<TABLE>
<CAPTION>
Market Shares for Utilities in the U.S.
Combined Combined Portion of Market
IPALCO- IPALCO- Number of Served by Combined
Cilcorp's Cilcorp's Larger IPALCO-Cilcorp and
Parameter Units Statistics Share Companies Larger Companies
<S> <C> <C> <C> <C> <C>
Customers thousands 820 0.5% 50 69.7%
Assets $millions 3,575 0.5% 51 86.9%
Revenues $millions 1,327 0.6% 49 84.8%
</TABLE>
<TABLE>
<CAPTION>
Comparison of Combined IPALCO-Cilcorp to Larger Utilities
Parameter Units Number of Utilities Average Size Ratio of These Utilities
Necessary for 50% of of These to Combined IPALCO
U.S. Utilities Cilcorp
<S> <C> <C> <C> <C>
Customers thousands 26 3,269 3.99
Assets $millions 17 19,502 5.46
Revenues $millions 18 6,643 5.01
Number of Utilities Average Size
Necessary for 80% of of These
Parameter Units U.S. Utilities
<S> <C> <C> <C> <C>
Customers thousands 79 1,697 2.07
Assets $millions 42 12,684 3.55
Revenues $millions 43 4,361 3.29
</TABLE>
<TABLE>
<CAPTION>
Market Shares for Utilities in the United States
Companies Sorted by Assets
Assets Share of Cumulative
Holding Company (millions of $) Rank Total Share
<S> <C> <C> <C> <C>
PG&E Corp. 30,096 1 4.5% 4.5%
AEP-C&SW 26,599 2 4.0% 8.6%
Unicom Corp. 26,223 3 4.0% 12.5%
Southern Company 25,367 4 3.8% 16.4%
Entergy Corp. 21,348 5 3.2% 19.6%
Edison International 21,121 6 3.2% 22.8%
TXU 20,540 7 3.1% 25.9%
FirstEnergy Corp. 20,311 8 3.1% 28.9%
Duke Energy Corp. 17,692 9 2.7% 31.6%
Dominion Resources, Inc. 17,095 10 2.6% 34.2%
FPL Group, Inc. 16,643 11 2.5% 36.7%
Consolidated Edison, Inc. 16,436 12 2.5% 39.2%
Niagara Mohawk Holdings, Inc. 15,722 13 2.4% 41.6%
Public Service Enterprise Group, Inc. 15,239 14 2.3% 43.9%
DTE Energy Co. 14,333 15 2.2% 46.0%
PECO Energy Co. 13,409 16 2.0% 48.1%
GPU, Inc. 13,361 17 2.0% 50.1%
KeySpan Energy 12,960 18 2.0% 52.0%
Northeast Utilities 12,033 19 1.8% 53.9%
PacifiCorp 11,624 20 1.8% 55.6%
Cinergy Corp. 10,650 21 1.6% 57.2%
Reliant Energy, Inc. 10,333 22 1.6% 58.8%
CMS Energy Corp. 9,716 23 1.5% 60.3%
PP&L Resources, Inc. 9,373 24 1.4% 61.7%
Ameren Corp. 9,225 25 1.4% 63.1%
Carolina Power & Light Co. 9,139 26 1.4% 64.4%
Constellation Energy Group, Inc. 9,091 27 1.4% 65.8%
New Century Energies, Inc. 8,751 28 1.3% 67.1%
Western Resources, Inc. 8,543 29 1.3% 68.4%
Northern States Power Co. 8,110 30 1.2% 69.7%
Illinova Corp. 7,803 31 1.2% 70.8%
Columbia-NiSource 6,667 32 1.0% 71.8%
Pinnacle West Capital Corp. 6,528 33 1.0% 72.8%
Allegheny Energy, Inc. 6,426 34 1.0% 73.8%
Potomac Electric Power Co. 6,078 35 0.9% 74.7%
Puget Sound Energy, Inc. 6,010 36 0.9% 75.6%
Conectiv 5,739 37 0.9% 76.5%
Wisconsin Energy Corp. 5,651 38 0.9% 77.3%
Vectren 5,501 39 0.8% 78.2%
Citizens Utilities Co. 5,129 40 0.8% 79.0%
Florida Progress Corp. 5,123 41 0.8% 79.7%
Sempra Energy 5,009 42 0.8% 80.5%
Sierra Pacific Resources 4,815 43 0.7% 81.2%
Alliant Energy Corp. 4,756 44 0.7% 81.9%
DQE, Inc. 4,624 45 0.7% 82.6%
Energy East Corp. 4,439 46 0.7% 83.3%
MidAmerican Energy Holdings Co. 4,371 47 0.7% 84.0%
UtiliCorp United, Inc. 4,291 48 0.6% 84.6%
New England Electric System 4,114 49 0.6% 85.2%
LG&E Energy Corp. 4,056 50 0.6% 85.8%
DPL, Inc. 3,625 51 0.5% 86.4%
Combined IPALCO-Cilcorp 3,575 52 0.5% 86.9%
All others combined 86,543 13.1%
Total 661,956
</TABLE>
<TABLE>
<CAPTION>
Market Shares for Utilities in the United States
Companies Sorted by Revenue
Revenue Share of Cumulative
Holding Company (millions of $) Rank Total Share
<S> <C> <C> <C> <C>
AEP-C&SW 10,618 1 4.5% 4.5%
Southern Company 9,763 2 4.2% 8.7%
PG&E Corp. 9,077 3 3.9% 12.6%
Public Service Enterprise Group, Inc. 7,429 4 3.2% 15.8%
Edison International 7,383 5 3.2% 19.0%
TXU 7,327 6 3.1% 22.1%
Entergy Corp. 7,205 7 3.1% 25.2%
Unicom Corp. 7,136 8 3.1% 28.2%
Consolidated Edison, Inc. 6,690 9 2.9% 31.1%
Dominion Resources, Inc. 6,135 10 2.6% 33.7%
FPL Group, Inc. 6,132 11 2.6% 36.4%
Cinergy Corp. 5,406 12 2.3% 38.7%
PECO Energy Co. 5,266 13 2.3% 40.9%
FirstEnergy Corp. 5,264 14 2.3% 43.2%
DTE Energy Co. 4,841 15 2.1% 45.2%
PacifiCorp 4,834 16 2.1% 47.3%
Northeast Utilities 4,541 17 1.9% 49.3%
Duke Energy Corp. 4,529 18 1.9% 51.2%
Reliant Energy, Inc. 4,350 19 1.9% 53.1%
GPU, Inc. 4,028 20 1.7% 54.8%
Niagara Mohawk Holdings, Inc. 3,828 21 1.6% 56.4%
CMS Energy Corp. 3,649 22 1.6% 58.0%
PP&L Resources, Inc. 3,624 23 1.6% 59.5%
Ameren Corp. 3,403 24 1.5% 61.0%
New Century Energies, Inc. 3,248 25 1.4% 62.4%
Carolina Power & Light Co. 3,167 26 1.4% 63.7%
Northern States Power Co. 3,087 27 1.3% 65.1%
New England Electric System 2,774 28 1.2% 66.3%
Constellation Energy Group, Inc. 2,672 29 1.1% 67.4%
Florida Progress Corp. 2,648 30 1.1% 68.5%
Columbia-NiSource 2,636 31 1.1% 69.7%
Allegheny Energy, Inc. 2,614 32 1.1% 70.8%
Conectiv 2,461 33 1.1% 71.8%
Sempra Energy 2,360 34 1.0% 72.8%
Wisconsin Energy Corp. 2,108 35 0.9% 73.7%
Illinova Corp. 2,069 36 0.9% 74.6%
Potomac Electric Power Co. 2,064 37 0.9% 75.5%
Energy East Corp. 2,013 38 0.9% 76.4%
Pinnacle West Capital Corp. 1,911 39 0.8% 77.2%
Puget Sound Energy, Inc. 1,892 40 0.8% 78.0%
Alliant Energy Corp. 1,888 41 0.8% 78.8%
Vectren 1,792 42 0.8% 79.6%
LG&E Energy Corp. 1,660 43 0.7% 80.3%
BEC Energy 1,617 44 0.7% 81.0%
MidAmerican Energy Holdings Co. 1,600 45 0.7% 81.7%
TECO Energy, Inc. 1,581 46 0.7% 82.3%
Sierra Pacific Resources 1,551 47 0.7% 83.0%
KeySpan Energy 1,441 48 0.6% 83.6%
Houston Industries, Inc. 1,368 49 0.6% 84.2%
Combined IPALCO-Cilcorp 1,327 50 0.6% 84.8%
All others combined 35,543 15.2%
Total 233,547
</TABLE>
<TABLE>
<CAPTION>
Market Shares for Utilities in the United States
Companies Sorted by Number of Customers
Customers Share of Cumulative
Holding Company (thousands) Rank Total Share
<S> <C> <C> <C> <C>
PG&E Corp. 8,438 1 5.0% 5.0%
Sempra Energy 6,772 2 4.0% 9.1%
AEP-C&SW 4,690 3 2.8% 11.9%
Edison International 4,284 4 2.6% 14.4%
Consolidated Edison, Inc. 4,068 5 2.4% 16.9%
TXU 3,902 6 2.3% 19.2%
Southern Company 3,761 7 2.2% 21.4%
Dominion Resources, Inc. 3,701 8 2.2% 23.6%
FPL Group, Inc. 3,615 9 2.2% 25.8%
Public Service Enterprise Group, Inc. 3,487 10 2.1% 27.9%
Unicom Corp. 3,445 11 2.1% 29.9%
DTE Energy Co. 3,249 12 1.9% 31.9%
CMS Energy Corp. 3,167 13 1.9% 33.8%
Columbia-NiSource 3,144 14 1.9% 35.7%
New Century Energies, Inc. 2,579 15 1.5% 37.2%
Entergy Corp. 2,482 16 1.5% 38.7%
KeySpan Energy 2,185 17 1.3% 40.0%
FirstEnergy Corp. 2,161 18 1.3% 41.3%
Houston Industries, Inc. 2,107 19 1.3% 42.5%
Niagara Mohawk Holdings, Inc. 2,078 20 1.2% 43.8%
GPU, Inc. 2,030 21 1.2% 45.0%
Northern States Power Co. 2,006 22 1.2% 46.2%
Duke Energy Corp. 1,968 23 1.2% 47.4%
Northeast Utilities 1,910 24 1.1% 48.5%
PECO Energy Co. 1,903 25 1.1% 49.6%
Cinergy Corp. 1,871 26 1.1% 50.7%
Nicor, Inc. 1,865 27 1.1% 51.9%
Ameren Corp. 1,803 28 1.1% 52.9%
Constellation Energy Group, Inc. 1,636 29 1.0% 53.9%
Reliant Energy, Inc. 1,596 30 1.0% 54.9%
Wisconsin Energy Corp. 1,523 31 0.9% 55.8%
PacifiCorp 1,454 32 0.9% 56.6%
Puget Sound Energy, Inc. 1,414 33 0.8% 57.5%
Allegheny Energy, Inc. 1,410 34 0.8% 58.3%
AGL Resources, Inc. 1,405 35 0.8% 59.2%
UtiliCorp United, Inc. 1,404 36 0.8% 60.0%
Florida Progress Corp. 1,341 37 0.8% 60.8%
Alliant Energy Corp. 1,287 38 0.8% 61.6%
MidAmerican Energy Holdings Co. 1,270 39 0.8% 62.3%
PP&L Resources, Inc. 1,250 40 0.7% 63.1%
Carolina Power & Light Co. 1,169 41 0.7% 63.8%
LG&E Energy Corp. 1,119 42 0.7% 64.4%
Vectren 1,106 43 0.7% 65.1%
Energy East Corp. 1,053 44 0.6% 65.7%
Conectiv 1,043 45 0.6% 66.4%
New England Electric System 1,009 46 0.6% 67.0%
Southern Union Co. 1,006 47 0.6% 67.6%
Illinova Corp. 968 48 0.6% 68.1%
Peoples Energy Corp. 955 49 0.6% 68.7%
Sierra Pacific Resources 928 50 0.6% 69.3%
Combined IPALCO-Cilcorp 820 51 0.5% 69.7%
All others combined 25,341 15.1%
Total 167,516
</TABLE>