FOR IMMEDIATE RELEASE	ANALYST CONTACT:
	Arthur G. Meyer
	(937) 259-7208

DPL 2003 Earnings Climb to $1.28 up 75% from 2002

DAYTON, OHIO, February 10, 2004 – DPL Inc. (NYSE: DPL) today reported solid full-year 2003 earnings of $1.28 per share, up 75 percent from $0.73 per share a year ago. For the fourth quarter, DPL reported a loss of $0.10 per share, reflecting a one-time after-tax charge of $0.39 per share related to the previously announced settlement of shareholder litigation. Excluding the one-time charge, DPL had full-year 2003 earnings of $1.67 per share. The Company also announced that it has increased its earnings per share for the nine months ended September 30, 2003 from $1.34 per share to $1.38 per share as a result of year-end adjustments relating to increased investment income during the third quarter in 2003. Earnings per share amounts are before dilution.

“DPL’s full-year performance was driven by solid contributions from both the Company’s utility operations and the investment portfolio,” said Caroline E. Muhlenkamp, Group Vice President and Interim Chief Financial Officer. “Revenues from our core operations were $1,191 million, as strong plant availability drove increased production and higher wholesale revenues. Investment income for the full year rose to $76 million, reflecting contributions of $55 million from the financial asset portfolio and $21 million from the gain on the Company’s interest-rate hedges earlier in the year, compared with a loss of $105.7 million in 2002. In addition, the value of the Company’s financial asset portfolio increased by $80 million to $1,118 million in 2003, including $137 million of cash.”

“DPL continues to execute successfully against its plan to strengthen the Company’s balance sheet,” said Muhlenkamp. “We are firmly on track toward our goal of reducing DPL’s debt by $300 million in 2005, which is expected to generate interest savings of close to $20 million a year. Actions this year included taking advantage of favorable interest rates by refinancing $446 million of first mortgage bonds, putting in place a new $150 million revolving line of credit, securing a $150 million three-year term loan, and ending the year with no

short-term borrowings outstanding and record liquidity of $478 million, consisting of $338 million of cash and $140 million of public securities,” said Muhlenkamp.

On the outlook for 2004, the Company said it will remain sharply focused on continuing to profitably operate its regulated business, on maintaining stable revenues, and on continuing to deliver reliable, high-quality service to its customers throughout West Central Ohio. Earnings from the energy business in 2004 are expected to be in the range of $1.10 to $1.20 per share, given the current economic outlook. In addition to the Company’s energy earnings, the financial asset portfolio, as it continues to mature, is expected to contribute both investment income and cash from returns of invested capital and realized gains on investments.

“2003 was a win-win year for both DPL customers and shareholders,” noted Muhlenkamp. “With the approval of our Transition Plan by the Public Utilities Commission of Ohio (PUCO), DPL customers will benefit from stable electric rates through at least 2008, and the Company from a steady revenue stream in years to come.”

Electric revenues increased to $1,181.0 million in 2003 compared with $1,173.5 million in 2002. Growth in electric revenues reflected higher wholesale revenues, which increased $34.8 million or 28% in 2003, as a result of available generation and 15% higher average market prices over the prior year. The increase in wholesale revenues was partially offset by decreases in retail revenues of $27.3 million or 3% in 2003, primarily from mild summer weather. Cooling degree-days were down 46% to 687 for 2003 compared to 1,272 in 2002.

Construction additions were $102 million and $166 million in 2003 and 2002, respectively, and are expected to approximate $93 million in 2004. Planned construction additions for 2004, which are expected to be internally funded, relate to DPL’s environmental compliance program, power plant equipment, and its transmission and distribution system.

Operation and maintenance expense increased $37.3 million or 23% in 2003 compared with 2002, primarily because of higher corporate costs, increased electric production expenses and increased electric transmission and distribution system costs. Corporate costs increased $24.0 million as a result of increased insurance premiums, benefit plan costs and increased uncollectible customer accounts expense. Electric production expense increased $7.6 million, primarily because of planned maintenance during scheduled outages, ash disposal and the expensing of cost of removal for retired assets as required by Statement of Financial Accounting No. 143 Accounting for Asset Retirement Obligations. Electric system costs increased $2.8 million, largely as a result of storm restoration, tree trimming and other maintenance activities.

Fuel costs increased $7.6 million or 3% in 2003 compared with 2002, primarily due to increased generation output. Purchased power costs increased $8.6 million or 11% in 2003 compared with 2002, as a result of higher market prices partially offset by the increased use of internal generation to support retail and wholesale sales.

Depreciation and amortization expense was $4.8 million or 4% higher in 2003 compared with 2002, as a result of a full year of depreciation on newly installed electric generation facilities, and the completion of environmental equipment at certain generation plants.

General taxes declined $2.8 million or 3% from a lower Ohio kWh excise tax related to customer usage and reduced franchise tax. This decrease was partially offset by higher property tax expense.

Amortization of regulatory assets increased $1.0 million in 2003 compared with 2002 reflecting the end of the regulatory transition cost recovery period on December 31, 2003.

About DPL

DPL Inc. is a diversified, regional energy company. DPL’s principal subsidiaries include The Dayton Power & Light Company (DP&L) and DPL Energy. DP&L provides electric services to over 500,000 retail customers in West Central Ohio. DPL Energy markets over 4,600 megawatts of generation capacity throughout the eastern United States. DPL Inc., through its subsidiaries, ranks among the top energy companies in generation efficiency and productivity. Further information on DPL Inc. can be found at www.dplinc.com.

Certain statements contained in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Matters presented which relate to events or developments that are expected to occur in the future, including management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters constitute forward-looking statements. Forward-looking statements are based on management’s beliefs, assumptions and expectation of the Company’s future economic performance, taking into account the information currently available to management. These statements are not statements of historical fact. Such forward-looking statements are subject to risks and uncertainties and investors are cautioned that outcomes and results may vary materially from those projected due to many factors beyond DPL’s control.

Forward-looking statements speak only as of the date of the document in which they are made. We disclaim any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based.

See attached tables

February 10, 2004

DPL Inc.
FINANCIAL DATA
(Unaudited)
(in millions, except per share amounts)

	Twelve Months Ended December 31,
	2003		2002
Earnings Per Share of Common Stock - Basic:	$	1.28	$	0.73
Earnings Per Share of Common Stock - Diluted:	$	1.28	$	0.72
Earnings	$	152.9	$	87.3
Average Number of Common Stocks Outstanding:
Basic		119.6		119.1
Diluted		119.7		121.9

	Nine Months Ended September 30,
	2003		2002
Earnings Per Share of Common Stock - Basic:	$	1.38	$	0.52
Earnings Per Share of Common Stock - Diluted:	$	1.38	$	0.50
Earnings	$	164.7	$	61.9
Average Number of Common Stocks Outstanding:
Basic		119.7		119.1
Diluted		119.7		122.9

	Three Months Ended December 31,
	2003			2002
Earnings Per Share of Common Stock - Basic:	$	(0.10	)	$	0.21
Earnings Per Share of Common Stock - Diluted:	$	(0.10	)	$	0.21
Earnings	$	(11.8	)	$	25.4
Average Number of Common Stocks Outstanding:
Basic		119.5			119.0
Diluted		119.5			119.0

DPL Inc.
CONSOLIDATED STATEMENT OF RESULTS OF OPERATIONS

	Three Months Ended December 31,						Nine Months Ended September 30,					Twelve Months Ended December 31,
$ in Millions Except Per Share Amounts	2003			2002			2003		2002			2003			2002
Electric revenues	$	292.4		$	282.2		$	888.6	$	891.3		$	1,181.0		$	1,173.5
Other revenues, net of fuel costs		2.2			2.5			7.8		10.4			10.0			12.9
		294.6			284.7			896.4		901.7			1,191.0			1,186.4
Operating Expenses
Fuel		61.3			54.1			173.3		172.9			234.6			227.0
Purchased power		16.1			11.8			71.8		67.5			87.9			79.3
Operation and maintenance		62.9			47.0			133.8		112.4			196.7			159.4
Depreciation and amortization		33.4			31.8			105.5		102.3			138.9			134.1
General taxes		26.1			29.0			82.9		82.8			109.0			111.8
Amortization of regulatory assets, net		13.8			11.7			35.3		36.4			49.1			48.1
Total operating expenses		213.6			185.4			602.6		574.3			816.2			759.7
Pre-Tax Operating Income		81.0			99.3			293.8		327.4			374.8			426.7
Investment Income (Loss)		27.5			(13.9	)		48.5		(91.8	)		76.0			(105.7	)
Shareholder Litigation		(76.7	)		--			--		--			(76.7	)		--
Other Income (Deductions)		(3.3	)		(3.2	)		28.3		(0.8	)		25.0			(4.0	)
Total Income Before Interest and Other Charges		28.5			82.2			370.6		234.8			399.1			317.0
Interest and Other Charges
Interest expense		39.3			39.5			118.0		115.3			157.3			154.8
Trust preferred distributions by subsidiary		6.1			6.1			18.5		18.5			24.6			24.6
Total interest and other charges		45.4			45.6			136.5		133.8			181.9			179.4
Pre-Tax Income		(16.9	)		36.6			234.1		101.0			217.2			137.6
Income taxes		(5.1	)		11.2			86.4		39.1			81.3			50.3
Income Before Cumulative Effect of
Accounting Change		(11.8	)		25.4			147.7		61.9			135.9			87.3
Cumulative effect of accounting change, net of tax		--			--			17.0		--			17.0			--
Net Income	$	(11.8	)	$	25.4		$	164.7	$	61.9		$	152.9		$	87.3
Average Number of Common Shares
Outstanding (millions)
Basic		119.5			119.0			119.7		119.1			119.6			119.1
Diluted		119.5			119.0			119.7		122.9			119.7			121.9
Earnings Per Share - Basic
Income Before cumulative effect	$	(0.10	)	$	0.21		$	1.23	$	0.52		$	1.14		$	0.73
Net Income	$	(0.10	)	$	0.21		$	1.38	$	0.52		$	1.28		$	0.73
Earnings Per Share - Diluted
Income Before cumulative effect	$	(0.10	)	$	0.21		$	1.23	$	0.50		$	1.14		$	0.72
Net Income	$	(0.10	)	$	0.21		$	1.38	$	0.50		$	1.28		$	0.72
Dividends Paid Per Share	$	0.235		$	0.235		$	0.705	$	0.705		$	0.94		$	0.94
Book Value Per Share	$	7.52		$	6.87		$	7.68	$	6.59		$	7.52		$	6.87
These statements are unaudited.

DPL Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS

	Twelve Months Ended December 31,
$ in Millions	2003			2002
Operating Activities:
Net income	$	152.9		$	87.3
Adjustments:
Depreciation and amortization		138.9			134.1
Amortization of regulatory assets, net		49.1			48.1
Deferred income taxes		19.3			(51.9	)
Captive insurance provision		(46.8	)		(16.6	)
Shareholder litigation settlement		66.6			--
Investment (income) loss		(47.5	)		116.7
Income from interest rate hedges		(21.2	)		--
Cumulative effect of accounting change, net of tax		(17.0	)		--
Changes in working capital		49.1			(2.1	)
Other		6.9			(1.8	)
Net Cash Provided by Operating Activities		350.3			313.8
Investing Activities:
Capital expenditures		(120.9	)		(171.6	)
Settlement of interest rate hedges		51.4			--
Purchases of fixed income and equity securities		(164.0	)		(223.0	)
Sales of fixed income and equity securities		298.9			245.1
Net Cash Provided by (Used for) Investing Activities		65.4			(149.5	)
Financing Activities:
Dividends paid on common stock		(112.1	)		(111.8	)
Issuance of preferred securities, net of issue costs		--			--
Retirement of long-term debt		(471.9	)		(7.2	)
Issuance of long-term debt, net of issue costs		465.1			--
Issuance of short-term debt, net		--			(12.0	)
Purchase of treasury stock		--			--
Net Cash Provided by (Used for) Financing Activities		(118.9	)		(131.0	)
Cash and Temporary Cash Investments
Net change		296.8			33.3
Balance at beginning of period		40.8			7.5
Balance at end of period	$	337.6		$	40.8
Cash Paid During the Period for:
Interest and trust preferred distributions	$	184.0		$	172.9
Income taxes	$	15.2		$	104.0
These statements are unaudited.

DPL Inc.
CONSOLIDATED BALANCE SHEET

$ in Millions	December 31, 2003			December 31, 2002
Assets
Property	$	4,420.8		$	4,323.2
Accumulated depreciation and amortization		(1,846.9	)		(1,820.5	)
Net property		2,573.9			2,502.7
Current assets
Cash and temporary cash investments		337.6			40.8
Accounts receivable, less provision for uncollectible accounts of $6.8 and $11.1		175.2			169.4
Inventories, at average cost		52.1			56.1
Prepaid taxes		46.4			46.9
Other		33.2			66.2
Total current assets		644.5			379.4
Other assets
Financial assets		980.9			1,023.5
Income taxes recoverable through future revenues		43.3			34.6
Other regulatory assets		36.0			80.1
Other		111.0			135.9
Total other assets		1,171.2			1,274.1
Total Assets	$	4,389.6		$	4,156.2
Capitalization and Liabilities
Capitalization
Common shareholders' equity
Common stock	$	1.3		$	1.3
Other paid-in capital, net of treasury stock		--			--
Warrants		50.0			50.0
Common stock held by employee plans		(84.4	)		(89.6	)
Accumulated other comprehensive income		51.5			(11.2	)
Earnings reinvested in the business		881.2			868.0
Total common shareholders' equity		899.6			818.5
Preferred stock		23.0			23.0
Company obligated mandatorily redeemable trust preferred
securities of subsidiary holding solely parent debentures		292.8			292.6
Long-term debt
First mortgage bonds		573.0			551.2
Other long-term obligations		1,081.7			1,591.1
Total shares subject to mandatory redemption and long-term debt		1,947.5			2,434.9
Total capitalization		2,870.1			3,276.4
Current Liabilities
Current portion - long-term debt		511.1			9.1
Accounts payable		91.0			100.3
Shareholder litigation		70.0			--
Accrued taxes		141.2			95.0
Accrued interest		42.0			51.1
Other		60.1			25.9
Total current liabilities		915.4			281.4
Deferred Credits and Other
Deferred taxes		349.0			287.3
Unamortized investment tax credit		52.2			55.1
Insurance and claims costs		26.0			114.3
Other		176.9			141.7
Total deferred credits and other		604.1			598.4
Total Capitalization and Liabilities	$	4,389.6		$	4,156.2
These statements are unaudited.

DPL Inc.
OPERATING STATISTICS

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2003		2002		2003		2002
Electric Sales (millions of kWh):
Residential		1,220		1,278		5,071		5,302
Commercial		895		901		3,699		3,710
Industrial		1,049		1,056		4,330		4,472
Other Retail		367		348		1,409		1,405
Total Retail		3,531		3,583		14,509		14,889
Wholesale		1,436		1,109		4,836		4,358
Total		4,967		4,692		19,345		19,247
Electric Revenues (thousands of dollars):
Residential		107,046		111,353		442,238		463,197
Commercial		66,424		66,442		264,067		264,604
Industrial		54,054		53,929		221,960		227,960
Other Retail		24,766		23,342		93,478		93,316
Total Retail		252,290		255,066		1,021,743		1,049,077
Wholesale		40,154		27,194		159,250		124,468
Total		292,444		282,260		1,180,993		1,173,545
Other Statistics:
Average price per kWh - retail (cents)		7.05		7.04		6.95		6.96
Fuel cost per net kWh generated (cents)		1.32		1.21		1.33		1.34
Electric customers - end of period		506,396		504,762		506,396		504,762
Average kWh use per residential customer		2,708		2,850		11,276		11,841
Peak demand - maximum one-hour use (mw)		2,452		2,460		2,981		3,051
Degree Days
Heating		1,925		2,250		5,790		5,473
Cooling		7		33		687		1,272

Inquiries concerning this report should be directed to:

Arthur Meyer
Vice President and Corporate Secretary
Telephone (937) 259-7208

The information contained herein is submitted for general information and not in connection with
any sale or offer for sale of, or solicitation of any offer to buy, any securities.