FINANCIAL HIGHTLIGHTS

YEAR ENDED DECEMBER 31   2003   2004   2005 IN MILLIONS OF DOLLARS (EXCEPT PER SHARE AMOUNTS)

Revenues $ 7,790 $ 7,999 $ 9,722 Operating Income   1,355   864   939 Income From Continuing Operations (1)   409   205   225

Per Share of Common Stock             Income From Continuing Operations, Basic (1)   1.35   0.67   0.72 Income From Continuing Operations, Diluted (1)   1.24   0.61   0.67 Book Value - Year End   5.77   3.59   4.18 Market Value - Year End   9.69   11.30   12.85 Common Dividend Paid   0.40   0.40   0.40

Capitalization             Transition Bonds (Includes Current Portion)   717   676   2,480 Other Long-term Debt (Includes Current Portion)   10,222   8,353   6,427 Common Stock Equity   1,760   1,106   1,296 Total Capitalization (Includes Current Portion)   12,699   10,135   10,203 Total Assets (2)   17,217   16,531   17,116 Capital Expenditures (2) $ 497 $ 530 $ 719               Common Stock Outstanding (3) (in thousands)   305,385   308,045   310,325 Number of Common Shareholders   63,660   59,448   55,294 Number of Employees   11,046   9,093   9,001

(1) Before Extraordinary Item. (2) Excluding discontinued operations.     See Footnote (3) in Form 10-K. (3) Excludes ESOP shares     of 911,847 at December 31, 2003.