Exclusive to EL&P Steady gains continue into 2004:
C Three composite index up 2.6 percent so far

All four of the C Three Group’s Energy Utility Indices lead the Dow Utilities Index so far in 2004 with the C Three Composite Index leading the way, up 2.6 percent vs. 1.4 percent for the Dow Utilities. The C Three Merchant Energy Index continues its meteoric rise, up 14.9 percent in January and 17.6 percent for the year. Still, the three non-merchant indices all trail the S&P 500 Index for 2004 (up 3.0 percent). Please refer to the following table for a complete performance summary of the C Three Equity Indices.

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Method of calculationThe 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.
“- 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.

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

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