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Slide 1: 8 FIRSTENERGY BOARD OF DIRECTORS Paul T. Addison Anthony J. Alexander Michael J. Anderson Dr. Carol A. Cartwright William T. Cottle Robert B. Heisler, Jr. Dear Shareholders: On behalf of your Board of Directors, I want to thank FirstEnergy’s management team and employees for another record year. As a result of continued strong operational and financial performance, the market value of your Company increased by nearly $3 billion last year. Our 2007 total shareholder return of 23.6 percent, which reflects stock price appreciation plus reinvested dividends, was among the best in our industry. Based on our confidence in your Company’s future, the Board increased the common stock dividend by an additional 10 percent in December, which brings the annual rate to $2.20 per share. As FirstEnergy addresses its opportunities and challenges, we remain committed to rigorous standards of corporate governance and ethics. In February of this year, we were honored to be named among the top 100 Corporate Citizens in the United States by Corporate Responsibility Officer (CRO) Magazine. This prestigious annual study measures corporate efforts to address issues related to climate change, employee relations, environment, finance, governance, human rights, lobbying and philanthropy. FirstEnergy’s corporate governance practices also ranked among the top 10 percent of all utilities and the top 15 percent of all S&P 500 companies at the beginning of 2008, based on corporate governance measures used by ISS Governance Services. You can learn more by reading our Corporate Responsibility Report, which offers a comprehensive look at your Company’s ethics and governance practices, environmental commitment, health and safety issues, and contributions to our region’s quality of life. The report is available online at www.firstenergycorp.com. Your Board is proud of FirstEnergy’s continued progress in enhancing value to shareholders and remains committed to ensuring that your interests are well represented. Thank you for your ongoing confidence and support. Sincerely, GEORGE M. SMART Chairman of the Board
Slide 2: 9 Ernest J. Novak, Jr. Catherine A. Rein George M. Smart Wes M. Taylor Jesse T. Williams, Sr. Paul T. Addison (61) Retired, formerly Managing Director in the Utilities Department of Salomon Smith Barney (Citigroup). Chair, Finance Committee; Member, Audit Committee. Director of FirstEnergy Corp. since 2003. Anthony J. Alexander (56) President and Chief Executive Officer of FirstEnergy Corp. Director of FirstEnergy Corp. since 2002. Michael J. Anderson (56) President and Chief Executive Officer of The Andersons, Inc., and Chairman of the Board of Interstate Bakeries Corporation. Member, Finance and Nuclear Committees. Director of FirstEnergy Corp. since 2007. Dr. Carol A. Cartwright (66) Retired, formerly President of Kent State University. Chair, Corporate Governance Committee; Member, Compensation Committee. Director of FirstEnergy Corp. since 1997 and of Ohio Edison from 1992-1997. William T. Cottle (62) Retired, formerly Chairman of the Board, President and Chief Executive Officer of STP Nuclear Operating Company. Chair, Nuclear Committee; Member, Corporate Governance Committee. Director of FirstEnergy Corp. since 2003. Robert B. Heisler, Jr. (59) Special Assistant for Community and Business Strategies to the President of Kent State University; retired Chairman of the Board of KeyBank N.A. Member, Compensation and Finance Committees. Director of FirstEnergy Corp. from 1998-2004 and since 2006. Ernest J. Novak, Jr. (63) Retired, formerly Managing Partner of the Cleveland office of Ernst & Young LLP. Chair, Audit Committee; Member, Finance Committee. Director of FirstEnergy Corp. since 2004. Catherine A. Rein (65) Retired, formerly Senior Executive Vice President and Chief Administrative Officer of MetLife Inc. Chair, Compensation Committee; Member, Audit Committee. Director of FirstEnergy Corp. since 2001 and of the former GPU, Inc. (merged with FirstEnergy in 2001) from 1989-2001. George M. Smart (62) Non-executive Chairman of the FirstEnergy Corp. Board of Directors. Retired, formerly President of Sonoco-Phoenix, Inc. Member, Audit and Corporate Governance Committees. Director of FirstEnergy Corp. since 1997 and of Ohio Edison from 1988-1997. Wes M. Taylor (65) Retired, formerly President of TXU Generation. Member, Compensation and Nuclear Committees. Director of FirstEnergy Corp. since 2004. Jesse T. Williams, Sr. (68) Retired, formerly Vice President of Human Resources Policy, Employment Practices and Systems of The Goodyear Tire & Rubber Company. Member, Corporate Governance and Nuclear Committees. Director of FirstEnergy Corp. since 1997 and of Ohio Edison from 1992-1997.
Slide 3: 10 FIRSTENERGY OFFICERS FirstEnergy Nuclear Operating Company Bennett L. Gaines Vice President, Information Technology & Corporate Security, and Chief Information Officer FirstEnergy Corp. Anthony J. Alexander President and Chief Executive Officer FirstEnergy Service Company Anthony J. Alexander President and Chief Executive Officer Anthony J. Alexander Chief Executive Officer Joseph J. Hagan President and Chief Nuclear Officer Mark T. Clark Executive Vice President, Strategic Planning and Operations Mark T. Clark Executive Vice President, Strategic Planning and Operations Mark A. Julian Vice President, Energy Delivery James H. Lash Senior Vice President and Chief Operating Officer Richard R. Grigg Executive Vice President and President, FirstEnergy Utilities Richard R. Grigg Executive Vice President and President, FirstEnergy Utilities Nicholas J. Lizanich Vice President, Asset Oversight Thomas C. Navin Vice President, Investment Management Danny L. Pace Senior Vice President, Fleet Engineering Gary R. Leidich Executive Vice President and President, FirstEnergy Generation Gary R. Leidich Executive Vice President and President, FirstEnergy Generation John E. Paganie Vice President, Energy Efficiency Barry S. Allen Vice President, Davis-Besse Leila L. Vespoli* Executive Vice President and General Counsel Lynn M. Cavalier Senior Vice President, Human Resources Robert P. Reffner Vice President, Legal Mark B. Bezilla Vice President, Perry Richard H. Marsh* Senior Vice President and Chief Financial Officer David C. Luff Senior Vice President, Governmental Affairs Ronald E. Seeholzer Vice President, Investor Relations Paul A. Harden Vice President, Nuclear Support Eugene J. Sitarz Vice President, Tax Jeannie M. Rinckel Vice President, Fleet Oversight James F. Pearson* Vice President and Treasurer Donald R. Schneider Senior Vice President, Energy Delivery & Customer Service Daniel V. Steen Vice President, Environmental Peter P. Sena Vice President, Beaver Valley Harvey L. Wagner* Vice President, Controller and Chief Accounting Officer Thomas M. Welsh Senior Vice President, Assistant to CEO Stanley F. Szwed Vice President, Federal Energy Regulatory Commission Policy, and Chief FERC Compliance Officer Rhonda S. Ferguson* Corporate Secretary Paulette R. Chatman** Assistant Controller Tony C. Banks Vice President, Business Development, Performance & Management FirstEnergy Regional Operations Management OHIO Bradford F. Tobin Vice President, Supply Chain, and Chief Procurement Officer Jacqueline S. Cooper* Assistant Corporate Secretary James M. Murray President, Ohio Operations David M. Blank Vice President, Rates & Regulatory Affairs Richard J. Horak Assistant Controller Jeffrey R. Kalata* Assistant Controller Dennis M. Chack Regional President, The Cleveland Electric Illuminating Company Randy Scilla** Assistant Treasurer William D. Byrd Vice President, Corporate Risk and Chief Risk Officer FirstEnergy Solutions Corp. Charles E. Jones President Trent A. Smith Regional President, The Toledo Edison Company Edward J. Udovich** Assistant Corporate Secretary Mary Beth Carroll Vice President, Corporate Affairs & Community Involvement Lisa S. Wilson* Assistant Controller * Also holds a similar position with FirstEnergy Service Company, FirstEnergy Solutions Corp., and FirstEnergy Nuclear Operating Company. ** Also holds a similar position with FirstEnergy Service Company and FirstEnergy Nuclear Operating Company. Steven E. Strah Regional President, Ohio Edison Company PENNSYLVANIA Thomas A. Clark Vice President, Customer Service & Service Area Development Ali Jamshidi Vice President, Commodity Operations Ralph J. DiNicola Vice President, Communications Charles D. Lasky Vice President, Fossil Operations Douglas S. Elliott President, Pennsylvania Operations Michael J. Dowling Vice President, Governmental Affairs Arthur W. Yuan Vice President, Sales & Marketing Ronald P. Lantzy Regional President, Metropolitan Edison Company Dennis J. Fuster † Vice President Bradley S. Ewing Vice President, Energy Delivery Frank A. Lubich † Vice President, Fossil Operations † James R. Napier, Jr. Regional President, Pennsylvania Electric Company NEW JERSEY Rhonda S. Ferguson Vice President, Corporate Secretary and Chief Ethics Officer FirstEnergy Generation Corp. Dennis J. Fuster Vice President, Project Construction Stephen E. Morgan President, Jersey Central Power & Light Company Donald M. Lynch Regional President, Jersey Central Power & Light Company