaining payment subject to dispute under this agreement is $289 million.

3 Includes bank/vendor financing of $410 million ($200 million Big Sky; $70 million Cedro Hill; $140 Laredo Ridge) and $377 million of U.S. Treasury Grants (anticipated in 2011 based on estimated construction costs and anticipated commercial operating dates).

August 5, 2010 10 EDISON INTERNATIONAL®

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EMG Capital Expenditures

June 30, 2010 ($ millions)

2009

2010

2011

2012

Midwest Generation

Plant capital expenditures

$54

$78

$79

$10

Environmental expenditures1

24

107

145

78

Homer City

Plant capital expenditures

19

21

52

24

Environmental expenditures

7

1

3

22

Renewable Projects

Capital & construction3

171

727

—  

—  

Turbine commitments2,3

265

3

85

—  

Other capital expenditures

21

17

9

Total

$548

$958

$381

$143

1 Environmental expenditures include $158 million expenditures related to SNCR equipment in 2010 and 2012 and $156 million during the remainder of 2010 to 2012 to retrofit initial units using dry scrubbing with sodium-based sorbents to comply with CPS requirements for SO2 emissions. The estimated costs to retrofit all of the units to comply with the SO2 portion of CPS is approximately $1.2 billion (in 2010 dollars) - no final decisions have been made on individual units:

2 Turbine commitment figures exclude $289 million, which is subject to dispute under provisions in one of the turbine supply agreements. In March 2010, EME filed a breach of contract complaint against turbine supplier.

3 Amounts exclude balance of project costs for 102 MW available for new projects, which would be an additional $75 million to $120 million based on typical project costs.

August 5, 2010 11 EDISON INTERNATIONAL®

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2010 Earnings Guidance

Prior 2010

Updated 2010

Earnings Guidance

Earnings Guidance

as of 5/7/10

as of 8/5/10

Low

Mid

High

Low

Mid

High

EIX core earnings per share1

$3.15

$3.30

$3.45

$3.15

$3.30

$3.45

Non-core items

SCE – tax impact of health carelegislation

(0.12)

(0.12)

Tax settlement

-  

0.43

EMG – discontinued operations

0.02

0.02

Total non-core items

(0.10)

0.33

EIX basic earnings per share

$3.05

$3.20

$3.35

$3.48

$3.63

$3.78

Midpoint of core guidance by key business element

SCE

$2.80

$2.80

EMG

0.62

0.62

EIX parent company and other1

(0.12)

(0.12)

Total

$3.30

$3.30

Assumptions

Southern California Edison

• Average rate base $16.2 billion

• Approved capital structure

48% equity, 11.5% ROE

• Potential energy efficiency earnings of $0.05 per share included

Edison Mission Group

• Forward hedge position and prices as of June 30, 2010

• EMMT pre-tax trading margin of $60-$110 million

Other

• Normal operating and weather conditions

• No changes in GAAP accounting

• Excludes future discontinued operations and other non-core items

1 See Use of Non-GAAP Financial Measures in Appendix. Expected 2010 impact of participating securities is $(0.01) per share and is included in EIX parent company and other.

August 5, 2010 12 EDISON INTERNATIONAL®

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Appendix

August 5, 2010 13 EDISON INTERNATIONAL®

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Updates Since Our Last Presentation

• Q2 10 results and standard information

• Global Tax Settlement (p. 5)

• EMG estimated capital costs for MWG SO2 compliance program (pp. 4 & 11)

• 2010 Earnings Guidance (p. 12)

• SCE 2012 General Rate Case (submittal of Notice of Intent) (pp. 35-36)

• SCE Regulatory Key Events (p. 37)

August 5, 2010 14 EDISON INTERNATIONAL®

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Delivering Superior and Sustained Value

Edison International

• A diversified and flexible platform best positions EIX in an industry undergoing unprecedented change

• Leverage regulated and competitive businesses

• Positioned for long-term earnings and dividend growth

Southern California Edison

• Balance electric reliability, rates and public policy needs to assure long-term sustainable growth

• Focus on grid reliability and transmission investments

• Establish foundation for technology investments

• Decoupled regulatory model mitigates demand and fuel cost risks

Edison Mission Group

• Achieve durable coal fleet environmental solutions

• Effectively manage merchant coal margins

• Develop wind projects for existing turbine commitments

• Emphasize liquidity management

Our key operating principles emphasize financial discipline, superior execution and innovative solutions to the challenges of today and tomorrow

August 5, 2010 15 EDISON INTERNATIONAL®

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Financing Strategies for 2010-2012

Southern California Edison

• Authorized capital structure

48% equity at 11.5% ROE

43% long-term debt

9% preferred stock

• Periodic debt and preferred capital market transactions

• Retain cash from operations to support balanced capital structure

Edison Mission Group

• Current wind construction program funded by non-recourse project debt and U.S. Treasury cash grants

• Balance of capital program funded by operating cash flow and existing liquidity

• No distributions to Edison International

Dividend Policy

• Target payout ratio is 45-55% of SCE earnings

• Depending upon dividends from SCE, EIX may utilize borrowings under its credit facility to fund dividends and holding company costs

August 5, 2010 16 EDISON INTERNATIONAL®

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The Next Ten Years

The electric power business has the potential to change more in the next 10 years than it did in the last 100.

Drivers

Reducing Emissions

Renewable Energy

Electric Vehicles

Smart Grid & Infrastructure

Service & Reliability

Measuring Success

Customer Satisfaction

Enhanced Shareholder Value

August 5, 2010 17 EDISON INTERNATIONAL®

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Liquidity Profile

June 30, 2010 ($ millions)

EMG

EME

Edison

EIX

&

Capital

parent co.

Sources

SCE

Subs

& other1

& other

Credit Facility

$2,894

$1,100

$-

$1,426

Credit Facility (availability)2

$2,668

$961

$-

$1,211

Cash & short-term investments

91

707

41

36

Available Liquidity

$2,759

$1,668

$41

$1,247

1 Edison Capital & other includes Mission Energy Holding Company and other EMG subsidiaries.

2 Excludes the unused and/or unfunded commitments of subsidiaries of Lehman Brothers Holdings of $36 million for EMG. In June 2009, SCE and EIX amended their credit facilities to remove a subsidiary of Lehman Brothers Holding as a lender.

August 5, 2010 18 EDISON INTERNATIONAL®

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Debt Maturity Profiles

June 30, 2010 ($ millions)

Debt Profile

2010

2011

2012

2013

Short- and Long-Term Debt Maturities

SCE

$215

$—  

$—  

$—  

EMG1

23

109

49

555

EIX

215

—  

—  

—  

Expiration of Credit Facilities

SCE2

$—  

$—  

$—  

$2,894

EME

—  

—  

600

—  

MWG

—  

—  

500

—  

EIX2

—  

—  

—  

1,426

1 Cedro Hill construction loan ($65 million, included in 2011) converts to long-term financing subject to meeting specific provisions.

2 $98 million of SCE commitments and $47 million of the EIX commitments mature in 2012.

August 5, 2010 19 EDISON INTERNATIONAL®

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EMG Debt Covenant Status

Statusat

12/31/09

3/31/10

6/30/10

EME Credit Facility

Funds Flow Available for Interest Ratio

1.72

1.99

1.72

Covenant threshold (not less than)

1.20

1.20

1.20

Corporate-Debt-to-Capital Ratio

0.54

0.53

0.53

Covenant threshold (not more than)

0.75

0.75

0.75

Midwest Generation Credit Facility

Debt to Capitalization Ratio

0.18

0.16

0.16

Covenant threshold (less than or equal to)

0.60

0.60

0.60

Homer City Lease Agreement

Senior Rent Service Coverage Ratio

2.96

3.10

2.53

Covenant Threshold (greater than)

1.70

1.70

1.70

August 5, 2010 20 EDISON INTERNATIONAL®

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SCE Appendix

August 5, 2010 21 EDISON INTERNATIONAL®

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SCE Highlights

• One of the nation’s largest electric utilities

Over 13 million residents in service territory

4.9 million customer accounts

50,000 square-mile service area

Over 110,000 miles of distribution and transmission lines

• 8-11% five-year average annual rate base growth driven by $18 billion—$21.5 billion capital program

System reliability investments

Smart grid technology

California Renewable Portfolio Standard

August 5, 2010 22 EDISON INTERNATIONAL®

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SCE Constructive Environment

Element

• Forward-looking rate-making

• Multi-year cost-of-capital mechanism

• Decoupling of regulated revenues from sales

• Reliable electric system

• Advance approval of annual procurement plans

• Procurement trigger mechanism

• FERC transmission incentives

Benefits to Customers and Investors

Three-year process allows planning of capex and operating costs

Through 2012, return-on-common equity tied to trigger mechanism based on Moody’s Baa Utility Bond Index; current rate is 11.5% Allows utility to promote energy conservation; stabilizes revenues during economic cycles

State regulatory actions supportive of reliable electric system; significant infrastructure replacement program

Upfront prudency review of utility procurement plan

Pre-established mechanism to adjust procurement rates should costs rise or fall significantly

Return on common equity adders, construction work in progress in rate base and abandoned plant treatment (if needed)

Regulatory framework supports growth and reliability needs

August 5, 2010 23 EDISON INTERNATIONAL®

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SCE Capital Investment Forecast

($ billions)

$4.6

$4.4

$4.3

$4.0

$4.2

$2.9

2009

2010

2011

2012

2013

2014

Total

Forecast

$4.0

$4.4

$4.6

$4.3

$4.2

$21.5

Range1

$3.3

$3.7

$3.9

$3.6

$3.5

$18.0

Forecast By Classification

$

%

1.0

4

1.1

5

3.0

14

5.5

26

10.9

51

21.5

100

2009

CPUC Rate Case

22

2012

CPUC Rate Case

41

Other CPUC

11

26

Total

100

By Proceeding %

1 Forecast includes 2009 CPUC GRC & FERC Decisions and currently forecasted 2010-2014 FERC and 2012-2014 CPUC capital spending, subject to timely receipt of permitting, licensing and regulatory approvals. Forecast range reflects a 16.5% potential variability to annual investment levels related to execution risk, scope change, delays, regulatory constraints and other contingencies.

August 5, 2010 24 EDISON INTERNATIONAL®

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SCE Rate Base Forecast

($ billions)

$25.2

$23.0

$20.8

$18.1

$16.2

$14.8

2009 2010 2011 2012 2013 2014

													5-Yr
													CAGR2
Forecast	$	14.8	$	16.2	$	18.1	$	20.8	$	23.0	$	25.2	11	%
Range1			$	15.8	$	17.2	$	19.0	$	20.5	$	22.2	8	%

1 Forecast includes: (1) 2009 CPUC GRC & FERC Decisions; (2) currently forecasted 2010-2014 FERC and 2012-2014 CPUC rate base, subject to timely receipt of permitting, licensing and regulatory approvals; (3) FERC construction work in progress forecast; (4) estimated impact of accelerated depreciation of the Economic Stimulus Act of 2009; and (5) CPUC approved solar rooftop program. Rate Base forecast range reflects capital spending forecast range from SCE Capital Investment Forecast.

2 Earnings per share growth rate may vary depending on the level of financing and other activities.

August 5, 2010 25 EDISON INTERNATIONAL®

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SCE Transmission Investment Program

2010-2014

Project Name

Phase

In-Service ($ millions)1

Tehachapi Segment 3-112

Complete/Construction

2009-2015

$1,742

Devers-Colorado River Project

Licensing

2013

658

Eldorado-Ivanpah

Licensing

2013

469

San Joaquin Cross Valley Loop

Licensing

2012

128

Alberhill

Licensing

2014

171

Other Projects3

Various

Various

2,375

Grand Total

$5,543

San Joaquin Cross Valley Loop

Rector SCE Highwind Service Whirlwind WindhubTerritory

Antelope Eldorado

Santa Clarita Palmdale Ivanpah

Vincent

Pardee Devers Mira Loma

Los Angeles Santa

Ana Valley PalmSprings Colorado River Alberhill

San Diego

San Diego

DCR 500kV Tehachapi Segments 1-3 500kV Alberhill Tehachapi Segments 4-11 500kV Eldorado Ivanpah San Joaquin Cross Valley Loop Existing Substation

Transmission investment needed to strengthen system reliability and increase access to renewable energy

1 FERC jurisdictional assets only. Subject to timely receipt of permitting, licensing and regulatory approvals.

2 A portion of Segment 3 was ready for service in 2009. The remainder is under construction and will be placed in service under a phased approach from 2011 through 2013.

3 Includes new transmission projects to connect renewable generation and projects related to reliability, load growth, infrastructure replacement and grid monitoring and control.

August 5, 2010 26 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

SCE Distribution Investment Program

• Distribution investments required to meet customer growth, load growth, infrastructure needs, information technology and related general plant

• Demonstrated operational capability to execute infrastructure replacement programs

• Slower economy, resulting in less customer growth, allows for increased infrastructure replacement investment

• Smart Grid technology to provide increasing investment options

2010 - 2014

Investment in Distribution Assets $10.9 Billion

Other2

Load Growth General Plant1

New Service Connections

Infrastructure Replacement

1 Includes information technology, facilities/buildings, corporate center, etc.

2 Includes underground conversions, customer requests/relocations, claims, etc.

August 5, 2010 27 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

SCE SONGS Steam Generator Replacement

• Total approved investment of $630 million

$270 million remaining investment in 2010 and 2011

• Unit 2 generators installed in December 2009, on-line April 2010

• Unit 3 installation planned for Q4 2010

2009

2010

2011

Q4

Q1

Q2

Q3

Q4

Q1

Unit 2 Steam Generator

Unit

3 Steam Generator

Replacement and refueling

Replacement

outage

August 5, 2010 28 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

SCE Solar Photovoltaic Program

• SCE authorized to build 250 MW and contract for 250 MW1

1-2 MW average project - primarily on commercial rooftops

• Master Supply Agreements in place for all major components

• Projected 42 MW of SCE-owned solar installed and 8 MW in construction by year-end 2010

• Annual Requests for Offers (RFOs) to procure 250 MW, under 20-year PPAs

RFO issued in March 2010

Executed 36 solar PV contracts for 60 MW (DC) in July 2010

Online dates for majority of PPA’s anticipated in 2011 and 2012

2009

2010

2011

2012

2013

2014

CPUC approval

60 MW awarded

Various sites in construction (future)

June 2009

July 2010

1 CPUC decision received June 2009 authorized SCE to construct up to 250 MW for a cost of $1 billion, and ordered SCE to procure up to 250 MW from independent solar producers.

August 5, 2010 29 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

SCE SmartConnectTM Program

• Five million electric meters to be replaced with “smart” meters from 2009 through 2012

• Total approved project: $1.6 billion ($1.25 billion capital)

• Implementation expected to:

Provide all residential and small commercial customers access to detailed energy use and cost information and new dynamic pricing programs

Promote energy efficiency benefits, potentially reducing as much as 1,000 MW of peak demand

Avoid GHG emissions up to 365,000 metric tons per year

Provide capability to integrate homes with the utility circuit framework

2008

2009

2010

2011

2012

August 2008 program

September 2009

Over 1.0 million meters

Enhanced information

100% meter deployment;

approved by CPUC

deployment launch

installed project-to-date,

and services on SCE.com

automated service

automated service

website outage

switching enhancement,

switching and dynamic rate options

information

advanced load control

system, Smart

Thermostat programs,

and device registration for

Home Area Network

devices

August 5, 2010 30 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

California Renewable Policy

• Governor Schwarzenegger’s executive order advances renewable energy goals from 20% to 33%

• California Air Resources Board (CARB) actions

Final regulation postponed until September 2010

Likely targets: 20% in 2013; 24% in 2016; 28% in 2018; 33% in 2020

• Policy debates in both forums center around

Use of out-of-state resources

Compliance flexibility around targets

Cost impacts for customers

Applicability to Municipal utilities and other retail electricity providers

SCE is taking a proactive approach towards environmental stewardship policy formulation

August 5, 2010 31 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

SCE Renewable Portfolio

SCE 2010 20% Renewable Energy Goal

Contracts are in place to meet 20% of customers’ energy requirement with renewable resources, but a portion of energy delivery may be delayed in 2010 due to transmission constraints. SCE expects to meet the 2010 goal with flexible compliance that allows banking and earmarking of past and future renewable energy surplus.

Renewable Resources

(billion kWh)

Small Hydro 4% Solar 6% Biomass 7%

Geothermal 57% Wind 26%

89% Increa se

28.2

13.6

14.9

10%

2009

2010

2020

20% RPS

Potential

(forecast)

33% RPS

(forecast)

SCE Renewable Resource % of Total Delivered Portfolio 17% 19+%

August 5, 2010 32 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

SCE Cost of Capital Mechanism

Moody’s Baa Utility Index—12-month moving average and spot rate through 7/30/101

10

Spot rate1

9

Average from beginning

of measurement period

8

(%)

7

Rate

6

5

4

Sep-07

Dec-07

Mar-08

Jun-08

Sep-08 Dec-08

Mar-09

Jun-09 Sep-09 Dec-09

Mar-10

Jun-10

• In 2008, CPUC approved multi -year cost of capital mechanism through 2010 with authorized return on equity (ROE) at 11.5%

2012

• Cost of Capital mechanism allows for indexed changes in SCE’s authorized ROE:

Triggers based on 12-month average of Moody’s Baa utility bond index, measured in September of each year

If index exceeds a 1% deadband from starting index value of 6.26%, ROE changes by half the difference

• As of July 2010, index is averaging 6.15%

At September 2010, index must exceed 7.26% or be below 5.26% to trigger ROE change

If not triggered, SCE’s authorized ROE for 2011 will continue at 11.5%

1 Spot rate is daily yield on Moody’s Baa Utility Bond Index and the Measurement Period Average is the average of the monthly yields on the index beginning with the first month of the measurement period.

August 5, 2010 33 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

SCE Rates and Bills Comparison

2008 Average Residential Rates1 (¢/kWh)

15.0

11.6

30% Higher

U.S. Average SCE

2008 Average Residential Bills1 ($ per Month)

100

90

9% Lower

U.S. Average SCE

Key Factors

• SCE’s residential rates are above national average due, in part, to cleaner fuel mix

Costs for renewables are higher than high carbon sources

• However, average monthly residential bills are lower than national average, with high rate levels offset by significantly lower average customer usage

Residential usage is 30% lower than national average, due to a combination of factors including relatively mild climate and higher efficiency building standards

1 EIA’s 2008 Electric Sales, Revenue, and Average Price Data.

August 5, 2010 34 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

SCE 2012 CPUC General Rate Case

• Notice of Intent submitted July 19

• GRC sets base revenue requirement for 2012 – 2014

Primarily covers SCE’s generation and distribution functions

Includes Solar Photovoltaic (PV) program beginning in 2012 and SmartConnect™ beginning in 2013

Excludes fuel and purchased power costs

Excludes cost of capital (separate proceeding) and FERC jurisdictional transmission

• 2012 revenue requirement request of $6.3 billion

$903 million increase over present rate revenues – increase of 7.9% on total revenues

Post test year1 request increase of $305 million in 2013, followed by an increase of $542 million in 2014

• 2012 – 2014 revenue requirement increase driven by

System reliability – critical need for sustained infrastructure replacement program

System expansion to accommodate load growth

O&M expense primarily for capital-related projects, information technology, insurance and pensions

1 Attrition adjustment.

August 5, 2010 35 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

SCE 2012 CPUC GRC Projected Schedule

• 2012 GRC application forecast to be filed in late November 2010

• Final Decision expected in December 2011

2010

2011

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

July 19

GRC

July 16-August 2

Final

Notice of

Application

Opening and

Decision

Intent

Filed

Reply Briefs

June 1-16

ALJ Proposed

Evidentiary

Decision

Hearings

August 5, 2010 36 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

SCE Regulatory Key Events

Case

Date of

Next

Number

Filing

Status

Milestone

September 2009, FERC accepted SCE’s proposed

Hearings begin

2010 FERC

December 1, 2010

ER09-1534

07/31/09

2010 base transmission rates and made them

Rate Case

effective March 1, 2010, subject to refund.

ALJ order is expected in April

2011.

Tehachapi

December 2009, Certificate of Public Convenience

Record of Decision from U.S.

A.07-  A.07-06-  031

06/28/07

and Necessity (CPCN) granted by CPUC (D. 09-12-

Forest Service expected by Q4

Transmission

044).

2010.

CAISO approval is expected in

DCR

November 2009, the CPUC approved construction,

Q4 2010. Record of Decision

A.05-  A.05-04-  015

04/11/05

Transmission

subject to CAISO approval.

expected from Bureau of Land

Management in Q4 2010.

April 2010, the CPUC issued a Draft EIR. With

Eldorado-Ivanpah

regard to rate incentives, FERC approval is still

Final EIR expected from CPUC

A.09-  A.09-05-  027

05/28/09

conditioned upon CAISO approval and a finding

Transmission

that the project ensures reliability or reduces the

by Q4 2010.

cost of delivered power.

Alberhill

A.09-  A.09-09-  022

09/30/09

Permit to Construct (PTC) filed September 2009

Draft EIR expected from CPUC

and converted to CPCN filing March 2010.

in Q4 2010.

May 2010, the CPUC released a Proposed Decision

Final Decision is expected by

San Joaquin Cross

A.08-  A.08-05-  039

05/30/08

as well as an Alternate Proposed Decision.

Q4 2010.

VALLEY LOOP

August 5, 2010 37 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

EMG Appendix

August 5, 2010 38 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

EMG Business Platform

June 30, 2010

Operating Platform1

MW

%

Coal

7,395

74

Natural Gas

1,269

13

Wind

1,185

12

Other

153

1

Total

10,002

100

Wind Development Pipeline

MW

Pipeline2

~3,400

Under Construction

600

Thermal Pipeline

Natural Gas3

479

145

141

1,884

53

145

67

5,471

19

305

40

964

190

114

311

1 Natural gas includes oil-fired; other includes Doga in Turkey (144 MW) and Huntington biomass (9 MW) which are not shown.

2 Owned or under exclusive agreement.

3 Deliveries under the power sales agreement are expected to commence in 2013. Construction will be unable to begin until the legal challenges to the Priority Reserve emission credits are resolved or another source of credits for the project is identified.

August 5, 2010 39 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

EMG – Illinois Compliance Agreement Timeline

Compliance Deadlines and Estimated Construction Timelines1

2010

2011

2012

2013

2014

2015

2016

2017

2018 2019

Mercury

Waukegan 7

Will County 3

0.008 or 90% reduction

Compliance deadlines and rates (lb/GWh)

Construction timelines

NOx

0.11

Compliance deadlines and rates (lb/mmbtu)

Construction timelines

SO2

Waukegan 7

Crawford 7,

Compliance deadlines and rates (lb/mmbtu)

0.44

Waukegan 8

Joliet,

0.41

Fisk

Powerton,

0.28

0.195

Crawford 8

Will

0.15

County

0.13

0.11

Construction timelines

Compliance scenario and capital requirements to be determined

NOx

SO2

Mercury

Unit-specific technology requirements

Fleet-wide average emission rate requirements

Capital spending period

1 Simplified summary of key compliance deadlines and estimated construction timelines. No decision has been made on SO2 or further mercury compliance approach and estimated capital costs. Unit-specific deadlines as of December 31 of the calendar year shown. SO2 unit-specific deadlines apply to Unit 19 at Fisk, Units 7 and 8 at Waukegan, Units 7 and 8 at Crawford, Units 6, 7 and 8 at Joliet, Units 5 and 6 at Powerton and Units 3 and 4 at Will County.

August 5, 2010 40 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

Edison Mission Marketing & Trading (EMMT)

• Markets energy and capacity of merchant generation fleet

• Manages gross margin by hedging power- related risks such as forward electricity prices

Typically a rolling 12 to 24 month hedging program

Target approximately 50% of gross margin at risk for prompt year with lesser percentages hedged in out years

• Proprietary trading in markets where it is active in merchant generation

Primarily transmission-related transactions

Largely in eastern markets

• Controls on types and sizes of exposures

VaR; CFaR; stress and scenario testing; volumetric, duration, and credit limits

EMMT Trading Revenue ($ millions, pre-tax)

$195

$164

$143

$130

$78

$49

2005

2006

2007

2008

2009

$195

$164

$143

$130

$78

$49

2005

2006

2007

2008

2009

YTD 2010

YTD 2010

August 5, 2010 41 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

EMG Comparative Operating Statistics

Fav./(Unfav.)

Fav./(Unfav.)

Q2 09

Q2 10

Variance

%

YTD 09

YTD 10

Variance

%

Midwest Generation

Generation (in GWh)

Energy only contracts

6,361

5,430

12,117

13,642

Load requirement services contracts

447

—  

1,333

—  

Total

6,808

5,430

(1,378)

20%

13,450

13,642

192

1%

Performance

Equivalent availability

78.5%

59.8%

-18.7%

80.6%

72.7%

-7.9%

Forced outage rate

5.7%

10.4%

-4.7%

6.4%

8.2%

-1.8%

Pricing Information

Average realized energy price ($/MWh)

Energy only contracts

$41.38

$41.50

$0.12

0%

$44.41

$40.31

$(4.10)

-9%

Load requirement services contracts

$62.47

$—  

$(62.47)

0%

$62.52

$—  

$(62.52)

0%

Average cost of fuel ($/MWh)

$18.19

$17.55

$(0.64)

-4%

$18.37

$16.99

$(1.38)

-8%

Flat energy price – NI Hub ($/MWh)

$26.11

$32.35

$6.24

24%

$30.08

$33.44

$3.36

11%

Homer City

Generation (in GWh)

3,025

2,289

(736)

-24%

5,683

5,243

(440)

-8%

Performance

Equivalent availability

90.5%

64.5%

-26.0%

83.7%

72.3%

-11.4%

Forced outage rate

7.0%

14.1%

-7.1%

9.5%

12.1%

-2.6%

Pricing Information

Average realized energy price ($/MWh)

$46.24

$48.78

$2.54

5%

$51.29

$49.57

$(1.72)

-3%

Average cost of fuel ($/MWh)

$20.91

$25.08

$(4.17)

-20%

$22.36

$24.23

$(1.87)

-8%

Flat energy price – PJM West Hub ($/MWh)

$33.71

$43.23

$9.52

28%

$41.40

$43.88

$2.48

6%

Flat energy price – HC Busbar ($/MWh)

$31.30

$37.23

$5.93

19%

$38.01

$38.28

$0.27

1%

Flat energy price – basis (PJM West Hub – HC Busbar)

$2.41

$6.00

$3.59

$3.39

$5.60

$2.21

August 5, 2010 42 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

Our Shareholder Value Proposition

• Dual platform operating across the full spectrum of the electricity industry

• Southern California Edison

Among the best domestic electric utility growth platforms

Supportive regulatory framework

Leadership in renewable energy, energy efficiency, electric vehicles and smart grid development

• Edison Mission Group

See real equity value in the portfolio

Working coal fleet environmental compliance issues

Current wind construction program is self-funding

• Commitment to long-term shareholder value creation

• Incentive compensation and stock ownership guidelines consistent with shareholder interests

• Edison people committed to excellence in safety and customer service

August 5, 2010 43 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

EMG – Adjusted EBITDA

June 30, 2010 ($ millions)

Reconciliation to Earnings1

Q2 09

Q2 10

YTD 09

YTD 10

Earnings

$(558)

$27

$(510)

$104

Addback (Deduct):

Discontinued operations

7

(1)

4

(8)

Income from continuing operations

(551)

26

(506)

96

Interest expense

75

66

152

133

Interest income

(6)

(4)

(12)

(7)

Income taxes

(275)

(111)

(270)

(86)

Depreciation and amortization

58

60

114

120

EBITDA2

(699)

37

(522)

256

Production tax credits

14

19

30

33

Addback:

Lease termination & other

867

2

885

7

Adjusted EBITDA

$182

$58

$393

$296

1 Earnings refer to net income attributable to Edison Mission Group.

2 See Use of Non-GAAP Financial Measures in Appendix for additional information on EBITDA and Adjusted EBITDA.

August 5, 2010 44 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

Earnings Non-GAAP Reconciliations

($ millions)

Reconciliation of EIX Core Earnings to EIX Basic Earnings

Earnings

Attributable to Edison International

Q2 09

Q2 10

YTD 09

YTD 10

Core Earnings1

SCE

$199

$248

$407

$451

EMG

61

(32)

118

38

EIX parent company and other

(7)

(11)

(13)

(16)

EIX core earnings

253

205

512

473

Non-core items

SCE – tax settlement and health care legislation

300

53

300

14

EMG – tax settlement2

(612)

58

(624)

58

EIX – tax settlement

50

27

50

27

EMG – discontinued operations

(7)

1

(4)

8

Total non-core items

(269)

139

(278)

107

EIX Basic Earnings

$(16)

$344

$234

$580

1 See Use of Non-GAAP Financial Measures in Appendix.

2 2010 amounts do not include estimated interest netting detriment to be recorded in Q3 2010.

August 5, 2010 45 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

SCE Results of Operations (Second Quarter)

($ millions)

		Three Months Ended June 30, 2009									Three Months Ended June 30, 2010
					Utility									Utility
		Utility			Cost-						Utility			Cost-
		Earning			Recovery			Total			Earning			Recovery		Total
		Activities Activities Consolidated									Activities			Activities Consolidated
Operating Revenue	$	1,253		$	1,020		$	2,273		$	1,308		$	939	$	2,247
Fuel and purchased power		—			739			739			—			706		706
Operation and maintenance		516			246			762			537			218		755
Depreciation, decommissioningand amortization		275			14			289			306			14		320
Property and other taxes		61			(1	)		60			61			1		62
Total operating expenses		852			998			1,850			904			939		1,843
Operating income		401			22			423			404			—		404
Net interest expense and other		(87	)		—			(87	)		(85	)		—		(85	)
Income before income taxes		314			22			336			319			—		319
Income tax expense (benefit)		(198	)		—			(198	)		5			—		5
Net income		512			22			534			314			—		314
Net income attributable to noncontrollinginterest		—			22			22			—			—		—
Dividends on preferred and preferencestock not subject to mandatory redemption		13			—			13			13			—		13
Net income available for common stock	$	499		$	—		$	499		$	301		$	—	$	301
Core Earnings							$	199							$	248
Non-Core Earnings1:
Tax settlement								300								53
Total SCE GAAP Earnings							$	499							$	301

1 See Use of Non-GAAP Financial Measures in Appendix.

August 5, 2010 46 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

SCE Results of Operations (Year-To-Date)

($ millions)

Six Months Ended June 30, 2009

Six Months Ended June 30, 2010

Utility

Utility

Utility

Cost-

Utility

Cost-

Earning

Recovery

Total

Earning

Recovery

Total

Activities Activities Consolidated

Activities

Activities Consolidated

Operating Revenue

$2,457

$2,005

$4,462

$2,573

$1,833

$4,406

Fuel and purchased power

—  

1,480

1,480

—  

1,395

1,395

Operation and maintenance

958

462

1,420

1,057

411

1,468

Depreciation, decommissioningand amortization

548

26

574

605

24

629

Property and other taxes

127

(1)

126

129

1

130

Total operating expenses

1,633

1,967

3,600

1,791

1,831

3,622

Operating income

824

38

862

782

2

784

Net interest expense and other

(169)

(4)

(173)

(157)

(2)

(159)

Income before income taxes

655

34

689

625

—  

625

Income tax expense (benefit)

(77)

—  

(77)

134

—  

134

Net income

732

34

766

491

—  

491

Net income attributable to noncontrollinginterest

—  

34

34

—  

—  

—  

Dividends on preferred and preferencestock not subject to mandatory redemption

25

—  

25

26

—  

26

Net income available for common stock

$707

$—  

$707

$465

$—  

$465

Core Earnings

$407

$451

Non-Core Earnings1:

Tax settlement and tax impact of health care legislation

300

14

Total SCE GAAP Earnings

$707

$465

1 See Use of Non-GAAP Financial Measures in Appendix.

August 5, 2010 47 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

EMG Adjusted Operating Income

($ millions)

Three Months Ended June 30,

Six Months Ended June 30,

2009

2010

2009

2010

Midwest Generation plants

$74

$(39)

$188

$48

Homer City facilities

47

—  

83

37

Renewable energy projects

11

19

37

29

Energy trading

17

31

27

78

Big 4 projects

11

12

17

16

Sunrise

6

7

1

3

Doga

8

—  

8

15

March Point

1

—  

3

17

Westside projects

—  

—  

3

1

Leveraged lease income

1

1

12

2

Lease termination and other

(867)

—  

(889)

(3)

Other operating income (expense)

(1)

5

(5)

10

(692)

36

(515)

253

Corporate administrative and general

(47)

(36)

(84)

(74)

Corporate depreciation and amortization

(4)

(4)

(7)

(8)

Adjusted Operating Income

$(743)

$(4)

$(606)

$171

Reconciliation of EMG Adjusted Operating Income (AOI) to Operating Income1

AOI

$(743)

$(4)

$(606)

$171

Less:

Equity in earnings (losses) of unconsolidated affiliates

17

20

15

39

Dividend income from projects

8

2

10

18

Production tax credits

14

19

30

33

Other income, net

(3)

(1)

(2)

1

Operating income

$(779)

$(44)

$(659)

$80

1 See Use of Non-GAAP Financial Measures in Appendix.

August 5, 2010 48 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

EMG Other Non-GAAP Reconciliations

($ millions)

Reconciliation of Midwest Generation and Homer City Operating Revenues and Fuel Costs

to All-in Average Realized Price/MWh and Average Realized Fuel Cost/MWh

Midwest Generation

Homer City

Q2 09

Q2 10

YTD 09

YTD 10

Q2 09

Q2 10

YTD 09

YTD 10

Generation (GWh)

6,808

5,430

13,450

13,642

3,025

2,289

5,683

5,243

Operating revenues

$340

$281

$724

$660

$161

$129

$326

$304

Less: Unrealized (gains) losses

(5)

3

(20)

(4)

(5)

12

(5)

14

Other revenues

(1)

(1)

(1)

(1)

2

—  

1

—  

Realized revenues

$334

$283

$703

$655

$158

$141

$322

$318

All-in average realized price/MWh

$49.00

$52.12

$52.23

$47.98

$52.13

$61.38

$56.62

$60.57

Fuel expenses

$110

$98

$233

$239

$63

$57

$127

$127

Less: Unrealized gains (losses)

14

(2)

14

(7)

—  

—  

—  

—  

Realized fuel expenses

$124

$96

$247

$232

$63

$57

$127

$127

Average realized fuel cost/MWh

$18.19

$17.55

$18.37

$16.99

$20.91

$25.08

$22.36

$24.23

August 5, 2010 49 EDISON INTERNATIONAL®

Leading the Way in Electricity SM

Use of Non-GAAP Financial Measures

Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the management United States uses and represent core earnings the company’s and EPS by earnings principal as operating reported subsidiary to the Securities internally and for Exchange financial Commission. planning and Our for analysis of performance. We also use core earnings and EPS by principal operating subsidiary when communicating with analysts and investors regarding our earnings results and outlook, to facilitate the company’s performance from period to period.

Core and core earnings earnings is a per Non share -GAAP are financial defined measure as GAAP and earnings may not and be GAAP comparable earnings to per those share of other excluding companies. income Core or loss earnings from discontinued operations and income or loss from significant discrete items that management does not consider representative to the common of shareholders ongoing earnings. of each GAAP subsidiary earnings and refer Edison to International net income attributable GAAP earnings to Edison per share International refers to or basic attributable earnings per common share attributable to Edison International common shareholders. EPS by principal operating subsidiary is respectively, based on the and principal Edison operating International’s subsidiaries’ weighted net income average attributable outstanding to common the common shares. shareholders The impact of of each participating subsidiary, securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common reflected stock) for in each the principal results of operating the Edison subsidiary International is not holding material company, to each principal which we operating refer to as subsidiary’s EIX parent EPS company and is and therefore other. production EBITDA is defined tax credits as earnings from EMG’s before wind interest, projects income and excludes taxes, depreciation amounts from and gain amortization. on the sale Adjusted of assets, EBITDA loss on includes early extinguishment of debt and leases, and impairment of assets and investments. Our management uses Adjusted EBITDA as an important financial measure for evaluating EMG.

The statistical average measures realized exclude energy unrealized price and average gains or realized losses recorded fuel cost as is operating a non-GAAP revenues performance and unrealized measure gains since or such losses recorded as fuel expenses. Management believes that the average realized energy price and average realized fuel cost is period more meaningful comparisons for or investors as compared as it reflects to real- time the impact market of prices. hedge contracts at the time of actual generation in period-over- A either reconciliation on the slide of Non where -GAAP the information information to appears GAAP or information, on another including slide referenced the impact in this of participating presentation. securities, is included

August 5, 2010 50 EDISON INTERNATIONAL®