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Composite energy index increases more than 16 percent for 2003

2003 continues to be a strong year for utility-related stocks and stocks in general. The C Three Group’s Composite Energy Index is up 16.3 percent for the year, slightly outpacing both the S&P 500 (15.8 percent) and the Dow Utilities (14.2 percent) indices. All of The C Three Group’s Energy Utility Indices continue to show strong 12-month performance numbers with the Merchant Energy Index leading the way up 93.6 percent. Please refer to the following table for a complete performance summary of the C Three Equity Indices.

Method of calculation

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

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“- 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.

Note: The C Three Group recently changed information providers, and as such, some historical restatement was necessary. We apologize for any inconvenience.

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