exclusive C Three equity jindex: composite energy continues to outpace S&P

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The C Three Group’s composite energy utility index continues to lead the S&P 500 for 2004, up 19.6 percent vs. 8.7 percent for the S&P. The C Three LDC Index that led all of the indices for most of the year, has now fallen behind electric and electric/gas distribution utilities. The Dow Utility Index continues to be supported in part by imbedded telecommunications stocks that it covers. Please refer to the following table for a complete performance summary of the C Three equity indices.

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To see the companies comprising each of the four C Three Group equity indices-and the method of calculation-please visit www.elp.com/onlineextra.

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