<TABLE>
<CAPTION>
Market Shares for Electric Companies in the U.S.
Number of Portion of Market
Parameter Units IPALCO's IPALCO's Larger Served by IPALCO and
Statistics Share Companies Larger Companies
<S> <C> <C> <C> <C> <C>
Customers thousands 423 0.5% 57 93.2%
Assets $millions 2,123 0.4% 65 96.3%
Revenues $millions 786 0.4% 60 94.4%
</TABLE>
<TABLE>
<CAPTION>
Comparison of IPALCO to Larger Electric Companies
Number of Utilities Average Size
Necessary for 50% of of These Ratio of These
Parameter Units U.S. Utilities to IPALCO
<S> <C> <C> <C> <C>
Customers thousands 17 2,813 6.64
Assets $millions 16 19,061 8.98
Revenues $millions 16 6,422 8.17
Number of Utilities Average Size
Necessary for 80% of of These Ratio of These
Parameter Units U.S. Utilities to IPALCO
<S> <C> <C> <C> <C>
Customers thousands 38 1,505 3.55
Assets $millions 38 8,901 4.19
Revenues $millions 37 3,164 4.03
</TABLE>
<TABLE>
<CAPTION>
Market Shares for Electric Companies in the United States
Companies Sorted by Revenue
Revenue Rank Share of Cumulative
Holding Company (millions of $) Total Share
<S> <C> <C> <C> <C>
AEP-C&SW 10,618 1 5.3% 5.3%
Southern Company 9,763 2 4.8% 10.1%
Edison International 7,383 3 3.7% 13.7%
PG&E Corp. 7,245 4 3.6% 17.3%
Entergy Corp. 7,205 5 3.6% 20.9%
Unicom Corp. 7,136 6 3.5% 24.4%
TXU 6,556 7 3.2% 27.7%
FPL Group, Inc. 6,132 8 3.0% 30.7%
Public Service Enterprise Group, Inc. 5,870 9 2.9% 33.6%
Consolidated Edison, Inc. 5,728 10 2.8% 36.5%
FirstEnergy Corp. 5,264 11 2.6% 39.1%
Cinergy Corp. 5,002 12 2.5% 41.5%
PECO Energy Co. 4,866 13 2.4% 44.0%
PacifiCorp 4,834 14 2.4% 46.3%
Dominion Resources, Inc. 4,628 15 2.3% 48.6%
Duke Energy Corp. 4,529 16 2.2% 50.9%
Reliant Energy, Inc. 4,350 17 2.2% 53.0%
Northeast Utilities 4,257 18 2.1% 55.1%
GPU, Inc. 4,028 19 2.0% 57.1%
DTE Energy Co. 3,861 20 1.9% 59.0%
PP&L Resources, Inc. 3,571 21 1.8% 60.8%
Niagara Mohawk Holdings, Inc. 3,262 22 1.6% 62.4%
Ameren Corp. 3,186 23 1.6% 64.0%
Carolina Power & Light Co. 3,167 24 1.6% 65.6%
New England Electric System 2,774 25 1.4% 66.9%
Florida Progress Corp. 2,648 26 1.3% 68.3%
Northern States Power Co. 2,641 27 1.3% 69.6%
Allegheny Energy, Inc. 2,614 28 1.3% 70.9%
CMS Energy Corp. 2,604 29 1.3% 72.2%
New Century Energies, Inc. 2,590 30 1.3% 73.4%
Conectiv 2,311 31 1.1% 74.6%
Constellation Energy Group, Inc. 2,221 32 1.1% 75.7%
Potomac Electric Power Co. 2,064 33 1.0% 76.7%
Pinnacle West Capital Corp. 1,911 34 0.9% 77.6%
Sempra Energy 1,867 35 0.9% 78.6%
Illinova Corp. 1,781 36 0.9% 79.5%
Energy East Corp. 1,707 37 0.8% 80.3%
Wisconsin Energy Corp. 1,679 38 0.8% 81.1%
BEC Energy 1,617 39 0.8% 81.9%
Alliant Energy Corp. 1,576 40 0.8% 82.7%
Puget Sound Energy, Inc. 1,475 41 0.7% 83.4%
LG&E Energy Corp. 1,469 42 0.7% 84.2%
Sierra Pacific Resources 1,452 43 0.7% 84.9%
TECO Energy, Inc. 1,328 44 0.7% 85.5%
OGE Energy Corp. 1,312 45 0.6% 86.2%
Vectren 1,305 46 0.6% 86.8%
Western Resources, Inc. 1,227 47 0.6% 87.4%
Enron Corp. 1,178 48 0.6% 88.0%
MidAmerican Energy Holdings Co. 1,170 49 0.6% 88.6%
DQE, Inc. 1,153 50 0.6% 89.2%
IDACORP, Inc. 1,122 51 0.6% 89.7%
Columbia-NiSource 1,076 52 0.5% 90.3%
KeySpan Energy 1,076 53 0.5% 90.8%
DPL, Inc. 1,076 54 0.5% 91.3%
CMP Group, Inc. 947 55 0.5% 91.8%
UtiliCorp United, Inc. 945 56 0.5% 92.3%
Kansas City Power & Light Co. 939 57 0.5% 92.7%
Avista Corp. 856 58 0.4% 93.2%
Hawaiian Electric Industries, Inc. 855 59 0.4% 93.6%
PSC of New Mexico 835 60 0.4% 94.0%
IPALCO Enterprises, Inc. 786 61 0.4% 94.4%
All others combined 11,340 5.6%
Total 201,966
</TABLE>
<TABLE>
<CAPTION>
Market Shares for Electric Companies in the United States
Companies Sorted by Assets
Assets Rank Share of Cumulative
Holding Company (millions of $) Total Share
<S> <C> <C> <C> <C>
AEP-C&SW 26,599 1 4.4% 4.4%
Unicom Corp. 26,223 2 4.3% 8.8%
Southern Company 25,367 3 4.2% 13.0%
PG&E Corp. 23,879 4 4.0% 16.9%
Entergy Corp. 21,348 5 3.5% 20.5%
Edison International 21,121 6 3.5% 24.0%
TXU 20,540 7 3.4% 27.4%
FirstEnergy Corp. 20,311 8 3.4% 30.7%
Duke Energy Corp. 17,692 9 2.9% 33.7%
FPL Group, Inc. 16,643 10 2.8% 36.4%
Public Service Enterprise Group, Inc. 15,239 11 2.5% 39.0%
Consolidated Edison, Inc. 14,599 12 2.4% 41.4%
Dominion Resources, Inc. 14,545 13 2.4% 43.8%
Niagara Mohawk Holdings, Inc. 14,542 14 2.4% 46.2%
GPU, Inc. 13,361 15 2.2% 48.4%
KeySpan Energy 12,960 16 2.1% 50.6%
PECO Energy Co. 12,531 17 2.1% 52.6%
DTE Energy Co. 11,671 18 1.9% 54.6%
PacifiCorp 11,624 19 1.9% 56.5%
Northeast Utilities 11,486 20 1.9% 58.4%
Reliant Energy, Inc. 10,333 21 1.7% 60.1%
Cinergy Corp. 9,878 22 1.6% 61.8%
PP&L Resources, Inc. 9,275 23 1.5% 63.3%
Carolina Power & Light Co. 9,139 24 1.5% 64.8%
Ameren Corp. 8,755 25 1.5% 66.3%
Western Resources, Inc. 8,543 26 1.4% 67.7%
Constellation Energy Group, Inc. 8,170 27 1.4% 69.0%
CMS Energy Corp. 7,709 28 1.3% 70.3%
New Century Energies, Inc. 7,553 29 1.3% 71.6%
Northern States Power Co. 7,457 30 1.2% 72.8%
Illinova Corp. 7,150 31 1.2% 74.0%
Pinnacle West Capital Corp. 6,528 32 1.1% 75.1%
Allegheny Energy, Inc. 6,426 33 1.1% 76.1%
Potomac Electric Power Co. 6,078 34 1.0% 77.1%
Conectiv 5,488 35 0.9% 78.1%
Florida Progress Corp. 5,123 36 0.8% 78.9%
Citizens Utilities Co. 5,113 37 0.8% 79.8%
Sempra Energy 5,009 38 0.8% 80.6%
Wisconsin Energy Corp. 4,839 39 0.8% 81.4%
Puget Sound Energy, Inc. 4,792 40 0.8% 82.2%
Sierra Pacific Resources 4,660 41 0.8% 83.0%
DQE, Inc. 4,624 42 0.8% 83.7%
Vectren 4,498 43 0.7% 84.5%
Alliant Energy Corp. 4,313 44 0.7% 85.2%
New England Electric System 4,114 45 0.7% 85.9%
LG&E Energy Corp. 4,056 46 0.7% 86.5%
UtiliCorp United, Inc. 3,996 47 0.7% 87.2%
Energy East Corp. 3,851 48 0.6% 87.8%
Columbia-NiSource 3,769 49 0.6% 88.5%
DPL, Inc. 3,625 50 0.6% 89.1%
MidAmerican Energy Holdings Co. 3,574 51 0.6% 89.7%
UniSource Energy Corp. 3,333 52 0.6% 90.2%
Enron Corp. 3,317 53 0.5% 90.8%
BEC Energy 3,171 54 0.5% 91.3%
TECO Energy, Inc. 2,958 55 0.5% 91.8%
Kansas City Power & Light Co. 2,845 56 0.5% 92.2%
PSC of New Mexico 2,728 57 0.5% 92.7%
Montana Power Co. 2,722 58 0.5% 93.1%
El Paso Electric Co. 2,675 59 0.4% 93.6%
Rochester Gas & Electric Corp. 2,492 60 0.4% 94.0%
IDACORP, Inc. 2,404 61 0.4% 94.4%
OGE Energy Corp. 2,396 62 0.4% 94.8%
Avista Corp. 2,320 63 0.4% 95.2%
CMP Group, Inc. 2,279 64 0.4% 95.6%
Hawaiian Electric Industries, Inc. 2,194 65 0.4% 95.9%
IPALCO Enterprises, Inc. 2,123 66 0.4% 96.3%
All others combined 22,440 3.7%
Total 603,118
</TABLE>
<TABLE>
<CAPTION>
Market Shares for Electric Companies 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>
AEP-C&SW 4,690 1 5.1% 5.1%
PG&E Corp. 4,536 2 4.9% 10.0%
Edison International 4,284 3 4.6% 14.6%
Southern Company 3,761 4 4.1% 18.7%
FPL Group, Inc. 3,615 5 3.9% 22.6%
Unicom Corp. 3,445 6 3.7% 26.3%
Consolidated Edison, Inc. 3,031 7 3.3% 29.6%
TXU 2,517 8 2.7% 32.3%
Entergy Corp. 2,482 9 2.7% 35.0%
FirstEnergy Corp. 2,161 10 2.3% 37.3%
DTE Energy Co. 2,062 11 2.2% 39.5%
GPU, Inc. 2,030 12 2.2% 41.7%
Dominion Resources, Inc. 1,977 13 2.1% 43.9%
Duke Energy Corp. 1,968 14 2.1% 46.0%
Public Service Enterprise Group, Inc. 1,911 15 2.1% 48.1%
Northeast Utilities 1,729 16 1.9% 49.9%
CMS Energy Corp. 1,628 17 1.8% 51.7%
Reliant Energy, Inc. 1,596 18 1.7% 53.4%
Niagara Mohawk Holdings, Inc. 1,551 19 1.7% 55.1%
Northern States Power Co. 1,547 20 1.7% 56.8%
New Century Energies, Inc. 1,545 21 1.7% 58.4%
Ameren Corp. 1,506 22 1.6% 60.1%
PECO Energy Co. 1,488 23 1.6% 61.7%
PacifiCorp 1,454 24 1.6% 63.2%
Cinergy Corp. 1,424 25 1.5% 64.8%
Allegheny Energy, Inc. 1,410 26 1.5% 66.3%
Florida Progress Corp. 1,341 27 1.4% 67.8%
PP&L Resources, Inc. 1,250 28 1.4% 69.1%
Sempra Energy 1,190 29 1.3% 70.4%
Carolina Power & Light Co. 1,169 30 1.3% 71.7%
Constellation Energy Group, Inc. 1,117 31 1.2% 72.9%
KeySpan Energy 1,042 32 1.1% 74.0%
New England Electric System 1,009 33 1.1% 75.1%
Wisconsin Energy Corp. 1,005 34 1.1% 76.2%
Conectiv 939 35 1.0% 77.2%
Alliant Energy Corp. 902 36 1.0% 78.2%
Puget Sound Energy, Inc. 882 37 1.0% 79.1%
LG&E Energy Corp. 832 38 0.9% 80.0%
Sierra Pacific Resources 825 39 0.9% 80.9%
Energy East Corp. 813 40 0.9% 81.8%
Pinnacle West Capital Corp. 778 41 0.8% 82.6%
OGE Energy Corp. 694 42 0.7% 83.4%
Enron Corp. 691 43 0.7% 84.1%
Potomac Electric Power Co. 690 44 0.7% 84.9%
BEC Energy 667 45 0.7% 85.6%
MidAmerican Energy Holdings Co. 651 46 0.7% 86.3%
Eastern Utilities Associates 641 47 0.7% 87.0%
Western Resources, Inc. 620 48 0.7% 87.6%
DQE, Inc. 581 49 0.6% 88.3%
UtiliCorp United, Inc. 576 50 0.6% 88.9%
Illinova Corp. 568 51 0.6% 89.5%
TECO Energy, Inc. 530 52 0.6% 90.1%
CMP Group, Inc. 530 53 0.6% 90.7%
Vectren 510 54 0.6% 91.2%
DPL, Inc. 488 55 0.5% 91.7%
Kansas City Power & Light Co. 448 56 0.5% 92.2%
WPS Resources Corp. 440 57 0.5% 92.7%
IPALCO Enterprises, Inc. 423 58 0.5% 93.2%
All others combined 6,335 6.8%
Total 92,522
</TABLE>