Exclusive to EL&P: C Three composite index up 25.2 percent for 2003

All four of the C Three Group’s Energy Utility Indices lead the S&P 500 Index for the most recent 12-month period. The C Three Composite Index has a healthy lead over the S&P for that period, gaining 24.5 percent vs. 18.2 for the S&P. The C Three indicator with the smallest margin over the S&P is the LDC index, up 20.0 percent for the last 12 months. The Merchant Energy Index, while losing some ground recently, continues its rapid growth, up 116.1 percent for the rolling 12-month period. Please refer to the following table for a complete performance summary of the C Three Equity Indices.

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Method of calculation
The C Three Group equity indices are calculated according to the following methodology:

“- For each of the companies included in the C Three equity indices, individual equity prices (as of the beginning of January 1998) were converted to a baseline of 100.

“- This was accomplished by calculating, for each individual company, the number of shares that could be purchased for $100.

“- At the close of each subsequent month (again, for each of the individual companies), this baseline number of shares is multiplied by the month-ending stock price, resulting in the updated index amount.

“- For example, if Company A’s January 1998 month-ending stock price was $20 per share, its baseline number of shares would be 5 (with a beginning index value of 100). If Company A’s February 1998 month-ending stock price was $22, its index value would rise to 110 (baseline shares of 5 multiplied by the month-ending stock price of $22), indicating a one-month increase of 10 percent.

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“- For companies not yet traded in January of 1998, the baseline conversion took place in the first month in which the stock was traded.

“- Each company is weighted equally with the C Three equity indices–no adjustment is made to reflect the relative size of individual companies.

“- C Three equity indices are pure, utility-related indices–there are no peripheral companies included (e.g., water, distributed generation, telecommunications).

“- Stock splits, mergers/divestitures and dividend reinvestment are taken into account for each of the indices.

To see the companies comprising each of the four C Three Group equity indices, visit www.elp.com/onlineextra.

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