Document:

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                                                                   Exhibit 10.27

Confidential Treatment. The portions of this exhibit that have been replaced
with "[*****]" have been filed separately with the Securities and Exchange
Commission and are the subject of an application for confidential treatment.

                              AMENDED AND RESTATED
                      FUEL CELL PRODUCT OPERATING AGREEMENT
                                  BY AND AMONG
          ECO FUEL CELLS, LLC, H POWER CORP. AND H POWER ENTERPRISES OF
                                  CANADA, INC.
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This Amended and Restated Fuel Cell Product Operating Agreement (this
"Agreement") is made this 9th day of March 2000, by and among ECO Fuel Cells,
LLC, a Delaware limited liability company, with its principal offices at 2201
Cooperative Way, Herndon, Virginia 20171-3025 ("ECO Fuel Cells"), H Power Corp.,
a Delaware corporation, with its principal offices at 1373 Broad Street,
Clifton, New Jersey 07013 and H Power Enterprises of Canada, Inc., a Canadian
corporation with its principal offices located in Montreal, Province of Quebec
(together with H Power Corp. "H Power"). ECO Fuel Cells and H Power are
individually referred to herein as "Party" and collectively as the "Parties".

WHEREAS: Energy Co-Opportunity, Inc. ("ECO") was formed on behalf of its member
rural electric cooperatives to provide them with assistance as they diversify
into new products and services;

WHEREAS: ECO and its member cooperatives wish to build on their long-standing
reputation for providing innovative energy solutions and reliable customer
services;

WHEREAS: ECO has formed ECO Fuel Cells as a wholly-owned subsidiary, to assist
ECO's members in creating new business opportunities in distributed power
generation provided by Fuel Cell Power Systems for Stationary Applications;

WHEREAS: H Power is a technological leader in commercializing low-power fuel
cell systems with a highly-skilled management and technical team and has been
developing high-power fuel cell systems for various uses, including stationary
power applications;

WHEREAS: ECO Fuel Cells and H Power Corp. entered into a Fuel Cell Product
Operating Agreement on July 29, 1999 (the "Operating Agreement") in order to
create a strategic, exclusive relationship in which ECO Fuel Cells agreed to
purchase, market and service H Power Corp's Fuel Cell Power Systems for
Stationary Applications in exchange for exclusive marketing, distribution and
servicing rights in all those areas in the United States now served by rural
electric cooperatives;

WHEREAS: The Parties modified and amended certain terms of the Operating
Agreement pursuant to an Addendum Agreement, dated as of August 25, 1999 (the
"Addendum Agreement," and together with the Operating Agreement, the "Prior
Agreements"); and

WHEREAS: The Parties desire to amend and restate the Prior Agreements as
hereinafter set forth.

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Confidential

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Now, therefore, in consideration of these premises and other good and valuable
consideration, the Parties hereby agree as follows:

ARTICLE 1. PURPOSE AND DEFINITIONS.

      The purpose of this Agreement is to establish a close relationship
between, ECO, ECO Fuel Cells and H Power, whereby H Power will use its best
efforts to develop, design and manufacture Fuel Cell Power Systems for
Stationary Applications that meet ECO's Cooperative Members' reasonable
requirements ("Fuel Cell Products"); and ECO Fuel Cells will purchase those Fuel
Cell Products exclusively from H Power and market them through Licensed Members,
all in accordance with the terms of this Agreement.

      For the purpose of this Agreement, "Fuel Cell Power System(s) for
Stationary Applications" shall mean fuel cell system(s) from 1kW to 25kW (of all
types except for direct methanol fuel cells), manufactured by H Power, that are
affixed and hard-wired to the premises or facility for the purpose of providing
primary or backup electric power for the premises or facility or their
appurtenances. Each Fuel Cell Power System for Stationary Applications shall be
ready for installation to customers' lines and shall contain all the electronic
and mechanical and other components required for normal operation, including if
necessary, but not limited to, the following: reformer, H2 purification unit, H2
storage unit, heat and water management system, batteries, controls and a power
management system; as well as all subsystems, components, sub- components, parts
and accessories for the Fuel Cell Power Systems.

      Throughout this Agreement, "Cooperative Members" shall mean any rural
electric cooperative, and members of ECO's corporate family, including corporate
affiliates of both. For the purpose of this Agreement, "Licensed Members" shall
mean ECO's Cooperative Members that have been assigned exclusive Distribution
Rights to the Fuel Cell Products by ECO Fuel Cells, for their respective service
territories under Article 3.A. or 3.B.

ARTICLE 2. COOPERATION BETWEEN THE PARTIES.

      In view of the purpose set forth above and because the Parties believe
that their individual strengths can create valuable synergies to achieve their
mutual goals, they believe that it is important to cooperate with each other in
the following areas:

      A.    INFORMATION SHARING. H Power will share with ECO Fuel Cells, market
            and technical data on the Fuel Cell Products in test and in the
            field, and ECO Fuel Cells will, and will require the Licensed
            Members to share with H Power information they may receive or
            develop with respect to field operation of the Fuel Cell Products.
            In response to requests, H Power agrees to advise ECO Fuel Cells of
            sales information, including volumes, types of units and purchasers
            and information developed on competitors' products and strategies
            and other information available to it that could assist ECO Fuel
            Cells in marketing and servicing the Fuel Cell Products and in
            training Licensed Members to market and

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            service the Fuel Cell Products. Both Parties shall otherwise be
            responsive to requests from the other for information pertinent to
            the purposes of this Agreement.

      B.    FUEL CELL PRODUCTS THAT MEET COOPERATIVES' NEEDS. H Power recognizes
            that it is important to meet the needs of the Licensed Members with
            respect to quantity, quality, design, price, serviceability and
            other standards for the Fuel Cell Products that are the subject of
            this Agreement. To this end, the Parties agree to cooperate with
            each other so as to enable H Power to develop, design and
            manufacture Fuel Cell Products that meet these needs.

      C.    FIELD-TESTING. ECO Fuel Cells will use its best efforts: 1. to place
            that number of Alpha and Beta Fuel Cell Product test units in the
            field with the Licensed Members in various Territories as specified
            in Schedule A, and 2. to arrange for the Licensed Members to monitor
            Fuel Cell Product performance and otherwise assist H Power in field
            testing the units in order to improve the Fuel Cell Products.

      D.    WAREHOUSING. ECO Fuel Cells will encourage the Licensed Members to
            make available warehouse facilities for H Power's use in order to
            facilitate the distribution of the Fuel Cell Products to ECO Fuel
            Cells and the Licensed Members. Reasonable cost-based fees may be
            negotiated by ECO Fuel Cells or Licensed Members for such services.

      E.    MARKETING, ADVERTISING, AND COMMUNICATION MATERIALS. ECO Fuel Cells
            and H Power will work together in a spirit of cooperation to produce
            effective marketing, advertising and communication materials with
            respect to the Fuel Cell Products that are the subject of this
            Agreement ("Marketing Materials"). Each Party will bear its own
            Marketing Materials costs and will own the Marketing Materials for
            which it pays. Each Party grants the other the right to use its
            Marketing Materials.

            ECO Fuel Cells and the Licensed Members shall be required to
            prominently display in their Marketing Materials which refer to the
            Fuel Cell Products the following phrase,"an H Power System", or such
            other words or phrases to which the Parties may hereafter agree.
            Additionally, H Power shall have the right to have its name, or the
            same or similar words and phrases utilized in ECO's, ECO Fuel Cells'
            and the Licensed Members' Marketing Materials, prominently displayed
            on the Fuel Cell Products.

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            ECO, ECO Fuel Cells and the Licensed Members shall have the right to
            display their name in Marketing Materials and have such name affixed
            on the Fuel Cell Products, provided that H Power's name is also
            displayed per the immediately preceding paragraph.

      F.    TRAINING AND SERVICING. ECO Fuel Cells may provide information and
            recommendations to H Power with respect to appropriate training for
            Fuel Cell Product installers and service personnel, and H Power
            agrees to consider all such information and recommendations
            submitted to it.

      G.    PRODUCTS PROVIDED. H Power shall provide the following products and
            services by the dates specified in Schedule A (as well as other
            products specified there):

            1.    Fuel Cell Products that heat water in addition to generating
                  electricity; and

            2.    H Power shall develop Fuel Cell Products with the necessary
                  controls and other equipment to allow full integration and
                  interface with the electric transmission and distribution
                  grid, including delivering electric power into the grid.

      H.    ADDITIONAL COOPERATION. The Parties shall cooperate with each other
            to execute such additional documents and take such additional
            actions as are necessary to carry out the provisions of this
            Agreement.

Article 3. Grant and Acceptance of Distribution Rights.

      A.    Exclusive Territory and Transfer of Distribution Rights.

            1.    GRANT AND ACCEPTANCE. H Power grants to ECO Fuel Cells and ECO
                  Fuel Cells accepts the exclusive right to sell, distribute,
                  lease, finance, service, and otherwise handle the Fuel Cell
                  Products ("Distribution Rights") in all the counties or part
                  thereof in the United States (including the District of
                  Columbia; and areas that are not a part of any county, such as
                  Arlington, VA) in which Cooperative Members provide were
                  providing energy services as of August 15, 1999 (including,
                  but not limited to electricity, natural gas, propane and other
                  fuels), as set forth in Schedule B ("Territory").

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            2.    EXCEPTIONS TO EXCLUSIVE TERRITORY. Notwithstanding anything to
                  the contrary herein:

                  a. TELECOMMUNICATIONS NATIONAL ACCOUNT SALES. H Power retains
                  the exclusive right to sell (but not for retail consumer
                  distribution) Fuel Cell Power Systems for Stationary
                  Applications to the national accounts of telecommunications
                  companies (including, but not limited to, Lucent and
                  Motorola), for systems that power telecommunications
                  equipment, either as the primary power source or as a backup
                  thereto. ECO Fuel Cells may, nevertheless, approach H Power
                  with specific proposals to sell to that market. In that event,
                  H Power has the right to refuse such sales, but H Powers'
                  approval for such sales will not be unreasonably withheld.

                  In any event, ECO Fuel Cells will be able to provide on an
                  exclusive basis, Fuel Cell Products to local
                  telecommunications companies that are not national accounts of
                  H Power.

                  b. INDIAN RESERVATIONS. ECO Fuel Cells and H Power shall both
                  have non-exclusive rights to sales of Fuel Cell Power Systems
                  for Stationary Applications on Indian reservations. These
                  sales shall not be subject to any payments for distribution
                  rights under Article 3.C.2. If, however, the Parties agree in
                  writing that ECO Fuel Cells can purchase exclusive territory
                  rights on Indian reservations, then such rights shall be
                  purchased subject to the payment provisions of Article 3.C.2.

            3.    ECO FUEL CELLS' ASSIGNMENT RIGHTS. It is ECO Fuel Cells'
                  intention to assign to Cooperative Members all or some of the
                  Distribution Rights granted herein. ECO Fuel Cells intends to
                  work with Cooperative Members to develop marketing
                  arrangements, which may result in several different
                  strategies. Therefore, to provide ECO Fuel Cells with the
                  necessary marketing and corporate structure flexibility, ECO
                  Fuel Cells shall have the right to assign, sell, license, or
                  otherwise transfer, all or any part of the Distribution Rights
                  to ECO, Licensed Members or to any other entity affiliated
                  with them. ECO Fuel Cells may also assign, sell, license, or
                  otherwise transfer such rights to a third party with the
                  consent of H Power, which consent shall not be unreasonably
                  withheld. All assignments of Distribution Rights by ECO Fuel
                  Cells shall be in writing and consistent with this Agreement.

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            4.    NON-COMPETITION.

                  a. H Power agrees that it will not sell the Fuel Cell Products
                  either directly or knowingly indirectly for use in the
                  Territory except to ECO Fuel Cells or to Licensed Members.

                  b. ECO Fuel Cells agrees that it will not sell the Fuel Cell
                  Products either directly or knowingly indirectly for use
                  outside the Territory; that it will not sell Fuel Cell Power
                  Systems (as Fuel Cell Power Systems are defined in Article 1.)
                  that compete with H Power's Fuel Cell Power Systems; that it
                  will not sell such Fuel Cell Power Systems (unless otherwise
                  agreed to by the Parties) in counties of Cooperative Members
                  to which no Distribution Rights have been assigned; and that
                  it will include the terms set forth in this paragraph in all
                  assignments of Distribution Rights to Cooperative Members.

                  c. In the event that ECO Fuel Cells or the Licensed Members
                  are able to purchase from third parties Fuel Cell Power
                  Systems for Stationary Applications that are: (1) comparable
                  or superior in quality and performance to H Power's Fuel Cell
                  Products; (2) at unit prices that are at least [*****] H
                  Power's unit prices; and (3) on terms and conditions that
                  otherwise are comparable to H Power's terms and conditions,
                  then ECO Fuel Cells shall so notify H Power in writing of such
                  event and if H Power does not, within 30 days after receipt of
                  said notice from ECO Fuel Cells, [*****], ECO Fuel Cells and
                  the Licensed Members may purchase those Fuel Cell Power
                  Systems for Stationary Applications from third parties and the
                  restrictions against selling fuel cells that compete with H
                  Power as set forth in paragraphs A. 4.a. and b. of this
                  Article 3. shall not apply. Thereafter, if ECO Fuel Cells and
                  the Licensed Members in total, [*****] from H Power during any
                  [*****] then the exclusive rights granted by Article 3.A.1.
                  shall terminate and all Territory under this Agreement shall
                  convert to non-exclusive, Other Territories status, as defined
                  in Article 3.B.

                  d. Notwithstanding anything to the contrary contained in this
                  Agreement (including all schedules, appendices and exhibits
                  hereto), subject only to H Power's compliance with its
                  covenants and agreements contained herein, ECO Fuel Cells will
                  purchase or will arrange to have Licensed Members

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                  purchase not less than12,300 Fuel Cell Products as provided in
                  Article 4A below.

            5.    FAIR PRICING.

                  In no event shall ECO Fuel Cells or Licensed Members pay more
                  for any of H Power's Fuel Cell Power System(s) and services
                  under this Agreement than others pay for similar quantities or
                  levels of service.

      B.    Other Territories. In all counties in the United States not listed
            in Schedule B (including the District of Columbia and areas that are
            not a part of any county, such as Arlington, VA, "Unlisted Area"),
            ECO Fuel Cells shall have a right of first refusal to purchase the
            Distribution Rights for such county or counties or part thereof, at
            prices and terms no less favorable than the best price and terms
            offered by H Power to others. ECO Fuel Cells shall have fourteen
            (14) calendars days from the day it receives written notice from H
            Power that H Power has received a bona fide offer for an "Unlisted
            Area", to match said bona fide offer. In the event ECO Fuel Cells
            matches said offer, ECO Fuel Cells' rights (including assignment
            rights) to those areas shall be exactly the same as if it were a
            Territory as set forth in Article 3, paragraph A.

      C.    Payment. ECO Fuel Cells will make the following payments to H Power
            for the Distribution Rights granted it by H Power:

            1.    Initial Payment. On the Effective Date of this Agreement, ECO
                  Fuel Cells will pay H Power two million, five hundred thousand
                  dollars ($2,500,000).

            2.    Payments Upon Assignment of Distribution Rights by ECO Fuel
                  Cells to ECO's Cooperative Members. ECO Fuel Cells intends to
                  assign its Distribution Rights to ECO's Cooperative Members on
                  a county by county basis (the District of Columbia and other
                  areas, e.g., Arlington, VA, that are not a part of any county
                  will be treated as a county for this purpose). All or part of
                  a county may be assigned. The Cooperative Member to which the
                  Distribution Rights have been assigned shall be deemed to be a
                  "Licensed Member". Within sixty (60) days of the closing of
                  each such assignment, ECO Fuel Cells will make a one time
                  payment of [*****] to H Power for each Occupied Housing unit
                  within each assigned county, or portion thereof, as reflected
                  in (a) the Census of Population and Housing, published by the
                  U.S. Bureau of the Census, or (b) if updated

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                  census statistics are published by the U.S. Bureau of the
                  Census before a particular sale of Distribution Rights occurs,
                  then the latest statistics available for Occupied Housing
                  units in that area. Except that, within Schedule B
                  territories, the amount will be [*****] for each Occupied
                  Housing unit in any area in which ECO's Cooperative Members
                  were not providing electric service as of August 15, 1999. If
                  a portion of a county is purchased, the payment shall be the
                  greater amount of: (a) a reasonable determination by ECO Fuel
                  Cells and H Power of the percentage of the assigned county
                  being purchased and multiplying that percentage by the number
                  of Occupied Housing units in that county according to the
                  latest census data; or (b) the total number of the Licensed
                  Member's customers that receive electric, natural gas or
                  propane service in the area purchased (without any double
                  counting of any customer) as reflected in the books and
                  records of the Licensed Member as of the time of the
                  assignment. This number shall be verified in writing by the
                  independent auditors of the Licensed Member at its next
                  regular audit, and such writing shall be provided to H Power
                  and ECO Fuel Cells.

            3.    Expiration of Exclusive Territory Rights. ECO Fuel Cells shall
                  have three (3) years from the date that Fuel Cell Products are
                  first available in commercial quantities, to assign to a
                  Licensed Member the exclusive Distribution Rights for any
                  county or part thereof listed in Schedule B of this Agreement.
                  Any county or part thereof that has not been assigned by that
                  date shall no longer be exclusive Territory to ECO Fuel Cells,
                  but shall revert to the non-exclusive, right of first refusal
                  status of Other Territories, as defined in Article 3. B.

      D.    Other H Power Products. H Power, upon written application by ECO
            Fuel Cells, will give favorable consideration to granting to ECO
            Fuel Cells and its Licensed Members distribution rights to H Power
            products or services other than Fuel Cell Power Systems for
            Stationary Applications, on an individual product or service basis.
            It shall be in H Power's sole discretion whether or not to grant
            such rights. In the event rights are granted by H Power, than ECO
            Fuel Cells or Licensed Members shall not pay more to H Power for
            those products to which rights have been granted than others pay for
            similar quantities or levels of those products or services.

      E.    Improvements. Any new or improved Fuel Cell Product, design,
            concept, or other invention (in whole or part thereof) made or
            developed by H Power, jointly by H Power with others, or jointly by
            H Power and ECO Fuel Cells in the course

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            of creation, development, distribution or operation of the Fuel Cell
            Products, will be promptly and completely disclosed to ECO Fuel
            Cells by H Power. The foregoing sentence is intended to include
            services and methods of operation. H Power will always make
            available to ECO Fuel Cells, at no greater than the same cost made
            available to any others, all improvements (in whole or part) to the
            Fuel Cell Products, all improved Fuel Cell Products, any accessories
            for the Fuel Cell Products, and any distribution or operational
            improvements.

      F.    Training. H Power and ECO Fuel Cells will cooperate to develop a
            standard program of training, to be held at H Power's expense at
            mutually agreed upon, intervals and locations, Travel and living
            expenses incurred by ECO Fuel Cells, and Licensed Members' personnel
            attending training seminars shall be the full responsibility of ECO
            Fuel Cells and the Licensed Members. The training seminars shall
            cover the sale, care, maintenance and use of the Fuel Cell Products.
            Extra training, beyond the standard program, shall be provided by H
            Power on a consulting basis for an additional, reasonable charge.

Article 4.  Fuel Cell Product Purchases.

      A.    Purchases. ECO Fuel Cells will purchase or will arrange to have
            Licensed Members purchase not less than 12,300 Fuel Cell Products
            from H Power for an aggregate purchase price of $81,180,000, in
            accordance with the delivery schedule set forth in Schedule A. ECO
            Fuel Cells shall confirm to H Power actual demand for commercial
            units five months prior to commencement of commercial production by
            H Power (which is anticipated to be approximately June 1, 2001). The
            parties shall consult with one another and mutually agree to review
            and update the delivery schedule with respect to budgetary
            commercial units on a quarterly basis; provided however, that ECO
            Fuel Cells shall request delivery and purchase the first 12,300
            units no later than the later to occur of (1) December 30, 2003 or
            (2) within 30 months of when the tenth commercial unit is shipped.
            In making these purchases, H Power will offer pricing and terms to
            ECO Fuel Cells and the Licensed Members which in the aggregate are
            no less favorable than the best pricing and terms offered to any
            other customer of H Power for similar quantities and levels of
            service.

            ECO Fuel Cells hereby covenants and agrees that during the term of
            this Agreement it will use its best efforts to sell, distribute,
            lease, finance, service, and otherwise handle the Fuel Cell Products
            in its Territory and will require the Licensed Members to do the
            same in their respective assigned territories.

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            ECO Fuel Cells shall use its best efforts to include in its
            assignments of Distribution Rights to Cooperative Members some sales
            quota arrangement, in order to encourage marketing activities.

      B.    Inspection.

            1.    During Alpha and Beta Fuel Cell Product Stages. During Alpha
                  and Beta Fuel Cell Products stages, such Fuel Products may be
                  shipped to ECO Fuel Cells or the Licensed Members in single
                  units or larger quantities. Purchasers shall have a reasonable
                  opportunity to inspect the Fuel Cell Products for compliance
                  with the standards in Schedule C. Therefore, once a Fuel Cell
                  Product is received, the purchaser will have thirty (30) days
                  in which to inspect the Fuel Cell Product for defects and to
                  notify H Power in writing of such defects.

            2.    Following Alpha and Beta Fuel Cell Products Stages. At such
                  time as any individual Fuel Cell Product has passed through
                  its Alpha and Beta stages and is commercialized, the purchaser
                  of such Fuel Cell Product will have seven (7) calendar days
                  from receipt in which to inspect the Fuel Cell Product for any
                  visible defects in the packaging for the units and to notify H
                  Power in writing of such defects.

            3.    Defects. If the Fuel Cell Product is damaged or otherwise does
                  not pass inspection and H Power has received written notice of
                  such fact within the time periods set forth in Subparagraphs
                  1. And 2. above, whichever may be applicable, then H Power
                  will have thirty (30) days to cure the problem at its own
                  expense (including shipping, servicing, parts, labor and all
                  other expenses). Notwithstanding the payment requirements as
                  set forth in Paragraph C, immediately hereinbelow, the
                  purchaser need not pay for a Fuel Cell Product that does not
                  pass inspection until the Fuel Cell Product is repaired,
                  replaced or shown to be operable by H Power to the purchaser's
                  reasonable satisfaction.

      C.    Payments for Fuel Cell Products.

            1.    During Alpha and Beta Fuel Cell Product States. During Alpha
                  and Beta stages, invoices submitted by H Power to ECO Fuel
                  Cells and the Licensed Members for Fuel Cell Products
                  purchased from H Power shall be paid within sixty (60) days of
                  the date of the invoices. Any invoices, or portions thereof,
                  not paid within this 60 day period are subject to interest

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                  at the rate of 1.5% per month. Should ECO or a Licensed Member
                  fail to pay any amounts due to H Power within the prescribed
                  sixty (60) days, and the failure is not cured within fifteen
                  (15) days after written notice of such failure, H Power may
                  commence collection procedures or judicial action, at law or
                  in equity, to collect such sums, damages, costs, liabilities
                  and expenses, including court costs and reasonable attorney's
                  fees.

            2.    Following Alpha and Beta Fuel Cell Product Stages. Following
                  the Alpha and Beta Fuel Cell Product stages, and when each
                  type of Fuel Cell Product is being produced on a commercial
                  basis, then invoices submitted by H Power to ECO Fuel Cells
                  and the Licensed Members for Fuel Cell Products purchased by
                  them shall be paid within thirty (30) days of the date of the
                  invoices. Any invoices, or portions thereof, not paid within
                  this 30-day period are subject to interest at the rate of 1.5%
                  per month. Should ECO Fuel Cells or Licensed Members fail to
                  pay any amounts due to H Power within the prescribed thirty
                  (30) days, and the failure is not cured within fifteen (15)
                  days after written notice of such failure, H Power may
                  commence collection procedures or judicial action, at law or
                  in equity, to collect such sums, damages, costs, liabilities
                  and expenses, including court costs and reasonable attorneys'
                  fees. In the event of two (2) or more consecutive failures to
                  make timely payments, or in the event of three failures in any
                  preceding twelve (12) month period, H Power shall have the
                  right to require the defaulting purchaser to prepay for all
                  other purchases made.

            3.    Royalty Payments. ECO Fuel Cells and the Licensed Members
                  shall be entitled to deduct from the per unit invoice price an
                  amount equal to the per unit royalty payment, if any, for
                  license of the [*****] U.S. Patent. Should the royalty
                  payments be a lump sum or upfront payment, the per unit
                  royalty shall be calculated based on projected sales for the
                  period of four years, or as the parties may otherwise agree.

            4.    Payments Due ECO Fuel Cells from H Power. The same payment
                  procedures outlined above shall apply for any payments that
                  are to be made by H Power to ECO Fuel Cells.

            5.    Failure to Deliver. If 1. H Power fails to deliver Fuel Cell
                  Products and services within the time specified in Schedule
                  A, Fuel Cell Products and Purchases; and 2. a purchase order
                  has been issued by ECO Fuel Cells or a Licensed Member and
                  accepted by H Power (which acceptance shall not be
                  unreasonably withheld); and

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            3. failure to deliver is not cured to ECO Fuel Cells' satisfaction
            within 30 days, then H Power shall pay, upon demand, to ECO Fuel
            Cells a late fee of [*****], of the price of such late unit, not to
            exceed [*****], in addition to any other damages.

Article 5. Fuel Cell Product Performance.

      In order to maintain the excellent reputation rural electric cooperatives
have for quality and service to their customers/owners, it is essential that any
Fuel Cell Products H Power sells to ECO Fuel Cells or the Licensed Members meet
the performance standards contained in the attached Schedule C, Performance
Standards.

Article 6. Public Communications.

      ECO Fuel Cells will have the right to review, in advance, published
materials (in any medium) prepared by H Power or at its direction, that are
distributed to the public by H Power, that discuss ECO, ECO Fuel Cells, ECO's
Cooperative Members, or the National Rural Utilities Cooperative Finance
Corporation (CFC). Once the language in such materials has been agreed to, such
approval will not be required for subsequent materials using similar language.
ECO Fuel Cells agrees to provide similar review and consent privileges to H
Power for materials it publishes discussing H Power.

Article 7. Term.

      This Agreement will be effective on the date specified in the first
paragraph of the Agreement and will remain in effect for a period of ten (10)
years following the date that H Power's tenth commercial unit is shipped to ECO
Fuel Cells and/or its Licensed Members. ECO Fuel Cells shall have an option to
renew this Agreement with the same terms for an additional ten (10)-year term
provided it notifies H Power in writing that it is exercising its option to
renew at least eighteen (18) months prior to the expiration of the initial term.

Article 8. Intellectual Property.

      A.    Power's Trademarks, License and Literature.

            1.    H Power's Representations. H Power represents and warrants to
                  ECO Fuel Cells that to the best of its knowledge, neither the
                  Fuel Cell Products nor ECO Fuel Cells (in connection with
                  performing marketing, distribution, and services as authorized
                  by H Power and by this Agreement) infringes any patent,
                  copyright, any other party's trade secret,

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                  and trademark of any person. H Power further represents and
                  warrants to ECO Fuel Cells, that to the best of its knowledge,
                  it is not using any unauthorized trade secrets or confidential
                  or proprietary information owned by any third party in
                  developing the Fuel Cell Products, or in assisting ECO Fuel
                  Cells in marketing, installing and servicing the Fuel Cell
                  Products, unless the trade secrets and confidential
                  information had been previously developed by H Power on its
                  own accord. H Power further represents and warrants that
                  neither H Power nor any company or individual performing
                  services or developing the Fuel Cell Products is under any
                  obligation to assign or give any development work done to any
                  third party. H Power further warrants that it shall have in
                  force valid assignment agreements with any of its employees or
                  subcontractors who may perform services or development of the
                  Fuel Cell Products.

                  After the Beta version and after the first commercial version
                  of Fuel Cell Products are produced, H Power shall obtain an
                  opinion of counsel as to whether they infringe any
                  intellectual property rights. ECO shall receive a copy of such
                  opinion letter. If infringement is suggested, H Power shall
                  cure. Such opinion shall be in sufficient detail that H Power
                  could rely on it to avoid a charge of willful infringement.

            2.    License of Required Intellectual Property. H Power hereby
                  grants to ECO Fuel Cells and the Licensed Members the right to
                  utilize, reproduce and distribute H Power literature relating
                  to the marketing, use and maintenance of the Fuel Cell
                  Products. Such literature may include, but not be limited to,
                  training manuals, maintenance manuals, Fuel Cell Product use
                  instructions, and warranties. All technical and other
                  proprietary information furnished to ECO Fuel Cells and the
                  Licensed Members shall be utilized solely for the purposes of
                  the Distribution Rights granted in this Agreement and not for
                  any other purposes.

                  To the extent that any other intellectual property rights of H
                  Power are needed for ECO Fuel Cells, the Licensed Members, or
                  their subcontractors to market, install and service Fuel Cell
                  Products or carry out the intent of any part of the Agreement,
                  H Power grants to all of them a non-exclusive license in the
                  intellectual property to be used solely for the purposes of
                  this Agreement.

                  ECO Fuel Cells' Trademark Rights. ECO Fuel Cells will have
                  the right to determine and own a name, logo, and other marks
                  ("Marks") under which the Fuel

                                       13
<PAGE>

                  Cell Products will be sold, assigned, licensed, or otherwise
                  distributed to Licensed Members and others in the territories
                  to which ECO Fuel Cells has or may obtain Distribution Rights
                  under this Agreement. ECO Fuel Cells may obtain trademark
                  protection for its Marks and will notify H Power at least
                  thirty (30) days prior to placing any mark in commerce or
                  filing for any trade or service mark protection.

Article 9. Manufacturer's Indemnification and Hold Harmless.

      H Power will indemnify, defend, hold harmless ECO, ECO Fuel Cells, and
Licensed Members for any loss, liability, damages, demands, cost, judgment,
award, expense, or claims, including reasonable attorney fees, which may at any
time be suffered or incurred by ECO Fuel Cells, or Licensed Members arising out
of the sale, resale, use, operation or failure to operate, repair, maintenance,
exportation, importation, promotion and distribution of the Fuel Cell Products
and accessories, or arising out of the use of marketing and promotional material
prepared by H Power, designations, names, brands, insignia, or trademarks which
identify the Fuel Cell Products, accessories or components thereof, or by reason
of or in consequence of defects or design flaws in the Fuel Cell Products or
accessories, or arising out of any claim of infringement of intellectual
property rights or misappropriation of proprietary rights, or arising out of any
claim for damages in connection with the use by anyone of any Fuel Cell Product
or accessory except not the extent that any such claim is based upon the alleged
gross negligence, including the unauthorized warranties, of ECO, ECO Fuel Cells,
Licensed Members, or their distributors, subcontractors or sublicensees. In the
event royalty damage, or punitive damage payments are payable to [*****], its
assignee or licensee on account of U.S. Patent [*****], such payments will be
borne exclusively by H Power.

Article 10. Environmental Liabilities.

      A.    As used in this Agreement, "hazardous material" means: (1) any
            chemical, substance, material, mixture, contaminant or pollutant,
            now or hereafter defined as a "hazardous substance" under the
            Comprehensive Environmental Response, Compensation and Liability
            Act, as amended from time to time, and all regulations thereunder,
            as amended from time to time; (2) petroleum, crude oil, or any
            fraction thereof; (3) any pollutant, contaminant, special waste or
            toxic substance now or hereinafter listed, defined by or subject to
            regulation under any federal, state or local statute, ordinance,
            rule, regulation, standard, policy, guidance, permit, order,
            administrative or judicial decision or pronouncement, previously,
            currently, or hereafter in effect, as amended from time to time,
            pertaining to health, safety, or the environment, including without
            limitation,

--------------------------------------------------------------------------------
Confidential                           14
<PAGE>

            natural resources, environmental regulation, contamination,
            pollution, cleanup, or disclosure.

      B.    H Power hereby releases and discharges ECO, ECO Fuel Cells and all
            its successors, representatives, assigns, customers and all Licensed
            Members from all claims, which H Power has or may have in the future
            against ECO Fuel Cells or a Licensed member arising from or relating
            in any way to the treatment, storage, disposal, handling, spillage,
            leakage or presence in any form in soils, surface waters,
            groundwaters, air, or property, of any wastes or "hazardous
            materials," unless such actions are caused by the willful conduct of
            ECO Fuel Cells or its Licensed Members.

      C.    H Power agrees to indemnify, hold harmless, and defend ECO, ECO Fuel
            Cells and their successors, representatives, subrogees, assigns,
            customers and all Licensed Members from any liability, claim, demand
            cause of action, suit, loss, damage, injury, expense, cost,
            settlement or judgment of any kind or nature including but not
            limited to demands, fines, remediations, or penalties asserted by
            any governmental entity, as a result of the treatment, storage,
            disposal, handling, spillage, leakage, or presence in any form in
            soils, surface waters, groundwater, air, or property, of any wastes
            or "hazardous materials" directly caused by Fuel Cell Products or
            operations, unless such actions are caused by the willful conduct of
            ECO Fuel Cells or its Licensed Members.

Article 11. General Representatives, Warranties and Covenants.

      A.    Performance and Merchantability. H Power warrants that the Fuel Cell
            Products will be built in a workmanlike manner and that the Fuel
            Cell Products will perform according to Performance Standards in
            Schedule C. H Power will correct any errors or discrepancies in the
            Fuel Cell Products that are identified by ECO Fuel Cells, the
            Licensed members or by H Power as soon as possible after ECO Fuel
            Cells or a Licensed Member informs H Power of any breach of this
            warranty. H Power expressly warrants that the Fuel Cell Products are
            merchantable and fit for the particular purpose for which they are
            designed, and these warranties will be extended to the end users of
            the Fuel Cell Products. H Power further warrants that the Fuel Cell
            Products have been designed by H Power without reliance on ECO, ECO
            Fuel Cells or Licensed Members and are provided to ECO, ECO Fuel
            Cells and Licensed Members with appropriate warnings and
            instructions.

                                       15
<PAGE>

      B.    Authority. Each Party represents and warrants to the other that it
            has provided truthful answers to due diligence questions and has all
            requisite power and authority: 1. to execute, deliver and perform
            this Agreement and all agreements, documents and instruments
            executed and delivered by each in connection with it; and that it
            has no conflicting arrangements or agreements with any other party;
            2. to own, lease or operate its property and assets; and 3. to carry
            on its business as presently conducted.

      C.    Liabilities. Each Party represents to the other that to the best of
            its knowledge, there is no outstanding or threatened judgment,
            litigation or proceeding of any type involving or affecting the
            transactions described in this Agreement, except as previously
            disclosed in writing to the other Party on or before Closing.

      D.    Legal Compliance. Each Party shall comply with all governmental
            (whether international, federal, state, municipal, or otherwise)
            statutes, laws, rules, regulations, ordinances, codes, directives
            and orders or any such governmental agency, body, or court
            applicable to it, including, but not limited to, environmental,
            worker safety, codes and standards, and hazardous materials.

      E.    Audit. Each Party at its own expense, shall have the right to audit
            the other's books and records at reasonable times and places, for
            information that is directly related to the subject matter of this
            Agreement.

Article 12. Insurance.

      H Power agrees to maintain the following minimum levels of insurance:
personal liability: $2,000,000; property liability: $1,000,000; directors and
officers liability: $2,000,000; product liability: $10,000,000 and shall include
ECO and ECO Fuel Cells as named insures. H Power shall provide ECO Fuel Cells at
closing with copies of the applicable policies covering these lines and written
proof from carriers that such policies are in force. ECO and ECO Fuel Cells
agree to carry appropriate insurance at levels that are acceptable to H Power.

Article 13. Confidentiality.

      The Parties shall hold in confidence all provisions of this Agreement and
all information provided by either Party to the other in connection with it. The
Parties agree that all information related to this Agreement, not otherwise
known to the public, is confidential and proprietary and is not to be disclosed
to third persons (other than to affiliates, officers, directors, employees and
agents of the Parties, each of whom is bound by this provision) without the
prior written consent of the other Party, except:

                                       16
<PAGE>

      A.    At the written direction of the other Party;

      1.    To the extent necessary to comply with law or valid order of a court
            of competent jurisdiction, in which event the party shall notify the
            other Party as promptly as practicable (and, if possible, prior to
            making any disclosure) and shall seek confidential treatment of the
            information;

      2.    As part of its normal reporting or review procedures to its parent
            company, Board of Directors, its auditors and its attorneys who
            agree to be bound by this provision;

      3.    In order to enforce any rights pursuant to this Agreement;

      4.    To obtain appropriate insurance, provided the insurance company
            agrees in writing to be bound by this provision;

      5.    To obtain financing, provided that any person or entity providing
            financing agrees in writing to be bound by this provision.

All provisions in this Agreement relating to the confidentiality of information
shall survive the termination, expiration, cancellation or rescission of this
Agreement for a period of five (5) years thereafter.

Article 14. Arbitration.

      The Parties agree that any and all controversies or claims arising out of
or relating to this Agreement, or any alleged breach hereof, may be resolved by
binding arbitration as prescribed herein, if both Parties agree. In that event,
the Parties will mutually agree upon one or more arbitrator(s), not to exceed
three, who will conduct the arbitration under the then current rules of the
American Arbitration Association ("AAA"), unless otherwise provided herein. The
arbitrator(s) will be selected in accordance with AAA procedures from a list of
qualified arbitrators maintained by AAA. The arbitration will be conducted in
Washington, D.C. and all expedited procedures prescribed under AAA rules will
apply. Unless the Parties otherwise agree, the proceedings will be completed
within forty-five (45) days of the Parties' receipt of notice of arbitration.
Each Party will bear its own costs and attorney's fees and disbursements; and
shall share equally the costs of the arbitrators.

Article 15. Termination.

      Either Party may terminate this Agreement under the following
circumstances:

                                       17
<PAGE>

      A.    If the other Party hereto shall become bankrupt or insolvent or
            shall file any debtor relief proceedings, or if there shall be filed
            in Court against the other Party legal proceedings in bankruptcy or
            insolvency or reorganization or for the appointment of a receiver or
            trustee of all or a portion of such other Party's property, or if
            the other Party makes an assignment for the benefit of creditors or
            petitions for or enters into an agreement for debtor relief, the
            other Party immediately shall notify the Party; and if such
            proceedings are not dismissed within a period of one hundred and
            fifty (150) days after the institution thereof. Any warranties and
            guarantees made to the terminating Party shall still survive such
            termination.

            H Power Corp. acknowledges and agrees that ECO Fuel Cells has
            assigned all of its right, title and interest in and to the
            Agreement to the National Rural Utilities Cooperative Finance
            Corporation ("CFC"), and that upon the occurrence of an event of
            default under the Agreement by ECO Fuel Cells, CFC shall have the
            right, but not the obligation, to exercise and perform all of the
            rights and obligations of ECO Fuel Cells under the Agreement.

      B.    Except for failure to perform due to force majeure events, in the
            event that the other Party breaches any other material term or
            condition of this Agreement and fails to cure such breach within
            sixty (60) days after receipt of written notice of the breach from
            the non-breaching Party, the non-breaching Party may terminate this
            Agreement upon sixty (60) days' advance written notice. In the event
            that either Party terminates, CFC shall immediately be notified in
            writing by the terminating Party.

Article 16. Other.

      A.    Notices. All notices or other documents that are required by this
            Agreement shall be in writing, and shall be personally served upon
            the parties entitled thereto or mailed, postage prepaid, by
            certified or registered mail, or sent via established and reliable
            courier or overnight service (e.g., FedEx), or by FAX or other
            electronic or telecommunications transmission in written form (with
            telecommunications confirmation of receipt in a clearly legible
            copy) to the recipient's business addressed to such person at the
            address specified in this Agreement, or address later specified by
            written notice by and to the Parties. Any notice or other
            communication by this method shall be deemed given at the time of
            sending or certification, except for a notice changing a Party's
            address which shall be deemed given at the time of receipt.

                                       18
<PAGE>

      B.    Governing Law. This Agreement, including any arbitration, shall be
            governed, construed, and interpreted in accordance with the internal
            laws of the Commonwealth of Virginia (without giving effect to
            principles of conflicts of law).

      C.    Waiver. Any waiver by either Party of a breach of this Agreement
            shall not operate as a waiver of any other provision. The failure of
            a Party to insist upon strict adherence to any term of this
            Agreement shall not be considered a waiver or deprive that Party of
            the right thereafter to insist on strict adherence to that term or
            any other term of the Agreement. Any waiver must be in writing.

      D.    Severability. Nothing contained in this Agreement shall be construed
            to require the commission of any act contrary to law, and wherever
            there is any conflict between any provision of this Agreement and
            any law, such law shall prevail; provided however, that in the event
            of any such conflict, the provisions of this Agreement shall be
            curtailed and limited only to the extent necessary to permit
            compliance with the minimum legal requirement, and no other
            provisions shall be affected thereby and all other provisions shall
            continue in full force and effect.

      E.    Taxes. Each Party is solely and entirely responsible for payment of
            any and all taxes (including, but not limited to, income, real
            property, personal property and gross receipts taxes) and
            contributions to government programs, that are applicable or related
            to the systems, operations, facilities and/or customers of such
            Party.

      F.    Party's Relationship. Neither Party by this Agreement makes the
            other Party its legal representative or agent, and neither Party has
            the right to obligate the other Party in any manner with respect to
            any third parties, except as specifically described herein.

      G.    Force Majeure. Any failure of delay of performance shall not be
            deemed a breach of this Agreement if it results from any acts of
            God, civil disorders, insurrections, riots, or wars, Year 2000
            failures, weather, fire, flood, national emergencies declared after
            the date of this Agreement, government order or regulation,
            blockade, embargo, strike, work stoppage or similar causes beyond
            the reasonable control of the Parties.

      H.    Integration of Agreement Provisions. All Schedules and any other
            attachments to this Agreement are incorporated as part of this
            Agreement; and the Agreement supercedes all previous understandings,
            commitments and representations,

                                       19
<PAGE>

            whether oral, written or other, concerning the subject matter. Each
            Party acknowledges that the other Party has not made any
            representations other than those provided in this Agreement.

      I.    Customs Duties. H. Power will be responsible for any customs
            documentation, labeling, processing, duties, charges, and taxes
            related to the importation of goods by H Power into the U.S. market
            in connection with this Agreement.

      J.    Modification. This Agreement may be modified only by a written
            instrument signed by the Parties.

                                       20
<PAGE>

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement.

Attest:                                ECO FUEL CELLS, LLC

By:__________________________             By: /s/ John McSweeney
                                              ----------------------------------
                                          Title: President and Chief Executive
                                                 Officer
                                                 -------------------------------

Attest:                                H POWER CORP.

By:__________________________             By: /s/ H. Frank Gibbard
                                              ----------------------------------

                                          Title: Chief Executive Officer
                                                 -------------------------------

Attest:                                H POWER ENTERPRISES OF CANADA, INC.

By:___________________________            By: /s/ H. Frank Gibbard
                                              ----------------------------------

                                          Title: President
                                                 -------------------------------

<PAGE>

                     Schedule A, Fuel Cell Products and Purchases

Alpha & Beta Units

<TABLE>
<CAPTION>
Shipment Date                                               Alpha Units     ECO     Alpha Units     ECO      Beta Units    ECO
X-Factory Mtl                   Product Type                  Propane    Purchases  Natural Gas  Purchases    Propane   Purchases
---------------------------------------------------------------------------------------------------------------------------------
   <C>            <S>                                         <C>         <C>         <C>         <C>         <C>        <C>
   [*****]        Residential Co-Generation Unit [*****]      [*****]     [*****]
   [*****]        Residential Co-Generation Unit [*****]      [*****]     [*****]
   [*****]        Residential Co-Generation Unit [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]      [*****]     [*****]
   [*****]        Residential Co-Generation Unit [*****]      [*****]     [*****]
   [*****]        Residential Co-Generation Unit [*****]      [*****]     [*****]     [*****]     [*****]
   [*****]        Residential Co-Generation Unit [*****]      [*****]                 [*****]     [*****]
   [*****]        Residential Co-Generation Unit [*****]                                                      [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]                                                      [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]                                                      [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]                                                      [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]                                                      [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]                                                      [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]                                                      [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]                                                      [*****]    [*****]
                                                              -------------------------------------------------------------------
                                                              [*****]     [*****]     [*****]     [*****]     [*****]    [*****]
                                                              ===================================================================

<CAPTION>
Shipment Date                                               Beta Units     ECO        Total         Total ECO      Price
X-Factory Mtl                   Product Type                Natural Gas Purchases     Units         Purchases       USD
-------------------------------------------------------------------------------------------------------------------------
   <C>            <S>                                        <C>        <C>          <C>             <C>          <C>
   [*****]        Residential Co-Generation Unit [*****]                             [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]                             [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]                             [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]                             [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]                             [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]                             [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]                             [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]     [*****]    [*****]      [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]     [*****]                 [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]     [*****]    [*****]      [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]     [*****]                 [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]     [*****]    [*****]      [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]     [*****]                 [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]     [*****]    [*****]      [*****]         [*****]      [*****]
   [*****]        Residential Co-Generation Unit [*****]     [*****]                 [*****]         [*****]      [*****]
                                                             -------------------------------
                                                             [*****]    [*****]      [*****]         [*****]
                                                             ===============================

<CAPTION>
Shipment Date                                                           $ ECO
X-Factory Mtl                   Product Type                          Purchases
--------------------------------------------------------------------------------
   <C>            <S>                                       <C>        <C>
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
   [*****]        Residential Co-Generation Unit [*****]    [*****]    [*****]
                                                            [*****]    [*****]

<CAPTION>
Commercial Units

                                                                                             Units
   Shipment Date                                                                        Propane and/or                    Price
   X-Factory Mtl                   Product Type                                           Natural Gas                      USD
---------------------------------------------------------------                         -----------------------------------------
      <C>            <S>                                                       <C>          <C>             <C>          <C>
      [*****]        Residential Co-Generation Unit [*****]                    [*****]      [*****]         [*****]      [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]      [*****]         [*****]      [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]      [*****]         [*****]      [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]      [*****]         [*****]      [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]      [*****]         [*****]      [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]      [*****]         [*****]      [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]      [*****]         [*****]      [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]      [*****]         [*****]      [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]      [*****]         [*****]      [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]      [*****]         [*****]      [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]      [*****]         [*****]      [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]      [*****]         [*****]      [*****]
                                                                               --------------------
                                                                               [*****]      [*****]         [*****]
                                                                               ====================

<CAPTION>

   Shipment Date                                                                               $ ECO
   X-Factory Mtl                   Product Type                                              Purchases
---------------------------------------------------------------
      <C>            <S>                                                       <C>            <C>
      [*****]        Residential Co-Generation Unit [*****]                    [*****]        [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]        [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]        [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]        [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]        [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]        [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]        [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]        [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]        [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]        [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]        [*****]
      [*****]        Residential Co-Generation Unit [*****]                    [*****]        [*****]

                                                                               [*****]        [*****]
</TABLE>

--------------------------------------------------------------------------------
Confidential

<PAGE>

                               Schedule B, Part I

                  Counties in Which Rural Electric Cooperatives
                            Provide Electric Service

Any county in which rural electric cooperatives provide electric service as of
August 15, 1999, but which is inadvertently not included on this list, shall be
deemed to be included.

<TABLE>
<CAPTION>
REANUM                  REC Name                                         COUNTY FIPS               CNTY NAME
------                  --------                                         -----------               ---------
<S>             <C>                                                          <C>                 <C>
AK002           Matanuska Electric Assn., Inc.                               02020               ANCHORAGE
AK002           Matanuska Electric Assn., Inc.                               02170               MATANUSKA SUSITNA
AK003           Kodiak Electric Assn., Inc.                                  02150               KODIAK ISLAND
AK005           Homer Electric Assn., Inc.                                   02122               KENAI PENINSULA
AK006           Golden Valley Electric Assn., Inc.                           02090               FAIRBANKS NORTH STAR
AK006           Golden Valley Electric Assn., Inc.                           02290               YUKON KOYUKUK
AK008           Chugach Electric Assn., Inc.                                 02020               ANCHORAGE
AK008           Chugach Electric Assn., Inc.                                 02122               KENAI PENINSULA
AK010           Naknek Electric Assn., Inc.                                  02060               BRISTOL BAY
AK011           Metlakatla Power & Light                                     02201               PRINCE O WALES-OUTER
AK013           Kotzebue Electric Assn., Inc.                                02140               KOBUK
AK018           Copper Valley Electric Assn., Inc.                           02261               VALDEZ CORDOVA
AK026           Nushagak Electric Co-op, Inc.                                02070               DILLINGHAM
AK027           Alaska Village Electric Co-op, Inc.                          02010               ALEUTIAN ISLANDS
AK027           Alaska Village Electric Co-op, Inc.                          02050               BETHEL
AK027           Alaska Village Electric Co-op, Inc.                          02070               DILLINGHAM
AK027           Alaska Village Electric Co-op, Inc.                          02140               KOBUK
AK027           Alaska Village Electric Co-op, Inc.                          02150               KODIAK ISLAND
AK027           Alaska Village Electric Co-op, Inc.                          02180               NOME
AK027           Alaska Village Electric Co-op, Inc.                          02270               WADE HAMPTON
AK027           Alaska Village Electric Co-op, Inc.                          02290               YUKON KOYUKUK
AK028           Tlingit-Haida Electrical Authority                           02201               PRINCE O WALES-OUTER
AK028           Tlingit-Haida Electrical Authority                           02230               SKAGWAY YAKUTAT ANGO
AK028           Tlingit-Haida Electrical Authority                           02280               WRANGELL PETERSBURG
AK030           Cordova Electric Cooperative                                 02261               VALDEZ CORDOVA
AL009           Clarke-Washington EMC                                        01003               BALDWIN
AL009           Clarke-Washington EMC                                        01025               CLARKE
AL009           Clarke-Washington EMC                                        01099               MONROE
AL009           Clarke-Washington EMC                                        01129               WASHINGTON
AL009           Clarke-Washington EMC                                        01131               WILCOX
AL018           Cullman Electric Cooperative                                 01043               CULLMAN
AL018           Cullman Electric Cooperative                                 01079               LAWRENCE
AL018           Cullman Electric Cooperative                                 01103               MORGAN
AL018           Cullman Electric Cooperative                                 01133               WINSTON
AL019           City of Athens Light & Water                                 01083               LIMESTONE
AL020           Baldwin County EMC                                           01003               BALDWIN
AL020           Baldwin County EMC                                           01099               MONROE
AL021           Cherokee Electric Co-op                                      01015               CALHOUN
AL021           Cherokee Electric Co-op                                      01019               CHEROKEE
AL021           Cherokee Electric Co-op                                      01049               DE KALB

                                       1
<PAGE>

AL021           Cherokee Electric Co-op                                      01055               ETOWAH
AL021           Cherokee Electric Co-op                                      01095               MARSHALL
AL022           Pioneer Electric Cooperative                                 01013               BUTLER
AL022           Pioneer Electric Cooperative                                 01035               CONECUH
AL022           Pioneer Electric Cooperative                                 01039               COVINGTON
AL022           Pioneer Electric Cooperative                                 01041               CRENSHAW
AL022           Pioneer Electric Cooperative                                 01047               DALLAS
AL022           Pioneer Electric Cooperative                                 01085               LOWNDES
AL022           Pioneer Electric Cooperative                                 01099               MONROE
AL022           Pioneer Electric Cooperative                                 01131               WILCOX
AL023           South Alabama Electric Co-op                                 01011               BULLOCK
AL023           South Alabama Electric Co-op                                 01013               BUTLER
AL023           South Alabama Electric Co-op                                 01031               COFFEE
AL023           South Alabama Electric Co-op                                 01041               CRENSHAW
AL023           South Alabama Electric Co-op                                 01101               MONTGOMERY
AL023           South Alabama Electric Co-op                                 01109               PIKE
AL025           Dixie Electric Co-op                                         01011               BULLOCK
AL025           Dixie Electric Co-op                                         01081               LEE
AL025           Dixie Electric Co-op                                         01085               LOWNDES
AL025           Dixie Electric Co-op                                         01087               MACON
AL025           Dixie Electric Co-op                                         01101               MONTGOMERY
AL025           Dixie Electric Co-op                                         01109               PIKE
AL025           Dixie Electric Co-op                                         01123               TALLAPOOSA
AL026           Pea River Electric Co-op                                     01005               BARBOUR
AL026           Pea River Electric Co-op                                     01045               DALE
AL026           Pea River Electric Co-op                                     01067               HENRY
AL027           Southern Pine Electric Co-op                                 01003               BALDWIN
AL027           Southern Pine Electric Co-op                                 01035               CONECUH
AL027           Southern Pine Electric Co-op                                 01039               COVINGTON
AL027           Southern Pine Electric Co-op                                 01053               ESCAMBIA
AL027           Southern Pine Electric Co-op                                 01099               MONROE
AL028           Tallapoosa River Electric Co-op                              01005               BARBOUR
AL028           Tallapoosa River Electric Co-op                              01017               CHAMBERS
AL028           Tallapoosa River Electric Co-op                              01027               CLAY
AL028           Tallapoosa River Electric Co-op                              01081               LEE
AL028           Tallapoosa River Electric Co-op                              01111               RANDOLPH
AL028           Tallapoosa River Electric Co-op                              01113               RUSSELL
AL028           Tallapoosa River Electric Co-op                              01123               TALLAPOOSA
AL029           Black Warrior EMC                                            01023               CHOCTAW
AL029           Black Warrior EMC                                            01025               CLARKE
AL029           Black Warrior EMC                                            01047               DALLAS
AL029           Black Warrior EMC                                            01063               GREENE
AL029           Black Warrior EMC                                            01065               HALE
AL029           Black Warrior EMC                                            01091               MARENGO
AL029           Black Warrior EMC                                            01105               PERRY
AL029           Black Warrior EMC                                            01107               PICKENS
AL029           Black Warrior EMC                                            01119               SUMTER
AL029           Black Warrior EMC                                            01125               TUSCALOOSA
AL029           Black Warrior EMC                                            01129               WASHINGTON
AL029           Black Warrior EMC                                            01131               WILCOX
AL030           Central Alabama Electric Co-op                               01001               AUTAUGA
AL030           Central Alabama Electric Co-op                               01021               CHILTON

                                       2
<PAGE>

AL030           Central Alabama Electric Co-op                               01037               COOSA
AL030           Central Alabama Electric Co-op                               01051               ELMORE
AL032           Wiregrass Electric Co-op, Inc.                               01031               COFFEE
AL032           Wiregrass Electric Co-op, Inc.                               01039               COVINGTON
AL032           Wiregrass Electric Co-op, Inc.                               01045               DALE
AL032           Wiregrass Electric Co-op, Inc.                               01061               GENEVA
AL032           Wiregrass Electric Co-op, Inc.                               01069               HOUSTON
AL033           Coosa Valley Electric Co-op, Inc.                            01015               CALHOUN
AL033           Coosa Valley Electric Co-op, Inc.                            01027               CLAY
AL033           Coosa Valley Electric Co-op, Inc.                            01055               ETOWAH
AL033           Coosa Valley Electric Co-op, Inc.                            01115               SAINT CLAIR
AL033           Coosa Valley Electric Co-op, Inc.                            01117               SHELBY
AL033           Coosa Valley Electric Co-op, Inc.                            01121               TALLADEGA
AL035           North Alabama Electric Co-op                                 01071               JACKSON
AL035           North Alabama Electric Co-op                                 01095               MARSHALL
AL036           Sand Mountain Electric Co-op                                 01049               DE KALB
AL036           Sand Mountain Electric Co-op                                 01071               JACKSON
AL036           Sand Mountain Electric Co-op                                 01095               MARSHALL
AL037           Joe Wheeler EMC                                              01079               LAWRENCE
AL037           Joe Wheeler EMC                                              01103               MORGAN
AL039           Tombigbee Electric Co-op, Inc.                               01057               FAYETTE
AL039           Tombigbee Electric Co-op, Inc.                               01075               LAMAR
AL039           Tombigbee Electric Co-op, Inc.                               01093               MARION
AL044           Covington Electric Co-op                                     01031               COFFEE
AL044           Covington Electric Co-op                                     01039               COVINGTON
AL044           Covington Electric Co-op                                     01041               CRENSHAW
AL044           Covington Electric Co-op                                     01045               DALE
AL044           Covington Electric Co-op                                     01053               ESCAMBIA
AL044           Covington Electric Co-op                                     01061               GENEVA
AL046           Franklin Electric Co-op, Inc.                                01033               COLBERT
AL046           Franklin Electric Co-op, Inc.                                01059               FRANKLIN
AL046           Franklin Electric Co-op, Inc.                                01079               LAWRENCE
AL047           Arab Electric Cooperative, Inc.                              01043               CULLMAN
AL047           Arab Electric Cooperative, Inc.                              01095               MARSHALL
AL047           Arab Electric Cooperative, Inc.                              01103               MORGAN
AL048           City of Florence Rural Elec.                                 01077               LAUDERDALE
AR009           Craighead Electric Co-op Corp.                               05031               CRAIGHEAD
AR009           Craighead Electric Co-op Corp.                               05035               CRITTENDEN
AR009           Craighead Electric Co-op Corp.                               05055               GREENE
AR009           Craighead Electric Co-op Corp.                               05063               INDEPENDENCE
AR009           Craighead Electric Co-op Corp.                               05075               LAWRENCE
AR009           Craighead Electric Co-op Corp.                               05111               POINSETT
AR009           Craighead Electric Co-op Corp.                               05121               RANDOLPH
AR009           Craighead Electric Co-op Corp.                               05135               SHARP
AR010           First Electric Co-op Corp.                                   05023               CLEBURNE
AR010           First Electric Co-op Corp.                                   05029               CONWAY
AR010           First Electric Co-op Corp.                                   05045               FAULKNER
AR010           First Electric Co-op Corp.                                   05051               GARLAND
AR010           First Electric Co-op Corp.                                   05053               GRANT
AR010           First Electric Co-op Corp.                                   05063               INDEPENDENCE
AR010           First Electric Co-op Corp.                                   05085               LONOKE
AR010           First Electric Co-op Corp.                                   05105               PERRY

                                       3
<PAGE>

AR010           First Electric Co-op Corp.                                   05117               PRAIRIE
AR010           First Electric Co-op Corp.                                   05119               PULASKI
AR010           First Electric Co-op Corp.                                   05125               SALINE
AR010           First Electric Co-op Corp.                                   05137               STONE
AR010           First Electric Co-op Corp.                                   05145               WHITE
AR010           First Electric Co-op Corp.                                   05149               YELL
AR011           Farmers Electric Co-op Corp.                                 05063               INDEPENDENCE
AR011           Farmers Electric Co-op Corp.                                 05067               JACKSON
AR011           Farmers Electric Co-op Corp.                                 05111               POINSETT
AR011           Farmers Electric Co-op Corp.                                 05145               WHITE
AR011           Farmers Electric Co-op Corp.                                 05147               WOODRUFF
AR012           Southwest Arkansas Elec. Co-op Corp                          05027               COLUMBIA
AR012           Southwest Arkansas Elec. Co-op Corp                          05057               HEMPSTEAD
AR012           Southwest Arkansas Elec. Co-op Corp                          05061               HOWARD
AR012           Southwest Arkansas Elec. Co-op Corp                          05073               LAFAYETTE
AR012           Southwest Arkansas Elec. Co-op Corp                          05081               LITTLE RIVER
AR012           Southwest Arkansas Elec. Co-op Corp                          05091               MILLER
AR012           Southwest Arkansas Elec. Co-op Corp                          05113               POLK
AR012           Southwest Arkansas Elec. Co-op Corp                          05133               SEVIER
AR012           Southwest Arkansas Elec. Co-op Corp                          40089               MCCURTAIN
AR012           Southwest Arkansas Elec. Co-op Corp                          48037               BOWIE
AR013           Arkansas Valley Elec. Co-op Corp.                            05033               CRAWFORD
AR013           Arkansas Valley Elec. Co-op Corp.                            05047               FRANKLIN
AR013           Arkansas Valley Elec. Co-op Corp.                            05071               JOHNSON
AR013           Arkansas Valley Elec. Co-op Corp.                            05083               LOGAN
AR013           Arkansas Valley Elec. Co-op Corp.                            05087               MADISON
AR013           Arkansas Valley Elec. Co-op Corp.                            05101               NEWTON
AR013           Arkansas Valley Elec. Co-op Corp.                            05115               POPE
AR013           Arkansas Valley Elec. Co-op Corp.                            05127               SCOTT
AR013           Arkansas Valley Elec. Co-op Corp.                            05131               SEBASTIAN
AR013           Arkansas Valley Elec. Co-op Corp.                            05149               YELL
AR013           Arkansas Valley Elec. Co-op Corp.                            40001               ADAIR
AR013           Arkansas Valley Elec. Co-op Corp.                            40079               LEFLORE
AR013           Arkansas Valley Elec. Co-op Corp.                            40135               SEQUOYAH
AR015           Woodruff Electric Co-op Corp.                                05037               CROSS
AR015           Woodruff Electric Co-op Corp.                                05077               LEE
AR015           Woodruff Electric Co-op Corp.                                05095               MONROE
AR015           Woodruff Electric Co-op Corp.                                05107               PHILLIPS
AR015           Woodruff Electric Co-op Corp.                                05117               PRAIRIE
AR015           Woodruff Electric Co-op Corp.                                05123               SAINT FRANCIS
AR015           Woodruff Electric Co-op Corp.                                05147               WOODRUFF
AR018           Carroll Electric Co-op Corp.                                 05007               BENTON
AR018           Carroll Electric Co-op Corp.                                 05009               BOONE
AR018           Carroll Electric Co-op Corp.                                 05015               CARROLL
AR018           Carroll Electric Co-op Corp.                                 05087               MADISON
AR018           Carroll Electric Co-op Corp.                                 05101               NEWTON
AR018           Carroll Electric Co-op Corp.                                 05115               POPE
AR018           Carroll Electric Co-op Corp.                                 05143               WASHINGTON
AR018           Carroll Electric Co-op Corp.                                 29009               BARRY
AR018           Carroll Electric Co-op Corp.                                 29209               STONE
AR018           Carroll Electric Co-op Corp.                                 29213               TANEY
AR021           C & L Electric Co-op Corp.                                   05011               BRADLEY

                                       4
<PAGE>

AR021           C & L Electric Co-op Corp.                                   05025               CLEVELAND
AR021           C & L Electric Co-op Corp.                                   05039               DALLAS
AR021           C & L Electric Co-op Corp.                                   05041               DESHA
AR021           C & L Electric Co-op Corp.                                   05043               DREW
AR021           C & L Electric Co-op Corp.                                   05053               GRANT
AR021           C & L Electric Co-op Corp.                                   05069               JEFFERSON
AR021           C & L Electric Co-op Corp.                                   05079               LINCOLN
AR022           Clay County Electric Co-op Corp.                             05021               CLAY
AR022           Clay County Electric Co-op Corp.                             05055               GREENE
AR022           Clay County Electric Co-op Corp.                             05121               RANDOLPH
AR022           Clay County Electric Co-op Corp.                             29023               BUTLER
AR022           Clay County Electric Co-op Corp.                             29149               OREGON
AR022           Clay County Electric Co-op Corp.                             29181               RIPLEY
AR023           Mississippi County Elec. Co-op                               05093               MISSISSIPPI
AR024           Ozarks Electric Co-op Corp.                                  05007               BENTON
AR024           Ozarks Electric Co-op Corp.                                  05033               CRAWFORD
AR024           Ozarks Electric Co-op Corp.                                  05047               FRANKLIN
AR024           Ozarks Electric Co-op Corp.                                  05087               MADISON
AR024           Ozarks Electric Co-op Corp.                                  05143               WASHINGTON
AR024           Ozarks Electric Co-op Corp.                                  40001               ADAIR
AR024           Ozarks Electric Co-op Corp.                                  40021               CHEROKEE
AR024           Ozarks Electric Co-op Corp.                                  40041               DELAWARE
AR026           North Arkansas Electric Co-op, Inc.                          05005               BAXTER
AR026           North Arkansas Electric Co-op, Inc.                          05049               FULTON
AR026           North Arkansas Electric Co-op, Inc.                          05065               IZARD
AR026           North Arkansas Electric Co-op, Inc.                          05089               MARION
AR026           North Arkansas Electric Co-op, Inc.                          05135               SHARP
AR026           North Arkansas Electric Co-op, Inc.                          05137               STONE
AR027           Ouachita Electric Co-op Corp.                                05011               BRADLEY
AR027           Ouachita Electric Co-op Corp.                                05013               CALHOUN
AR027           Ouachita Electric Co-op Corp.                                05039               DALLAS
AR027           Ouachita Electric Co-op Corp.                                05099               NEVADA
AR027           Ouachita Electric Co-op Corp.                                05103               OUACHITA
AR028           Petit Jean Electric Co-op                                    05023               CLEBURNE
AR028           Petit Jean Electric Co-op                                    05029               CONWAY
AR028           Petit Jean Electric Co-op                                    05045               FAULKNER
AR028           Petit Jean Electric Co-op                                    05089               MARION
AR028           Petit Jean Electric Co-op                                    05101               NEWTON
AR028           Petit Jean Electric Co-op                                    05115               POPE
AR028           Petit Jean Electric Co-op                                    05129               SEARCY
AR028           Petit Jean Electric Co-op                                    05137               STONE
AR028           Petit Jean Electric Co-op                                    05141               VAN BUREN
AR029           South Central Arkansas Elec. Co-op                           05019               CLARK
AR029           South Central Arkansas Elec. Co-op                           05039               DALLAS
AR029           South Central Arkansas Elec. Co-op                           05057               HEMPSTEAD
AR029           South Central Arkansas Elec. Co-op                           05059               HOT SPRING
AR029           South Central Arkansas Elec. Co-op                           05061               HOWARD
AR029           South Central Arkansas Elec. Co-op                           05097               MONTGOMERY
AR029           South Central Arkansas Elec. Co-op                           05099               NEVADA
AR029           South Central Arkansas Elec. Co-op                           05109               PIKE
AR030           Riceland Electric Cooperative                                05001               ARKANSAS
AR030           Riceland Electric Cooperative                                05069               JEFFERSON

                                       5
<PAGE>

AR030           Riceland Electric Cooperative                                05085               LONOKE
AR030           Riceland Electric Cooperative                                05095               MONROE
AR030           Riceland Electric Cooperative                                05117               PRAIRIE
AR031           Ashley-Chicot Electric Co-op, Inc.                           05003               ASHLEY
AR031           Ashley-Chicot Electric Co-op, Inc.                           05017               CHICOT
AR031           Ashley-Chicot Electric Co-op, Inc.                           05043               DREW
AR031           Ashley-Chicot Electric Co-op, Inc.                           22067               MOREHOUSE
AR033           Rich Mountain Electric Co-op, Inc.                           05061               HOWARD
AR033           Rich Mountain Electric Co-op, Inc.                           05097               MONTGOMERY
AR033           Rich Mountain Electric Co-op, Inc.                           05113               POLK
AR033           Rich Mountain Electric Co-op, Inc.                           05133               SEVIER
AR033           Rich Mountain Electric Co-op, Inc.                           40079               LEFLORE
AR033           Rich Mountain Electric Co-op, Inc.                           40089               MCCURTAIN
AZ013           Navopache Electric Co-op, Inc.                               04001               APACHE
AZ013           Navopache Electric Co-op, Inc.                               04007               GILA
AZ013           Navopache Electric Co-op, Inc.                               04011               GREENLEE
AZ013           Navopache Electric Co-op, Inc.                               04017               NAVAJO
AZ013           Navopache Electric Co-op, Inc.                               35003               CATRON
AZ014           Sulphur Springs Valley Elec. Co-op                           04003               COCHISE
AZ014           Sulphur Springs Valley Elec. Co-op                           04009               GRAHAM
AZ014           Sulphur Springs Valley Elec. Co-op                           04019               PIMA
AZ014           Sulphur Springs Valley Elec. Co-op                           04023               SANTA CRUZ
AZ017           Graham County Electric Co-op, Inc.                           04009               GRAHAM
AZ020           Trico Electric Co-op, Inc.                                   04019               PIMA
AZ020           Trico Electric Co-op, Inc.                                   04021               PINAL
AZ020           Trico Electric Co-op, Inc.                                   04023               SANTA CRUZ
AZ022           Mohave Electric Co-op, Inc.                                  04005               COCONINO
AZ022           Mohave Electric Co-op, Inc.                                  04015               MOHAVE
AZ022           Mohave Electric Co-op, Inc.                                  04025               YAVAPAI
AZ023           Duncan Valley Electric Co-op, Inc.                           04009               GRAHAM
AZ023           Duncan Valley Electric Co-op, Inc.                           04011               GREENLEE
AZ023           Duncan Valley Electric Co-op, Inc.                           35017               GRANT
AZ023           Duncan Valley Electric Co-op, Inc.                           35023               HIDALGO
AZ026           Wellton-Mohawk Irr. & Drainage                               04027               YUMA
AZ027           Navajo Tribal Utility Authority                              04001               APACHE
AZ027           Navajo Tribal Utility Authority                              04005               COCONINO
AZ027           Navajo Tribal Utility Authority                              04017               NAVAJO
AZ027           Navajo Tribal Utility Authority                              35031               MCKINLEY
AZ027           Navajo Tribal Utility Authority                              35045               SAN JUAN
AZ029           Electrical District #2                                       04021               PINAL
AZ030           Tohono O'odham Utility Authority                             04013               MARICOPA
AZ030           Tohono O'odham Utility Authority                             04019               PIMA
AZ030           Tohono O'odham Utility Authority                             04021               PINAL
CA006           Surprise Valley Electrification                              06035               LASSEN
CA006           Surprise Valley Electrification                              06049               MODOC
CA006           Surprise Valley Electrification                              32031               WASHOE
CA006           Surprise Valley Electrification                              41037               LAKE
CA016           Plumas-Sierra Rural Electric Co-op                           06035               LASSEN
CA016           Plumas-Sierra Rural Electric Co-op                           06063               PLUMAS
CA016           Plumas-Sierra Rural Electric Co-op                           06091               SIERRA
CA016           Plumas-Sierra Rural Electric Co-op                           32031               WASHOE
CA041           Anza Electric Co-op, Inc.                                    06065               RIVERSIDE

                                       6
<PAGE>

CA044           Truckee-Donner PUD                                           06057               NEVADA
CA044           Truckee-Donner PUD                                           06061               PLACER
CO007           Grand Valley Rural Power Lines                               08029               DELTA
CO007           Grand Valley Rural Power Lines                               08045               GARFIELD
CO007           Grand Valley Rural Power Lines                               08077               MESA
CO014           San Luis Valley REC, Inc.                                    08003               ALAMOSA
CO014           San Luis Valley REC, Inc.                                    08021               CONEJOS
CO014           San Luis Valley REC, Inc.                                    08023               COSTILLA
CO014           San Luis Valley REC, Inc.                                    08053               HINSDALE
CO014           San Luis Valley REC, Inc.                                    08079               MINERAL
CO014           San Luis Valley REC, Inc.                                    08105               RIO GRANDE
CO014           San Luis Valley REC, Inc.                                    08109               SAGUACHE
CO015           Morgan County REA                                            08001               ADAMS
CO015           Morgan County REA                                            08005               ARAPAHOE
CO015           Morgan County REA                                            08075               LOGAN
CO015           Morgan County REA                                            08087               MORGAN
CO015           Morgan County REA                                            08121               WASHINGTON
CO015           Morgan County REA                                            08123               WELD
CO016           Intermountain REA                                            08001               ADAMS
CO016           Intermountain REA                                            08005               ARAPAHOE
CO016           Intermountain REA                                            08019               CLEAR CREEK
CO016           Intermountain REA                                            08035               DOUGLAS
CO016           Intermountain REA                                            08039               ELBERT
CO016           Intermountain REA                                            08041               EL PASO
CO016           Intermountain REA                                            08043               FREMONT
CO016           Intermountain REA                                            08059               JEFFERSON
CO016           Intermountain REA                                            08093               PARK
CO016           Intermountain REA                                            08119               TELLER
CO017           Southeast Colorado Power Assn.                               08009               BACA
CO017           Southeast Colorado Power Assn.                               08011               BENT
CO017           Southeast Colorado Power Assn.                               08017               CHEYENNE
CO017           Southeast Colorado Power Assn.                               08025               CROWLEY
CO017           Southeast Colorado Power Assn.                               08041               EL PASO
CO017           Southeast Colorado Power Assn.                               08061               KIOWA
CO017           Southeast Colorado Power Assn.                               08071               LAS ANIMAS
CO017           Southeast Colorado Power Assn.                               08073               LINCOLN
CO017           Southeast Colorado Power Assn.                               08089               OTERO
CO017           Southeast Colorado Power Assn.                               08099               PROWERS
CO017           Southeast Colorado Power Assn.                               08101               PUEBLO
CO018           Gunnison County Electric Assn.                               08051               GUNNISON
CO018           Gunnison County Electric Assn.                               08053               HINSDALE
CO018           Gunnison County Electric Assn.                               08109               SAGUACHE
CO020           Delta-Montrose Electric Assn.                                08029               DELTA
CO020           Delta-Montrose Electric Assn.                                08051               GUNNISON
CO020           Delta-Montrose Electric Assn.                                08085               MONTROSE
CO022           United Power, Inc.                                           08001               ADAMS
CO022           United Power, Inc.                                           08013               BOULDER
CO022           United Power, Inc.                                           08047               GILPIN
CO022           United Power, Inc.                                           08059               JEFFERSON
CO022           United Power, Inc.                                           08123               WELD
CO025           San Isabel Electric Assn.                                    08023               COSTILLA
CO025           San Isabel Electric Assn.                                    08027               CUSTER

                                       7
<PAGE>

CO025           San Isabel Electric Assn.                                    08043               FREMONT
CO025           San Isabel Electric Assn.                                    08055               HUERFANO
CO025           San Isabel Electric Assn.                                    08071               LAS ANIMAS
CO025           San Isabel Electric Assn.                                    08089               OTERO
CO025           San Isabel Electric Assn.                                    08101               PUEBLO
CO026           San Miguel Power Assn., Inc.                                 08033               DOLORES
CO026           San Miguel Power Assn., Inc.                                 08077               MESA
CO026           San Miguel Power Assn., Inc.                                 08085               MONTROSE
CO026           San Miguel Power Assn., Inc.                                 08091               OURAY
CO026           San Miguel Power Assn., Inc.                                 08111               SAN JUAN
CO026           San Miguel Power Assn., Inc.                                 08113               SAN MIGUEL
CO029           Highline Electric Association                                08075               LOGAN
CO029           Highline Electric Association                                08087               MORGAN
CO029           Highline Electric Association                                08095               PHILLIPS
CO029           Highline Electric Association                                08115               SEDGWICK
CO029           Highline Electric Association                                08121               WASHINGTON
CO029           Highline Electric Association                                08123               WELD
CO029           Highline Electric Association                                08125               YUMA
CO029           Highline Electric Association                                31029               CHASE
CO029           Highline Electric Association                                31049               DEUEL
CO029           Highline Electric Association                                31057               DUNDY
CO029           Highline Electric Association                                31135               PERKINS
CO031           Poudre Valley REA, Inc.                                      08013               BOULDER
CO031           Poudre Valley REA, Inc.                                      08069               LARIMER
CO031           Poudre Valley REA, Inc.                                      08123               WELD
CO032           La Plata Electric Assn., Inc.                                08007               ARCHULETA
CO032           La Plata Electric Assn., Inc.                                08053               HINSDALE
CO032           La Plata Electric Assn., Inc.                                08067               LA PLATA
CO032           La Plata Electric Assn., Inc.                                08079               MINERAL
CO032           La Plata Electric Assn., Inc.                                08111               SAN JUAN
CO032           La Plata Electric Assn., Inc.                                35039               RIO ARRIBA
CO033           Empire Electric Assn., Inc.                                  08033               DOLORES
CO033           Empire Electric Assn., Inc.                                  08083               MONTEZUMA
CO033           Empire Electric Assn., Inc.                                  08113               SAN MIGUEL
CO033           Empire Electric Assn., Inc.                                  49037               SAN JUAN
CO034           Holy Cross Electric Assn., Inc.                              08037               EAGLE
CO034           Holy Cross Electric Assn., Inc.                              08045               GARFIELD
CO034           Holy Cross Electric Assn., Inc.                              08051               GUNNISON
CO034           Holy Cross Electric Assn., Inc.                              08097               PITKIN
CO035           Sangre De Cristo Electric Assn.                              08015               CHAFFEE
CO035           Sangre De Cristo Electric Assn.                              08027               CUSTER
CO035           Sangre De Cristo Electric Assn.                              08043               FREMONT
CO035           Sangre De Cristo Electric Assn.                              08065               LAKE
CO035           Sangre De Cristo Electric Assn.                              08109               SAGUACHE
CO036           Yampa Valley Electric Assn., Inc.                            08037               EAGLE
CO036           Yampa Valley Electric Assn., Inc.                            08049               GRAND
CO036           Yampa Valley Electric Assn., Inc.                            08081               MOFFAT
CO036           Yampa Valley Electric Assn., Inc.                            08103               RIO BLANCO
CO036           Yampa Valley Electric Assn., Inc.                            08107               ROUTT
CO036           Yampa Valley Electric Assn., Inc.                            56007               CARBON
CO037           Mountain View Electric Assn., Inc.                           08005               ARAPAHOE

                                       8
<PAGE>

CO037           Mountain View Electric Assn., Inc.                           08035               DOUGLAS
CO037           Mountain View Electric Assn., Inc.                           08039               ELBERT
CO037           Mountain View Electric Assn., Inc.                           08041               EL PASO
CO037           Mountain View Electric Assn., Inc.                           08073               LINCOLN
CO037           Mountain View Electric Assn., Inc.                           08101               PUEBLO
CO037           Mountain View Electric Assn., Inc.                           08121               WASHINGTON
CO038           Y. W. Electric Assn., Inc.                                   08063               KIT CARSON
CO038           Y. W. Electric Assn., Inc.                                   08121               WASHINGTON
CO038           Y. W. Electric Assn., Inc.                                   08125               YUMA
CO039           K. C. Electric Association                                   08017               CHEYENNE
CO039           K. C. Electric Association                                   08063               KIT CARSON
CO039           K. C. Electric Association                                   08073               LINCOLN
CO040           White River Electric Assn., Inc.                             08045               GARFIELD
CO040           White River Electric Assn., Inc.                             08081               MOFFAT
CO040           White River Electric Assn., Inc.                             08103               RIO BLANCO
CO042           Mountain Parks Electric, Inc.                                08049               GRAND
CO042           Mountain Parks Electric, Inc.                                08057               JACKSON
CO042           Mountain Parks Electric, Inc.                                08069               LARIMER
CO042           Mountain Parks Electric, Inc.                                08107               ROUTT
CO042           Mountain Parks Electric, Inc.                                08117               SUMMIT
DE002           Delaware Electric Co-op, Inc.                                10001               KENT
DE002           Delaware Electric Co-op, Inc.                                10005               SUSSEX
FL014           Clay Electric Co-op, Inc.                                    12001               ALACHUA
FL014           Clay Electric Co-op, Inc.                                    12003               BAKER
FL014           Clay Electric Co-op, Inc.                                    12007               BRADFORD
FL014           Clay Electric Co-op, Inc.                                    12019               CLAY
FL014           Clay Electric Co-op, Inc.                                    12023               COLUMBIA
FL014           Clay Electric Co-op, Inc.                                    12031               DUVAL
FL014           Clay Electric Co-op, Inc.                                    12069               LAKE
FL014           Clay Electric Co-op, Inc.                                    12075               LEVY
FL014           Clay Electric Co-op, Inc.                                    12083               MARION
FL014           Clay Electric Co-op, Inc.                                    12107               PUTNAM
FL014           Clay Electric Co-op, Inc.                                    12125               UNION
FL014           Clay Electric Co-op, Inc.                                    12127               VOLUSIA
FL015           Suwannee Valley Electric Co-op                               12023               COLUMBIA
FL015           Suwannee Valley Electric Co-op                               12047               HAMILTON
FL015           Suwannee Valley Electric Co-op                               12067               LAFAYETTE
FL015           Suwannee Valley Electric Co-op                               12121               SUWANNEE
FL016           Sumter Electric Co-op, Inc.                                  12017               CITRUS
FL016           Sumter Electric Co-op, Inc.                                  12053               HERNANDO
FL016           Sumter Electric Co-op, Inc.                                  12069               LAKE
FL016           Sumter Electric Co-op, Inc.                                  12075               LEVY
FL016           Sumter Electric Co-op, Inc.                                  12083               MARION
FL016           Sumter Electric Co-op, Inc.                                  12101               PASCO
FL016           Sumter Electric Co-op, Inc.                                  12119               SUMTER
FL017           West Florida Electric Co-op Assn.                            12013               CALHOUN
FL017           West Florida Electric Co-op Assn.                            12059               HOLMES
FL017           West Florida Electric Co-op Assn.                            12063               JACKSON
FL017           West Florida Electric Co-op Assn.                            12133               WASHINGTON
FL022           Escambia River Electric Co-op, Inc.                          12033               ESCAMBIA
FL022           Escambia River Electric Co-op, Inc.                          12113               SANTA ROSA
FL023           Central Florida Electric Co-op                               12001               ALACHUA
FL023           Central Florida Electric Co-op                               12017               CITRUS

                                       9
<PAGE>

FL023           Central Florida Electric Co-op                               12029               DIXIE
FL023           Central Florida Electric Co-op                               12041               GILCHRIST
FL023           Central Florida Electric Co-op                               12075               LEVY
FL024           Florida Keys Electric Co-op Assn.                            12087               MONROE
FL026           Peace River Electric Co-op, Inc.                             12009               BREVARD
FL026           Peace River Electric Co-op, Inc.                             12027               DE SOTO
FL026           Peace River Electric Co-op, Inc.                             12049               HARDEE
FL026           Peace River Electric Co-op, Inc.                             12055               HIGHLANDS
FL026           Peace River Electric Co-op, Inc.                             12057               HILLSBOROUGH
FL026           Peace River Electric Co-op, Inc.                             12061               INDIAN RIVER
FL026           Peace River Electric Co-op, Inc.                             12081               MANATEE
FL026           Peace River Electric Co-op, Inc.                             12097               OSCEOLA
FL026           Peace River Electric Co-op, Inc.                             12105               POLK
FL026           Peace River Electric Co-op, Inc.                             12115               SARASOTA
FL028           Tri-County Electric Co-op, Inc.                              12029               DIXIE
FL028           Tri-County Electric Co-op, Inc.                              12065               JEFFERSON
FL028           Tri-County Electric Co-op, Inc.                              12067               LAFAYETTE
FL028           Tri-County Electric Co-op, Inc.                              12079               MADISON
FL028           Tri-County Electric Co-op, Inc.                              12123               TAYLOR
FL029           Talquin Electric Co-op, Inc.                                 12039               GADSEN
FL029           Talquin Electric Co-op, Inc.                                 12073               LEON
FL029           Talquin Electric Co-op, Inc.                                 12077               LIBERTY
FL029           Talquin Electric Co-op, Inc.                                 12129               WAKULLA
FL030           Choctawhatchee Electric Co-op, Inc.                          12059               HOLMES
FL030           Choctawhatchee Electric Co-op, Inc.                          12091               OKALOOSA
FL030           Choctawhatchee Electric Co-op, Inc.                          12113               SANTA ROSA
FL030           Choctawhatchee Electric Co-op, Inc.                          12131               WALTON
FL033           Withlacoochee River Electric Co-op                           12017               CITRUS
FL033           Withlacoochee River Electric Co-op                           12053               HERNANDO
FL033           Withlacoochee River Electric Co-op                           12101               PASCO
FL033           Withlacoochee River Electric Co-op                           12105               POLK
FL033           Withlacoochee River Electric Co-op                           12119               SUMTER
FL034           Gulf Coast Electric Co-op, Inc.                              12005               BAY
FL034           Gulf Coast Electric Co-op, Inc.                              12013               CALHOUN
FL034           Gulf Coast Electric Co-op, Inc.                              12045               GULF
FL034           Gulf Coast Electric Co-op, Inc.                              12063               JACKSON
FL034           Gulf Coast Electric Co-op, Inc.                              12131               WALTON
FL034           Gulf Coast Electric Co-op, Inc.                              12133               WASHINGTON
FL035           Glades Electric Co-op, Inc.                                  12021               COLLIER
FL035           Glades Electric Co-op, Inc.                                  12043               GLADES
FL035           Glades Electric Co-op, Inc.                                  12051               HENDRY
FL035           Glades Electric Co-op, Inc.                                  12055               HIGHLANDS
FL035           Glades Electric Co-op, Inc.                                  12093               OKEECHOBEE
GA007           North Georgia EMC                                            13047               CATOOSA
GA007           North Georgia EMC                                            13055               CHATTOOGA
GA007           North Georgia EMC                                            13115               FLOYD
GA007           North Georgia EMC                                            13129               GORDON
GA007           North Georgia EMC                                            13213               MURRAY
GA007           North Georgia EMC                                            13295               WALKER
GA007           North Georgia EMC                                            13313               WHITFIELD
GA008           Rayle EMC                                                    13059               CLARKE
GA008           Rayle EMC                                                    13133               GREENE

                                       10
<PAGE>

GA008           Rayle EMC                                                    13141               HANCOCK
GA008           Rayle EMC                                                    13181               LINCOLN
GA008           Rayle EMC                                                    13195               MADISON
GA008           Rayle EMC                                                    13211               MORGAN
GA008           Rayle EMC                                                    13219               OCONEE
GA008           Rayle EMC                                                    13221               OGLETHORPE
GA008           Rayle EMC                                                    13265               TALIAFERRO
GA008           Rayle EMC                                                    13317               WILKES
GA017           Planters EMC                                                 13031               BULLOCH
GA017           Planters EMC                                                 13033               BURKE
GA017           Planters EMC                                                 13103               EFFINGHAM
GA017           Planters EMC                                                 13107               EMANUEL
GA017           Planters EMC                                                 13165               JENKINS
GA017           Planters EMC                                                 13245               RICHMOND
GA017           Planters EMC                                                 13251               SCREVEN
GA020           Troup Electric Membership Corp.                              01017               CHAMBERS
GA020           Troup Electric Membership Corp.                              13077               COWETA
GA020           Troup Electric Membership Corp.                              13145               HARRIS
GA020           Troup Electric Membership Corp.                              13149               HEARD
GA020           Troup Electric Membership Corp.                              13199               MERIWETHER
GA020           Troup Electric Membership Corp.                              13215               MUSCOGEE
GA020           Troup Electric Membership Corp.                              13285               TROUP
GA022           Colquitt EMC                                                 13019               BERRIEN
GA022           Colquitt EMC                                                 13027               BROOKS
GA022           Colquitt EMC                                                 13071               COLQUITT
GA022           Colquitt EMC                                                 13075               COOK
GA022           Colquitt EMC                                                 13185               LOWNDES
GA022           Colquitt EMC                                                 13277               TIFT
GA022           Colquitt EMC                                                 13321               WORTH
GA031           Upson County EMC                                             13079               CRAWFORD
GA031           Upson County EMC                                             13199               MERIWETHER
GA031           Upson County EMC                                             13231               PIKE
GA031           Upson County EMC                                             13263               TALBOT
GA031           Upson County EMC                                             13269               TAYLOR
GA031           Upson County EMC                                             13293               UPSON
GA034           Carroll EMC                                                  13045               CARROLL
GA034           Carroll EMC                                                  13143               HARALSON
GA034           Carroll EMC                                                  13149               HEARD
GA034           Carroll EMC                                                  13223               PAULDING
GA034           Carroll EMC                                                  13233               POLK
GA034           Carroll EMC                                                  13285               TROUP
GA035           Walton EMC                                                   13013               BARROW
GA035           Walton EMC                                                   13059               CLARKE
GA035           Walton EMC                                                   13089               DEKALB
GA035           Walton EMC                                                   13133               GREENE
GA035           Walton EMC                                                   13135               GWINNETT
GA035           Walton EMC                                                   13211               MORGAN
GA035           Walton EMC                                                   13217               NEWTON
GA035           Walton EMC                                                   13219               OCONEE
GA035           Walton EMC                                                   13247               ROCKDALE
GA035           Walton EMC                                                   13297               WALTON
GA037           GreyStone Power Corporation                                  13015               BARTOW

                                       11
<PAGE>

GA037           GreyStone Power Corporation                                  13045               CARROLL
GA037           GreyStone Power Corporation                                  13067               COBB
GA037           GreyStone Power Corporation                                  13097               DOUGLAS
GA037           GreyStone Power Corporation                                  13113               FAYETTE
GA037           GreyStone Power Corporation                                  13121               FULTON
GA037           GreyStone Power Corporation                                  13223               PAULDING
GA039           Hart EMC                                                     13011               BANKS
GA039           Hart EMC                                                     13105               ELBERT
GA039           Hart EMC                                                     13119               FRANKLIN
GA039           Hart EMC                                                     13147               HART
GA039           Hart EMC                                                     13195               MADISON
GA039           Hart EMC                                                     13257               STEPHENS
GA042           Altamaha EMC                                                 13107               EMANUEL
GA042           Altamaha EMC                                                 13167               JOHNSON
GA042           Altamaha EMC                                                 13175               LAURENS
GA042           Altamaha EMC                                                 13209               MONTGOMERY
GA042           Altamaha EMC                                                 13267               TATTNALL
GA042           Altamaha EMC                                                 13279               TOOMBS
GA042           Altamaha EMC                                                 13283               TREUTLEN
GA045           Sumter EMC                                                   13053               CHATTAHOOCHEE
GA045           Sumter EMC                                                   13095               DOUGHERTY
GA045           Sumter EMC                                                   13177               LEE
GA045           Sumter EMC                                                   13197               MARION
GA045           Sumter EMC                                                   13239               QUITMAN
GA045           Sumter EMC                                                   13243               RANDOLPH
GA045           Sumter EMC                                                   13249               SCHLEY
GA045           Sumter EMC                                                   13259               STEWART
GA045           Sumter EMC                                                   13261               SUMTER
GA045           Sumter EMC                                                   13273               TERRELL
GA045           Sumter EMC                                                   13307               WEBSTER
GA051           Snapping Shoals EMC                                          13035               BUTTS
GA051           Snapping Shoals EMC                                          13089               DEKALB
GA051           Snapping Shoals EMC                                          13151               HENRY
GA051           Snapping Shoals EMC                                          13159               JASPER
GA051           Snapping Shoals EMC                                          13211               MORGAN
GA051           Snapping Shoals EMC                                          13217               NEWTON
GA051           Snapping Shoals EMC                                          13247               ROCKDALE
GA051           Snapping Shoals EMC                                          13297               WALTON
GA058           Central Georgia EMC                                          13021               BIBB
GA058           Central Georgia EMC                                          13035               BUTTS
GA058           Central Georgia EMC                                          13063               CLAYTON
GA058           Central Georgia EMC                                          13113               FAYETTE
GA058           Central Georgia EMC                                          13151               HENRY
GA058           Central Georgia EMC                                          13159               JASPER
GA058           Central Georgia EMC                                          13169               JONES
GA058           Central Georgia EMC                                          13171               LAMAR
GA058           Central Georgia EMC                                          13207               MONROE
GA058           Central Georgia EMC                                          13211               MORGAN
GA058           Central Georgia EMC                                          13217               NEWTON
GA058           Central Georgia EMC                                          13231               PIKE
GA058           Central Georgia EMC                                          13237               PUTNAM
GA058           Central Georgia EMC                                          13255               SPALDING

                                       12
<PAGE>

GA065           Irwin EMC                                                    13017               BEN HILL
GA065           Irwin EMC                                                    13019               BERRIEN
GA065           Irwin EMC                                                    13069               COFFEE
GA065           Irwin EMC                                                    13155               IRWIN
GA065           Irwin EMC                                                    13277               TIFT
GA065           Irwin EMC                                                    13287               TURNER
GA065           Irwin EMC                                                    13315               WILCOX
GA065           Irwin EMC                                                    13321               WORTH
GA066           Flint EMC                                                    13021               BIBB
GA066           Flint EMC                                                    13053               CHATTAHOOCHEE
GA066           Flint EMC                                                    13079               CRAWFORD
GA066           Flint EMC                                                    13093               DOOLY
GA066           Flint EMC                                                    13145               HARRIS
GA066           Flint EMC                                                    13153               HOUSTON
GA066           Flint EMC                                                    13193               MACON
GA066           Flint EMC                                                    13197               MARION
GA066           Flint EMC                                                    13215               MUSCOGEE
GA066           Flint EMC                                                    13225               PEACH
GA066           Flint EMC                                                    13249               SCHLEY
GA066           Flint EMC                                                    13261               SUMTER
GA066           Flint EMC                                                    13263               TALBOT
GA066           Flint EMC                                                    13269               TAYLOR
GA066           Flint EMC                                                    13293               UPSON
GA067           Satilla REMC                                                 13001               APPLING
GA067           Satilla REMC                                                 13003               ATKINSON
GA067           Satilla REMC                                                 13005               BACON
GA067           Satilla REMC                                                 13025               BRANTLEY
GA067           Satilla REMC                                                 13069               COFFEE
GA067           Satilla REMC                                                 13161               JEFF DAVIS
GA067           Satilla REMC                                                 13229               PIERCE
GA067           Satilla REMC                                                 13299               WARE
GA067           Satilla REMC                                                 13305               WAYNE
GA068           Grady EMC                                                    13027               BROOKS
GA068           Grady EMC                                                    13071               COLQUITT
GA068           Grady EMC                                                    13087               DECATUR
GA068           Grady EMC                                                    13131               GRADY
GA068           Grady EMC                                                    13205               MITCHELL
GA068           Grady EMC                                                    13275               THOMAS
GA069           Washington EMC                                               13009               BALDWIN
GA069           Washington EMC                                               13107               EMANUEL
GA069           Washington EMC                                               13125               GLASCOCK
GA069           Washington EMC                                               13141               HANCOCK
GA069           Washington EMC                                               13167               JOHNSON
GA069           Washington EMC                                               13175               LAURENS
GA069           Washington EMC                                               13301               WARREN
GA069           Washington EMC                                               13303               WASHINGTON
GA070           Mitchell  EMC                                                13007               BAKER
GA070           Mitchell  EMC                                                13037               CALHOUN
GA070           Mitchell  EMC                                                13071               COLQUITT
GA070           Mitchell  EMC                                                13087               DECATUR
GA070           Mitchell  EMC                                                13095               DOUGHERTY
GA070           Mitchell  EMC                                                13099               EARLY

                                       13
<PAGE>

GA070           Mitchell  EMC                                                13131               GRADY
GA070           Mitchell  EMC                                                13177               LEE
GA070           Mitchell  EMC                                                13201               MILLER
GA070           Mitchell  EMC                                                13205               MITCHELL
GA070           Mitchell  EMC                                                13277               TIFT
GA070           Mitchell  EMC                                                13287               TURNER
GA070           Mitchell  EMC                                                13321               WORTH
GA073           Ocmulgee EMC                                                 13023               BLECKLEY
GA073           Ocmulgee EMC                                                 13091               DODGE
GA073           Ocmulgee EMC                                                 13175               LAURENS
GA073           Ocmulgee EMC                                                 13235               PULASKI
GA073           Ocmulgee EMC                                                 13271               TELFAIR
GA074           Jefferson EMC                                                13033               BURKE
GA074           Jefferson EMC                                                13073               COLUMBIA
GA074           Jefferson EMC                                                13107               EMANUEL
GA074           Jefferson EMC                                                13125               GLASCOCK
GA074           Jefferson EMC                                                13163               JEFFERSON
GA074           Jefferson EMC                                                13165               JENKINS
GA074           Jefferson EMC                                                13167               JOHNSON
GA074           Jefferson EMC                                                13189               MCDUFFIE
GA074           Jefferson EMC                                                13245               RICHMOND
GA074           Jefferson EMC                                                13301               WARREN
GA074           Jefferson EMC                                                13303               WASHINGTON
GA075           Lamar EMC                                                    13021               BIBB
GA075           Lamar EMC                                                    13077               COWETA
GA075           Lamar EMC                                                    13079               CRAWFORD
GA075           Lamar EMC                                                    13171               LAMAR
GA075           Lamar EMC                                                    13199               MERIWETHER
GA075           Lamar EMC                                                    13207               MONROE
GA075           Lamar EMC                                                    13231               PIKE
GA075           Lamar EMC                                                    13255               SPALDING
GA075           Lamar EMC                                                    13293               UPSON
GA077           Sawnee EMC                                                   13057               CHEROKEE
GA077           Sawnee EMC                                                   13085               DAWSON
GA077           Sawnee EMC                                                   13117               FORSYTH
GA077           Sawnee EMC                                                   13121               FULTON
GA077           Sawnee EMC                                                   13135               GWINNETT
GA077           Sawnee EMC                                                   13139               HALL
GA077           Sawnee EMC                                                   13187               LUMPKIN
GA078           Habersham EMC                                                13137               HABERSHAM
GA078           Habersham EMC                                                13139               HALL
GA078           Habersham EMC                                                13187               LUMPKIN
GA078           Habersham EMC                                                13241               RABUN
GA078           Habersham EMC                                                13257               STEPHENS
GA078           Habersham EMC                                                13311               WHITE
GA081           Blue Ridge Mountain EMC                                      13111               FANNIN
GA081           Blue Ridge Mountain EMC                                      13123               GILMER
GA081           Blue Ridge Mountain EMC                                      13281               TOWNS
GA081           Blue Ridge Mountain EMC                                      13291               UNION
GA081           Blue Ridge Mountain EMC                                      37039               CHEROKEE
GA081           Blue Ridge Mountain EMC                                      37043               CLAY
GA083           Jackson EMC                                                  13011               BANKS

                                       14
<PAGE>

GA083           Jackson EMC                                                  13013               BARROW
GA083           Jackson EMC                                                  13059               CLARKE
GA083           Jackson EMC                                                  13119               FRANKLIN
GA083           Jackson EMC                                                  13135               GWINNETT
GA083           Jackson EMC                                                  13139               HALL
GA083           Jackson EMC                                                  13157               JACKSON
GA083           Jackson EMC                                                  13187               LUMPKIN
GA083           Jackson EMC                                                  13195               MADISON
GA083           Jackson EMC                                                  13221               OGLETHORPE
GA084           Cobb EMC                                                     13015               BARTOW
GA084           Cobb EMC                                                     13057               CHEROKEE
GA084           Cobb EMC                                                     13067               COBB
GA084           Cobb EMC                                                     13121               FULTON
GA084           Cobb EMC                                                     13223               PAULDING
GA086           Three Notch EMC                                              13007               BAKER
GA086           Three Notch EMC                                              13061               CLAY
GA086           Three Notch EMC                                              13087               DECATUR
GA086           Three Notch EMC                                              13099               EARLY
GA086           Three Notch EMC                                              13201               MILLER
GA086           Three Notch EMC                                              13253               SEMINOLE
GA087           Canoochee EMC                                                13029               BRYAN
GA087           Canoochee EMC                                                13031               BULLOCH
GA087           Canoochee EMC                                                13051               CHATHAM
GA087           Canoochee EMC                                                13107               EMANUEL
GA087           Canoochee EMC                                                13109               EVANS
GA087           Canoochee EMC                                                13179               LIBERTY
GA087           Canoochee EMC                                                13183               LONG
GA087           Canoochee EMC                                                13267               TATTNALL
GA087           Canoochee EMC                                                13279               TOOMBS
GA088           Little Ocmulgee EMC                                          13091               DODGE
GA088           Little Ocmulgee EMC                                          13175               LAURENS
GA088           Little Ocmulgee EMC                                          13209               MONTGOMERY
GA088           Little Ocmulgee EMC                                          13271               TELFAIR
GA088           Little Ocmulgee EMC                                          13309               WHEELER
GA090           Excelsior EMC                                                13029               BRYAN
GA090           Excelsior EMC                                                13031               BULLOCH
GA090           Excelsior EMC                                                13043               CANDLER
GA090           Excelsior EMC                                                13103               EFFINGHAM
GA090           Excelsior EMC                                                13107               EMANUEL
GA090           Excelsior EMC                                                13109               EVANS
GA090           Excelsior EMC                                                13165               JENKINS
GA090           Excelsior EMC                                                13267               TATTNALL
GA091           Oconee EMC                                                   13009               BALDWIN
GA091           Oconee EMC                                                   13021               BIBB
GA091           Oconee EMC                                                   13023               BLECKLEY
GA091           Oconee EMC                                                   13091               DODGE
GA091           Oconee EMC                                                   13175               LAURENS
GA091           Oconee EMC                                                   13289               TWIGGS
GA091           Oconee EMC                                                   13319               WILKINSON
GA092           Okefenoke REMC                                               12003               BAKER
GA092           Okefenoke REMC                                               12031               DUVAL
GA092           Okefenoke REMC                                               12089               NASSAU

                                       15
<PAGE>

GA092           Okefenoke REMC                                               13025               BRANTLEY
GA092           Okefenoke REMC                                               13039               CAMDEN
GA092           Okefenoke REMC                                               13049               CHARLTON
GA092           Okefenoke REMC                                               13127               GLYNN
GA092           Okefenoke REMC                                               13299               WARE
GA092           Okefenoke REMC                                               13305               WAYNE
GA094           Tri-County EMC                                               13009               BALDWIN
GA094           Tri-County EMC                                               13021               BIBB
GA094           Tri-County EMC                                               13159               JASPER
GA094           Tri-County EMC                                               13169               JONES
GA094           Tri-County EMC                                               13211               MORGAN
GA094           Tri-County EMC                                               13237               PUTNAM
GA094           Tri-County EMC                                               13289               TWIGGS
GA094           Tri-County EMC                                               13319               WILKINSON
GA095           Slash Pine EMC                                               13019               BERRIEN
GA095           Slash Pine EMC                                               13049               CHARLTON
GA095           Slash Pine EMC                                               13065               CLINCH
GA095           Slash Pine EMC                                               13101               ECHOLS
GA095           Slash Pine EMC                                               13173               LANIER
GA095           Slash Pine EMC                                               13185               LOWNDES
GA095           Slash Pine EMC                                               13299               WARE
GA096           Amicalola EMC                                                13015               BARTOW
GA096           Amicalola EMC                                                13057               CHEROKEE
GA096           Amicalola EMC                                                13085               DAWSON
GA096           Amicalola EMC                                                13111               FANNIN
GA096           Amicalola EMC                                                13117               FORSYTH
GA096           Amicalola EMC                                                13123               GILMER
GA096           Amicalola EMC                                                13129               GORDON
GA096           Amicalola EMC                                                13187               LUMPKIN
GA096           Amicalola EMC                                                13213               MURRAY
GA096           Amicalola EMC                                                13227               PICKENS
GA097           Middle Georgia EMC                                           13017               BEN HILL
GA097           Middle Georgia EMC                                           13093               DOOLY
GA097           Middle Georgia EMC                                           13153               HOUSTON
GA097           Middle Georgia EMC                                           13193               MACON
GA097           Middle Georgia EMC                                           13235               PULASKI
GA097           Middle Georgia EMC                                           13287               TURNER
GA097           Middle Georgia EMC                                           13315               WILCOX
GA098           Pataula EMC                                                  13037               CALHOUN
GA098           Pataula EMC                                                  13061               CLAY
GA098           Pataula EMC                                                  13239               QUITMAN
GA098           Pataula EMC                                                  13243               RANDOLPH
GA098           Pataula EMC                                                  13259               STEWART
GA099           Coastal EMC                                                  13029               BRYAN
GA099           Coastal EMC                                                  13179               LIBERTY
GA099           Coastal EMC                                                  13183               LONG
GA099           Coastal EMC                                                  13191               MCINTOSH
GA103           Coweta-Fayette EMC                                           13063               CLAYTON
GA103           Coweta-Fayette EMC                                           13077               COWETA
GA103           Coweta-Fayette EMC                                           13113               FAYETTE
GA103           Coweta-Fayette EMC                                           13121               FULTON
GA103           Coweta-Fayette EMC                                           13149               HEARD

                                       16
<PAGE>

GA103           Coweta-Fayette EMC                                           13199               MERIWETHER
GA103           Coweta-Fayette EMC                                           13255               SPALDING
GA103           Coweta-Fayette EMC                                           13285               TROUP
GA108           Tri-State EMC                                                13111               FANNIN
GA108           Tri-State EMC                                                37039               CHEROKEE
GA108           Tri-State EMC                                                47139               POLK
IA002           Sioux Electric Cooperative Assn.                             19119               LYON
IA002           Sioux Electric Cooperative Assn.                             19149               PLYMOUTH
IA002           Sioux Electric Cooperative Assn.                             19167               SIOUX
IA003           Plymouth Electric Co-op Assn.                                19035               CHEROKEE
IA003           Plymouth Electric Co-op Assn.                                19141               O BRIEN
IA003           Plymouth Electric Co-op Assn.                                19149               PLYMOUTH
IA003           Plymouth Electric Co-op Assn.                                19167               SIOUX
IA003           Plymouth Electric Co-op Assn.                                19193               WOODBURY
IA005           Glidden REC                                                  19009               AUDUBON
IA005           Glidden REC                                                  19025               CALHOUN
IA005           Glidden REC                                                  19027               CARROLL
IA005           Glidden REC                                                  19073               GREENE
IA005           Glidden REC                                                  19077               GUTHRIE
IA005           Glidden REC                                                  19161               SAC
IA007           Marshall County REC                                          19099               JASPER
IA007           Marshall County REC                                          19127               MARSHALL
IA007           Marshall County REC                                          19153               POLK
IA007           Marshall County REC                                          19169               STORY
IA007           Marshall County REC                                          19171               TAMA
IA009           Eastern Iowa Light & Power Co-op                             19031               CEDAR
IA009           Eastern Iowa Light & Power Co-op                             19045               CLINTON
IA009           Eastern Iowa Light & Power Co-op                             19057               DES MOINES
IA009           Eastern Iowa Light & Power Co-op                             19087               HENRY
IA009           Eastern Iowa Light & Power Co-op                             19097               JACKSON
IA009           Eastern Iowa Light & Power Co-op                             19103               JOHNSON
IA009           Eastern Iowa Light & Power Co-op                             19105               JONES
IA009           Eastern Iowa Light & Power Co-op                             19113               LINN
IA009           Eastern Iowa Light & Power Co-op                             19115               LOUISA
IA009           Eastern Iowa Light & Power Co-op                             19139               MUSCATINE
IA009           Eastern Iowa Light & Power Co-op                             19163               SCOTT
IA009           Eastern Iowa Light & Power Co-op                             19183               WASHINGTON
IA014           Humboldt County REC                                          19081               HANCOCK
IA014           Humboldt County REC                                          19091               HUMBOLDT
IA014           Humboldt County REC                                          19109               KOSSUTH
IA014           Humboldt County REC                                          19151               POCAHONTAS
IA014           Humboldt County REC                                          19187               WEBSTER
IA014           Humboldt County REC                                          19197               WRIGHT
IA015           Harrison County REC                                          19047               CRAWFORD
IA015           Harrison County REC                                          19085               HARRISON
IA015           Harrison County REC                                          19133               MONONA
IA015           Harrison County REC                                          19155               POTTAWATTAMIE
IA015           Harrison County REC                                          19165               SHELBY
IA016           Monona County REC                                            19047               CRAWFORD
IA016           Monona County REC                                            19085               HARRISON
IA016           Monona County REC                                            19133               MONONA
IA016           Monona County REC                                            19193               WOODBURY

                                       17
<PAGE>

IA018           Boone Valley Electric Co-op                                  19081               HANCOCK
IA018           Boone Valley Electric Co-op                                  19091               HUMBOLDT
IA018           Boone Valley Electric Co-op                                  19197               WRIGHT
IA019           Adams County Co-op Electric Co.                              19001               ADAIR
IA019           Adams County Co-op Electric Co.                              19003               ADAMS
IA019           Adams County Co-op Electric Co.                              19029               CASS
IA019           Adams County Co-op Electric Co.                              19137               MONTGOMERY
IA019           Adams County Co-op Electric Co.                              19173               TAYLOR
IA019           Adams County Co-op Electric Co.                              19175               UNION
IA021           Guthrie County RECA                                          19001               ADAIR
IA021           Guthrie County RECA                                          19009               AUDUBON
IA021           Guthrie County RECA                                          19029               CASS
IA021           Guthrie County RECA                                          19049               DALLAS
IA021           Guthrie County RECA                                          19073               GREENE
IA021           Guthrie County RECA                                          19077               GUTHRIE
IA023           South Crawford REC                                           19009               AUDUBON
IA023           South Crawford REC                                           19027               CARROLL
IA023           South Crawford REC                                           19047               CRAWFORD
IA023           South Crawford REC                                           19093               IDA
IA023           South Crawford REC                                           19161               SAC
IA023           South Crawford REC                                           19165               SHELBY
IA026           Nishnabotna Valley REC                                       19009               AUDUBON
IA026           Nishnabotna Valley REC                                       19029               CASS
IA026           Nishnabotna Valley REC                                       19047               CRAWFORD
IA026           Nishnabotna Valley REC                                       19085               HARRISON
IA026           Nishnabotna Valley REC                                       19155               POTTAWATTAMIE
IA026           Nishnabotna Valley REC                                       19165               SHELBY
IA030           Franklin REC                                                 19023               BUTLER
IA030           Franklin REC                                                 19033               CERRO GORDO
IA030           Franklin REC                                                 19067               FLOYD
IA030           Franklin REC                                                 19069               FRANKLIN
IA030           Franklin REC                                                 19083               HARDIN
IA030           Franklin REC                                                 19197               WRIGHT
IA031           Grundy County REC                                            19013               BLACK HAWK
IA031           Grundy County REC                                            19023               BUTLER
IA031           Grundy County REC                                            19075               GRUNDY
IA031           Grundy County REC                                            19083               HARDIN
IA031           Grundy County REC                                            19127               MARSHALL
IA031           Grundy County REC                                            19171               TAMA
IA032           Butler County REC                                            19017               BREMER
IA032           Butler County REC                                            19023               BUTLER
IA032           Butler County REC                                            19037               CHICKASAW
IA032           Butler County REC                                            19067               FLOYD
IA033           Calhoun County Electric Co-op Assn.                          19025               CALHOUN
IA033           Calhoun County Electric Co-op Assn.                          19073               GREENE
IA033           Calhoun County Electric Co-op Assn.                          19151               POCAHONTAS
IA033           Calhoun County Electric Co-op Assn.                          19161               SAC
IA033           Calhoun County Electric Co-op Assn.                          19187               WEBSTER
IA034           Maquoketa Valley REC                                         19019               BUCHANAN
IA034           Maquoketa Valley REC                                         19031               CEDAR
IA034           Maquoketa Valley REC                                         19043               CLAYTON
IA034           Maquoketa Valley REC                                         19045               CLINTON

                                       18
<PAGE>

IA034           Maquoketa Valley REC                                         19055               DELAWARE
IA034           Maquoketa Valley REC                                         19061               DUBUQUE
IA034           Maquoketa Valley REC                                         19097               JACKSON
IA034           Maquoketa Valley REC                                         19105               JONES
IA034           Maquoketa Valley REC                                         19113               LINN
IA036           Wright County REC                                            19069               FRANKLIN
IA036           Wright County REC                                            19079               HAMILTON
IA036           Wright County REC                                            19081               HANCOCK
IA036           Wright County REC                                            19083               HARDIN
IA036           Wright County REC                                            19091               HUMBOLDT
IA036           Wright County REC                                            19187               WEBSTER
IA036           Wright County REC                                            19197               WRIGHT
IA039           Benton County Electric Co-op Assn.                           19011               BENTON
IA039           Benton County Electric Co-op Assn.                           19013               BLACK HAWK
IA039           Benton County Electric Co-op Assn.                           19019               BUCHANAN
IA039           Benton County Electric Co-op Assn.                           19095               IOWA
IA039           Benton County Electric Co-op Assn.                           19103               JOHNSON
IA039           Benton County Electric Co-op Assn.                           19113               LINN
IA039           Benton County Electric Co-op Assn.                           19171               TAMA
IA040           Pella Co-op Electric Assn.                                   19099               JASPER
IA040           Pella Co-op Electric Assn.                                   19123               MAHASKA
IA040           Pella Co-op Electric Assn.                                   19125               MARION
IA040           Pella Co-op Electric Assn.                                   19157               POWESHIEK
IA040           Pella Co-op Electric Assn.                                   19181               WARREN
IA041           Hancock County REC                                           19033               CERRO GORDO
IA041           Hancock County REC                                           19081               HANCOCK
IA041           Hancock County REC                                           19109               KOSSUTH
IA041           Hancock County REC                                           19189               WINNEBAGO
IA041           Hancock County REC                                           19195               WORTH
IA041           Hancock County REC                                           19197               WRIGHT
IA043           Greene County Rural Electric                                 19015               BOONE
IA043           Greene County Rural Electric                                 19049               DALLAS
IA043           Greene County Rural Electric                                 19073               GREENE
IA043           Greene County Rural Electric                                 19077               GUTHRIE
IA043           Greene County Rural Electric                                 19079               HAMILTON
IA043           Greene County Rural Electric                                 19153               POLK
IA043           Greene County Rural Electric                                 19169               STORY
IA043           Greene County Rural Electric                                 19187               WEBSTER
IA049           Hardin County Rural Electric                                 19069               FRANKLIN
IA049           Hardin County Rural Electric                                 19075               GRUNDY
IA049           Hardin County Rural Electric                                 19079               HAMILTON
IA049           Hardin County Rural Electric                                 19083               HARDIN
IA049           Hardin County Rural Electric                                 19127               MARSHALL
IA049           Hardin County Rural Electric                                 19169               STORY
IA050           Lyon REC                                                     19119               LYON
IA050           Lyon REC                                                     19143               OSCEOLA
IA050           Lyon REC                                                     19167               SIOUX
IA051           Winnebago RECA                                               19081               HANCOCK
IA051           Winnebago RECA                                               19109               KOSSUTH
IA051           Winnebago RECA                                               19189               WINNEBAGO
IA051           Winnebago RECA                                               19195               WORTH
IA051           Winnebago RECA                                               27043               FARIBAULT
IA051           Winnebago RECA                                               27047               FREEBORN

                                       19
<PAGE>

IA052           Hawkeye Tri-County REC                                       19005               ALLAMAKEE
IA052           Hawkeye Tri-County REC                                       19037               CHICKASAW
IA052           Hawkeye Tri-County REC                                       19065               FAYETTE
IA052           Hawkeye Tri-County REC                                       19089               HOWARD
IA052           Hawkeye Tri-County REC                                       19131               MITCHELL
IA052           Hawkeye Tri-County REC                                       19191               WINNESHIEK
IA053           Linn County REC                                              19011               BENTON
IA053           Linn County REC                                              19031               CEDAR
IA053           Linn County REC                                              19095               IOWA
IA053           Linn County REC                                              19103               JOHNSON
IA053           Linn County REC                                              19105               JONES
IA053           Linn County REC                                              19113               LINN
IA055           O'Brien County Rural Electric                                19035               CHEROKEE
IA055           O'Brien County Rural Electric                                19041               CLAY
IA055           O'Brien County Rural Electric                                19141               O BRIEN
IA055           O'Brien County Rural Electric                                19143               OSCEOLA
IA055           O'Brien County Rural Electric                                19149               PLYMOUTH
IA055           O'Brien County Rural Electric                                19167               SIOUX
IA056           T.I.P. Rural Electric Co-op                                  19011               BENTON
IA056           T.I.P. Rural Electric Co-op                                  19095               IOWA
IA056           T.I.P. Rural Electric Co-op                                  19101               JEFFERSON
IA056           T.I.P. Rural Electric Co-op                                  19103               JOHNSON
IA056           T.I.P. Rural Electric Co-op                                  19107               KEOKUK
IA056           T.I.P. Rural Electric Co-op                                  19123               MAHASKA
IA056           T.I.P. Rural Electric Co-op                                  19157               POWESHIEK
IA056           T.I.P. Rural Electric Co-op                                  19171               TAMA
IA056           T.I.P. Rural Electric Co-op                                  19179               WAPELLO
IA056           T.I.P. Rural Electric Co-op                                  19183               WASHINGTON
IA057           Cedar Valley Electric Co-op                                  19033               CERRO GORDO
IA057           Cedar Valley Electric Co-op                                  19037               CHICKASAW
IA057           Cedar Valley Electric Co-op                                  19067               FLOYD
IA057           Cedar Valley Electric Co-op                                  19089               HOWARD
IA057           Cedar Valley Electric Co-op                                  19131               MITCHELL
IA057           Cedar Valley Electric Co-op                                  19195               WORTH
IA057           Cedar Valley Electric Co-op                                  27099               FREEBORN
IA057           Cedar Valley Electric Co-op                                  27099               MOWER
IA059           Woodbury County RECA                                         19035               CHEROKEE
IA059           Woodbury County RECA                                         19093               IDA
IA059           Woodbury County RECA                                         19133               MONONA
IA059           Woodbury County RECA                                         19149               PLYMOUTH
IA059           Woodbury County RECA                                         19193               WOODBURY
IA062           Ida County REC                                               19035               CHEROKEE
IA062           Ida County REC                                               19047               CRAWFORD
IA062           Ida County REC                                               19093               IDA
IA062           Ida County REC                                               19161               SAC
IA062           Ida County REC                                               19193               WOODBURY
IA067           Sac County REC                                               19021               BUENA VISTA
IA067           Sac County REC                                               19025               CALHOUN
IA067           Sac County REC                                               19047               CRAWFORD
IA067           Sac County REC                                               19093               IDA
IA067           Sac County REC                                               19161               SAC

                                       20
<PAGE>

IA069           S.E. Iowa Co-op Electric Assn.                               19051               DAVIS
IA069           S.E. Iowa Co-op Electric Assn.                               19057               DES MOINES
IA069           S.E. Iowa Co-op Electric Assn.                               19087               HENRY
IA069           S.E. Iowa Co-op Electric Assn.                               19101               JEFFERSON
IA069           S.E. Iowa Co-op Electric Assn.                               19107               KEOKUK
IA069           S.E. Iowa Co-op Electric Assn.                               19111               LEE
IA069           S.E. Iowa Co-op Electric Assn.                               19115               LOUISA
IA069           S.E. Iowa Co-op Electric Assn.                               19177               VAN BUREN
IA069           S.E. Iowa Co-op Electric Assn.                               19179               WAPELLO
IA069           S.E. Iowa Co-op Electric Assn.                               19183               WASHINGTON
IA070           Osceola Electric Co-op, Inc.                                 19059               DICKINSON
IA070           Osceola Electric Co-op, Inc.                                 19119               LYON
IA070           Osceola Electric Co-op, Inc.                                 19141               O BRIEN
IA070           Osceola Electric Co-op, Inc.                                 19143               OSCEOLA
IA071           Buchanan County RECC                                         19011               BENTON
IA071           Buchanan County RECC                                         19013               BLACK HAWK
IA071           Buchanan County RECC                                         19017               BREMER
IA071           Buchanan County RECC                                         19019               BUCHANAN
IA071           Buchanan County RECC                                         19043               CLAYTON
IA071           Buchanan County RECC                                         19055               DELAWARE
IA071           Buchanan County RECC                                         19065               FAYETTE
IA071           Buchanan County RECC                                         19113               LINN
IA073           Farmers Electric Co-op, Inc.                                 19001               ADAIR
IA073           Farmers Electric Co-op, Inc.                                 19009               AUDUBON
IA073           Farmers Electric Co-op, Inc.                                 19029               CASS
IA073           Farmers Electric Co-op, Inc.                                 19077               GUTHRIE
IA073           Farmers Electric Co-op, Inc.                                 19121               MADISON
IA073           Farmers Electric Co-op, Inc.                                 19175               UNION
IA074           Allamakee-Clayton Elec. Co-op, Inc.                          19005               ALLAMAKEE
IA074           Allamakee-Clayton Elec. Co-op, Inc.                          19017               BREMER
IA074           Allamakee-Clayton Elec. Co-op, Inc.                          19037               CHICKASAW
IA074           Allamakee-Clayton Elec. Co-op, Inc.                          19043               CLAYTON
IA074           Allamakee-Clayton Elec. Co-op, Inc.                          19061               DUBUQUE
IA074           Allamakee-Clayton Elec. Co-op, Inc.                          19065               FAYETTE
IA074           Allamakee-Clayton Elec. Co-op, Inc.                          19191               WINNESHIEK
IA075           Nyman Electric Co-op, Inc.                                   19003               ADAMS
IA075           Nyman Electric Co-op, Inc.                                   19029               CASS
IA075           Nyman Electric Co-op, Inc.                                   19071               FREMONT
IA075           Nyman Electric Co-op, Inc.                                   19129               MILLS
IA075           Nyman Electric Co-op, Inc.                                   19137               MONTGOMERY
IA075           Nyman Electric Co-op, Inc.                                   19145               PAGE
IA075           Nyman Electric Co-op, Inc.                                   19173               TAYLOR
IA077           Southern Iowa Electric Co-op, Inc.                           19007               APPANOOSE
IA077           Southern Iowa Electric Co-op, Inc.                           19051               DAVIS
IA077           Southern Iowa Electric Co-op, Inc.                           19177               VAN BUREN
IA077           Southern Iowa Electric Co-op, Inc.                           19179               WAPELLO
IA079           Clarke Electric Co-op, Inc.                                  19039               CLARKE
IA079           Clarke Electric Co-op, Inc.                                  19053               DECATUR
IA079           Clarke Electric Co-op, Inc.                                  19117               LUCAS
IA079           Clarke Electric Co-op, Inc.                                  19121               MADISON
IA079           Clarke Electric Co-op, Inc.                                  19159               RINGGOLD
IA079           Clarke Electric Co-op, Inc.                                  19175               UNION

                                       21
<PAGE>

IA079           Clarke Electric Co-op, Inc.                                  19181               WARREN
IA079           Clarke Electric Co-op, Inc.                                  19185               WAYNE
IA080           Rideta Electric Co-op, Inc.                                  19053               DECATUR
IA080           Rideta Electric Co-op, Inc.                                  19159               RINGGOLD
IA080           Rideta Electric Co-op, Inc.                                  19173               TAYLOR
IA080           Rideta Electric Co-op, Inc.                                  19175               UNION
IA082           Chariton Valley Electric Co-op                               19007               APPANOOSE
IA082           Chariton Valley Electric Co-op                               19117               LUCAS
IA082           Chariton Valley Electric Co-op                               19125               MARION
IA082           Chariton Valley Electric Co-op                               19135               MONROE
IA082           Chariton Valley Electric Co-op                               19179               WAPELLO
IA082           Chariton Valley Electric Co-op                               19185               WAYNE
IA092           Iowa Lakes Electric Cooperative                              19035               CHEROKEE
IA092           Iowa Lakes Electric Cooperative                              19093               IDA
IA092           Iowa Lakes Electric Cooperative                              19141               O BRIEN
IA092           Iowa Lakes Electric Cooperative                              19149               PLYMOUTH
IA092           Iowa Lakes Electric Cooperative                              19021               BUENA VISTA
IA092           Iowa Lakes Electric Cooperative                              19041               CLAY
IA092           Iowa Lakes Electric Cooperative                              19059               DICKINSON
IA092           Iowa Lakes Electric Cooperative                              19063               EMMET
IA092           Iowa Lakes Electric Cooperative                              19109               KOSSUTH
IA092           Iowa Lakes Electric Cooperative                              19143               OSCEOLA
IA092           Iowa Lakes Electric Cooperative                              19147               PALO ALTO
IA092           Iowa Lakes Electric Cooperative                              19151               POCAHONTAS
IA092           Iowa Lakes Electric Cooperative                              19161               SAC
IA092           Iowa Lakes Electric Cooperative                              27043               FARIBAULT
IA092           Iowa Lakes Electric Cooperative                              27063               JACKSON
IA092           Iowa Lakes Electric Cooperative                              27091               MARTIN
ID004           Northern Lights, Inc.                                        16017               BONNER
ID004           Northern Lights, Inc.                                        16021               BOUNDARY
ID004           Northern Lights, Inc.                                        16055               KOOTENAI
ID004           Northern Lights, Inc.                                        30053               LINCOLN
ID004           Northern Lights, Inc.                                        30089               SANDERS
ID004           Northern Lights, Inc.                                        53051               PEND OREILLE
ID010           Clearwater Power Company                                     16009               BENEWAH
ID010           Clearwater Power Company                                     16035               CLEARWATER
ID010           Clearwater Power Company                                     16049               IDAHO
ID010           Clearwater Power Company                                     16057               LATAH
ID010           Clearwater Power Company                                     16061               LEWIS
ID010           Clearwater Power Company                                     16069               NEZ PERCE
ID010           Clearwater Power Company                                     16079               SHOSHONE
ID010           Clearwater Power Company                                     41063               WALLOWA
ID010           Clearwater Power Company                                     53003               ASOTIN
ID010           Clearwater Power Company                                     53023               GARFIELD
ID010           Clearwater Power Company                                     53075               WHITMAN
ID011           Kootenai Electric Co-op, Inc.                                16009               BENEWAH
ID011           Kootenai Electric Co-op, Inc.                                16017               BONNER
ID011           Kootenai Electric Co-op, Inc.                                16055               KOOTENAI
ID011           Kootenai Electric Co-op, Inc.                                53063               SPOKANE
ID015           Idaho County Light & Power Co-op                             16049               IDAHO
ID015           Idaho County Light & Power Co-op                             16061               LEWIS
ID016           Raft River REC, Inc.                                         16031               CASSIA

                                       22
<PAGE>

ID016           Raft River REC, Inc.                                         16071               ONEIDA
ID016           Raft River REC, Inc.                                         16077               POWER
ID016           Raft River REC, Inc.                                         32007               ELKO
ID016           Raft River REC, Inc.                                         49003               BOX ELDER
ID017           Fall River REC, Inc.                                         16043               FREMONT
ID017           Fall River REC, Inc.                                         16051               JEFFERSON
ID017           Fall River REC, Inc.                                         16065               MADISON
ID017           Fall River REC, Inc.                                         16081               TETON
ID017           Fall River REC, Inc.                                         30031               GALLATIN
ID017           Fall River REC, Inc.                                         56039               TETON
ID019           Lost River Electric Co-op, Inc.                              16013               BLAINE
ID019           Lost River Electric Co-op, Inc.                              16023               BUTTE
ID019           Lost River Electric Co-op, Inc.                              16037               CUSTER
ID021           Prairie Power Cooperative                                    16025               CAMAS
ID021           Prairie Power Cooperative                                    16039               ELMORE
ID023           Salmon River Electric Co-op, Inc.                            16013               BLAINE
ID023           Salmon River Electric Co-op, Inc.                            16037               CUSTER
ID023           Salmon River Electric Co-op, Inc.                            16059               LEMHI
IL002           Wayne-White Counties Electric Co-op                          17025               CLAY
IL002           Wayne-White Counties Electric Co-op                          17047               EDWARDS
IL002           Wayne-White Counties Electric Co-op                          17055               FRANKLIN
IL002           Wayne-White Counties Electric Co-op                          17059               GALLATIN
IL002           Wayne-White Counties Electric Co-op                          17065               HAMILTON
IL002           Wayne-White Counties Electric Co-op                          17081               JEFFERSON
IL002           Wayne-White Counties Electric Co-op                          17121               MARION
IL002           Wayne-White Counties Electric Co-op                          17159               RICHLAND
IL002           Wayne-White Counties Electric Co-op                          17185               WABASH
IL002           Wayne-White Counties Electric Co-op                          17191               WAYNE
IL002           Wayne-White Counties Electric Co-op                          17193               WHITE
IL007           Farmers Mutual Electric Company                              17073               HENRY
IL007           Farmers Mutual Electric Company                              17195               WHITESIDE
IL008           Coles-Moultrie Electric Co-op                                17023               CLARK
IL008           Coles-Moultrie Electric Co-op                                17029               COLES
IL008           Coles-Moultrie Electric Co-op                                17035               CUMBERLAND
IL008           Coles-Moultrie Electric Co-op                                17041               DOUGLAS
IL008           Coles-Moultrie Electric Co-op                                17045               EDGAR
IL008           Coles-Moultrie Electric Co-op                                17139               MOULTRIE
IL008           Coles-Moultrie Electric Co-op                                17147               PIATT
IL008           Coles-Moultrie Electric Co-op                                17173               SHELBY
IL012           Illinois Valley Electric Co-op                               17011               BUREAU
IL012           Illinois Valley Electric Co-op                               17073               HENRY
IL012           Illinois Valley Electric Co-op                               17093               KENDALL
IL012           Illinois Valley Electric Co-op                               17095               KNOX
IL012           Illinois Valley Electric Co-op                               17099               LA SALLE
IL012           Illinois Valley Electric Co-op                               17123               MARSHALL
IL012           Illinois Valley Electric Co-op                               17155               PUTNAM
IL012           Illinois Valley Electric Co-op                               17175               STARK
IL018           Illinois Rural Electric Co.                                  17001               ADAMS
IL018           Illinois Rural Electric Co.                                  17009               BROWN
IL018           Illinois Rural Electric Co.                                  17013               CALHOUN
IL018           Illinois Rural Electric Co.                                  17017               CASS
IL018           Illinois Rural Electric Co.                                  17061               GREENE

                                       23
<PAGE>

IL018           Illinois Rural Electric Co.                                  17083               JERSEY
IL018           Illinois Rural Electric Co.                                  17117               MACOUPIN
IL018           Illinois Rural Electric Co.                                  17137               MORGAN
IL018           Illinois Rural Electric Co.                                  17149               PIKE
IL018           Illinois Rural Electric Co.                                  17171               SCOTT
IL021           Menard Electric Co-op                                        17017               CASS
IL021           Menard Electric Co-op                                        17107               LOGAN
IL021           Menard Electric Co-op                                        17115               MACON
IL021           Menard Electric Co-op                                        17125               MASON
IL021           Menard Electric Co-op                                        17129               MENARD
IL021           Menard Electric Co-op                                        17137               MORGAN
IL021           Menard Electric Co-op                                        17167               SANGAMON
IL021           Menard Electric Co-op                                        17179               TAZEWELL
IL023           Rural Electric Convenience Co-op                             17021               CHRISTIAN
IL023           Rural Electric Convenience Co-op                             17117               MACOUPIN
IL023           Rural Electric Convenience Co-op                             17135               MONTGOMERY
IL023           Rural Electric Convenience Co-op                             17137               MORGAN
IL023           Rural Electric Convenience Co-op                             17167               SANGAMON
IL027           Edgar Electric Co-op Assn.                                   17023               CLARK
IL027           Edgar Electric Co-op Assn.                                   17029               COLES
IL027           Edgar Electric Co-op Assn.                                   17041               DOUGLAS
IL027           Edgar Electric Co-op Assn.                                   17045               EDGAR
IL027           Edgar Electric Co-op Assn.                                   17183               VERMILLION
IL030           Adams Electrical Co-operative                                17001               ADAMS
IL030           Adams Electrical Co-operative                                17009               BROWN
IL030           Adams Electrical Co-operative                                17067               HANCOCK
IL030           Adams Electrical Co-operative                                17109               MC DONOUGH
IL030           Adams Electrical Co-operative                                17149               PIKE
IL030           Adams Electrical Co-operative                                17169               SCHUYLER
IL031           Monroe County Electric Co-operative                          17133               MONROE
IL031           Monroe County Electric Co-operative                          17157               RANDOLPH
IL031           Monroe County Electric Co-operative                          17163               ST CLAIR
IL032           McDonough Power Co-op                                        17057               FULTON
IL032           McDonough Power Co-op                                        17067               HANCOCK
IL032           McDonough Power Co-op                                        17071               HENDERSON
IL032           McDonough Power Co-op                                        17095               KNOX
IL032           McDonough Power Co-op                                        17109               MC DONOUGH
IL032           McDonough Power Co-op                                        17169               SCHUYLER
IL032           McDonough Power Co-op                                        17187               WARREN
IL033           Western Illinois Electrical Coop.                            17001               ADAMS
IL033           Western Illinois Electrical Coop.                            17067               HANCOCK
IL033           Western Illinois Electrical Coop.                            17071               HENDERSON
IL033           Western Illinois Electrical Coop.                            17109               MC DONOUGH
IL034           Egyptian Electric Co-op Assn.                                17077               JACKSON
IL034           Egyptian Electric Co-op Assn.                                17133               MONROE
IL034           Egyptian Electric Co-op Assn.                                17145               PERRY
IL034           Egyptian Electric Co-op Assn.                                17157               RANDOLPH
IL034           Egyptian Electric Co-op Assn.                                17163               ST CLAIR
IL034           Egyptian Electric Co-op Assn.                                17189               WASHINGTON
IL034           Egyptian Electric Co-op Assn.                                17199               WILLIAMSON
IL037           Southeastern Illinois Elec. Co-op                            17055               FRANKLIN
IL037           Southeastern Illinois Elec. Co-op                            17059               GALLATIN

                                       24
<PAGE>

IL037           Southeastern Illinois Elec. Co-op                            17065               HAMILTON
IL037           Southeastern Illinois Elec. Co-op                            17069               HARDIN
IL037           Southeastern Illinois Elec. Co-op                            17081               JEFFERSON
IL037           Southeastern Illinois Elec. Co-op                            17087               JOHNSON
IL037           Southeastern Illinois Elec. Co-op                            17127               MASSAC
IL037           Southeastern Illinois Elec. Co-op                            17151               POPE
IL037           Southeastern Illinois Elec. Co-op                            17165               SALINE
IL037           Southeastern Illinois Elec. Co-op                            17193               WHITE
IL037           Southeastern Illinois Elec. Co-op                            17199               WILLIAMSON
IL038           Corn Belt Electric Co-op, Inc.                               17019               CHAMPAIGN
IL038           Corn Belt Electric Co-op, Inc.                               17039               DE WITT
IL038           Corn Belt Electric Co-op, Inc.                               17053               FORD
IL038           Corn Belt Electric Co-op, Inc.                               17105               LIVINGSTON
IL038           Corn Belt Electric Co-op, Inc.                               17107               LOGAN
IL038           Corn Belt Electric Co-op, Inc.                               17113               MC LEAN
IL038           Corn Belt Electric Co-op, Inc.                               17115               MACON
IL038           Corn Belt Electric Co-op, Inc.                               17147               PIATT
IL038           Corn Belt Electric Co-op, Inc.                               17179               TAZEWELL
IL038           Corn Belt Electric Co-op, Inc.                               17203               WOODFORD
IL039           Spoon River Electric Co-op, Inc.                             17057               FULTON
IL039           Spoon River Electric Co-op, Inc.                             17095               KNOX
IL039           Spoon River Electric Co-op, Inc.                             17143               PEORIA
IL039           Spoon River Electric Co-op, Inc.                             17169               SCHUYLER
IL040           M.J.M. Electric Co-op, Inc.                                  17005               BOND
IL040           M.J.M. Electric Co-op, Inc.                                  17051               FAYETTE
IL040           M.J.M. Electric Co-op, Inc.                                  17061               GREENE
IL040           M.J.M. Electric Co-op, Inc.                                  17083               JERSEY
IL040           M.J.M. Electric Co-op, Inc.                                  17117               MACOUPIN
IL040           M.J.M. Electric Co-op, Inc.                                  17119               MADISON
IL040           M.J.M. Electric Co-op, Inc.                                  17135               MONTGOMERY
IL041           Tri-County Electric Co-op, Inc.                              17081               JEFFERSON
IL041           Tri-County Electric Co-op, Inc.                              17121               MARION
IL041           Tri-County Electric Co-op, Inc.                              17189               WASHINGTON
IL043           Southern Illinois Electric Co-op                             17003               ALEXANDER
IL043           Southern Illinois Electric Co-op                             17077               JACKSON
IL043           Southern Illinois Electric Co-op                             17087               JOHNSON
IL043           Southern Illinois Electric Co-op                             17127               MASSAC
IL043           Southern Illinois Electric Co-op                             17151               POPE
IL043           Southern Illinois Electric Co-op                             17153               PULASKI
IL043           Southern Illinois Electric Co-op                             17181               UNION
IL043           Southern Illinois Electric Co-op                             17199               WILLIAMSON
IL044           Jo-Carroll Electric Co-op, Inc.                              17015               CARROLL
IL044           Jo-Carroll Electric Co-op, Inc.                              17085               JO DAVIESS
IL044           Jo-Carroll Electric Co-op, Inc.                              17195               WHITESIDE
IL045           Clinton County Electric Co-op, Inc.                          17027               CLINTON
IL045           Clinton County Electric Co-op, Inc.                          17051               FAYETTE
IL045           Clinton County Electric Co-op, Inc.                          17119               MADISON
IL045           Clinton County Electric Co-op, Inc.                          17121               MARION
IL045           Clinton County Electric Co-op, Inc.                          17163               ST CLAIR
IL045           Clinton County Electric Co-op, Inc.                          17189               WASHINGTON
IL046           Southwestern Electric Co-op, Inc.                            17005               BOND

                                       25
<PAGE>

IL046           Southwestern Electric Co-op, Inc.                            17027               CLINTON
IL046           Southwestern Electric Co-op, Inc.                            17049               EFFINGHAM
IL046           Southwestern Electric Co-op, Inc.                            17051               FAYETTE
IL046           Southwestern Electric Co-op, Inc.                            17117               MACOUPIN
IL046           Southwestern Electric Co-op, Inc.                            17119               MADISON
IL046           Southwestern Electric Co-op, Inc.                            17121               MARION
IL046           Southwestern Electric Co-op, Inc.                            17135               MONTGOMERY
IL046           Southwestern Electric Co-op, Inc.                            17163               ST CLAIR
IL046           Southwestern Electric Co-op, Inc.                            17173               SHELBY
IL048           Clay Electric Co-op, Inc.                                    17025               CLAY
IL048           Clay Electric Co-op, Inc.                                    17049               EFFINGHAM
IL048           Clay Electric Co-op, Inc.                                    17051               FAYETTE
IL048           Clay Electric Co-op, Inc.                                    17079               JASPER
IL048           Clay Electric Co-op, Inc.                                    17121               MARION
IL048           Clay Electric Co-op, Inc.                                    17159               RICHLAND
IL048           Clay Electric Co-op, Inc.                                    17191               WAYNE
IL054           Eastern Illini Electric Co-op                                17019               CHAMPAIGN
IL054           Eastern Illini Electric Co-op                                17041               DOUGLAS
IL054           Eastern Illini Electric Co-op                                17045               EDGAR
IL054           Eastern Illini Electric Co-op                                17053               FORD
IL054           Eastern Illini Electric Co-op                                17075               IROQUOIS
IL054           Eastern Illini Electric Co-op                                17105               LIVINGSTON
IL054           Eastern Illini Electric Co-op                                17113               MC LEAN
IL054           Eastern Illini Electric Co-op                                17139               MOULTRIE
IL054           Eastern Illini Electric Co-op                                17147               PIATT
IL054           Eastern Illini Electric Co-op                                17183               VERMILLION
IN001           Util. Dist. of Western Indiana REMC                          18021               CLAY
IN001           Util. Dist. of Western Indiana REMC                          18027               DAVIESS
IN001           Util. Dist. of Western Indiana REMC                          18055               GREENE
IN001           Util. Dist. of Western Indiana REMC                          18083               KNOX
IN001           Util. Dist. of Western Indiana REMC                          18093               LAWRENCE
IN001           Util. Dist. of Western Indiana REMC                          18101               MARTIN
IN001           Util. Dist. of Western Indiana REMC                          18105               MONROE
IN001           Util. Dist. of Western Indiana REMC                          18119               OWEN
IN001           Util. Dist. of Western Indiana REMC                          18133               PUTNAM
IN001           Util. Dist. of Western Indiana REMC                          18153               SULLIVAN
IN001           Util. Dist. of Western Indiana REMC                          18167               VIGO
IN006           Boone County REMC                                            18011               BOONE
IN006           Boone County REMC                                            18023               CLINTON
IN006           Boone County REMC                                            18057               HAMILTON
IN006           Boone County REMC                                            18063               HENDRICKS
IN006           Boone County REMC                                            18097               MARION
IN006           Boone County REMC                                            18107               MONTGOMERY
IN007           Northeastern REMC                                            18003               ALLEN
IN007           Northeastern REMC                                            18069               HUNTINGTON
IN007           Northeastern REMC                                            18085               KOSCIUSKO
IN007           Northeastern REMC                                            18113               NOBLE
IN007           Northeastern REMC                                            18169               WABASH
IN007           Northeastern REMC                                            18183               WHITLEY
IN008           Wabash County REMC                                           18053               GRANT
IN008           Wabash County REMC                                           18069               HUNTINGTON
IN008           Wabash County REMC                                           18085               KOSCIUSKO
IN008           Wabash County REMC                                           18103               MIAMI

                                       26
<PAGE>

IN008           Wabash County REMC                                           18169               WABASH
IN008           Wabash County REMC                                           18183               WHITLEY
IN009           Marshall County REMC                                         18039               ELKHART
IN009           Marshall County REMC                                         18049               FULTON
IN009           Marshall County REMC                                         18085               KOSCIUSKO
IN009           Marshall County REMC                                         18099               MARSHALL
IN009           Marshall County REMC                                         18141               ST. JOSEPH
IN009           Marshall County REMC                                         18149               STARKE
IN011           Warren County REMC                                           17075               IROQUOIS
IN011           Warren County REMC                                           17183               VERMILLION
IN011           Warren County REMC                                           18007               BENTON
IN011           Warren County REMC                                           18157               TIPPECANOE
IN011           Warren County REMC                                           18165               VERMILLION
IN011           Warren County REMC                                           18171               WARREN
IN011           Warren County REMC                                           18181               WHITE
IN014           Shelby County REMC                                           18005               BARTHOLOMEW
IN014           Shelby County REMC                                           18145               SHELBY
IN014           Shelby County REMC                                           21041               CARROLL
IN014           Shelby County REMC                                           21073               FRANKLIN
IN014           Shelby County REMC                                           21103               HENRY
IN014           Shelby County REMC                                           21185               OLDHAM
IN014           Shelby County REMC                                           21215               SPENCER
IN014           Shelby County REMC                                           21223               TRIMBLE
IN015           Fayette-Union County REMC                                    18029               DEARBORN
IN015           Fayette-Union County REMC                                    18041               FAYETTE
IN015           Fayette-Union County REMC                                    18047               FRANKLIN
IN015           Fayette-Union County REMC                                    18161               UNION
IN018           Rush County REMC                                             18031               DECATUR
IN018           Rush County REMC                                             18041               FAYETTE
IN018           Rush County REMC                                             18047               FRANKLIN
IN018           Rush County REMC                                             18059               HANCOCK
IN018           Rush County REMC                                             18065               HENRY
IN018           Rush County REMC                                             18139               RUSH
IN021           Bartholomew County REMC                                      18005               BARTHOLOMEW
IN021           Bartholomew County REMC                                      18031               DECATUR
IN021           Bartholomew County REMC                                      18071               JACKSON
IN021           Bartholomew County REMC                                      18079               JENNINGS
IN024           Carroll County REMC                                          18015               CARROLL
IN024           Carroll County REMC                                          18017               CASS
IN024           Carroll County REMC                                          18023               CLINTON
IN024           Carroll County REMC                                          18067               HOWARD
IN024           Carroll County REMC                                          18157               TIPPECANOE
IN024           Carroll County REMC                                          18181               WHITE
IN026           Daviess-Martin County REMC                                   18027               DAVIESS
IN026           Daviess-Martin County REMC                                   18093               LAWRENCE
IN026           Daviess-Martin County REMC                                   18101               MARTIN
IN027           Decatur County REMC                                          18005               BARTHOLOMEW
IN027           Decatur County REMC                                          18031               DECATUR
IN027           Decatur County REMC                                          18047               FRANKLIN
IN027           Decatur County REMC                                          18079               JENNINGS
IN027           Decatur County REMC                                          18137               RIPLEY
IN027           Decatur County REMC                                          18139               RUSH

                                       27
<PAGE>

IN029           Fulton County REMC                                           18017               CASS
IN029           Fulton County REMC                                           18049               FULTON
IN029           Fulton County REMC                                           18085               KOSCIUSKO
IN029           Fulton County REMC                                           18099               MARSHALL
IN029           Fulton County REMC                                           18103               MIAMI
IN029           Fulton County REMC                                           18131               PULASKI
IN032           Central Indiana Power                                        18057               HAMILTON
IN032           Central Indiana Power                                        18059               HANCOCK
IN032           Central Indiana Power                                        18095               MADISON
IN032           Central Indiana Power                                        18139               RUSH
IN033           Hendricks County REMC                                        18063               HENDRICKS
IN033           Hendricks County REMC                                        18097               MARION
IN033           Hendricks County REMC                                        18107               MONTGOMERY
IN033           Hendricks County REMC                                        18109               MORGAN
IN033           Hendricks County REMC                                        18133               PUTNAM
IN035           Jasper County REMC                                           18073               JASPER
IN035           Jasper County REMC                                           18111               NEWTON
IN035           Jasper County REMC                                           18127               PORTER
IN035           Jasper County REMC                                           18131               PULASKI
IN035           Jasper County REMC                                           18149               STARKE
IN035           Jasper County REMC                                           18181               WHITE
IN037           Jay County REMC                                              18001               ADAMS
IN037           Jay County REMC                                              18009               BLACKFORD
IN037           Jay County REMC                                              18035               DELAWARE
IN037           Jay County REMC                                              18075               JAY
IN037           Jay County REMC                                              18135               RANDOLPH
IN037           Jay County REMC                                              18179               WELLS
IN038           Johnson County REMC                                          18029               BROWN
IN038           Johnson County REMC                                          18031               JOHNSON
IN038           Johnson County REMC                                          18047               MORGAN
IN038           Johnson County REMC                                          18137               SHELBY
IN040           Knox County REMC                                             18051               GIBSON
IN040           Knox County REMC                                             18055               GREENE
IN040           Knox County REMC                                             18083               KNOX
IN040           Knox County REMC                                             18125               PIKE
IN040           Knox County REMC                                             18129               POSEY
IN040           Knox County REMC                                             18153               SULLIVAN
IN041           LaGrange County REMC                                         18039               ELKHART
IN041           LaGrange County REMC                                         18087               LAGRANGE
IN041           LaGrange County REMC                                         18113               NOBLE
IN041           LaGrange County REMC                                         18151               STEUBEN
IN042           Parke County REMC                                            18021               CLAY
IN042           Parke County REMC                                            18045               FOUNTAIN
IN042           Parke County REMC                                            18107               MONTGOMERY
IN042           Parke County REMC                                            18121               PARKE
IN042           Parke County REMC                                            18133               PUTNAM
IN042           Parke County REMC                                            18167               VIGO
IN046           Miami-Cass County REMC                                       18017               CASS
IN046           Miami-Cass County REMC                                       18103               MIAMI
IN046           Miami-Cass County REMC                                       18169               WABASH
IN047           Orange County REMC                                           18025               CRAWFORD
IN047           Orange County REMC                                           18093               LAWRENCE

                                       28
<PAGE>

IN047           Orange County REMC                                           18101               MARTIN
IN047           Orange County REMC                                           18117               ORANGE
IN047           Orange County REMC                                           18175               WASHINGTON
IN052           Southeastern Indiana REMC                                    18029               DEARBORN
IN052           Southeastern Indiana REMC                                    18047               FRANKLIN
IN052           Southeastern Indiana REMC                                    18077               JEFFERSON
IN052           Southeastern Indiana REMC                                    18079               JENNINGS
IN052           Southeastern Indiana REMC                                    18115               OHIO
IN052           Southeastern Indiana REMC                                    18137               RIPLEY
IN052           Southeastern Indiana REMC                                    18155               SWITZERLAND
IN053           Steuben County REMC                                          18033               DEKALB
IN053           Steuben County REMC                                          18087               LAGRANGE
IN053           Steuben County REMC                                          18151               STEUBEN
IN055           Tipmont REMC                                                 18007               BENTON
IN055           Tipmont REMC                                                 18011               BOONE
IN055           Tipmont REMC                                                 18015               CARROLL
IN055           Tipmont REMC                                                 18023               CLINTON
IN055           Tipmont REMC                                                 18045               FOUNTAIN
IN055           Tipmont REMC                                                 18107               MONTGOMERY
IN055           Tipmont REMC                                                 18157               TIPPECANOE
IN055           Tipmont REMC                                                 18181               WHITE
IN059           Wayne County REMC                                            18041               FAYETTE
IN059           Wayne County REMC                                            18135               RANDOLPH
IN059           Wayne County REMC                                            18161               UNION
IN059           Wayne County REMC                                            18177               WAYNE
IN060           South Central Indiana REMC                                   18013               BROWN
IN060           South Central Indiana REMC                                   18021               CLAY
IN060           South Central Indiana REMC                                   18071               JACKSON
IN060           South Central Indiana REMC                                   18081               JOHNSON
IN060           South Central Indiana REMC                                   18105               MONROE
IN060           South Central Indiana REMC                                   18109               MORGAN
IN060           South Central Indiana REMC                                   18119               OWEN
IN060           South Central Indiana REMC                                   18133               PUTNAM
IN070           White County REMC                                            18007               BENTON
IN070           White County REMC                                            18015               CARROLL
IN070           White County REMC                                            18017               CASS
IN070           White County REMC                                            18073               JASPER
IN070           White County REMC                                            18131               PULASKI
IN070           White County REMC                                            18157               TIPPECANOE
IN070           White County REMC                                            18181               WHITE
IN072           Clark County REMC                                            18019               CLARK
IN072           Clark County REMC                                            18043               FLOYD
IN072           Clark County REMC                                            18077               JEFFERSON
IN072           Clark County REMC                                            18143               SCOTT
IN072           Clark County REMC                                            18175               WASHINGTON
IN080           Noble REMC                                                   18003               ALLEN
IN080           Noble REMC                                                   18033               DEKALB
IN080           Noble REMC                                                   18039               ELKHART
IN080           Noble REMC                                                   18085               KOSCIUSKO
IN080           Noble REMC                                                   18087               LAGRANGE
IN080           Noble REMC                                                   18113               NOBLE
IN080           Noble REMC                                                   18151               STEUBEN

                                       29
<PAGE>

IN080           Noble REMC                                                   18183               WHITLEY
IN081           Sullivan County REMC                                         18021               CLAY
IN081           Sullivan County REMC                                         18055               GREENE
IN081           Sullivan County REMC                                         18083               KNOX
IN081           Sullivan County REMC                                         18153               SULLIVAN
IN081           Sullivan County REMC                                         18167               VIGO
IN083           Dubois REC, Inc.                                             18025               CRAWFORD
IN083           Dubois REC, Inc.                                             18037               DUBOIS
IN083           Dubois REC, Inc.                                             18101               MARTIN
IN083           Dubois REC, Inc.                                             18117               ORANGE
IN083           Dubois REC, Inc.                                             18123               PERRY
IN083           Dubois REC, Inc.                                             18125               PIKE
IN087           Kankakee Valley REMC                                         18089               LAKE
IN087           Kankakee Valley REMC                                         18091               LAPORTE
IN087           Kankakee Valley REMC                                         18099               MARSHALL
IN087           Kankakee Valley REMC                                         18127               PORTER
IN087           Kankakee Valley REMC                                         18131               PULASKI
IN087           Kankakee Valley REMC                                         18141               ST. JOSEPH
IN087           Kankakee Valley REMC                                         18149               STARKE
IN088           Kosciusko County REMC                                        18049               FULTON
IN088           Kosciusko County REMC                                        18085               KOSCIUSKO
IN088           Kosciusko County REMC                                        18169               WABASH
IN088           Kosciusko County REMC                                        18183               WHITLEY
IN089           Harrison County REMC                                         18019               CLARK
IN089           Harrison County REMC                                         18025               CRAWFORD
IN089           Harrison County REMC                                         18043               FLOYD
IN089           Harrison County REMC                                         18061               HARRISON
IN089           Harrison County REMC                                         18175               WASHINGTON
IN092           Jackson County REMC                                          18005               BARTHOLOMEW
IN092           Jackson County REMC                                          18013               BROWN
IN092           Jackson County REMC                                          18019               CLARK
IN092           Jackson County REMC                                          18071               JACKSON
IN092           Jackson County REMC                                          18077               JEFFERSON
IN092           Jackson County REMC                                          18079               JENNINGS
IN092           Jackson County REMC                                          18093               LAWRENCE
IN092           Jackson County REMC                                          18105               MONROE
IN092           Jackson County REMC                                          18143               SCOTT
IN092           Jackson County REMC                                          18175               WASHINGTON
IN099           Southern Indiana REC, Inc.                                   18037               DUBOIS
IN099           Southern Indiana REC, Inc.                                   18123               PERRY
IN099           Southern Indiana REC, Inc.                                   18147               SPENCER
IN099           Southern Indiana REC, Inc.                                   18173               WARRICK
IN100           Newton County REMC                                           18007               BENTON
IN100           Newton County REMC                                           18073               JASPER
IN100           Newton County REMC                                           18111               NEWTON
IN108           United REMC                                                  18001               ADAMS
IN108           United REMC                                                  18003               ALLEN
IN108           United REMC                                                  18053               GRANT
IN108           United REMC                                                  18069               HUNTINGTON
IN108           United REMC                                                  18169               WABASH
IN108           United REMC                                                  18179               WELLS
IN108           United REMC                                                  18183               WHITLEY

                                       30
<PAGE>

KS007           Jewell-Mitchell Co-op Electric Co.                           20029               CLOUD
KS007           Jewell-Mitchell Co-op Electric Co.                           20089               JEWELL
KS007           Jewell-Mitchell Co-op Electric Co.                           20105               LINCOLN
KS007           Jewell-Mitchell Co-op Electric Co.                           20123               MITCHELL
KS007           Jewell-Mitchell Co-op Electric Co.                           20141               OSBORNE
KS007           Jewell-Mitchell Co-op Electric Co.                           20143               OTTAWA
KS007           Jewell-Mitchell Co-op Electric Co.                           20147               PHILLIPS
KS007           Jewell-Mitchell Co-op Electric Co.                           20157               REPUBLIC
KS007           Jewell-Mitchell Co-op Electric Co.                           20165               RUSH
KS007           Jewell-Mitchell Co-op Electric Co.                           20167               RUSSELL
KS007           Jewell-Mitchell Co-op Electric Co.                           20183               SMITH
KS008           United Electric Cooperative, Inc.                            20001               ALLEN
KS008           United Electric Cooperative, Inc.                            20003               ANDERSON
KS008           United Electric Cooperative, Inc.                            20011               BOURBON
KS008           United Electric Cooperative, Inc.                            20031               COFFEY
KS008           United Electric Cooperative, Inc.                            20037               CRAWFORD
KS008           United Electric Cooperative, Inc.                            20107               LINN
KS008           United Electric Cooperative, Inc.                            20121               MIAMI
KS008           United Electric Cooperative, Inc.                            20133               NEOSHO
KS008           United Electric Cooperative, Inc.                            20205               WILSON
KS008           United Electric Cooperative, Inc.                            20207               WOODSON
KS013           Brown-Atchison Electric Co-op Assn.                          20005               ATCHISON
KS013           Brown-Atchison Electric Co-op Assn.                          20013               BROWN
KS013           Brown-Atchison Electric Co-op Assn.                          20043               DONIPHAN
KS013           Brown-Atchison Electric Co-op Assn.                          20085               JACKSON
KS013           Brown-Atchison Electric Co-op Assn.                          20087               JEFFERSON
KS013           Brown-Atchison Electric Co-op Assn.                          20131               NEMAHA
KS014           Sumner-Cowley Electric Co-op, Inc.                           20015               BUTLER
KS014           Sumner-Cowley Electric Co-op, Inc.                           20035               COWLEY
KS014           Sumner-Cowley Electric Co-op, Inc.                           20077               HARPER
KS014           Sumner-Cowley Electric Co-op, Inc.                           20095               KINGMAN
KS014           Sumner-Cowley Electric Co-op, Inc.                           20173               SEDGWICK
KS014           Sumner-Cowley Electric Co-op, Inc.                           20191               SUMNER
KS015           DS&O Rural Electric Co-op Assn.                              20027               CLAY
KS015           DS&O Rural Electric Co-op Assn.                              20029               CLOUD
KS015           DS&O Rural Electric Co-op Assn.                              20041               DICKINSON
KS015           DS&O Rural Electric Co-op Assn.                              20061               GEARY
KS015           DS&O Rural Electric Co-op Assn.                              20113               MCPHERSON
KS015           DS&O Rural Electric Co-op Assn.                              20115               MARION
KS015           DS&O Rural Electric Co-op Assn.                              20127               MORRIS
KS015           DS&O Rural Electric Co-op Assn.                              20143               OTTAWA
KS015           DS&O Rural Electric Co-op Assn.                              20169               SALINE
KS018           Sedgwick County Electric Co-op                               20079               HARVEY
KS018           Sedgwick County Electric Co-op                               20095               KINGMAN
KS018           Sedgwick County Electric Co-op                               20155               RENO
KS018           Sedgwick County Electric Co-op                               20173               SEDGWICK
KS018           Sedgwick County Electric Co-op                               20191               SUMNER
KS019           Butler RECA, Inc.                                            20015               BUTLER
KS019           Butler RECA, Inc.                                            20017               CHASE
KS019           Butler RECA, Inc.                                            20035               COWLEY
KS019           Butler RECA, Inc.                                            20073               GREENWOOD
KS019           Butler RECA, Inc.                                            20079               HARVEY

                                       31
<PAGE>

KS019           Butler RECA, Inc.                                            20115               MARION
KS019           Butler RECA, Inc.                                            20173               SEDGWICK
KS021           Kaw Valley Elec. Co-op, Inc.                                 20045               DOUGLAS
KS021           Kaw Valley Elec. Co-op, Inc.                                 20085               JACKSON
KS021           Kaw Valley Elec. Co-op, Inc.                                 20139               OSAGE
KS021           Kaw Valley Elec. Co-op, Inc.                                 20149               POTTAWATOMIE
KS021           Kaw Valley Elec. Co-op, Inc.                                 20177               SHAWNEE
KS021           Kaw Valley Elec. Co-op, Inc.                                 20197               WABAUNSEE
KS022           Doniphan Electric Co-op Assn., Inc.                          20005               ATCHISON
KS022           Doniphan Electric Co-op Assn., Inc.                          20013               BROWN
KS022           Doniphan Electric Co-op Assn., Inc.                          20043               DONIPHAN
KS024           C.& W. Rural Electric Co-op Assn.                            20027               CLAY
KS024           C.& W. Rural Electric Co-op Assn.                            20029               CLOUD
KS024           C.& W. Rural Electric Co-op Assn.                            20041               DICKINSON
KS024           C.& W. Rural Electric Co-op Assn.                            20061               GEARY
KS024           C.& W. Rural Electric Co-op Assn.                            20117               MARSHALL
KS024           C.& W. Rural Electric Co-op Assn.                            20143               OTTAWA
KS024           C.& W. Rural Electric Co-op Assn.                            20161               RILEY
KS024           C.& W. Rural Electric Co-op Assn.                            20201               WASHINGTON
KS027           Flint Hills RECA, Inc.                                       20017               CHASE
KS027           Flint Hills RECA, Inc.                                       20041               DICKINSON
KS027           Flint Hills RECA, Inc.                                       20061               GEARY
KS027           Flint Hills RECA, Inc.                                       20079               HARVEY
KS027           Flint Hills RECA, Inc.                                       20111               LYON
KS027           Flint Hills RECA, Inc.                                       20113               MCPHERSON
KS027           Flint Hills RECA, Inc.                                       20115               MARION
KS027           Flint Hills RECA, Inc.                                       20127               MORRIS
KS027           Flint Hills RECA, Inc.                                       20161               RILEY
KS027           Flint Hills RECA, Inc.                                       20197               WABAUNSEE
KS028           Prairie Land Electric Co-op                                  20039               DECATUR
KS028           Prairie Land Electric Co-op                                  20065               GRAHAM
KS028           Prairie Land Electric Co-op                                  20137               NORTON
KS028           Prairie Land Electric Co-op                                  20141               OSBORNE
KS028           Prairie Land Electric Co-op                                  20147               PHILLIPS
KS028           Prairie Land Electric Co-op                                  20163               ROOKS
KS028           Prairie Land Electric Co-op                                  20179               SHERIDAN
KS028           Prairie Land Electric Co-op                                  20183               SMITH
KS029           N.C.K. Electric Co-op, Inc.                                  20027               CLAY
KS029           N.C.K. Electric Co-op, Inc.                                  20029               CLOUD
KS029           N.C.K. Electric Co-op, Inc.                                  20089               JEWELL
KS029           N.C.K. Electric Co-op, Inc.                                  20157               REPUBLIC
KS029           N.C.K. Electric Co-op, Inc.                                  20201               WASHINGTON
KS030           Nemaha-Marshall Electric Co-op                               20085               JACKSON
KS030           Nemaha-Marshall Electric Co-op                               20117               MARSHALL
KS030           Nemaha-Marshall Electric Co-op                               20131               NEMAHA
KS030           Nemaha-Marshall Electric Co-op                               20149               POTTAWATOMIE
KS030           Nemaha-Marshall Electric Co-op                               20201               WASHINGTON
KS031           Sekan Electric Co-op Assn., Inc.                             20001               ALLEN
KS031           Sekan Electric Co-op Assn., Inc.                             20003               ANDERSON
KS031           Sekan Electric Co-op Assn., Inc.                             20011               BOURBON
KS031           Sekan Electric Co-op Assn., Inc.                             20021               CHEROKEE
KS031           Sekan Electric Co-op Assn., Inc.                             20037               CRAWFORD

                                       32
<PAGE>

KS031           Sekan Electric Co-op Assn., Inc.                             20099               LABETTE
KS031           Sekan Electric Co-op Assn., Inc.                             20107               LINN
KS031           Sekan Electric Co-op Assn., Inc.                             20133               NEOSHO
KS032           Ark Valley Electric Co-op Assn.                              20009               BARTON
KS032           Ark Valley Electric Co-op Assn.                              20053               ELLSWORTH
KS032           Ark Valley Electric Co-op Assn.                              20079               HARVEY
KS032           Ark Valley Electric Co-op Assn.                              20095               KINGMAN
KS032           Ark Valley Electric Co-op Assn.                              20113               MCPHERSON
KS032           Ark Valley Electric Co-op Assn.                              20155               RENO
KS032           Ark Valley Electric Co-op Assn.                              20159               RICE
KS032           Ark Valley Electric Co-op Assn.                              20169               SALINE
KS032           Ark Valley Electric Co-op Assn.                              20185               STAFFORD
KS033           Ninnescah RECA, Inc.                                         20007               BARBER
KS033           Ninnescah RECA, Inc.                                         20033               COMANCHE
KS033           Ninnescah RECA, Inc.                                         20047               EDWARDS
KS033           Ninnescah RECA, Inc.                                         20077               HARPER
KS033           Ninnescah RECA, Inc.                                         20095               KINGMAN
KS033           Ninnescah RECA, Inc.                                         20097               KIOWA
KS033           Ninnescah RECA, Inc.                                         20145               PAWNEE
KS033           Ninnescah RECA, Inc.                                         20151               PRATT
KS033           Ninnescah RECA, Inc.                                         20155               RENO
KS033           Ninnescah RECA, Inc.                                         20185               STAFFORD
KS037           The Smoky Valley EC                                          20053               ELLSWORTH
KS037           The Smoky Valley EC                                          20113               MCPHERSON
KS037           The Smoky Valley EC                                          20159               RICE
KS037           The Smoky Valley EC                                          20169               SALINE
KS038           Caney Valley Electric Co-op Assn.                            20015               BUTLER
KS038           Caney Valley Electric Co-op Assn.                            20019               CHAUTAUQUA
KS038           Caney Valley Electric Co-op Assn.                            20035               COWLEY
KS038           Caney Valley Electric Co-op Assn.                            20049               ELK
KS038           Caney Valley Electric Co-op Assn.                            20125               MONTGOMERY
KS039           PR&W Electric Co-op Assn.                                    20061               GEARY
KS039           PR&W Electric Co-op Assn.                                    20085               JACKSON
KS039           PR&W Electric Co-op Assn.                                    20149               POTTAWATOMIE
KS039           PR&W Electric Co-op Assn.                                    20161               RILEY
KS039           PR&W Electric Co-op Assn.                                    20197               WABAUNSEE
KS040           Leavenworth-Jefferson Elec. Co-op                            20005               ATCHISON
KS040           Leavenworth-Jefferson Elec. Co-op                            20045               DOUGLAS
KS040           Leavenworth-Jefferson Elec. Co-op                            20085               JACKSON
KS040           Leavenworth-Jefferson Elec. Co-op                            20087               JEFFERSON
KS040           Leavenworth-Jefferson Elec. Co-op                            20103               LEAVENWORTH
KS041           Radiant Electric Co-op, Inc.                                 20049               ELK
KS041           Radiant Electric Co-op, Inc.                                 20073               GREENWOOD
KS041           Radiant Electric Co-op, Inc.                                 20099               LABETTE
KS041           Radiant Electric Co-op, Inc.                                 20125               MONTGOMERY
KS041           Radiant Electric Co-op, Inc.                                 20133               NEOSHO
KS041           Radiant Electric Co-op, Inc.                                 20205               WILSON
KS041           Radiant Electric Co-op, Inc.                                 20207               WOODSON
KS042           Lane-Scott Electric Co-op, Inc.                              20055               FINNEY
KS042           Lane-Scott Electric Co-op, Inc.                              20063               GOVE
KS042           Lane-Scott Electric Co-op, Inc.                              20083               HODGEMAN
KS042           Lane-Scott Electric Co-op, Inc.                              20101               LANE

                                       33
<PAGE>

KS042           Lane-Scott Electric Co-op, Inc.                              20109               LOGAN
KS042           Lane-Scott Electric Co-op, Inc.                              20135               NESS
KS042           Lane-Scott Electric Co-op, Inc.                              20171               SCOTT
KS044           Pioneer Electric Co-op                                       20055               FINNEY
KS044           Pioneer Electric Co-op                                       20067               GRANT
KS044           Pioneer Electric Co-op                                       20069               GRAY
KS044           Pioneer Electric Co-op                                       20075               HAMILTON
KS044           Pioneer Electric Co-op                                       20081               HASKELL
KS044           Pioneer Electric Co-op                                       20093               KEARNY
KS044           Pioneer Electric Co-op                                       20129               MORTON
KS044           Pioneer Electric Co-op                                       20175               SEWARD
KS044           Pioneer Electric Co-op                                       20187               STANTON
KS044           Pioneer Electric Co-op                                       20189               STEVENS
KS045           Smoky Hill Electric Co-op Assn.                              20009               BARTON
KS045           Smoky Hill Electric Co-op Assn.                              20053               ELLSWORTH
KS045           Smoky Hill Electric Co-op Assn.                              20105               LINCOLN
KS045           Smoky Hill Electric Co-op Assn.                              20141               OSBORNE
KS045           Smoky Hill Electric Co-op Assn.                              20143               OTTAWA
KS045           Smoky Hill Electric Co-op Assn.                              20167               RUSSELL
KS045           Smoky Hill Electric Co-op Assn.                              20169               SALINE
KS046           C.M.S. Electric Co-op, Inc.                                  20007               BARBER
KS046           C.M.S. Electric Co-op, Inc.                                  20025               CLARK
KS046           C.M.S. Electric Co-op, Inc.                                  20033               COMANCHE
KS046           C.M.S. Electric Co-op, Inc.                                  20057               FORD
KS046           C.M.S. Electric Co-op, Inc.                                  20069               GRAY
KS046           C.M.S. Electric Co-op, Inc.                                  20081               HASKELL
KS046           C.M.S. Electric Co-op, Inc.                                  20097               KIOWA
KS046           C.M.S. Electric Co-op, Inc.                                  20119               MEADE
KS046           C.M.S. Electric Co-op, Inc.                                  20175               SEWARD
KS046           C.M.S. Electric Co-op, Inc.                                  20189               STEVENS
KS047           Western Co-op Electric Assn., Inc.                           20051               ELLIS
KS047           Western Co-op Electric Assn., Inc.                           20063               GOVE
KS047           Western Co-op Electric Assn., Inc.                           20065               GRAHAM
KS047           Western Co-op Electric Assn., Inc.                           20135               NESS
KS047           Western Co-op Electric Assn., Inc.                           20163               ROOKS
KS047           Western Co-op Electric Assn., Inc.                           20165               RUSH
KS047           Western Co-op Electric Assn., Inc.                           20179               SHERIDAN
KS047           Western Co-op Electric Assn., Inc.                           20195               TREGO
KS048           Victory Electric Co-op Assn., Inc.                           20025               CLARK
KS048           Victory Electric Co-op Assn., Inc.                           20047               EDWARDS
KS048           Victory Electric Co-op Assn., Inc.                           20055               FINNEY
KS048           Victory Electric Co-op Assn., Inc.                           20057               FORD
KS048           Victory Electric Co-op Assn., Inc.                           20069               GRAY
KS048           Victory Electric Co-op Assn., Inc.                           20081               HASKELL
KS048           Victory Electric Co-op Assn., Inc.                           20083               HODGEMAN
KS048           Victory Electric Co-op Assn., Inc.                           20097               KIOWA
KS048           Victory Electric Co-op Assn., Inc.                           20119               MEADE
KS049           Northwest Kansas Elec. Co-op Assn.                           20023               CHEYENNE
KS049           Northwest Kansas Elec. Co-op Assn.                           20039               DECATUR
KS049           Northwest Kansas Elec. Co-op Assn.                           20153               RAWLINS
KS049           Northwest Kansas Elec. Co-op Assn.                           20181               SHERMAN
KS049           Northwest Kansas Elec. Co-op Assn.                           20193               THOMAS

                                       34
<PAGE>

KS050           Twin Valley Electric Co-op                                   20021               CHEROKEE
KS050           Twin Valley Electric Co-op                                   20099               LABETTE
KS050           Twin Valley Electric Co-op                                   20125               MONTGOMERY
KS050           Twin Valley Electric Co-op                                   20133               NEOSHO
KS051           Wheatland Electric Co-op, Inc.                               08061               KIOWA
KS051           Wheatland Electric Co-op, Inc.                               20055               FINNEY
KS051           Wheatland Electric Co-op, Inc.                               20069               GRAY
KS051           Wheatland Electric Co-op, Inc.                               20071               GREELEY
KS051           Wheatland Electric Co-op, Inc.                               20075               HAMILTON
KS051           Wheatland Electric Co-op, Inc.                               20093               KEARNY
KS051           Wheatland Electric Co-op, Inc.                               20109               LOGAN
KS051           Wheatland Electric Co-op, Inc.                               20171               SCOTT
KS051           Wheatland Electric Co-op, Inc.                               20175               SEWARD
KS051           Wheatland Electric Co-op, Inc.                               20199               WALLACE
KS051           Wheatland Electric Co-op, Inc.                               20203               WICHITA
KS055           Midwest Energy, Inc.                                         20023               CHEYENNE
KS055           Midwest Energy, Inc.                                         20109               LOGAN
KS055           Midwest Energy, Inc.                                         20153               RAWLINS
KS055           Midwest Energy, Inc.                                         20179               SHERIDAN
KS055           Midwest Energy, Inc.                                         20181               SHERMAN
KS055           Midwest Energy, Inc.                                         20193               THOMAS
KS055           Midwest Energy, Inc.                                         20199               WALLACE
KS055           Midwest Energy, Inc.                                         20009               BARTON
KS055           Midwest Energy, Inc.                                         20047               EDWARDS
KS055           Midwest Energy, Inc.                                         20083               HODGEMAN
KS055           Midwest Energy, Inc.                                         20135               NESS
KS055           Midwest Energy, Inc.                                         20145               PAWNEE
KS055           Midwest Energy, Inc.                                         20165               RUSH
KS055           Midwest Energy, Inc.                                         20167               RUSSELL
KS055           Midwest Energy, Inc.                                         20185               STAFFORD
KS056           Lyon-Coffey Electric Co-op                                   20017               CHASE
KS056           Lyon-Coffey Electric Co-op                                   20111               LYON
KS056           Lyon-Coffey Electric Co-op                                   20139               OSAGE
KS056           Lyon-Coffey Electric Co-op                                   20197               WABAUNSEE
KS056           Lyon-Coffey Electric Co-op                                   20003               ANDERSON
KS056           Lyon-Coffey Electric Co-op                                   20031               COFFEY
KS056           Lyon-Coffey Electric Co-op                                   20059               FRANKLIN
KS056           Lyon-Coffey Electric Co-op                                   20073               GREENWOOD
KS056           Lyon-Coffey Electric Co-op                                   20207               WOODSON
KY003           Jackson County RECC                                          21051               CLAY
KY003           Jackson County RECC                                          21065               ESTILL
KY003           Jackson County RECC                                          21109               JACKSON
KY003           Jackson County RECC                                          21125               LAUREL
KY003           Jackson County RECC                                          21129               LEE
KY003           Jackson County RECC                                          21131               LESLIE
KY003           Jackson County RECC                                          21137               LINCOLN
KY003           Jackson County RECC                                          21151               MADISON
KY003           Jackson County RECC                                          21189               OWSLEY
KY003           Jackson County RECC                                          21197               POWELL
KY003           Jackson County RECC                                          21203               ROCKCASTLE
KY003           Jackson County RECC                                          21237               WOLFE
KY018           Meade County RECC                                            21027               BRECKINRIDGE

                                       35
<PAGE>

KY018           Meade County RECC                                            21085               GRAYSON
KY018           Meade County RECC                                            21091               HANCOCK
KY018           Meade County RECC                                            21093               HARDIN
KY018           Meade County RECC                                            21163               MEADE
KY018           Meade County RECC                                            21183               OHIO
KY020           Jackson Purchase Elec. Co-op Corp.                           21007               BALLARD
KY020           Jackson Purchase Elec. Co-op Corp.                           21039               CARLISLE
KY020           Jackson Purchase Elec. Co-op Corp.                           21083               GRAVES
KY020           Jackson Purchase Elec. Co-op Corp.                           21139               LIVINGSTON
KY020           Jackson Purchase Elec. Co-op Corp.                           21145               MCCRACKEN
KY020           Jackson Purchase Elec. Co-op Corp.                           21157               MARSHALL
KY021           Salt River Electric Co-op Corp.                              21005               ANDERSON
KY021           Salt River Electric Co-op Corp.                              21029               BULLITT
KY021           Salt River Electric Co-op Corp.                              21111               JEFFERSON
KY021           Salt River Electric Co-op Corp.                              21123               LARUE
KY021           Salt River Electric Co-op Corp.                              21155               MARION
KY021           Salt River Electric Co-op Corp.                              21167               MERCER
KY021           Salt River Electric Co-op Corp.                              21179               NELSON
KY021           Salt River Electric Co-op Corp.                              21211               SHELBY
KY021           Salt River Electric Co-op Corp.                              21215               SPENCER
KY021           Salt River Electric Co-op Corp.                              21229               WASHINGTON
KY023           Taylor County RECC                                           21001               ADAIR
KY023           Taylor County RECC                                           21045               CASEY
KY023           Taylor County RECC                                           21087               GREEN
KY023           Taylor County RECC                                           21217               TAYLOR
KY026           Pennyrile RECC                                               21031               BUTLER
KY026           Pennyrile RECC                                               21033               CALDWELL
KY026           Pennyrile RECC                                               21047               CHRISTIAN
KY026           Pennyrile RECC                                               21141               LOGAN
KY026           Pennyrile RECC                                               21143               LYON
KY026           Pennyrile RECC                                               21177               MUHLENBERG
KY026           Pennyrile RECC                                               21213               SIMPSON
KY026           Pennyrile RECC                                               21219               TODD
KY026           Pennyrile RECC                                               21221               TRIGG
KY027           Inter-County RECC                                            21021               BOYLE
KY027           Inter-County RECC                                            21045               CASEY
KY027           Inter-County RECC                                            21079               GERRARD
KY027           Inter-County RECC                                            21123               LARUE
KY027           Inter-County RECC                                            21137               LINCOLN
KY027           Inter-County RECC                                            21151               MADISON
KY027           Inter-County RECC                                            21155               MARION
KY027           Inter-County RECC                                            21167               MERCER
KY027           Inter-County RECC                                            21179               NELSON
KY027           Inter-County RECC                                            21203               ROCKCASTLE
KY027           Inter-County RECC                                            21217               TAYLOR
KY027           Inter-County RECC                                            21229               WASHINGTON
KY030           Shelby RECC                                                  21005               ANDERSON
KY030           Shelby RECC                                                  21041               CARROLL
KY030           Shelby RECC                                                  21073               FRANKLIN
KY030           Shelby RECC                                                  21103               HENRY
KY030           Shelby RECC                                                  21185               OLDHAM
KY030           Shelby RECC                                                  21187               OWEN

                                       36
<PAGE>

KY030           Shelby RECC                                                  21211               SHELBY
KY030           Shelby RECC                                                  21215               SPENCER
KY030           Shelby RECC                                                  21223               TRIMBLE
KY033           Green River Electric Corp.                                   21059               DAVIESS
KY033           Green River Electric Corp.                                   21091               HANCOCK
KY033           Green River Electric Corp.                                   21101               HENDERSON
KY033           Green River Electric Corp.                                   21107               HOPKINS
KY033           Green River Electric Corp.                                   21149               MCLEAN
KY033           Green River Electric Corp.                                   21177               MUHLENBERG
KY033           Green River Electric Corp.                                   21183               OHIO
KY033           Green River Electric Corp.                                   21233               WEBSTER
KY034           Farmers RECC                                                 21001               ADAIR
KY034           Farmers RECC                                                 21009               BARREN
KY034           Farmers RECC                                                 21061               EDMONSON
KY034           Farmers RECC                                                 21085               GRAYSON
KY034           Farmers RECC                                                 21087               GREEN
KY034           Farmers RECC                                                 21099               HART
KY034           Farmers RECC                                                 21123               LARUE
KY034           Farmers RECC                                                 21169               METCALFE
KY035           Warren RECC                                                  21009               BARREN
KY035           Warren RECC                                                  21031               BUTLER
KY035           Warren RECC                                                  21061               EDMONSON
KY035           Warren RECC                                                  21085               GRAYSON
KY035           Warren RECC                                                  21141               LOGAN
KY035           Warren RECC                                                  21183               OHIO
KY035           Warren RECC                                                  21213               SIMPSON
KY035           Warren RECC                                                  21227               WARREN
KY037           Owen Electric Cooperative, Inc.                              21015               BOONE
KY037           Owen Electric Cooperative, Inc.                              21037               CAMPBELL
KY037           Owen Electric Cooperative, Inc.                              21041               CARROLL
KY037           Owen Electric Cooperative, Inc.                              21077               GALLATIN
KY037           Owen Electric Cooperative, Inc.                              21081               GRANT
KY037           Owen Electric Cooperative, Inc.                              21117               KENTON
KY037           Owen Electric Cooperative, Inc.                              21187               OWEN
KY037           Owen Electric Cooperative, Inc.                              21191               PENDLETON
KY037           Owen Electric Cooperative, Inc.                              21209               SCOTT
KY038           Hickman-Fulton Counties RECC                                 21039               CARLISLE
KY038           Hickman-Fulton Counties RECC                                 21075               FULTON
KY038           Hickman-Fulton Counties RECC                                 21083               GRAVES
KY038           Hickman-Fulton Counties RECC                                 21105               HICKMAN
KY038           Hickman-Fulton Counties RECC                                 47095               LAKE
KY038           Hickman-Fulton Counties RECC                                 47131               OBION
KY040           Blue Grass RECC                                              21067               FAYETTE
KY040           Blue Grass RECC                                              21079               GERRARD
KY040           Blue Grass RECC                                              21109               JACKSON
KY040           Blue Grass RECC                                              21113               JESSAMINE
KY040           Blue Grass RECC                                              21151               MADISON
KY040           Blue Grass RECC                                              21239               WOODFORD
KY045           Fox Creek RECC                                               21005               ANDERSON
KY045           Fox Creek RECC                                               21073               FRANKLIN
KY045           Fox Creek RECC                                               21103               HENRY
KY045           Fox Creek RECC                                               21113               JESSAMINE

                                       37
<PAGE>

KY045           Fox Creek RECC                                               21167               MERCER
KY045           Fox Creek RECC                                               21211               SHELBY
KY045           Fox Creek RECC                                               21215               SPENCER
KY045           Fox Creek RECC                                               21229               WASHINGTON
KY045           Fox Creek RECC                                               21239               WOODFORD
KY046           Harrison County RECC                                         21017               BOURBON
KY046           Harrison County RECC                                         21023               BRACKEN
KY046           Harrison County RECC                                         21081               GRANT
KY046           Harrison County RECC                                         21097               HARRISON
KY046           Harrison County RECC                                         21181               NICHOLAS
KY046           Harrison County RECC                                         21191               PENDLETON
KY046           Harrison County RECC                                         21201               ROBERTSON
KY046           Harrison County RECC                                         21209               SCOTT
KY049           Clark RECC                                                   21011               BATH
KY049           Clark RECC                                                   21017               BOURBON
KY049           Clark RECC                                                   21049               CLARK
KY049           Clark RECC                                                   21065               ESTILL
KY049           Clark RECC                                                   21067               FAYETTE
KY049           Clark RECC                                                   21151               MADISON
KY049           Clark RECC                                                   21165               MENIFEE
KY049           Clark RECC                                                   21173               MONTGOMERY
KY049           Clark RECC                                                   21175               MORGAN
KY049           Clark RECC                                                   21197               POWELL
KY049           Clark RECC                                                   21205               ROWAN
KY049           Clark RECC                                                   21237               WOLFE
KY050           West Kentucky RECC                                           21035               CALLOWAY
KY050           West Kentucky RECC                                           21039               CARLISLE
KY050           West Kentucky RECC                                           21083               GRAVES
KY050           West Kentucky RECC                                           21105               HICKMAN
KY050           West Kentucky RECC                                           21139               LIVINGSTON
KY050           West Kentucky RECC                                           21157               MARSHALL
KY051           Nolin RECC                                                   21027               BRECKINRIDGE
KY051           Nolin RECC                                                   21029               BULLITT
KY051           Nolin RECC                                                   21085               GRAYSON
KY051           Nolin RECC                                                   21087               GREEN
KY051           Nolin RECC                                                   21093               HARDIN
KY051           Nolin RECC                                                   21099               HART
KY051           Nolin RECC                                                   21123               LARUE
KY051           Nolin RECC                                                   21163               MEADE
KY051           Nolin RECC                                                   21217               TAYLOR
KY052           Fleming-Mason RECC                                           21011               BATH
KY052           Fleming-Mason RECC                                           21023               BRACKEN
KY052           Fleming-Mason RECC                                           21069               FLEMING
KY052           Fleming-Mason RECC                                           21135               LEWIS
KY052           Fleming-Mason RECC                                           21161               MASON
KY052           Fleming-Mason RECC                                           21181               NICHOLAS
KY052           Fleming-Mason RECC                                           21201               ROBERTSON
KY052           Fleming-Mason RECC                                           21205               ROWAN
KY054           South Kentucky RECC                                          21001               ADAIR
KY054           South Kentucky RECC                                          21045               CASEY
KY054           South Kentucky RECC                                          21053               CLINTON
KY054           South Kentucky RECC                                          21057               CUMBERLAND

                                       38
<PAGE>

KY054           South Kentucky RECC                                          21125               LAUREL
KY054           South Kentucky RECC                                          21137               LINCOLN
KY054           South Kentucky RECC                                          21147               MCCREARY
KY054           South Kentucky RECC                                          21199               PULASKI
KY054           South Kentucky RECC                                          21203               ROCKCASTLE
KY054           South Kentucky RECC                                          21207               RUSSELL
KY054           South Kentucky RECC                                          21231               WAYNE
KY054           South Kentucky RECC                                          47137               PICKETT
KY054           South Kentucky RECC                                          47151               SCOTT
KY055           Henderson Union Electric Co-op                               21033               CALDWELL
KY055           Henderson Union Electric Co-op                               21055               CRITTENDEN
KY055           Henderson Union Electric Co-op                               21101               HENDERSON
KY055           Henderson Union Electric Co-op                               21107               HOPKINS
KY055           Henderson Union Electric Co-op                               21143               LYON
KY055           Henderson Union Electric Co-op                               21225               UNION
KY055           Henderson Union Electric Co-op                               21233               WEBSTER
KY056           Licking Valley RECC                                          21025               BREATHITT
KY056           Licking Valley RECC                                          21129               LEE
KY056           Licking Valley RECC                                          21153               MAGOFFIN
KY056           Licking Valley RECC                                          21165               MENIFEE
KY056           Licking Valley RECC                                          21175               MORGAN
KY056           Licking Valley RECC                                          21237               WOLFE
KY057           Cumberland Valley RECC                                       21013               BELL
KY057           Cumberland Valley RECC                                       21095               HARLAN
KY057           Cumberland Valley RECC                                       21121               KNOX
KY057           Cumberland Valley RECC                                       21125               LAUREL
KY057           Cumberland Valley RECC                                       21131               LESLIE
KY057           Cumberland Valley RECC                                       21133               LETCHER
KY057           Cumberland Valley RECC                                       21147               MCCREARY
KY057           Cumberland Valley RECC                                       21235               WHITLEY
KY058           Big Sandy RECC                                               21025               BREATHITT
KY058           Big Sandy RECC                                               21071               FLOYD
KY058           Big Sandy RECC                                               21115               JOHNSON
KY058           Big Sandy RECC                                               21119               KNOTT
KY058           Big Sandy RECC                                               21127               LAWRENCE
KY058           Big Sandy RECC                                               21153               MAGOFFIN
KY058           Big Sandy RECC                                               21159               MARTIN
KY058           Big Sandy RECC                                               21175               MORGAN
KY061           Grayson RECC                                                 21043               CARTER
KY061           Grayson RECC                                                 21063               ELLIOTT
KY061           Grayson RECC                                                 21089               GREENUP
KY061           Grayson RECC                                                 21127               LAWRENCE
KY061           Grayson RECC                                                 21135               LEWIS
KY061           Grayson RECC                                                 21205               ROWAN
LA006           Teche Electric Co-op, Inc.                                   22045               IBERIA
LA006           Teche Electric Co-op, Inc.                                   22099               SAINT MARTIN
LA006           Teche Electric Co-op, Inc.                                   22101               SAINT MARY
LA007           Valley EMC                                                   22017               CADDO
LA007           Valley EMC                                                   22031               DESOTO
LA007           Valley EMC                                                   22043               GRANT
LA007           Valley EMC                                                   22069               NATCHITOCHES
LA007           Valley EMC                                                   22081               RED RIVER

                                       39
<PAGE>

LA007           Valley EMC                                                   22085               SABINE
LA007           Valley EMC                                                   22115               VERNON
LA007           Valley EMC                                                   22127               WINN
LA008           South Louisiana Electric Co-op                               22007               ASSUMPTION
LA008           South Louisiana Electric Co-op                               22057               LAFOURCHE
LA008           South Louisiana Electric Co-op                               22099               SAINT MARTIN
LA008           South Louisiana Electric Co-op                               22101               SAINT MARY
LA008           South Louisiana Electric Co-op                               22109               TERREBONNE
LA009           Southwest Louisiana EMC                                      22001               ACADIA
LA009           Southwest Louisiana EMC                                      22009               AVOYELLES
LA009           Southwest Louisiana EMC                                      22039               EVANGELINE
LA009           Southwest Louisiana EMC                                      22045               IBERIA
LA009           Southwest Louisiana EMC                                      22055               LAFAYETTE
LA009           Southwest Louisiana EMC                                      22097               SAINT LANDRY
LA009           Southwest Louisiana EMC                                      22099               SAINT MARTIN
LA009           Southwest Louisiana EMC                                      22113               VERMILION
LA010           Washington-St. Tammany Elec. Co-op                           22103               SAINT TAMMANY
LA010           Washington-St. Tammany Elec. Co-op                           22105               TANGIPAHOA
LA010           Washington-St. Tammany Elec. Co-op                           22117               WASHINGTON
LA011           Bossier REMC                                                 22013               BIENVILLE
LA011           Bossier REMC                                                 22015               BOSSIER
LA011           Bossier REMC                                                 22081               RED RIVER
LA011           Bossier REMC                                                 22119               WEBSTER
LA012           Northeast Louisiana Power Co-op                              22035               EAST CARROLL
LA012           Northeast Louisiana Power Co-op                              22041               FRANKLIN
LA012           Northeast Louisiana Power Co-op                              22065               MADISON
LA012           Northeast Louisiana Power Co-op                              22067               MOREHOUSE
LA012           Northeast Louisiana Power Co-op                              22083               RICHLAND
LA012           Northeast Louisiana Power Co-op                              22107               TENSAS
LA012           Northeast Louisiana Power Co-op                              22123               WEST CARROLL
LA013           DEMCO                                                        22005               ASCENSION
LA013           DEMCO                                                        22033               EAST BATON ROUGE
LA013           DEMCO                                                        22037               EAST FELICIANA
LA013           DEMCO                                                        22063               LIVINGSTON
LA013           DEMCO                                                        22091               SAINT HELENA
LA013           DEMCO                                                        22105               TANGIPAHOA
LA013           DEMCO                                                        22125               WEST FELICIANA
LA015           Pointe Coupee EMC                                            22047               IBERVILLE
LA015           Pointe Coupee EMC                                            22077               POINTE COUPEE
LA015           Pointe Coupee EMC                                            22121               WEST BATON ROUGE
LA017           Claiborne Electric Co-op, Inc.                               22013               BIENVILLE
LA017           Claiborne Electric Co-op, Inc.                               22027               CLAIBORNE
LA017           Claiborne Electric Co-op, Inc.                               22061               LINCOLN
LA017           Claiborne Electric Co-op, Inc.                               22073               OUACHITA
LA017           Claiborne Electric Co-op, Inc.                               22111               UNION
LA017           Claiborne Electric Co-op, Inc.                               22119               WEBSTER
LA019           Jefferson Davis Electric Co-op                               22003               ALLEN
LA019           Jefferson Davis Electric Co-op                               22019               CALCASIEU
LA019           Jefferson Davis Electric Co-op                               22023               CAMERON
LA019           Jefferson Davis Electric Co-op                               22053               JEFFERSON DAVIS
LA019           Jefferson Davis Electric Co-op                               22113               VERMILION
LA020           Concordia Electric Co-op, Inc.                               22021               CALDWELL

                                       40
<PAGE>

LA020           Concordia Electric Co-op, Inc.                               22025               CATAHOULA
LA020           Concordia Electric Co-op, Inc.                               22029               CONCORDIA
LA020           Concordia Electric Co-op, Inc.                               22041               FRANKLIN
LA020           Concordia Electric Co-op, Inc.                               22043               GRANT
LA020           Concordia Electric Co-op, Inc.                               22059               LASALLE
LA020           Concordia Electric Co-op, Inc.                               22079               RAPIDES
LA020           Concordia Electric Co-op, Inc.                               22107               TENSAS
LA026           Louisiana Rural Electric Corp.                               22001               ACADIA
LA026           Louisiana Rural Electric Corp.                               22003               ALLEN
LA026           Louisiana Rural Electric Corp.                               22009               AVOYELLES
LA026           Louisiana Rural Electric Corp.                               22011               BEAUREGARD
LA026           Louisiana Rural Electric Corp.                               22019               CALCASIEU
LA026           Louisiana Rural Electric Corp.                               22031               DESOTO
LA026           Louisiana Rural Electric Corp.                               22039               EVANGELINE
LA026           Louisiana Rural Electric Corp.                               22043               GRANT
LA026           Louisiana Rural Electric Corp.                               22045               IBERIA
LA026           Louisiana Rural Electric Corp.                               22079               RAPIDES
LA026           Louisiana Rural Electric Corp.                               22081               RED RIVER
LA026           Louisiana Rural Electric Corp.                               22085               SABINE
LA026           Louisiana Rural Electric Corp.                               22097               SAINT LANDRY
LA026           Louisiana Rural Electric Corp.                               22099               SAINT MARTIN
LA026           Louisiana Rural Electric Corp.                               22101               SAINT MARY
LA026           Louisiana Rural Electric Corp.                               22103               SAINT TAMMANY
LA026           Louisiana Rural Electric Corp.                               22115               VERNON
LA026           Louisiana Rural Electric Corp.                               22117               WASHINGTON
MD004           Southern Maryland Electric Co-op                             24009               CALVERT
MD004           Southern Maryland Electric Co-op                             24017               CHARLES
MD004           Southern Maryland Electric Co-op                             24033               PRINCE GEORGES
MD004           Southern Maryland Electric Co-op                             24037               ST MARYS
MD007           Choptank Electric Co-op, Inc.                                24011               CAROLINE
MD007           Choptank Electric Co-op, Inc.                                24015               CECIL
MD007           Choptank Electric Co-op, Inc.                                24019               DORCHESTER
MD007           Choptank Electric Co-op, Inc.                                24029               KENT
MD007           Choptank Electric Co-op, Inc.                                24035               QUEEN ANNES
MD007           Choptank Electric Co-op, Inc.                                24039               SOMERSET
MD007           Choptank Electric Co-op, Inc.                                24041               TALBOT
MD007           Choptank Electric Co-op, Inc.                                24045               WICOMICO
MD007           Choptank Electric Co-op, Inc.                                24047               WORCESTER
ME012           Eastern Maine Electric Co-op, Inc.                           23003               AROOSTOOK
ME012           Eastern Maine Electric Co-op, Inc.                           23019               PENOBSCOT
ME012           Eastern Maine Electric Co-op, Inc.                           23029               WASHINGTON
ME013           Union River Electric Co-op, Inc.                             23009               HANCOCK
ME013           Union River Electric Co-op, Inc.                             23019               PENOBSCOT
ME016           Swan's Island Electric Co-op                                 23009               HANCOCK
ME019           Fox Islands Electric Co-op                                   23013               KNOX
MI005           Southeastern Michigan REC, Inc.                              26091               LENAWEE
MI005           Southeastern Michigan REC, Inc.                              39051               FULTON
MI005           Southeastern Michigan REC, Inc.                              39171               WILLIAMS
MI020           Alger-Delta Co-op Electric Assn.                             26003               ALGER
MI020           Alger-Delta Co-op Electric Assn.                             26041               DELTA
MI020           Alger-Delta Co-op Electric Assn.                             26103               MARQUETTE
MI020           Alger-Delta Co-op Electric Assn.                             26109               MENOMINEE

                                       41
<PAGE>

MI020           Alger-Delta Co-op Electric Assn.                             26153               SCHOOLCRAFT
MI026           Tri-County Electric Co-op                                    26015               BARRY
MI026           Tri-County Electric Co-op                                    26035               CLARE
MI026           Tri-County Electric Co-op                                    26037               CLINTON
MI026           Tri-County Electric Co-op                                    26045               EATON
MI026           Tri-County Electric Co-op                                    26057               GRATIOT
MI026           Tri-County Electric Co-op                                    26065               INGHAM
MI026           Tri-County Electric Co-op                                    26067               IONIA
MI026           Tri-County Electric Co-op                                    26073               ISABELLA
MI026           Tri-County Electric Co-op                                    26075               JACKSON
MI026           Tri-County Electric Co-op                                    26107               MECOSTA
MI026           Tri-County Electric Co-op                                    26117               MONTCALM
MI026           Tri-County Electric Co-op                                    26133               OSCEOLA
MI026           Tri-County Electric Co-op                                    26145               SAGINAW
MI028           Presque Isle Electric & Gas Co-op                            26001               ALCONA
MI028           Presque Isle Electric & Gas Co-op                            26007               ALPENA
MI028           Presque Isle Electric & Gas Co-op                            26031               CHEBOYGAN
MI028           Presque Isle Electric & Gas Co-op                            26047               EMMET
MI028           Presque Isle Electric & Gas Co-op                            26097               MACKINAC
MI028           Presque Isle Electric & Gas Co-op                            26119               MONTMORENCY
MI028           Presque Isle Electric & Gas Co-op                            26135               OSCODA
MI028           Presque Isle Electric & Gas Co-op                            26137               OTSEGO
MI028           Presque Isle Electric & Gas Co-op                            26141               PRESQUE ISLE
MI029           Ontonagon County REA                                         26013               BARAGA
MI029           Ontonagon County REA                                         26061               HOUGHTON
MI029           Ontonagon County REA                                         26083               KEWEENAW
MI029           Ontonagon County REA                                         26131               ONTONAGON
MI033           Top O'Michigan Rural Elec. Co.                               26009               ANTRIM
MI033           Top O'Michigan Rural Elec. Co.                               26029               CHARLEVOIX
MI033           Top O'Michigan Rural Elec. Co.                               26031               CHEBOYGAN
MI033           Top O'Michigan Rural Elec. Co.                               26039               CRAWFORD
MI033           Top O'Michigan Rural Elec. Co.                               26047               EMMET
MI033           Top O'Michigan Rural Elec. Co.                               26055               GRAND TRAVERSE
MI033           Top O'Michigan Rural Elec. Co.                               26079               KALKASKA
MI033           Top O'Michigan Rural Elec. Co.                               26113               MISSAUKEE
MI033           Top O'Michigan Rural Elec. Co.                               26119               MONTMORENCY
MI033           Top O'Michigan Rural Elec. Co.                               26135               OSCODA
MI033           Top O'Michigan Rural Elec. Co.                               26137               OTSEGO
MI033           Top O'Michigan Rural Elec. Co.                               26165               WEXFORD
MI037           Thumb Electric Co-op, Inc.                                   26063               HURON
MI037           Thumb Electric Co-op, Inc.                                   26151               SANILAC
MI037           Thumb Electric Co-op, Inc.                                   26157               TUSCOLA
MI040           O & A Electric Co-op, Inc.                                   26005               ALLEGAN
MI040           O & A Electric Co-op, Inc.                                   26015               BARRY
MI040           O & A Electric Co-op, Inc.                                   26035               CLARE
MI040           O & A Electric Co-op, Inc.                                   26081               KENT
MI040           O & A Electric Co-op, Inc.                                   26085               LAKE
MI040           O & A Electric Co-op, Inc.                                   26107               MECOSTA
MI040           O & A Electric Co-op, Inc.                                   26113               MISSAUKEE
MI040           O & A Electric Co-op, Inc.                                   26117               MONTCALM
MI040           O & A Electric Co-op, Inc.                                   26121               MUSKEGON
MI040           O & A Electric Co-op, Inc.                                   26123               NEWAYGO

                                       42
<PAGE>

MI040           O & A Electric Co-op, Inc.                                   26133               OSCEOLA
MI040           O & A Electric Co-op, Inc.                                   26139               OTTAWA
MI040           O & A Electric Co-op, Inc.                                   26165               WEXFORD
MI041           Oceana Electric Co-op                                        26105               MASON
MI041           Oceana Electric Co-op                                        26121               MUSKEGON
MI041           Oceana Electric Co-op                                        26123               NEWAYGO
MI041           Oceana Electric Co-op                                        26127               OCEANA
MI042           Western Michigan Electric Co-op                              26085               LAKE
MI042           Western Michigan Electric Co-op                              26101               MANISTEE
MI042           Western Michigan Electric Co-op                              26105               MASON
MI042           Western Michigan Electric Co-op                              26123               NEWAYGO
MI042           Western Michigan Electric Co-op                              26127               OCEANA
MI043           Cloverland Electric Co-op                                    26033               CHIPPEWA
MI043           Cloverland Electric Co-op                                    26095               LUCE
MI043           Cloverland Electric Co-op                                    26097               MACKINAC
MI043           Cloverland Electric Co-op                                    26153               SCHOOLCRAFT
MI044           Cherryland Electric Cooperative                              26019               BENZIE
MI044           Cherryland Electric Cooperative                              26055               GRAND TRAVERSE
MI044           Cherryland Electric Cooperative                              26079               KALKASKA
MI044           Cherryland Electric Cooperative                              26089               LEELANAU
MI044           Cherryland Electric Cooperative                              26101               MANISTEE
MI044           Cherryland Electric Cooperative                              26165               WEXFORD
MI045           Fruit Belt Electric Co-op                                    18039               ELKHART
MI045           Fruit Belt Electric Co-op                                    18141               ST. JOSEPH
MI045           Fruit Belt Electric Co-op                                    26021               BERRIEN
MI045           Fruit Belt Electric Co-op                                    26027               CASS
MI045           Fruit Belt Electric Co-op                                    26077               KALAMAZOO
MI045           Fruit Belt Electric Co-op                                    26149               ST JOSEPH
MI045           Fruit Belt Electric Co-op                                    26159               VAN BUREN
MN001           East Central Electric Assn.                                  27009               BENTON
MN001           East Central Electric Assn.                                  27025               CHISAGO
MN001           East Central Electric Assn.                                  27059               ISANTI
MN001           East Central Electric Assn.                                  27065               KANABEC
MN001           East Central Electric Assn.                                  27095               MILLE LACS
MN001           East Central Electric Assn.                                  27097               MORRISON
MN001           East Central Electric Assn.                                  27115               PINE
MN001           East Central Electric Assn.                                  27141               SHERBURNE
MN001           East Central Electric Assn.                                  27163               WASHINGTON
MN003           Meeker Co-op Light & Power Assn.                             27067               KANDIYOHI
MN003           Meeker Co-op Light & Power Assn.                             27085               MCLEOD
MN003           Meeker Co-op Light & Power Assn.                             27093               MEEKER
MN003           Meeker Co-op Light & Power Assn.                             27129               RENVILLE
MN003           Meeker Co-op Light & Power Assn.                             27145               STEARNS
MN003           Meeker Co-op Light & Power Assn.                             27171               WRIGHT
MN004           Co-op Light & Power Association                              27075               LAKE
MN004           Co-op Light & Power Association                              27137               ST. LOUIS
MN009           Goodhue County Co-op Electric Assn.                          27037               DAKOTA
MN009           Goodhue County Co-op Electric Assn.                          27039               DODGE
MN009           Goodhue County Co-op Electric Assn.                          27049               GOODHUE
MN009           Goodhue County Co-op Electric Assn.                          27109               OLMSTED
MN009           Goodhue County Co-op Electric Assn.                          27131               RICE
MN009           Goodhue County Co-op Electric Assn.                          27157               WABASHA

                                       43
<PAGE>

MN010           Carlton County Co-op Power Assn.                             27001               AITKIN
MN010           Carlton County Co-op Power Assn.                             27017               CARLTON
MN010           Carlton County Co-op Power Assn.                             27061               ITASCA
MN010           Carlton County Co-op Power Assn.                             27115               PINE
MN010           Carlton County Co-op Power Assn.                             27137               ST. LOUIS
MN012           Northern Electric Co-op Assn.                                27061               ITASCA
MN012           Northern Electric Co-op Assn.                                27071               KOOCHICHING
MN012           Northern Electric Co-op Assn.                                27075               LAKE
MN012           Northern Electric Co-op Assn.                                27137               ST. LOUIS
MN018           Runestone Electric Assn.                                     27041               DOUGLAS
MN018           Runestone Electric Assn.                                     27051               GRANT
MN018           Runestone Electric Assn.                                     27111               OTTER TAIL
MN018           Runestone Electric Assn.                                     27121               POPE
MN018           Runestone Electric Assn.                                     27145               STEARNS
MN018           Runestone Electric Assn.                                     27149               STEVENS
MN018           Runestone Electric Assn.                                     27153               TODD
MN025           McLeod Co-op Power Assn.                                     27019               CARVER
MN025           McLeod Co-op Power Assn.                                     27067               KANDIYOHI
MN025           McLeod Co-op Power Assn.                                     27085               MCLEOD
MN025           McLeod Co-op Power Assn.                                     27093               MEEKER
MN025           McLeod Co-op Power Assn.                                     27129               RENVILLE
MN025           McLeod Co-op Power Assn.                                     27143               SIBLEY
MN025           McLeod Co-op Power Assn.                                     27171               WRIGHT
MN032           Tri-County Electric Co-op                                    19005               ALLAMAKEE
MN032           Tri-County Electric Co-op                                    19089               HOWARD
MN032           Tri-County Electric Co-op                                    19191               WINNESHIEK
MN032           Tri-County Electric Co-op                                    27045               FILLMORE
MN032           Tri-County Electric Co-op                                    27055               HOUSTON
MN032           Tri-County Electric Co-op                                    27099               MOWER
MN032           Tri-County Electric Co-op                                    27109               OLMSTED
MN032           Tri-County Electric Co-op                                    27169               WINONA
MN034           Stearns Co-op Electric Assn.                                 27041               DOUGLAS
MN034           Stearns Co-op Electric Assn.                                 27067               KANDIYOHI
MN034           Stearns Co-op Electric Assn.                                 27097               MORRISON
MN034           Stearns Co-op Electric Assn.                                 27121               POPE
MN034           Stearns Co-op Electric Assn.                                 27145               STEARNS
MN034           Stearns Co-op Electric Assn.                                 27153               TODD
MN035           Brown County REA                                             27013               BLUE EARTH
MN035           Brown County REA                                             27015               BROWN
MN035           Brown County REA                                             27033               COTTONWOOD
MN035           Brown County REA                                             27103               NICOLLET
MN035           Brown County REA                                             27127               REDWOOD
MN035           Brown County REA                                             27129               RENVILLE
MN035           Brown County REA                                             27143               SIBLEY
MN035           Brown County REA                                             27165               WATONWAN
MN037           Federated REA                                                19059               DICKINSON
MN037           Federated REA                                                19063               EMMET
MN037           Federated REA                                                19109               KOSSUTH
MN037           Federated REA                                                27033               COTTONWOOD
MN037           Federated REA                                                27043               FARIBAULT
MN037           Federated REA                                                27063               JACKSON
MN037           Federated REA                                                27091               MARTIN

                                       44
<PAGE>

MN037           Federated REA                                                27101               MURRAY
MN037           Federated REA                                                27105               NOBLES
MN037           Federated REA                                                27143               SIBLEY
MN037           Federated REA                                                27165               WATONWAN
MN039           Minn. Valley Co-op L.& P. Assn.                              27023               CHIPPEWA
MN039           Minn. Valley Co-op L.& P. Assn.                              27073               LAC QUI PARLE
MN039           Minn. Valley Co-op L.& P. Assn.                              27081               LINCOLN
MN039           Minn. Valley Co-op L.& P. Assn.                              27083               LYON
MN039           Minn. Valley Co-op L.& P. Assn.                              27127               REDWOOD
MN039           Minn. Valley Co-op L.& P. Assn.                              27129               RENVILLE
MN039           Minn. Valley Co-op L.& P. Assn.                              27151               SWIFT
MN039           Minn. Valley Co-op L.& P. Assn.                              27173               YELLOW MEDICINE
MN048           Anoka Electric Co-op                                         27003               ANOKA
MN048           Anoka Electric Co-op                                         27025               CHISAGO
MN048           Anoka Electric Co-op                                         27053               HENNEPIN
MN048           Anoka Electric Co-op                                         27059               ISANTI
MN048           Anoka Electric Co-op                                         27095               MILLE LACS
MN048           Anoka Electric Co-op                                         27123               RAMSEY
MN048           Anoka Electric Co-op                                         27141               SHERBURNE
MN048           Anoka Electric Co-op                                         27163               WASHINGTON
MN053           Steele-Waseca Co-op Electric                                 27013               BLUE EARTH
MN053           Steele-Waseca Co-op Electric                                 27039               DODGE
MN053           Steele-Waseca Co-op Electric                                 27043               FARIBAULT
MN053           Steele-Waseca Co-op Electric                                 27047               FREEBORN
MN053           Steele-Waseca Co-op Electric                                 27049               GOODHUE
MN053           Steele-Waseca Co-op Electric                                 27079               LESUEUR
MN053           Steele-Waseca Co-op Electric                                 27131               RICE
MN053           Steele-Waseca Co-op Electric                                 27147               STEELE
MN053           Steele-Waseca Co-op Electric                                 27161               WASECA
MN055           South Central Electric Assn.                                 27013               BLUE EARTH
MN055           South Central Electric Assn.                                 27015               BROWN
MN055           South Central Electric Assn.                                 27033               COTTONWOOD
MN055           South Central Electric Assn.                                 27063               JACKSON
MN055           South Central Electric Assn.                                 27091               MARTIN
MN055           South Central Electric Assn.                                 27101               MURRAY
MN055           South Central Electric Assn.                                 27127               REDWOOD
MN055           South Central Electric Assn.                                 27165               WATONWAN
MN056           Crow Wing Co-op Power & Light Co.                            27021               CASS
MN056           Crow Wing Co-op Power & Light Co.                            27035               CROW WING
MN056           Crow Wing Co-op Power & Light Co.                            27097               MORRISON
MN057           Lake Region Co-op Electrical Assn.                           27005               BECKER
MN057           Lake Region Co-op Electrical Assn.                           27027               CLAY
MN057           Lake Region Co-op Electrical Assn.                           27041               DOUGLAS
MN057           Lake Region Co-op Electrical Assn.                           27051               GRANT
MN057           Lake Region Co-op Electrical Assn.                           27111               OTTER TAIL
MN057           Lake Region Co-op Electrical Assn.                           27153               TODD
MN057           Lake Region Co-op Electrical Assn.                           27159               WADENA
MN057           Lake Region Co-op Electrical Assn.                           27167               WILKIN
MN058           Kandiyohi Co-op Elec. Power Assn.                            27023               CHIPPEWA
MN058           Kandiyohi Co-op Elec. Power Assn.                            27067               KANDIYOHI
MN058           Kandiyohi Co-op Elec. Power Assn.                            27145               STEARNS
MN058           Kandiyohi Co-op Elec. Power Assn.                            27151               SWIFT

                                       45
<PAGE>

MN059           People's Co-op Power Assn.                                   27039               DODGE
MN059           People's Co-op Power Assn.                                   27045               FILLMORE
MN059           People's Co-op Power Assn.                                   27099               MOWER
MN059           People's Co-op Power Assn.                                   27109               OLMSTED
MN059           People's Co-op Power Assn.                                   27157               WABASHA
MN059           People's Co-op Power Assn.                                   27169               WINONA
MN060           Redwood Electric Co-op                                       27015               BROWN
MN060           Redwood Electric Co-op                                       27083               LYON
MN060           Redwood Electric Co-op                                       27101               MURRAY
MN060           Redwood Electric Co-op                                       27127               REDWOOD
MN061           Freeborn-Mower Electric Co-op                                19195               WORTH
MN061           Freeborn-Mower Electric Co-op                                27039               DODGE
MN061           Freeborn-Mower Electric Co-op                                27043               FARIBAULT
MN061           Freeborn-Mower Electric Co-op                                27045               FILLMORE
MN061           Freeborn-Mower Electric Co-op                                27047               FREEBORN
MN061           Freeborn-Mower Electric Co-op                                27099               MOWER
MN061           Freeborn-Mower Electric Co-op                                27147               STEELE
MN062           Wright-Hennepin Co-op Elec. Assn.                            27019               CARVER
MN062           Wright-Hennepin Co-op Elec. Assn.                            27053               HENNEPIN
MN062           Wright-Hennepin Co-op Elec. Assn.                            27085               MCLEOD
MN062           Wright-Hennepin Co-op Elec. Assn.                            27093               MEEKER
MN062           Wright-Hennepin Co-op Elec. Assn.                            27141               SHERBURNE
MN062           Wright-Hennepin Co-op Elec. Assn.                            27145               STEARNS
MN062           Wright-Hennepin Co-op Elec. Assn.                            27171               WRIGHT
MN063           Minnesota Valley Electric Co-op                              27013               BLUE EARTH
MN063           Minnesota Valley Electric Co-op                              27019               CARVER
MN063           Minnesota Valley Electric Co-op                              27037               DAKOTA
MN063           Minnesota Valley Electric Co-op                              27053               HENNEPIN
MN063           Minnesota Valley Electric Co-op                              27079               LESUEUR
MN063           Minnesota Valley Electric Co-op                              27131               RICE
MN063           Minnesota Valley Electric Co-op                              27139               SCOTT
MN063           Minnesota Valley Electric Co-op                              27143               SIBLEY
MN063           Minnesota Valley Electric Co-op                              27161               WASECA
MN065           Dakota Electric Association                                  27037               DAKOTA
MN065           Dakota Electric Association                                  27049               GOODHUE
MN065           Dakota Electric Association                                  27131               RICE
MN065           Dakota Electric Association                                  27139               SCOTT
MN066           Nobles Cooperative Electric                                  19119               LYON
MN066           Nobles Cooperative Electric                                  19143               OSCEOLA
MN066           Nobles Cooperative Electric                                  27033               COTTONWOOD
MN066           Nobles Cooperative Electric                                  27063               JACKSON
MN066           Nobles Cooperative Electric                                  27081               LINCOLN
MN066           Nobles Cooperative Electric                                  27083               LYON
MN066           Nobles Cooperative Electric                                  27101               MURRAY
MN066           Nobles Cooperative Electric                                  27105               NOBLES
MN066           Nobles Cooperative Electric                                  27117               PIPESTONE
MN066           Nobles Cooperative Electric                                  27127               REDWOOD
MN066           Nobles Cooperative Electric                                  27133               ROCK
MN072           Renville-Sibley Co-op Power Assn.                            27023               CHIPPEWA
MN072           Renville-Sibley Co-op Power Assn.                            27067               KANDIYOHI
MN072           Renville-Sibley Co-op Power Assn.                            27103               NICOLLET
MN072           Renville-Sibley Co-op Power Assn.                            27127               REDWOOD

                                       46
<PAGE>

MN072           Renville-Sibley Co-op Power Assn.                            27129               RENVILLE
MN072           Renville-Sibley Co-op Power Assn.                            27143               SIBLEY
MN073           Southwestern Minnesota Co-op Elec.                           19119               LYON
MN073           Southwestern Minnesota Co-op Elec.                           27081               LINCOLN
MN073           Southwestern Minnesota Co-op Elec.                           27101               MURRAY
MN073           Southwestern Minnesota Co-op Elec.                           27105               NOBLES
MN073           Southwestern Minnesota Co-op Elec.                           27117               PIPESTONE
MN073           Southwestern Minnesota Co-op Elec.                           27133               ROCK
MN073           Southwestern Minnesota Co-op Elec.                           46101               MOODY
MN074           Red River Valley Co-op Power Assn.                           27027               CLAY
MN074           Red River Valley Co-op Power Assn.                           27107               NORMAN
MN074           Red River Valley Co-op Power Assn.                           27119               POLK
MN075           Red Lake Electric Co-op, Inc.                                27007               BELTRAMI
MN075           Red Lake Electric Co-op, Inc.                                27029               CLEARWATER
MN075           Red Lake Electric Co-op, Inc.                                27089               MARSHALL
MN075           Red Lake Electric Co-op, Inc.                                27113               PENNINGTON
MN075           Red Lake Electric Co-op, Inc.                                27119               POLK
MN075           Red Lake Electric Co-op, Inc.                                27125               RED LAKE
MN079           Agralite Cooperative                                         27011               BIG STONE
MN079           Agralite Cooperative                                         27023               CHIPPEWA
MN079           Agralite Cooperative                                         27067               KANDIYOHI
MN079           Agralite Cooperative                                         27121               POPE
MN079           Agralite Cooperative                                         27149               STEVENS
MN079           Agralite Cooperative                                         27151               SWIFT
MN080           Lyon-Lincoln Electric Co-op, Inc.                            27081               LINCOLN
MN080           Lyon-Lincoln Electric Co-op, Inc.                            27083               LYON
MN080           Lyon-Lincoln Electric Co-op, Inc.                            27101               MURRAY
MN080           Lyon-Lincoln Electric Co-op, Inc.                            27117               PIPESTONE
MN080           Lyon-Lincoln Electric Co-op, Inc.                            27173               YELLOW MEDICINE
MN081           Mille Lacs Electric Co-op                                    27001               AITKIN
MN081           Mille Lacs Electric Co-op                                    27035               CROW WING
MN081           Mille Lacs Electric Co-op                                    27095               MILLE LACS
MN082           Wild Rice Electric Co-op, Inc.                               27005               BECKER
MN082           Wild Rice Electric Co-op, Inc.                               27027               CLAY
MN082           Wild Rice Electric Co-op, Inc.                               27029               CLEARWATER
MN082           Wild Rice Electric Co-op, Inc.                               27087               MAHNOMEN
MN082           Wild Rice Electric Co-op, Inc.                               27107               NORMAN
MN082           Wild Rice Electric Co-op, Inc.                               27119               POLK
MN083           Itasca-Mantrap Co-op Elec. Assn.                             27005               BECKER
MN083           Itasca-Mantrap Co-op Elec. Assn.                             27021               CASS
MN083           Itasca-Mantrap Co-op Elec. Assn.                             27057               HUBBARD
MN083           Itasca-Mantrap Co-op Elec. Assn.                             27159               WADENA
MN084           Traverse Electric Co-op, Inc.                                27011               BIG STONE
MN084           Traverse Electric Co-op, Inc.                                27051               GRANT
MN084           Traverse Electric Co-op, Inc.                                27149               STEVENS
MN084           Traverse Electric Co-op, Inc.                                27155               TRAVERSE
MN084           Traverse Electric Co-op, Inc.                                27167               WILKIN
MN084           Traverse Electric Co-op, Inc.                                38077               RICHLAND
MN084           Traverse Electric Co-op, Inc.                                46091               MARSHALL
MN084           Traverse Electric Co-op, Inc.                                46109               ROBERTS
MN085           Todd-Wadena Electric Co-op                                   27005               BECKER
MN085           Todd-Wadena Electric Co-op                                   27021               CASS

                                       47
<PAGE>

MN085           Todd-Wadena Electric Co-op                                   27041               DOUGLAS
MN085           Todd-Wadena Electric Co-op                                   27057               HUBBARD
MN085           Todd-Wadena Electric Co-op                                   27097               MORRISON
MN085           Todd-Wadena Electric Co-op                                   27111               OTTER TAIL
MN085           Todd-Wadena Electric Co-op                                   27153               TODD
MN085           Todd-Wadena Electric Co-op                                   27159               WADENA
MN087           P.K.M. Electric Co-op, Inc.                                  27069               KITTSON
MN087           P.K.M. Electric Co-op, Inc.                                  27089               MARSHALL
MN087           P.K.M. Electric Co-op, Inc.                                  27119               POLK
MN089           North Pine Electric Co-op, Inc.                              27001               AITKIN
MN089           North Pine Electric Co-op, Inc.                              27065               KANABEC
MN089           North Pine Electric Co-op, Inc.                              27095               MILLE LACS
MN089           North Pine Electric Co-op, Inc.                              27115               PINE
MN092           Dairyland Electric Co-op, Inc.                               27001               AITKIN
MN092           Dairyland Electric Co-op, Inc.                               27021               CASS
MN092           Dairyland Electric Co-op, Inc.                               27061               ITASCA
MN092           Dairyland Electric Co-op, Inc.                               27137               ST. LOUIS
MN094           North Itasca Electric Co-op                                  27007               BELTRAMI
MN094           North Itasca Electric Co-op                                  27061               ITASCA
MN094           North Itasca Electric Co-op                                  27071               KOOCHICHING
MN095           North Star Electric Co-op, Inc.                              27071               KOOCHICHING
MN095           North Star Electric Co-op, Inc.                              27077               LAKE OF THE WOODS
MN095           North Star Electric Co-op, Inc.                              27135               ROSEAU
MN095           North Star Electric Co-op, Inc.                              27137               ST. LOUIS
MN096           Beltrami Electric Co-op, Inc.                                27007               BELTRAMI
MN096           Beltrami Electric Co-op, Inc.                                27021               CASS
MN096           Beltrami Electric Co-op, Inc.                                27029               CLEARWATER
MN096           Beltrami Electric Co-op, Inc.                                27057               HUBBARD
MN096           Beltrami Electric Co-op, Inc.                                27061               ITASCA
MN096           Beltrami Electric Co-op, Inc.                                27071               KOOCHICHING
MN097           Roseau Electric Co-op, Inc.                                  27007               BELTRAMI
MN097           Roseau Electric Co-op, Inc.                                  27077               LAKE OF THE WOODS
MN097           Roseau Electric Co-op, Inc.                                  27089               MARSHALL
MN097           Roseau Electric Co-op, Inc.                                  27135               ROSEAU
MN101           Clearwater-Polk Electric Co-op                               27007               BELTRAMI
MN101           Clearwater-Polk Electric Co-op                               27029               CLEARWATER
MN101           Clearwater-Polk Electric Co-op                               27057               HUBBARD
MN101           Clearwater-Polk Electric Co-op                               27119               POLK
MN104           Arrowhead Electric Co-op, Inc.                               27031               COOK
MN104           Arrowhead Electric Co-op, Inc.                               27075               LAKE
MN108           Frost-BENCO-Wells Elec. Assn.                                27013               BLUE EARTH
MN108           Frost-BENCO-Wells Elec. Assn.                                27043               FARIBAULT
MN108           Frost-BENCO-Wells Elec. Assn.                                27079               LESUEUR
MN108           Frost-BENCO-Wells Elec. Assn.                                27103               NICOLLET
MN108           Frost-BENCO-Wells Elec. Assn.                                27143               SIBLEY
MO012           Pemiscot-Dunklin Electric Co-op                              29069               DUNKLIN
MO012           Pemiscot-Dunklin Electric Co-op                              29143               NEW MADRID
MO012           Pemiscot-Dunklin Electric Co-op                              29155               PEMISCOT
MO018           Intercounty Electric Co-op Assn.                             29055               CRAWFORD
MO018           Intercounty Electric Co-op Assn.                             29065               DENT
MO018           Intercounty Electric Co-op Assn.                             29073               GASCONADE
MO018           Intercounty Electric Co-op Assn.                             29125               MARIES

                                       48
<PAGE>

MO018           Intercounty Electric Co-op Assn.                             29161               PHELPS
MO018           Intercounty Electric Co-op Assn.                             29169               PULASKI
MO018           Intercounty Electric Co-op Assn.                             29203               SHANNON
MO018           Intercounty Electric Co-op Assn.                             29215               TEXAS
MO018           Intercounty Electric Co-op Assn.                             29229               WRIGHT
MO019           Boone Electric Co-op                                         29007               AUDRAIN
MO019           Boone Electric Co-op                                         29019               BOONE
MO019           Boone Electric Co-op                                         29027               CALLAWAY
MO019           Boone Electric Co-op                                         29137               MONROE
MO019           Boone Electric Co-op                                         29175               RANDOLPH
MO020           Missouri REC                                                 29111               LEWIS
MO020           Missouri REC                                                 29127               MARION
MO020           Missouri REC                                                 29137               MONROE
MO020           Missouri REC                                                 29173               RALLS
MO020           Missouri REC                                                 29205               SHELBY
MO022           Howard Electric Co-op                                        29019               BOONE
MO022           Howard Electric Co-op                                        29041               CHARITON
MO022           Howard Electric Co-op                                        29089               HOWARD
MO022           Howard Electric Co-op                                        29175               RANDOLPH
MO023           Lewis County RECA                                            29001               ADAIR
MO023           Lewis County RECA                                            29045               CLARK
MO023           Lewis County RECA                                            29103               KNOX
MO023           Lewis County RECA                                            29111               LEWIS
MO023           Lewis County RECA                                            29127               MARION
MO023           Lewis County RECA                                            29199               SCOTLAND
MO023           Lewis County RECA                                            29205               SHELBY
MO024           Callaway Electric Co-op                                      29007               AUDRAIN
MO024           Callaway Electric Co-op                                      29019               BOONE
MO024           Callaway Electric Co-op                                      29027               CALLAWAY
MO024           Callaway Electric Co-op                                      29139               MONTGOMERY
MO024           Callaway Electric Co-op                                      29219               WARREN
MO026           Ralls County Electric Co-op                                  29007               AUDRAIN
MO026           Ralls County Electric Co-op                                  29127               MARION
MO026           Ralls County Electric Co-op                                  29137               MONROE
MO026           Ralls County Electric Co-op                                  29163               PIKE
MO026           Ralls County Electric Co-op                                  29173               RALLS
MO027           Northwest Missouri Electric Co-op                            29003               ANDREW
MO027           Northwest Missouri Electric Co-op                            29021               BUCHANAN
MO027           Northwest Missouri Electric Co-op                            29049               CLINTON
MO027           Northwest Missouri Electric Co-op                            29063               DE KALB
MO027           Northwest Missouri Electric Co-op                            29075               GENTRY
MO027           Northwest Missouri Electric Co-op                            29087               HOLT
MO027           Northwest Missouri Electric Co-op                            29147               NODAWAY
MO028           Barton County Electric Co-op                                 29011               BARTON
MO028           Barton County Electric Co-op                                 29039               CEDAR
MO028           Barton County Electric Co-op                                 29057               DADE
MO028           Barton County Electric Co-op                                 29097               JASPER
MO028           Barton County Electric Co-op                                 29217               VERNON
MO030           Ozark Electric Co-op                                         29009               BARRY
MO030           Ozark Electric Co-op                                         29043               CHRISTIAN
MO030           Ozark Electric Co-op                                         29057               DADE
MO030           Ozark Electric Co-op                                         29077               GREENE

                                       49
<PAGE>

MO030           Ozark Electric Co-op                                         29097               JASPER
MO030           Ozark Electric Co-op                                         29109               LAWRENCE
MO030           Ozark Electric Co-op                                         29145               NEWTON
MO030           Ozark Electric Co-op                                         29167               POLK
MO030           Ozark Electric Co-op                                         29209               STONE
MO031           Scott-New Madrid-Miss. Elec. Co-op                           29017               BOLLINGER
MO031           Scott-New Madrid-Miss. Elec. Co-op                           29031               CAPE GIRARDEAU
MO031           Scott-New Madrid-Miss. Elec. Co-op                           29133               MISSISSIPPI
MO031           Scott-New Madrid-Miss. Elec. Co-op                           29143               NEW MADRID
MO031           Scott-New Madrid-Miss. Elec. Co-op                           29201               SCOTT
MO031           Scott-New Madrid-Miss. Elec. Co-op                           29207               STODDARD
MO032           Atchison-Holt Electric Co-op                                 19071               FREMONT
MO032           Atchison-Holt Electric Co-op                                 19145               PAGE
MO032           Atchison-Holt Electric Co-op                                 29005               ATCHISON
MO032           Atchison-Holt Electric Co-op                                 29087               HOLT
MO032           Atchison-Holt Electric Co-op                                 29147               NODAWAY
MO033           Ozark Border Electric Co-op                                  29017               BOLLINGER
MO033           Ozark Border Electric Co-op                                  29023               BUTLER
MO033           Ozark Border Electric Co-op                                  29035               CARTER
MO033           Ozark Border Electric Co-op                                  29069               DUNKLIN
MO033           Ozark Border Electric Co-op                                  29143               NEW MADRID
MO033           Ozark Border Electric Co-op                                  29149               OREGON
MO033           Ozark Border Electric Co-op                                  29179               REYNOLDS
MO033           Ozark Border Electric Co-op                                  29181               RIPLEY
MO033           Ozark Border Electric Co-op                                  29203               SHANNON
MO033           Ozark Border Electric Co-op                                  29207               STODDARD
MO033           Ozark Border Electric Co-op                                  29223               WAYNE
MO034           Macon Electric Co-op                                         29001               ADAIR
MO034           Macon Electric Co-op                                         29041               CHARITON
MO034           Macon Electric Co-op                                         29103               KNOX
MO034           Macon Electric Co-op                                         29115               LINN
MO034           Macon Electric Co-op                                         29121               MACON
MO034           Macon Electric Co-op                                         29137               MONROE
MO034           Macon Electric Co-op                                         29175               RANDOLPH
MO034           Macon Electric Co-op                                         29205               SHELBY
MO034           Macon Electric Co-op                                         29211               SULLIVAN
MO035           Tri-County Electric Co-op Assn.                              29001               ADAIR
MO035           Tri-County Electric Co-op Assn.                              29121               MACON
MO035           Tri-County Electric Co-op Assn.                              29171               PUTNAM
MO035           Tri-County Electric Co-op Assn.                              29197               SCHUYLER
MO035           Tri-County Electric Co-op Assn.                              29199               SCOTLAND
MO035           Tri-County Electric Co-op Assn.                              29211               SULLIVAN
MO036           Consolidated Electric Co-op                                  29007               AUDRAIN
MO036           Consolidated Electric Co-op                                  29019               BOONE
MO036           Consolidated Electric Co-op                                  29027               CALLAWAY
MO036           Consolidated Electric Co-op                                  29113               LINCOLN
MO036           Consolidated Electric Co-op                                  29137               MONROE
MO036           Consolidated Electric Co-op                                  29139               MONTGOMERY
MO036           Consolidated Electric Co-op                                  29163               PIKE
MO036           Consolidated Electric Co-op                                  29173               RALLS
MO037           Osage Valley Electric Co-op Assn.                            29013               BATES
MO037           Osage Valley Electric Co-op Assn.                            29015               BENTON

                                       50
<PAGE>

MO037           Osage Valley Electric Co-op Assn.                            29037               CASS
MO037           Osage Valley Electric Co-op Assn.                            29083               HENRY
MO037           Osage Valley Electric Co-op Assn.                            29095               JACKSON
MO037           Osage Valley Electric Co-op Assn.                            29101               JOHNSON
MO037           Osage Valley Electric Co-op Assn.                            29159               PETTIS
MO037           Osage Valley Electric Co-op Assn.                            29217               VERNON
MO038           Black River Electric Co-op                                   29017               BOLLINGER
MO038           Black River Electric Co-op                                   29031               CAPE GIRARDEAU
MO038           Black River Electric Co-op                                   29065               DENT
MO038           Black River Electric Co-op                                   29093               IRON
MO038           Black River Electric Co-op                                   29123               MADISON
MO038           Black River Electric Co-op                                   29179               REYNOLDS
MO038           Black River Electric Co-op                                   29187               ST FRANCOIS
MO038           Black River Electric Co-op                                   29203               SHANNON
MO038           Black River Electric Co-op                                   29221               WASHINGTON
MO038           Black River Electric Co-op                                   29223               WAYNE
MO040           Central Missouri Electric Co-op                              29015               BENTON
MO040           Central Missouri Electric Co-op                              29159               PETTIS
MO040           Central Missouri Electric Co-op                              29195               SALINE
MO041           Platte-Clay Electric Co-op, Inc.                             29021               BUCHANAN
MO041           Platte-Clay Electric Co-op, Inc.                             29025               CALDWELL
MO041           Platte-Clay Electric Co-op, Inc.                             29047               CLAY
MO041           Platte-Clay Electric Co-op, Inc.                             29049               CLINTON
MO041           Platte-Clay Electric Co-op, Inc.                             29165               PLATTE
MO041           Platte-Clay Electric Co-op, Inc.                             29177               RAY
MO042           Farmers Electric Co-op, Inc.                                 29025               CALDWELL
MO042           Farmers Electric Co-op, Inc.                                 29033               CARROLL
MO042           Farmers Electric Co-op, Inc.                                 29041               CHARITON
MO042           Farmers Electric Co-op, Inc.                                 29049               CLINTON
MO042           Farmers Electric Co-op, Inc.                                 29061               DAVIESS
MO042           Farmers Electric Co-op, Inc.                                 29063               DE KALB
MO042           Farmers Electric Co-op, Inc.                                 29115               LINN
MO042           Farmers Electric Co-op, Inc.                                 29117               LIVINGSTON
MO042           Farmers Electric Co-op, Inc.                                 29177               RAY
MO043           Laclede Electric Co-op                                       29029               CAMDEN
MO043           Laclede Electric Co-op                                       29059               DALLAS
MO043           Laclede Electric Co-op                                       29105               LACLEDE
MO043           Laclede Electric Co-op                                       29169               PULASKI
MO043           Laclede Electric Co-op                                       29225               WEBSTER
MO043           Laclede Electric Co-op                                       29229               WRIGHT
MO044           Grundy Electric Co-op, Inc.                                  19053               DECATUR
MO044           Grundy Electric Co-op, Inc.                                  19159               RINGGOLD
MO044           Grundy Electric Co-op, Inc.                                  19185               WAYNE
MO044           Grundy Electric Co-op, Inc.                                  29061               DAVIESS
MO044           Grundy Electric Co-op, Inc.                                  29075               GENTRY
MO044           Grundy Electric Co-op, Inc.                                  29079               GRUNDY
MO044           Grundy Electric Co-op, Inc.                                  29081               HARRISON
MO044           Grundy Electric Co-op, Inc.                                  29115               LINN
MO044           Grundy Electric Co-op, Inc.                                  29117               LIVINGSTON
MO044           Grundy Electric Co-op, Inc.                                  29129               MERCER
MO044           Grundy Electric Co-op, Inc.                                  29171               PUTNAM
MO044           Grundy Electric Co-op, Inc.                                  29211               SULLIVAN

                                       51
<PAGE>

MO045           Three Rivers Electric Co-op                                  29051               COLE
MO045           Three Rivers Electric Co-op                                  29071               FRANKLIN
MO045           Three Rivers Electric Co-op                                  29073               GASCONADE
MO045           Three Rivers Electric Co-op                                  29125               MARIES
MO045           Three Rivers Electric Co-op                                  29131               MILLER
MO045           Three Rivers Electric Co-op                                  29135               MONITEAU
MO045           Three Rivers Electric Co-op                                  29151               OSAGE
MO046           White River Valley Elec. Co-op                               29043               CHRISTIAN
MO046           White River Valley Elec. Co-op                               29067               DOUGLAS
MO046           White River Valley Elec. Co-op                               29153               OZARK
MO046           White River Valley Elec. Co-op                               29209               STONE
MO046           White River Valley Elec. Co-op                               29213               TANEY
MO047           Co-Mo Electric Co-op, Inc.                                   29015               BENTON
MO047           Co-Mo Electric Co-op, Inc.                                   29029               CAMDEN
MO047           Co-Mo Electric Co-op, Inc.                                   29051               COLE
MO047           Co-Mo Electric Co-op, Inc.                                   29053               COOPER
MO047           Co-Mo Electric Co-op, Inc.                                   29131               MILLER
MO047           Co-Mo Electric Co-op, Inc.                                   29135               MONITEAU
MO047           Co-Mo Electric Co-op, Inc.                                   29141               MORGAN
MO047           Co-Mo Electric Co-op, Inc.                                   29159               PETTIS
MO047           Co-Mo Electric Co-op, Inc.                                   29195               SALINE
MO048           New-Mac Electric Co-op, Inc.                                 29009               BARRY
MO048           New-Mac Electric Co-op, Inc.                                 29097               JASPER
MO048           New-Mac Electric Co-op, Inc.                                 29109               LAWRENCE
MO048           New-Mac Electric Co-op, Inc.                                 29119               MCDONALD
MO048           New-Mac Electric Co-op, Inc.                                 29145               NEWTON
MO049           Howell-Oregon Electric Co-op, Inc.                           29067               DOUGLAS
MO049           Howell-Oregon Electric Co-op, Inc.                           29091               HOWELL
MO049           Howell-Oregon Electric Co-op, Inc.                           29149               OREGON
MO049           Howell-Oregon Electric Co-op, Inc.                           29153               OZARK
MO049           Howell-Oregon Electric Co-op, Inc.                           29203               SHANNON
MO049           Howell-Oregon Electric Co-op, Inc.                           29215               TEXAS
MO050           West Central Electric Co-op, Inc.                            29037               CASS
MO050           West Central Electric Co-op, Inc.                            29083               HENRY
MO050           West Central Electric Co-op, Inc.                            29095               JACKSON
MO050           West Central Electric Co-op, Inc.                            29101               JOHNSON
MO050           West Central Electric Co-op, Inc.                            29107               LAFAYETTE
MO050           West Central Electric Co-op, Inc.                            29159               PETTIS
MO051           Nodaway-Worth Electric Co-op, Inc.                           19145               PAGE
MO051           Nodaway-Worth Electric Co-op, Inc.                           19159               RINGGOLD
MO051           Nodaway-Worth Electric Co-op, Inc.                           19173               TAYLOR
MO051           Nodaway-Worth Electric Co-op, Inc.                           29005               ATCHISON
MO051           Nodaway-Worth Electric Co-op, Inc.                           29075               GENTRY
MO051           Nodaway-Worth Electric Co-op, Inc.                           29081               HARRISON
MO051           Nodaway-Worth Electric Co-op, Inc.                           29087               HOLT
MO051           Nodaway-Worth Electric Co-op, Inc.                           29147               NODAWAY
MO051           Nodaway-Worth Electric Co-op, Inc.                           29227               WORTH
MO053           Southwest Electric Co-op                                     29015               BENTON
MO053           Southwest Electric Co-op                                     29029               CAMDEN
MO053           Southwest Electric Co-op                                     29039               CEDAR
MO053           Southwest Electric Co-op                                     29057               DADE
MO053           Southwest Electric Co-op                                     29059               DALLAS

                                       52
<PAGE>

MO053           Southwest Electric Co-op                                     29077               GREENE
MO053           Southwest Electric Co-op                                     29085               HICKORY
MO053           Southwest Electric Co-op                                     29105               LACLEDE
MO053           Southwest Electric Co-op                                     29167               POLK
MO053           Southwest Electric Co-op                                     29185               ST CLAIR
MO053           Southwest Electric Co-op                                     29225               WEBSTER
MO054           Crawford Electric Co-op, Inc.                                29055               CRAWFORD
MO054           Crawford Electric Co-op, Inc.                                29065               DENT
MO054           Crawford Electric Co-op, Inc.                                29071               FRANKLIN
MO054           Crawford Electric Co-op, Inc.                                29073               GASCONADE
MO054           Crawford Electric Co-op, Inc.                                29099               JEFFERSON
MO054           Crawford Electric Co-op, Inc.                                29221               WASHINGTON
MO055           Sac-Osage Electric Co-op, Inc.                               29011               BARTON
MO055           Sac-Osage Electric Co-op, Inc.                               29015               BENTON
MO055           Sac-Osage Electric Co-op, Inc.                               29039               CEDAR
MO055           Sac-Osage Electric Co-op, Inc.                               29057               DADE
MO055           Sac-Osage Electric Co-op, Inc.                               29083               HENRY
MO055           Sac-Osage Electric Co-op, Inc.                               29085               HICKORY
MO055           Sac-Osage Electric Co-op, Inc.                               29167               POLK
MO055           Sac-Osage Electric Co-op, Inc.                               29185               ST CLAIR
MO055           Sac-Osage Electric Co-op, Inc.                               29217               VERNON
MO056           North Central Missouri Elec. Co-op                           29115               LINN
MO056           North Central Missouri Elec. Co-op                           29171               PUTNAM
MO056           North Central Missouri Elec. Co-op                           29211               SULLIVAN
MO058           Citizens Electric Corp.                                      29031               CAPE GIRARDEAU
MO058           Citizens Electric Corp.                                      29157               PERRY
MO058           Citizens Electric Corp.                                      29186               SAINTE GENEVIEVE
MO058           Citizens Electric Corp.                                      29187               ST FRANCOIS
MO066           Webster Electric Co-op                                       29043               CHRISTIAN
MO066           Webster Electric Co-op                                       29059               DALLAS
MO066           Webster Electric Co-op                                       29067               DOUGLAS
MO066           Webster Electric Co-op                                       29077               GREENE
MO066           Webster Electric Co-op                                       29105               LACLEDE
MO066           Webster Electric Co-op                                       29225               WEBSTER
MO066           Webster Electric Co-op                                       29229               WRIGHT
MO067           Se-Ma-No Electric Co-op                                      29067               DOUGLAS
MO067           Se-Ma-No Electric Co-op                                      29215               TEXAS
MO067           Se-Ma-No Electric Co-op                                      29225               WEBSTER
MO067           Se-Ma-No Electric Co-op                                      29229               WRIGHT
MO068           Gascosage Electric Co-op                                     29125               MARIES
MO068           Gascosage Electric Co-op                                     29131               MILLER
MO068           Gascosage Electric Co-op                                     29161               PHELPS
MO068           Gascosage Electric Co-op                                     29169               PULASKI
MO069           Barry Electric Co-op                                         29009               BARRY
MO069           Barry Electric Co-op                                         29119               MCDONALD
MS001           Monroe County EPA                                            01075               LAMAR
MS001           Monroe County EPA                                            28057               ITAWAMBA
MS001           Monroe County EPA                                            28087               LOWNDES
MS001           Monroe County EPA                                            28095               MONROE
MS020           Yazoo Valley Electric Power Assn.                            28051               HOLMES
MS020           Yazoo Valley Electric Power Assn.                            28053               HUMPHREYS
MS020           Yazoo Valley Electric Power Assn.                            28055               ISSAQUENA

                                       53
<PAGE>

MS020           Yazoo Valley Electric Power Assn.                            28125               SHARKEY
MS020           Yazoo Valley Electric Power Assn.                            28149               WARREN
MS020           Yazoo Valley Electric Power Assn.                            28163               YAZOO
MS021           Coahoma Electric Power Assn.                                 28011               BOLIVAR
MS021           Coahoma Electric Power Assn.                                 28027               COAHOMA
MS021           Coahoma Electric Power Assn.                                 28033               DESOTO
MS021           Coahoma Electric Power Assn.                                 28119               QUITMAN
MS021           Coahoma Electric Power Assn.                                 28133               SUNFLOWER
MS021           Coahoma Electric Power Assn.                                 28135               TALLAHATCHIE
MS021           Coahoma Electric Power Assn.                                 28143               TUNICA
MS022           Central Electric Power Assn.                                 28007               ATTALA
MS022           Central Electric Power Assn.                                 28069               KEMPER
MS022           Central Electric Power Assn.                                 28079               LEAKE
MS022           Central Electric Power Assn.                                 28099               NESHOBA
MS022           Central Electric Power Assn.                                 28101               NEWTON
MS022           Central Electric Power Assn.                                 28121               RANKIN
MS022           Central Electric Power Assn.                                 28123               SCOTT
MS023           Southwest Mississippi EPA                                    28001               ADAMS
MS023           Southwest Mississippi EPA                                    28005               AMITE
MS023           Southwest Mississippi EPA                                    28021               CLAIBORNE
MS023           Southwest Mississippi EPA                                    28029               COPIAH
MS023           Southwest Mississippi EPA                                    28037               FRANKLIN
MS023           Southwest Mississippi EPA                                    28049               HINDS
MS023           Southwest Mississippi EPA                                    28063               JEFFERSON
MS023           Southwest Mississippi EPA                                    28085               LINCOLN
MS023           Southwest Mississippi EPA                                    28157               WILKINSON
MS024           North East Mississippi EPA                                   28071               LAFAYETTE
MS024           North East Mississippi EPA                                   28093               MARSHALL
MS024           North East Mississippi EPA                                   28115               PONTOTOC
MS024           North East Mississippi EPA                                   28145               UNION
MS026           Tallahatchie Valley EPA                                      28013               CALHOUN
MS026           Tallahatchie Valley EPA                                      28043               GRENADA
MS026           Tallahatchie Valley EPA                                      28071               LAFAYETTE
MS026           Tallahatchie Valley EPA                                      28107               PANOLA
MS026           Tallahatchie Valley EPA                                      28119               QUITMAN
MS026           Tallahatchie Valley EPA                                      28135               TALLAHATCHIE
MS026           Tallahatchie Valley EPA                                      28137               TATE
MS026           Tallahatchie Valley EPA                                      28143               TUNICA
MS026           Tallahatchie Valley EPA                                      28161               YALOBUSHA
MS028           Coast Electric Power Assn.                                   28045               HANCOCK
MS028           Coast Electric Power Assn.                                   28047               HARRISON
MS028           Coast Electric Power Assn.                                   28109               PEARL RIVER
MS029           Four County Electric Power Assn.                             28017               CHICKASAW
MS029           Four County Electric Power Assn.                             28019               CHOCTAW
MS029           Four County Electric Power Assn.                             28025               CLAY
MS029           Four County Electric Power Assn.                             28087               LOWNDES
MS029           Four County Electric Power Assn.                             28095               MONROE
MS029           Four County Electric Power Assn.                             28103               NOXUBEE
MS029           Four County Electric Power Assn.                             28105               OKTIBBEHA
MS029           Four County Electric Power Assn.                             28155               WEBSTER
MS030           Dixie Electric Power Assn.                                   28023               CLARKE
MS030           Dixie Electric Power Assn.                                   28031               COVINGTON

                                       54
<PAGE>

MS030           Dixie Electric Power Assn.                                   28035               FORREST
MS030           Dixie Electric Power Assn.                                   28061               JASPER
MS030           Dixie Electric Power Assn.                                   28067               JONES
MS030           Dixie Electric Power Assn.                                   28111               PERRY
MS030           Dixie Electric Power Assn.                                   28153               WAYNE
MS031           Twin County Electric Power Assn.                             28053               HUMPHREYS
MS031           Twin County Electric Power Assn.                             28055               ISSAQUENA
MS031           Twin County Electric Power Assn.                             28083               LEFLORE
MS031           Twin County Electric Power Assn.                             28125               SHARKEY
MS031           Twin County Electric Power Assn.                             28133               SUNFLOWER
MS031           Twin County Electric Power Assn.                             28149               WARREN
MS031           Twin County Electric Power Assn.                             28151               WASHINGTON
MS034           Delta Electric Power Assn.                                   28007               ATTALA
MS034           Delta Electric Power Assn.                                   28011               BOLIVAR
MS034           Delta Electric Power Assn.                                   28015               CARROLL
MS034           Delta Electric Power Assn.                                   28019               CHOCTAW
MS034           Delta Electric Power Assn.                                   28043               GRENADA
MS034           Delta Electric Power Assn.                                   28051               HOLMES
MS034           Delta Electric Power Assn.                                   28053               HUMPHREYS
MS034           Delta Electric Power Assn.                                   28083               LEFLORE
MS034           Delta Electric Power Assn.                                   28097               MONTGOMERY
MS034           Delta Electric Power Assn.                                   28133               SUNFLOWER
MS034           Delta Electric Power Assn.                                   28135               TALLAHATCHIE
MS034           Delta Electric Power Assn.                                   28151               WASHINGTON
MS034           Delta Electric Power Assn.                                   28155               WEBSTER
MS036           Pearl River Valley Elec. Power Assn                          28031               COVINGTON
MS036           Pearl River Valley Elec. Power Assn                          28035               FORREST
MS036           Pearl River Valley Elec. Power Assn                          28039               GEORGE
MS036           Pearl River Valley Elec. Power Assn                          28059               JACKSON
MS036           Pearl River Valley Elec. Power Assn                          28065               JEFFERSON DAVIS
MS036           Pearl River Valley Elec. Power Assn                          28073               LAMAR
MS036           Pearl River Valley Elec. Power Assn                          28077               LAWRENCE
MS036           Pearl River Valley Elec. Power Assn                          28091               MARION
MS036           Pearl River Valley Elec. Power Assn                          28109               PEARL RIVER
MS036           Pearl River Valley Elec. Power Assn                          28111               PERRY
MS036           Pearl River Valley Elec. Power Assn                          28131               STONE
MS036           Pearl River Valley Elec. Power Assn                          28147               WALTHALL
MS039           Singing River Elec. Power Assn.                              28039               GEORGE
MS039           Singing River Elec. Power Assn.                              28041               GREENE
MS039           Singing River Elec. Power Assn.                              28047               HARRISON
MS039           Singing River Elec. Power Assn.                              28059               JACKSON
MS039           Singing River Elec. Power Assn.                              28111               PERRY
MS039           Singing River Elec. Power Assn.                              28131               STONE
MS039           Singing River Elec. Power Assn.                              28153               WAYNE
MS040           Southern Pine Elec. Power Assn.                              28023               CLARKE
MS040           Southern Pine Elec. Power Assn.                              28029               COPIAH
MS040           Southern Pine Elec. Power Assn.                              28031               COVINGTON
MS040           Southern Pine Elec. Power Assn.                              28035               FORREST
MS040           Southern Pine Elec. Power Assn.                              28061               JASPER
MS040           Southern Pine Elec. Power Assn.                              28065               JEFFERSON DAVIS
MS040           Southern Pine Elec. Power Assn.                              28067               JONES
MS040           Southern Pine Elec. Power Assn.                              28073               LAMAR

                                       55
<PAGE>

MS040           Southern Pine Elec. Power Assn.                              28077               LAWRENCE
MS040           Southern Pine Elec. Power Assn.                              28085               LINCOLN
MS040           Southern Pine Elec. Power Assn.                              28101               NEWTON
MS040           Southern Pine Elec. Power Assn.                              28121               RANKIN
MS040           Southern Pine Elec. Power Assn.                              28123               SCOTT
MS040           Southern Pine Elec. Power Assn.                              28127               SIMPSON
MS040           Southern Pine Elec. Power Assn.                              28129               SMITH
MS041           Magnolia Electric Power Assn.                                28005               AMITE
MS041           Magnolia Electric Power Assn.                                28037               FRANKLIN
MS041           Magnolia Electric Power Assn.                                28077               LAWRENCE
MS041           Magnolia Electric Power Assn.                                28085               LINCOLN
MS041           Magnolia Electric Power Assn.                                28091               MARION
MS041           Magnolia Electric Power Assn.                                28113               PIKE
MS041           Magnolia Electric Power Assn.                                28147               WALTHALL
MS043           Tishomingo County EPA                                        28003               ALCORN
MS043           Tishomingo County EPA                                        28057               ITAWAMBA
MS043           Tishomingo County EPA                                        28117               PRENTISS
MS043           Tishomingo County EPA                                        28141               TISHOMINGO
MS045           East Mississippi EPA                                         28007               ATTALA
MS045           East Mississippi EPA                                         28023               CLARKE
MS045           East Mississippi EPA                                         28061               JASPER
MS045           East Mississippi EPA                                         28069               KEMPER
MS045           East Mississippi EPA                                         28075               LAUDERDALE
MS045           East Mississippi EPA                                         28099               NESHOBA
MS045           East Mississippi EPA                                         28101               NEWTON
MS045           East Mississippi EPA                                         28103               NOXUBEE
MS045           East Mississippi EPA                                         28153               WAYNE
MS045           East Mississippi EPA                                         28159               WINSTON
MS048           North Central Mississippi EPA                                28033               DESOTO
MS048           North Central Mississippi EPA                                28071               LAFAYETTE
MS048           North Central Mississippi EPA                                28093               MARSHALL
MS048           North Central Mississippi EPA                                28137               TATE
MS049           Tombigbee EPA                                                28017               CHICKASAW
MS049           Tombigbee EPA                                                28057               ITAWAMBA
MS049           Tombigbee EPA                                                28081               LEE
MS049           Tombigbee EPA                                                28095               MONROE
MS049           Tombigbee EPA                                                28115               PONTOTOC
MS049           Tombigbee EPA                                                28117               PRENTISS
MS049           Tombigbee EPA                                                28145               UNION
MS050           Natchez Trace Electric Power                                 28013               CALHOUN
MS050           Natchez Trace Electric Power                                 28017               CHICKASAW
MS050           Natchez Trace Electric Power                                 28025               CLAY
MS050           Natchez Trace Electric Power                                 28043               GRENADA
MS050           Natchez Trace Electric Power                                 28115               PONTOTOC
MS050           Natchez Trace Electric Power                                 28155               WEBSTER
MS050           Natchez Trace Electric Power                                 28161               YALOBUSHA
MS057           City of Okolona Electric Dept.                               28017               CHICKASAW
MS057           City of Okolona Electric Dept.                               28025               CLAY
MS057           City of Okolona Electric Dept.                               28081               LEE
MS057           City of Okolona Electric Dept.                               28095               MONROE
MT001           Ravalli County Electric Co-op, Inc.                          30081               RAVALLI
MT002           Sun River Electric Co-op, Inc.                               30013               CASCADE

                                       56
<PAGE>

MT002           Sun River Electric Co-op, Inc.                               30015               CHOUTEAU
MT002           Sun River Electric Co-op, Inc.                               30045               JUDITH BASIN
MT002           Sun River Electric Co-op, Inc.                               30049               LEWIS AND CLARK
MT002           Sun River Electric Co-op, Inc.                               30051               LIBERTY
MT002           Sun River Electric Co-op, Inc.                               30073               PONDERA
MT002           Sun River Electric Co-op, Inc.                               30099               TETON
MT002           Sun River Electric Co-op, Inc.                               30101               TOOLE
MT005           Lower Yellowstone REA, Inc.                                  30021               DAWSON
MT005           Lower Yellowstone REA, Inc.                                  30083               RICHLAND
MT005           Lower Yellowstone REA, Inc.                                  30085               ROOSEVELT
MT005           Lower Yellowstone REA, Inc.                                  38053               MCKENZIE
MT005           Lower Yellowstone REA, Inc.                                  38105               WILLIAMS
MT009           Yellowstone Valley Electric Co-op                            30003               BIG HORN
MT009           Yellowstone Valley Electric Co-op                            30009               CARBON
MT009           Yellowstone Valley Electric Co-op                            30065               MUSSELSHELL
MT009           Yellowstone Valley Electric Co-op                            30095               STILLWATER
MT009           Yellowstone Valley Electric Co-op                            30103               TREASURE
MT009           Yellowstone Valley Electric Co-op                            30111               YELLOWSTONE
MT010           Vigilante Electric Co-op, Inc.                               16033               CLARK
MT010           Vigilante Electric Co-op, Inc.                               30001               BEAVERHEAD
MT010           Vigilante Electric Co-op, Inc.                               30007               BROADWATER
MT010           Vigilante Electric Co-op, Inc.                               30023               DEERLODGE
MT010           Vigilante Electric Co-op, Inc.                               30031               GALLATIN
MT010           Vigilante Electric Co-op, Inc.                               30043               JEFFERSON
MT010           Vigilante Electric Co-op, Inc.                               30049               LEWIS AND CLARK
MT010           Vigilante Electric Co-op, Inc.                               30057               MADISON
MT010           Vigilante Electric Co-op, Inc.                               30059               MEAGHER
MT010           Vigilante Electric Co-op, Inc.                               30093               SILVER BOW
MT012           Missoula Electric Co-op, Inc.                                16035               CLEARWATER
MT012           Missoula Electric Co-op, Inc.                                16049               IDAHO
MT012           Missoula Electric Co-op, Inc.                                30039               GRANITE
MT012           Missoula Electric Co-op, Inc.                                30047               LAKE
MT012           Missoula Electric Co-op, Inc.                                30061               MINERAL
MT012           Missoula Electric Co-op, Inc.                                30063               MISSOULA
MT012           Missoula Electric Co-op, Inc.                                30077               POWELL
MT012           Missoula Electric Co-op, Inc.                                30081               RAVALLI
MT013           Flathead Electric Co-op, Inc.                                30029               FLATHEAD
MT013           Flathead Electric Co-op, Inc.                                30047               LAKE
MT013           Flathead Electric Co-op, Inc.                                30053               LINCOLN
MT013           Flathead Electric Co-op, Inc.                                30089               SANDERS
MT015           Fergus Electric Co-op, Inc.                                  30013               CASCADE
MT015           Fergus Electric Co-op, Inc.                                  30015               CHOUTEAU
MT015           Fergus Electric Co-op, Inc.                                  30027               FERGUS
MT015           Fergus Electric Co-op, Inc.                                  30037               GOLDEN VALLEY
MT015           Fergus Electric Co-op, Inc.                                  30045               JUDITH BASIN
MT015           Fergus Electric Co-op, Inc.                                  30059               MEAGHER
MT015           Fergus Electric Co-op, Inc.                                  30065               MUSSELSHELL
MT015           Fergus Electric Co-op, Inc.                                  30069               PETROLEUM
MT015           Fergus Electric Co-op, Inc.                                  30095               STILLWATER
MT015           Fergus Electric Co-op, Inc.                                  30103               TREASURE
MT015           Fergus Electric Co-op, Inc.                                  30107               WHEATLAND
MT015           Fergus Electric Co-op, Inc.                                  30111               YELLOWSTONE

                                       57
<PAGE>

MT016           Park Electric Co-op, Inc.                                    30031               GALLATIN
MT016           Park Electric Co-op, Inc.                                    30059               MEAGHER
MT016           Park Electric Co-op, Inc.                                    30067               PARK
MT016           Park Electric Co-op, Inc.                                    30097               SWEET GRASS
MT017           Mid-Yellowstone Electric Co-op                               30003               BIG HORN
MT017           Mid-Yellowstone Electric Co-op                               30017               CUSTER
MT017           Mid-Yellowstone Electric Co-op                               30087               ROSEBUD
MT017           Mid-Yellowstone Electric Co-op                               30103               TREASURE
MT019           Beartooth Electric Co-op, Inc.                               30009               CARBON
MT019           Beartooth Electric Co-op, Inc.                               30095               STILLWATER
MT019           Beartooth Electric Co-op, Inc.                               30097               SWEET GRASS
MT019           Beartooth Electric Co-op, Inc.                               56029               PARK
MT021           Big Horn County Electric Co-op                               30003               BIG HORN
MT021           Big Horn County Electric Co-op                               56033               SHERIDAN
MT024           Big Flat Electric Co-op, Inc.                                30005               BLAINE
MT024           Big Flat Electric Co-op, Inc.                                30071               PHILLIPS
MT024           Big Flat Electric Co-op, Inc.                                30105               VALLEY
MT025           Sheridan Electric Co-op, Inc.                                30019               DANIELS
MT025           Sheridan Electric Co-op, Inc.                                30085               ROOSEVELT
MT025           Sheridan Electric Co-op, Inc.                                30091               SHERIDAN
MT025           Sheridan Electric Co-op, Inc.                                38023               DIVIDE
MT026           Northern Electric Co-op, Inc.                                30019               DANIELS
MT026           Northern Electric Co-op, Inc.                                30085               ROOSEVELT
MT026           Northern Electric Co-op, Inc.                                30105               VALLEY
MT027           Valley Electric Co-op, Inc.                                  30055               MCCONE
MT027           Valley Electric Co-op, Inc.                                  30071               PHILLIPS
MT027           Valley Electric Co-op, Inc.                                  30085               ROOSEVELT
MT027           Valley Electric Co-op, Inc.                                  30105               VALLEY
MT028           McCone Electric Co-op, Inc.                                  30017               CUSTER
MT028           McCone Electric Co-op, Inc.                                  30021               DAWSON
MT028           McCone Electric Co-op, Inc.                                  30033               GARFIELD
MT028           McCone Electric Co-op, Inc.                                  30055               MCCONE
MT028           McCone Electric Co-op, Inc.                                  30069               PETROLEUM
MT028           McCone Electric Co-op, Inc.                                  30079               PRAIRIE
MT028           McCone Electric Co-op, Inc.                                  30083               RICHLAND
MT028           McCone Electric Co-op, Inc.                                  30085               ROOSEVELT
MT028           McCone Electric Co-op, Inc.                                  30087               ROSEBUD
MT029           Goldenwest Electric Co-op, Inc.                              30021               DAWSON
MT029           Goldenwest Electric Co-op, Inc.                              30025               FALLON
MT029           Goldenwest Electric Co-op, Inc.                              30109               WIBAUX
MT029           Goldenwest Electric Co-op, Inc.                              38033               GOLDEN VALLEY
MT029           Goldenwest Electric Co-op, Inc.                              38087               SLOPE
MT030           Glacier Electric Co-op, Inc.                                 30029               FLATHEAD
MT030           Glacier Electric Co-op, Inc.                                 30035               GLACIER
MT030           Glacier Electric Co-op, Inc.                                 30073               PONDERA
MT030           Glacier Electric Co-op, Inc.                                 30101               TOOLE
MT031           Marias River Electric Co-op, Inc.                            30051               LIBERTY
MT031           Marias River Electric Co-op, Inc.                            30073               PONDERA
MT031           Marias River Electric Co-op, Inc.                            30101               TOOLE
MT032           Hill County Electric Co-op, Inc.                             30005               BLAINE
MT032           Hill County Electric Co-op, Inc.                             30015               CHOUTEAU
MT032           Hill County Electric Co-op, Inc.                             30027               FERGUS

                                       58
<PAGE>

MT032           Hill County Electric Co-op, Inc.                             30041               HILL
MT032           Hill County Electric Co-op, Inc.                             30051               LIBERTY
MT033           Tongue River Electric Co-op, Inc.                            30003               BIG HORN
MT033           Tongue River Electric Co-op, Inc.                            30011               CARTER
MT033           Tongue River Electric Co-op, Inc.                            30017               CUSTER
MT033           Tongue River Electric Co-op, Inc.                            30021               DAWSON
MT033           Tongue River Electric Co-op, Inc.                            30025               FALLON
MT033           Tongue River Electric Co-op, Inc.                            30075               POWDER RIVER
MT033           Tongue River Electric Co-op, Inc.                            30079               PRAIRIE
MT033           Tongue River Electric Co-op, Inc.                            30087               ROSEBUD
MT034           Southeast Electric Co-op, Inc.                               30011               CARTER
MT034           Southeast Electric Co-op, Inc.                               30017               CUSTER
MT034           Southeast Electric Co-op, Inc.                               30025               FALLON
MT034           Southeast Electric Co-op, Inc.                               30075               POWDER RIVER
MT034           Southeast Electric Co-op, Inc.                               46063               HARDING
MT034           Southeast Electric Co-op, Inc.                               56011               CROOK
MT036           Lincoln Electric Co-op, Inc.                                 30029               FLATHEAD
MT036           Lincoln Electric Co-op, Inc.                                 30053               LINCOLN
NC010           Haywood EMC                                                  13241               RABUN
NC010           Haywood EMC                                                  37021               BUNCOMBE
NC010           Haywood EMC                                                  37087               HAYWOOD
NC010           Haywood EMC                                                  37099               JACKSON
NC010           Haywood EMC                                                  37113               MACON
NC010           Haywood EMC                                                  37175               TRANSYLVANIA
NC010           Haywood EMC                                                  45073               OCONEE
NC014           Pitt & Greene EMC                                            37065               EDGECOMBE
NC014           Pitt & Greene EMC                                            37079               GREENE
NC014           Pitt & Greene EMC                                            37107               LENOIR
NC014           Pitt & Greene EMC                                            37147               PITT
NC014           Pitt & Greene EMC                                            37191               WAYNE
NC014           Pitt & Greene EMC                                            37195               WILSON
NC016           Edgecombe-Martin County EMC                                  37013               BEAUFORT
NC016           Edgecombe-Martin County EMC                                  37015               BERTIE
NC016           Edgecombe-Martin County EMC                                  37065               EDGECOMBE
NC016           Edgecombe-Martin County EMC                                  37083               HALIFAX
NC016           Edgecombe-Martin County EMC                                  37117               MARTIN
NC016           Edgecombe-Martin County EMC                                  37127               NASH
NC016           Edgecombe-Martin County EMC                                  37147               PITT
NC016           Edgecombe-Martin County EMC                                  37195               WILSON
NC021           Four County EMC                                              37017               BLADEN
NC021           Four County EMC                                              37047               COLUMBUS
NC021           Four County EMC                                              37061               DUPLIN
NC021           Four County EMC                                              37133               ONSLOW
NC021           Four County EMC                                              37141               PENDER
NC021           Four County EMC                                              37163               SAMPSON
NC023           Blue Ridge EMC                                               37003               ALEXANDER
NC023           Blue Ridge EMC                                               37005               ALLEGHANY
NC023           Blue Ridge EMC                                               37009               ASHE
NC023           Blue Ridge EMC                                               37011               AVERY
NC023           Blue Ridge EMC                                               37027               CALDWELL
NC023           Blue Ridge EMC                                               37189               WATAUGA
NC023           Blue Ridge EMC                                               37193               WILKES

                                       59
<PAGE>

NC025           Rutherford EMC                                               37023               BURKE
NC025           Rutherford EMC                                               37027               CALDWELL
NC025           Rutherford EMC                                               37035               CATAWBA
NC025           Rutherford EMC                                               37045               CLEVELAND
NC025           Rutherford EMC                                               37071               GASTON
NC025           Rutherford EMC                                               37109               LINCOLN
NC025           Rutherford EMC                                               37111               MCDOWELL
NC025           Rutherford EMC                                               37121               MITCHELL
NC025           Rutherford EMC                                               37149               POLK
NC025           Rutherford EMC                                               37161               RUTHERFORD
NC031           Roanoke Electric Co-op                                       37015               BERTIE
NC031           Roanoke Electric Co-op                                       37041               CHOWAN
NC031           Roanoke Electric Co-op                                       37073               GATES
NC031           Roanoke Electric Co-op                                       37083               HALIFAX
NC031           Roanoke Electric Co-op                                       37091               HERTFORD
NC031           Roanoke Electric Co-op                                       37131               NORTHAMPTON
NC031           Roanoke Electric Co-op                                       37143               PERQUIMANS
NC032           Piedmont EMC                                                 37001               ALAMANCE
NC032           Piedmont EMC                                                 37033               CASWELL
NC032           Piedmont EMC                                                 37037               CHATHAM
NC032           Piedmont EMC                                                 37063               DURHAM
NC032           Piedmont EMC                                                 37077               GRANVILLE
NC032           Piedmont EMC                                                 37135               ORANGE
NC032           Piedmont EMC                                                 37145               PERSON
NC033           Halifax EMC                                                  37083               HALIFAX
NC033           Halifax EMC                                                  37117               MARTIN
NC033           Halifax EMC                                                  37127               NASH
NC033           Halifax EMC                                                  37185               WARREN
NC034           Pee Dee EMC                                                  37007               ANSON
NC034           Pee Dee EMC                                                  37123               MONTGOMERY
NC034           Pee Dee EMC                                                  37125               MOORE
NC034           Pee Dee EMC                                                  37153               RICHMOND
NC034           Pee Dee EMC                                                  37165               SCOTLAND
NC034           Pee Dee EMC                                                  37167               STANLY
NC034           Pee Dee EMC                                                  37179               UNION
NC035           Davidson EMC                                                 37057               DAVIDSON
NC035           Davidson EMC                                                 37059               DAVIE
NC035           Davidson EMC                                                 37067               FORSYTH
NC035           Davidson EMC                                                 37081               GUILFORD
NC035           Davidson EMC                                                 37123               MONTGOMERY
NC035           Davidson EMC                                                 37151               RANDOLPH
NC035           Davidson EMC                                                 37157               ROCKINGHAM
NC035           Davidson EMC                                                 37169               STOKES
NC036           Randolph EMC                                                 37001               ALAMANCE
NC036           Randolph EMC                                                 37037               CHATHAM
NC036           Randolph EMC                                                 37123               MONTGOMERY
NC036           Randolph EMC                                                 37125               MOORE
NC036           Randolph EMC                                                 37151               RANDOLPH
NC038           Harkers Island EMC                                           37031               CARTERET
NC039           Union EMC                                                    37025               CABARRUS
NC039           Union EMC                                                    37119               MECKLENBURG
NC039           Union EMC                                                    37159               ROWAN

                                       60
<PAGE>

NC039           Union EMC                                                    37167               STANLY
NC039           Union EMC                                                    37179               UNION
NC040           Brunswick EMC                                                37017               BLADEN
NC040           Brunswick EMC                                                37019               BRUNSWICK
NC040           Brunswick EMC                                                37047               COLUMBUS
NC040           Brunswick EMC                                                37155               ROBESON
NC043           Jones-Onslow EMC                                             37049               CRAVEN
NC043           Jones-Onslow EMC                                             37061               DUPLIN
NC043           Jones-Onslow EMC                                             37103               JONES
NC043           Jones-Onslow EMC                                             37107               LENOIR
NC043           Jones-Onslow EMC                                             37133               ONSLOW
NC043           Jones-Onslow EMC                                             37141               PENDER
NC046           French Broad EMC                                             37021               BUNCOMBE
NC046           French Broad EMC                                             37115               MADISON
NC046           French Broad EMC                                             37121               MITCHELL
NC046           French Broad EMC                                             37199               YANCEY
NC046           French Broad EMC                                             47029               COCKE
NC046           French Broad EMC                                             47171               UNICOI
NC047           Wake EMC                                                     37063               DURHAM
NC047           Wake EMC                                                     37069               FRANKLIN
NC047           Wake EMC                                                     37077               GRANVILLE
NC047           Wake EMC                                                     37101               JOHNSTON
NC047           Wake EMC                                                     37127               NASH
NC047           Wake EMC                                                     37181               VANCE
NC047           Wake EMC                                                     37183               WAKE
NC049           Surry-Yadkin EMC                                             37067               FORSYTH
NC049           Surry-Yadkin EMC                                             37169               STOKES
NC049           Surry-Yadkin EMC                                             37171               SURRY
NC049           Surry-Yadkin EMC                                             37193               WILKES
NC049           Surry-Yadkin EMC                                             37197               YADKIN
NC050           Tri-County EMC                                               37061               DUPLIN
NC050           Tri-County EMC                                               37101               JOHNSTON
NC050           Tri-County EMC                                               37103               JONES
NC050           Tri-County EMC                                               37107               LENOIR
NC050           Tri-County EMC                                               37163               SAMPSON
NC050           Tri-County EMC                                               37191               WAYNE
NC050           Tri-County EMC                                               37195               WILSON
NC051           Lumbee River EMC                                             37051               CUMBERLAND
NC051           Lumbee River EMC                                             37093               HOKE
NC051           Lumbee River EMC                                             37155               ROBESON
NC051           Lumbee River EMC                                             37165               SCOTLAND
NC052           South River EMC                                              37017               BLADEN
NC052           South River EMC                                              37051               CUMBERLAND
NC052           South River EMC                                              37085               HARNETT
NC052           South River EMC                                              37101               JOHNSTON
NC052           South River EMC                                              37163               SAMPSON
NC055           Carteret-Craven Electric Co-op                               37031               CARTERET
NC055           Carteret-Craven Electric Co-op                               37049               CRAVEN
NC055           Carteret-Craven Electric Co-op                               37103               JONES
NC055           Carteret-Craven Electric Co-op                               37133               ONSLOW
NC058           Central EMC                                                  37037               CHATHAM
NC058           Central EMC                                                  37085               HARNETT

                                       61
<PAGE>

NC058           Central EMC                                                  37105               LEE
NC058           Central EMC                                                  37125               MOORE
NC058           Central EMC                                                  37151               RANDOLPH
NC059           Tideland EMC                                                 37013               BEAUFORT
NC059           Tideland EMC                                                 37049               CRAVEN
NC059           Tideland EMC                                                 37055               DARE
NC059           Tideland EMC                                                 37095               HYDE
NC059           Tideland EMC                                                 37137               PAMLICO
NC059           Tideland EMC                                                 37187               WASHINGTON
NC064           Cape Hatteras Electric Co-op                                 37055               DARE
NC066           Albemarle EMC                                                37029               CAMDEN
NC066           Albemarle EMC                                                37041               CHOWAN
NC066           Albemarle EMC                                                37053               CURRITUCK
NC066           Albemarle EMC                                                37139               PASQUOTANK
NC066           Albemarle EMC                                                37143               PERQUIMANS
NC068           Crescent EMC                                                 37003               ALEXANDER
NC068           Crescent EMC                                                 37025               CABARRUS
NC068           Crescent EMC                                                 37035               CATAWBA
NC068           Crescent EMC                                                 37059               DAVIE
NC068           Crescent EMC                                                 37071               GASTON
NC068           Crescent EMC                                                 37097               IREDELL
NC068           Crescent EMC                                                 37109               LINCOLN
NC068           Crescent EMC                                                 37119               MECKLENBURG
NC068           Crescent EMC                                                 37159               ROWAN
NC068           Crescent EMC                                                 37193               WILKES
NC068           Crescent EMC                                                 37197               YADKIN
ND008           Baker Electric Co-op, Inc.                                   38005               BENSON
ND008           Baker Electric Co-op, Inc.                                   38069               PIERCE
ND008           Baker Electric Co-op, Inc.                                   38071               RAMSEY
ND008           Baker Electric Co-op, Inc.                                   38079               ROLETTE
ND008           Baker Electric Co-op, Inc.                                   38095               TOWNER
ND008           Baker Electric Co-op, Inc.                                   38103               WELLS
ND011           Cass County Electric Co-op, Inc.                             38003               BARNES
ND011           Cass County Electric Co-op, Inc.                             38017               CASS
ND011           Cass County Electric Co-op, Inc.                             38045               LAMOURE
ND011           Cass County Electric Co-op, Inc.                             38073               RANSOM
ND011           Cass County Electric Co-op, Inc.                             38077               RICHLAND
ND011           Cass County Electric Co-op, Inc.                             38081               SARGENT
ND011           Cass County Electric Co-op, Inc.                             38097               TRAILL
ND013           Tri-County Electric Co-op, Inc.                              38003               BARNES
ND013           Tri-County Electric Co-op, Inc.                              38005               BENSON
ND013           Tri-County Electric Co-op, Inc.                              38027               EDDY
ND013           Tri-County Electric Co-op, Inc.                              38031               FOSTER
ND013           Tri-County Electric Co-op, Inc.                              38039               GRIGGS
ND013           Tri-County Electric Co-op, Inc.                              38043               KIDDER
ND013           Tri-County Electric Co-op, Inc.                              38093               STUTSMAN
ND013           Tri-County Electric Co-op, Inc.                              38103               WELLS
ND017           Verendrye Electric Co-op, Inc.                               38009               BOTTINEAU
ND017           Verendrye Electric Co-op, Inc.                               38049               MCHENRY
ND017           Verendrye Electric Co-op, Inc.                               38055               MCLEAN
ND017           Verendrye Electric Co-op, Inc.                               38069               PIERCE
ND017           Verendrye Electric Co-op, Inc.                               38075               RENVILLE

                                       62
<PAGE>

ND017           Verendrye Electric Co-op, Inc.                               38083               SHERIDAN
ND017           Verendrye Electric Co-op, Inc.                               38101               WARD
ND017           Verendrye Electric Co-op, Inc.                               38103               WELLS
ND019           Nodak Electric Co-op, Inc.                                   38019               CAVALIER
ND019           Nodak Electric Co-op, Inc.                                   38035               GRAND FORKS
ND019           Nodak Electric Co-op, Inc.                                   38063               NELSON
ND019           Nodak Electric Co-op, Inc.                                   38067               PEMBINA
ND019           Nodak Electric Co-op, Inc.                                   38071               RAMSEY
ND019           Nodak Electric Co-op, Inc.                                   38091               STEELE
ND019           Nodak Electric Co-op, Inc.                                   38097               TRAILL
ND019           Nodak Electric Co-op, Inc.                                   38099               WALSH
ND021           R.S.R. Electric Co-op, Inc.                                  38073               RANSOM
ND021           R.S.R. Electric Co-op, Inc.                                  38077               RICHLAND
ND021           R.S.R. Electric Co-op, Inc.                                  38081               SARGENT
ND022           North Central Electric Co-op, Inc.                           38009               BOTTINEAU
ND022           North Central Electric Co-op, Inc.                           38049               MCHENRY
ND022           North Central Electric Co-op, Inc.                           38069               PIERCE
ND022           North Central Electric Co-op, Inc.                           38075               RENVILLE
ND022           North Central Electric Co-op, Inc.                           38079               ROLETTE
ND025           Mor-Gran-Sou Electric Co-op, Inc.                            38037               GRANT
ND025           Mor-Gran-Sou Electric Co-op, Inc.                            38059               MORTON
ND025           Mor-Gran-Sou Electric Co-op, Inc.                            38085               SIOUX
ND026           James Valley Electric Co-op, Inc.                            38021               DICKEY
ND026           James Valley Electric Co-op, Inc.                            38045               LAMOURE
ND026           James Valley Electric Co-op, Inc.                            38047               LOGAN
ND026           James Valley Electric Co-op, Inc.                            38051               MCINTOSH
ND026           James Valley Electric Co-op, Inc.                            38093               STUTSMAN
ND027           KEM Electric Co-op, Inc.                                     38015               BURLEIGH
ND027           KEM Electric Co-op, Inc.                                     38029               EMMONS
ND027           KEM Electric Co-op, Inc.                                     38043               KIDDER
ND027           KEM Electric Co-op, Inc.                                     38047               LOGAN
ND027           KEM Electric Co-op, Inc.                                     38051               MCINTOSH
ND028           Mountrail-Williams Electric Co-op                            38013               BURKE
ND028           Mountrail-Williams Electric Co-op                            38023               DIVIDE
ND028           Mountrail-Williams Electric Co-op                            38061               MOUNTRAIL
ND028           Mountrail-Williams Electric Co-op                            38105               WILLIAMS
ND029           McKenzie Electric Co-op, Inc.                                30083               RICHLAND
ND029           McKenzie Electric Co-op, Inc.                                30109               WIBAUX
ND029           McKenzie Electric Co-op, Inc.                                38007               BILLINGS
ND029           McKenzie Electric Co-op, Inc.                                38025               DUNN
ND029           McKenzie Electric Co-op, Inc.                                38033               GOLDEN VALLEY
ND029           McKenzie Electric Co-op, Inc.                                38053               MCKENZIE
ND030           Sheyenne Valley Electric Co-op                               38005               BENSON
ND030           Sheyenne Valley Electric Co-op                               38027               EDDY
ND030           Sheyenne Valley Electric Co-op                               38035               GRAND FORKS
ND030           Sheyenne Valley Electric Co-op                               38039               GRIGGS
ND030           Sheyenne Valley Electric Co-op                               38063               NELSON
ND030           Sheyenne Valley Electric Co-op                               38071               RAMSEY
ND030           Sheyenne Valley Electric Co-op                               38091               STEELE
ND031           Burke-Divide Electric Co-op, Inc.                            38013               BURKE
ND031           Burke-Divide Electric Co-op, Inc.                            38023               DIVIDE
ND031           Burke-Divide Electric Co-op, Inc.                            38061               MOUNTRAIL

                                       63
<PAGE>

ND031           Burke-Divide Electric Co-op, Inc.                            38075               RENVILLE
ND031           Burke-Divide Electric Co-op, Inc.                            38101               WARD
ND032           Oliver-Mercer Electric Co-op, Inc.                           38057               MERCER
ND032           Oliver-Mercer Electric Co-op, Inc.                           38065               OLIVER
ND033           West Plains Electric Co-op, Inc.                             38007               BILLINGS
ND033           West Plains Electric Co-op, Inc.                             38025               DUNN
ND033           West Plains Electric Co-op, Inc.                             38033               GOLDEN VALLEY
ND033           West Plains Electric Co-op, Inc.                             38089               STARK
ND034           Slope Electric Co-op, Inc.                                   38001               ADAMS
ND034           Slope Electric Co-op, Inc.                                   38011               BOWMAN
ND034           Slope Electric Co-op, Inc.                                   38041               HETTINGER
ND034           Slope Electric Co-op, Inc.                                   38087               SLOPE
ND035           Capital Electric Co-op, Inc.                                 38015               BURLEIGH
ND035           Capital Electric Co-op, Inc.                                 38029               EMMONS
ND035           Capital Electric Co-op, Inc.                                 38043               KIDDER
ND035           Capital Electric Co-op, Inc.                                 38055               MCLEAN
ND035           Capital Electric Co-op, Inc.                                 38083               SHERIDAN
ND036           Mountrail Electric Co-op                                     38013               BURKE
ND036           Mountrail Electric Co-op                                     38055               MCLEAN
ND036           Mountrail Electric Co-op                                     38061               MOUNTRAIL
ND036           Mountrail Electric Co-op                                     38101               WARD
ND036           Mountrail Electric Co-op                                     38105               WILLIAMS
ND037           McLean Electric Co-op, Inc.                                  38055               MCLEAN
ND038           Cavalier REC, Inc.                                           38019               CAVALIER
ND038           Cavalier REC, Inc.                                           38071               RAMSEY
NE003           Chimney Rock PPD                                             31007               BANNER
NE003           Chimney Rock PPD                                             31013               BOX BUTTE
NE003           Chimney Rock PPD                                             31123               MORRILL
NE003           Chimney Rock PPD                                             31157               SCOTTS BLUFF
NE003           Chimney Rock PPD                                             31165               SIOUX
NE004           Polk County RPPD                                             31023               BUTLER
NE004           Polk County RPPD                                             31081               HAMILTON
NE004           Polk County RPPD                                             31121               MERRICK
NE004           Polk County RPPD                                             31125               NANCE
NE004           Polk County RPPD                                             31143               POLK
NE004           Polk County RPPD                                             31185               YORK
NE051           Burt County PPD                                              31021               BURT
NE051           Burt County PPD                                              31037               COLFAX
NE051           Burt County PPD                                              31043               DAKOTA
NE051           Burt County PPD                                              31053               DODGE
NE051           Burt County PPD                                              31173               THURSTON
NE051           Burt County PPD                                              31177               WASHINGTON
NE059           Butler County RPPD                                           31023               BUTLER
NE059           Butler County RPPD                                           31109               LANCASTER
NE059           Butler County RPPD                                           31141               PLATTE
NE059           Butler County RPPD                                           31143               POLK
NE059           Butler County RPPD                                           31155               SAUNDERS
NE059           Butler County RPPD                                           31159               SEWARD
NE062           Seward County RPPD                                           31159               SEWARD
NE063           Stanton County PPD                                           31037               COLFAX
NE063           Stanton County PPD                                           31039               CUMING
NE063           Stanton County PPD                                           31119               MADISON

                                       64
<PAGE>

NE063           Stanton County PPD                                           31167               STANTON
NE063           Stanton County PPD                                           31179               WAYNE
NE065           Wayne County PPD                                             31027               CEDAR
NE065           Wayne County PPD                                             31051               DIXON
NE065           Wayne County PPD                                             31107               KNOX
NE065           Wayne County PPD                                             31139               PIERCE
NE065           Wayne County PPD                                             31167               STANTON
NE065           Wayne County PPD                                             31173               THURSTON
NE065           Wayne County PPD                                             31179               WAYNE
NE066           Northeast Nebraska RPPD                                      31043               DAKOTA
NE066           Northeast Nebraska RPPD                                      31051               DIXON
NE066           Northeast Nebraska RPPD                                      31173               THURSTON
NE077           Norris PPD                                                   31067               GAGE
NE077           Norris PPD                                                   31095               JEFFERSON
NE077           Norris PPD                                                   31109               LANCASTER
NE077           Norris PPD                                                   31151               SALINE
NE077           Norris PPD                                                   31169               THAYER
NE078           Dawson County PPD                                            31001               ADAMS
NE078           Dawson County PPD                                            31019               BUFFALO
NE078           Dawson County PPD                                            31041               CUSTER
NE078           Dawson County PPD                                            31047               DAWSON
NE078           Dawson County PPD                                            31063               FRONTIER
NE078           Dawson County PPD                                            31073               GOSPER
NE078           Dawson County PPD                                            31079               HALL
NE078           Dawson County PPD                                            31111               LINCOLN
NE078           Dawson County PPD                                            31137               PHELPS
NE078           Dawson County PPD                                            31163               SHERMAN
NE084           Panhandle REMA                                               31005               ARTHUR
NE084           Panhandle REMA                                               31013               BOX BUTTE
NE084           Panhandle REMA                                               31031               CHERRY
NE084           Panhandle REMA                                               31045               DAWES
NE084           Panhandle REMA                                               31069               GARDEN
NE084           Panhandle REMA                                               31075               GRANT
NE084           Panhandle REMA                                               31091               HOOKER
NE084           Panhandle REMA                                               31117               MCPHERSON
NE084           Panhandle REMA                                               31123               MORRILL
NE084           Panhandle REMA                                               31161               SHERIDAN
NE084           Panhandle REMA                                               31165               SIOUX
NE085           North Central PPD                                            31003               ANTELOPE
NE085           North Central PPD                                            31089               HOLT
NE085           North Central PPD                                            31107               KNOX
NE085           North Central PPD                                            31139               PIERCE
NE088           Midwest EMC                                                  31029               CHASE
NE088           Midwest EMC                                                  31085               HAYES
NE088           Midwest EMC                                                  31101               KEITH
NE088           Midwest EMC                                                  31111               LINCOLN
NE088           Midwest EMC                                                  31135               PERKINS
NE097           KBR Rural Public Power District                              31017               BROWN
NE097           KBR Rural Public Power District                              31031               CHERRY
NE097           KBR Rural Public Power District                              31103               KEYA PAHA
NE097           KBR Rural Public Power District                              31115               LOUP
NE097           KBR Rural Public Power District                              31149               ROCK

                                       65
<PAGE>

NE098           Twin Valleys PPD                                             31063               FRONTIER
NE098           Twin Valleys PPD                                             31065               FURNAS
NE098           Twin Valleys PPD                                             31073               GOSPER
NE098           Twin Valleys PPD                                             31083               HARLAN
NE098           Twin Valleys PPD                                             31137               PHELPS
NE098           Twin Valleys PPD                                             31145               RED WILLOW
NE100           Wheat Belt PPD                                               31005               ARTHUR
NE100           Wheat Belt PPD                                               31033               CHEYENNE
NE100           Wheat Belt PPD                                               31049               DEUEL
NE100           Wheat Belt PPD                                               31069               GARDEN
NE100           Wheat Belt PPD                                               31101               KEITH
NE100           Wheat Belt PPD                                               31123               MORRILL
NH004           New Hampshire Electric Cooperative                           33001               BELKNAP
NH004           New Hampshire Electric Cooperative                           33003               CARROLL
NH004           New Hampshire Electric Cooperative                           33005               CHESHIRE
NH004           New Hampshire Electric Cooperative                           33007               COOS
NH004           New Hampshire Electric Cooperative                           33009               GRAFTON
NH004           New Hampshire Electric Cooperative                           33013               MERRIMACK
NH004           New Hampshire Electric Cooperative                           33015               ROCKINGHAM
NH004           New Hampshire Electric Cooperative                           33017               STRAFFORD
NH004           New Hampshire Electric Cooperative                           33019               SULLIVAN
NJ006           Sussex REC                                                   34037               SUSSEX
NJ006           Sussex REC                                                   36071               CRANGE
NM004           Central Valley Electric Co-op, Inc.                          35005               CHAVES
NM004           Central Valley Electric Co-op, Inc.                          35015               EDDY
NM004           Central Valley Electric Co-op, Inc.                          35025               LEA
NM008           Roosevelt County Electric Co-op                              35005               CHAVES
NM008           Roosevelt County Electric Co-op                              35009               CURRY
NM008           Roosevelt County Electric Co-op                              35011               DE BACA
NM008           Roosevelt County Electric Co-op                              35041               ROOSEVELT
NM009           Farmers Electric Co-op, Inc.                                 35009               CURRY
NM009           Farmers Electric Co-op, Inc.                                 35011               DE BACA
NM009           Farmers Electric Co-op, Inc.                                 35019               GUADALUPE
NM009           Farmers Electric Co-op, Inc.                                 35021               HARDING
NM009           Farmers Electric Co-op, Inc.                                 35037               QUAY
NM009           Farmers Electric Co-op, Inc.                                 35041               ROOSEVELT
NM009           Farmers Electric Co-op, Inc.                                 35047               SAN MIGUEL
NM011           Kit Carson Electric Co-op, Inc.                              35007               COLFAX
NM011           Kit Carson Electric Co-op, Inc.                              35039               RIO ARRIBA
NM011           Kit Carson Electric Co-op, Inc.                              35055               TAOS
NM012           Otero County Electric Co-op, Inc.                            35005               CHAVES
NM012           Otero County Electric Co-op, Inc.                            35027               LINCOLN
NM012           Otero County Electric Co-op, Inc.                            35035               OTERO
NM014           Mora-San Miguel Electric Co-op                               35019               GUADALUPE
NM014           Mora-San Miguel Electric Co-op                               35033               MORA
NM014           Mora-San Miguel Electric Co-op                               35047               SAN MIGUEL
NM014           Mora-San Miguel Electric Co-op                               35049               SANTA FE
NM015           Northern Rio Arriba Elec. Co-op                              35039               RIO ARRIBA
NM017           Sierra Electric Co-op                                        35003               CATRON
NM017           Sierra Electric Co-op                                        35029               LUNA
NM017           Sierra Electric Co-op                                        35051               SIERRA
NM017           Sierra Electric Co-op                                        35053               SOCORRO

                                       66
<PAGE>

NM019           Springer Electric Co-op, Inc.                                08071               LAS ANIMAS
NM019           Springer Electric Co-op, Inc.                                35007               COLFAX
NM019           Springer Electric Co-op, Inc.                                35021               HARDING
NM019           Springer Electric Co-op, Inc.                                35033               MORA
NM019           Springer Electric Co-op, Inc.                                35047               SAN MIGUEL
NM019           Springer Electric Co-op, Inc.                                35059               UNION
NM020           Socorro Electric Co-op, Inc.                                 35003               CATRON
NM020           Socorro Electric Co-op, Inc.                                 35006               CIBOLA
NM020           Socorro Electric Co-op, Inc.                                 35053               SOCORRO
NM020           Socorro Electric Co-op, Inc.                                 35061               VALENCIA
NM021           Central New Mexico Elec. Co-op                               35001               BERNALILLO
NM021           Central New Mexico Elec. Co-op                               35005               CHAVES
NM021           Central New Mexico Elec. Co-op                               35011               DE BACA
NM021           Central New Mexico Elec. Co-op                               35019               GUADALUPE
NM021           Central New Mexico Elec. Co-op                               35027               LINCOLN
NM021           Central New Mexico Elec. Co-op                               35047               SAN MIGUEL
NM021           Central New Mexico Elec. Co-op                               35049               SANTA FE
NM021           Central New Mexico Elec. Co-op                               35053               SOCORRO
NM021           Central New Mexico Elec. Co-op                               35057               TORRANCE
NM022           Continental Divide Electric Co-op                            04001               APACHE
NM022           Continental Divide Electric Co-op                            35001               BERNALILLO
NM022           Continental Divide Electric Co-op                            35006               CIBOLA
NM022           Continental Divide Electric Co-op                            35031               MCKINLEY
NM022           Continental Divide Electric Co-op                            35043               SANDOVAL
NM022           Continental Divide Electric Co-op                            35061               VALENCIA
NM023           Lea County Electric Co-op, Inc.                              35005               CHAVES
NM023           Lea County Electric Co-op, Inc.                              35015               EDDY
NM023           Lea County Electric Co-op, Inc.                              35025               LEA
NM023           Lea County Electric Co-op, Inc.                              48079               COCHRAN
NM023           Lea County Electric Co-op, Inc.                              48165               GAINES
NM023           Lea County Electric Co-op, Inc.                              48501               YOAKUM
NM025           Columbus Electric Co-op, Inc.                                04003               COCHISE
NM025           Columbus Electric Co-op, Inc.                                35017               GRANT
NM025           Columbus Electric Co-op, Inc.                                35023               HIDALGO
NM025           Columbus Electric Co-op, Inc.                                35029               LUNA
NM026           Southwestern Electric Co-op, Inc.                            35021               HARDING
NM026           Southwestern Electric Co-op, Inc.                            35037               QUAY
NM026           Southwestern Electric Co-op, Inc.                            35059               UNION
NM026           Southwestern Electric Co-op, Inc.                            40025               CIMARRON
NM026           Southwestern Electric Co-op, Inc.                            48111               DALLAM
NM026           Southwestern Electric Co-op, Inc.                            48205               HARTLEY
NM028           Jemez Mountains Electric Co-op                               35031               MCKINLEY
NM028           Jemez Mountains Electric Co-op                               35039               RIO ARRIBA
NM028           Jemez Mountains Electric Co-op                               35043               SANDOVAL
NM028           Jemez Mountains Electric Co-op                               35045               SAN JUAN
NM028           Jemez Mountains Electric Co-op                               35049               SANTA FE
NV003           Alamo Power District No. 3                                   32017               LINCOLN
NV004           Overton Power District No. 5                                 32003               CLARK
NV015           Wells REC                                                    32007               ELKO
NV015           Wells REC                                                    32011               EUREKA
NV015           Wells REC                                                    49045               TOOELE
NV017           Lincoln Co. Power District No.1                              32017               LINCOLN

                                       67
<PAGE>

NV018           Valley Electric Association                                  06051               MONO
NV018           Valley Electric Association                                  32003               CLARK
NV018           Valley Electric Association                                  32009               ESMERALDA
NV018           Valley Electric Association                                  32021               MINERAL
NV018           Valley Electric Association                                  32023               NYE
NV019           Mt. Wheeler Power, Inc.                                      32007               ELKO
NV019           Mt. Wheeler Power, Inc.                                      32011               EUREKA
NV019           Mt. Wheeler Power, Inc.                                      32023               NYE
NV019           Mt. Wheeler Power, Inc.                                      32033               WHITE PINE
NV019           Mt. Wheeler Power, Inc.                                      49023               JUAB
NV019           Mt. Wheeler Power, Inc.                                      49027               MILLARD
NV019           Mt. Wheeler Power, Inc.                                      49045               TOOELE
NY019           Otsego Electric Co-op, Inc.                                  36017               CHENANGO
NY019           Otsego Electric Co-op, Inc.                                  36043               HERKIMER
NY019           Otsego Electric Co-op, Inc.                                  36053               MADISON
NY019           Otsego Electric Co-op, Inc.                                  36077               OTSEGO
NY020           Delaware County Electric Co-op                               36017               CHENANGO
NY020           Delaware County Electric Co-op                               36025               DELAWARE
NY020           Delaware County Electric Co-op                               36077               OTSEGO
NY020           Delaware County Electric Co-op                               36095               SCHOHARIE
NY021           Steuben REC, Inc.                                            36009               CATTARAUGUS
NY021           Steuben REC, Inc.                                            36013               CHAUTAUQUA
NY021           Steuben REC, Inc.                                            36097               SCHUYLER
NY021           Steuben REC, Inc.                                            36101               STEUBEN
NY024           Oneida-Madison Electric Co-op, Inc.                          36053               MADISON
NY024           Oneida-Madison Electric Co-op, Inc.                          36065               ONEIDA
OH001           Pioneer REC, Inc.                                            39011               AUGLAIZE
OH001           Pioneer REC, Inc.                                            39021               CHAMPAIGN
OH001           Pioneer REC, Inc.                                            39023               CLARK
OH001           Pioneer REC, Inc.                                            39037               DARKE
OH001           Pioneer REC, Inc.                                            39091               LOGAN
OH001           Pioneer REC, Inc.                                            39097               MADISON
OH001           Pioneer REC, Inc.                                            39107               MERCER
OH001           Pioneer REC, Inc.                                            39109               MIAMI
OH001           Pioneer REC, Inc.                                            39113               MONTGOMERY
OH001           Pioneer REC, Inc.                                            39149               SHELBY
OH001           Pioneer REC, Inc.                                            39159               UNION
OH024           Delaware REC, Inc.                                           39041               DELAWARE
OH024           Delaware REC, Inc.                                           39049               FRANKLIN
OH024           Delaware REC, Inc.                                           39083               KNOX
OH024           Delaware REC, Inc.                                           39089               LICKING
OH024           Delaware REC, Inc.                                           39101               MARION
OH024           Delaware REC, Inc.                                           39117               MORROW
OH024           Delaware REC, Inc.                                           39159               UNION
OH030           Marion REC, Inc.                                             39033               CRAWFORD
OH030           Marion REC, Inc.                                             39065               HARDIN
OH030           Marion REC, Inc.                                             39101               MARION
OH030           Marion REC, Inc.                                             39117               MORROW
OH030           Marion REC, Inc.                                             39159               UNION
OH030           Marion REC, Inc.                                             39175               WYANDOT
OH031           Holmes-Wayne Electric Co-op, Inc.                            39005               ASHLAND

                                       68
<PAGE>

OH031           Holmes-Wayne Electric Co-op, Inc.                            39031               COSHOCTON
OH031           Holmes-Wayne Electric Co-op, Inc.                            39075               HOLMES
OH031           Holmes-Wayne Electric Co-op, Inc.                            39083               KNOX
OH031           Holmes-Wayne Electric Co-op, Inc.                            39157               TUSCARAWAS
OH031           Holmes-Wayne Electric Co-op, Inc.                            39169               WAYNE
OH032           Belmont Electric Co-op, Inc.                                 39013               BELMONT
OH032           Belmont Electric Co-op, Inc.                                 39067               HARRISON
OH032           Belmont Electric Co-op, Inc.                                 39081               JEFFERSON
OH032           Belmont Electric Co-op, Inc.                                 39111               MONROE
OH032           Belmont Electric Co-op, Inc.                                 39121               NOBLE
OH033           Midwest Electric, Inc.                                       39003               ALLEN
OH033           Midwest Electric, Inc.                                       39011               AUGLAIZE
OH033           Midwest Electric, Inc.                                       39037               DARKE
OH033           Midwest Electric, Inc.                                       39107               MERCER
OH033           Midwest Electric, Inc.                                       39137               PUTNAM
OH033           Midwest Electric, Inc.                                       39149               SHELBY
OH033           Midwest Electric, Inc.                                       39161               VAN WERT
OH039           Paulding-Putnam Electric Co-op                               18001               ADAMS
OH039           Paulding-Putnam Electric Co-op                               18003               ALLEN
OH039           Paulding-Putnam Electric Co-op                               39003               ALLEN
OH039           Paulding-Putnam Electric Co-op                               39039               DEFIANCE
OH039           Paulding-Putnam Electric Co-op                               39125               PAULDING
OH039           Paulding-Putnam Electric Co-op                               39137               PUTNAM
OH039           Paulding-Putnam Electric Co-op                               39161               VAN WERT
OH041           Licking Rural Electrification, Inc.                          39005               ASHLAND
OH041           Licking Rural Electrification, Inc.                          39031               COSHOCTON
OH041           Licking Rural Electrification, Inc.                          39041               DELAWARE
OH041           Licking Rural Electrification, Inc.                          39049               FRANKLIN
OH041           Licking Rural Electrification, Inc.                          39083               KNOX
OH041           Licking Rural Electrification, Inc.                          39089               LICKING
OH041           Licking Rural Electrification, Inc.                          39119               MUSKINGUM
OH041           Licking Rural Electrification, Inc.                          39127               PERRY
OH041           Licking Rural Electrification, Inc.                          39139               RICHLAND
OH042           Darke REC, Inc.                                              39037               DARKE
OH042           Darke REC, Inc.                                              39107               MERCER
OH042           Darke REC, Inc.                                              39135               PREBLE
OH050           Union REC, Inc.                                              39021               CHAMPAIGN
OH050           Union REC, Inc.                                              39041               DELAWARE
OH050           Union REC, Inc.                                              39065               HARDIN
OH050           Union REC, Inc.                                              39091               LOGAN
OH050           Union REC, Inc.                                              39101               MARION
OH050           Union REC, Inc.                                              39159               UNION
OH055           Frontier Power Company                                       39031               COSHOCTON
OH055           Frontier Power Company                                       39059               GUERNSEY
OH055           Frontier Power Company                                       39075               HOLMES
OH055           Frontier Power Company                                       39083               KNOX
OH055           Frontier Power Company                                       39089               LICKING
OH055           Frontier Power Company                                       39119               MUSKINGUM
OH055           Frontier Power Company                                       39157               TUSCARAWAS
OH056           Lorain-Medina REC, Inc.                                      39005               ASHLAND
OH056           Lorain-Medina REC, Inc.                                      39077               HURON
OH056           Lorain-Medina REC, Inc.                                      39093               LORAIN

                                       69
<PAGE>

OH056           Lorain-Medina REC, Inc.                                      39103               MEDINA
OH056           Lorain-Medina REC, Inc.                                      39169               WAYNE
OH059           Consolidated Electric Cooperative                            39041               DELAWARE
OH059           Consolidated Electric Cooperative                            39083               KNOX
OH059           Consolidated Electric Cooperative                            39117               MORROW
OH059           Consolidated Electric Cooperative                            39139               RICHLAND
OH060           North Central Electric Co-op, Inc.                           39033               CRAWFORD
OH060           North Central Electric Co-op, Inc.                           39063               HANCOCK
OH060           North Central Electric Co-op, Inc.                           39077               HURON
OH060           North Central Electric Co-op, Inc.                           39139               RICHLAND
OH060           North Central Electric Co-op, Inc.                           39143               SANDUSKY
OH060           North Central Electric Co-op, Inc.                           39147               SENECA
OH060           North Central Electric Co-op, Inc.                           39173               WOOD
OH060           North Central Electric Co-op, Inc.                           39175               WYANDOT
OH065           South Central Power Company                                  39001               ADAMS
OH065           South Central Power Company                                  39015               BROWN
OH065           South Central Power Company                                  39025               CLERMONT
OH065           South Central Power Company                                  39027               CLINTON
OH065           South Central Power Company                                  39045               FAIRFIELD
OH065           South Central Power Company                                  39047               FAYETTE
OH065           South Central Power Company                                  39049               FRANKLIN
OH065           South Central Power Company                                  39071               HIGHLAND
OH065           South Central Power Company                                  39073               HOCKING
OH065           South Central Power Company                                  39089               LICKING
OH065           South Central Power Company                                  39097               MADISON
OH065           South Central Power Company                                  39119               MUSKINGUM
OH065           South Central Power Company                                  39127               PERRY
OH065           South Central Power Company                                  39129               PICKAWAY
OH065           South Central Power Company                                  39131               PIKE
OH065           South Central Power Company                                  39141               ROSS
OH065           South Central Power Company                                  39145               SCIOTO
OH065           South Central Power Company                                  39163               VINTON
OH068           Tricounty REC, Inc.                                          39051               FULTON
OH068           Tricounty REC, Inc.                                          39069               HENRY
OH068           Tricounty REC, Inc.                                          39095               LUCAS
OH068           Tricounty REC, Inc.                                          39137               PUTNAM
OH068           Tricounty REC, Inc.                                          39173               WOOD
OH071           Logan Co. Co-op Pwr. & Light Assn.                           39021               CHAMPAIGN
OH071           Logan Co. Co-op Pwr. & Light Assn.                           39065               HARDIN
OH071           Logan Co. Co-op Pwr. & Light Assn.                           39091               LOGAN
OH071           Logan Co. Co-op Pwr. & Light Assn.                           39149               SHELBY
OH074           Butler REC, Inc.                                             39017               BUTLER
OH074           Butler REC, Inc.                                             39061               HAMILTON
OH074           Butler REC, Inc.                                             39113               MONTGOMERY
OH074           Butler REC, Inc.                                             39135               PREBLE
OH075           North Western Electric Co-op, Inc.                           39039               DEFIANCE
OH075           North Western Electric Co-op, Inc.                           39069               HENRY
OH075           North Western Electric Co-op, Inc.                           39125               PAULDING
OH075           North Western Electric Co-op, Inc.                           39171               WILLIAMS
OH083           Firelands Electric Co-op, Inc.                               39005               ASHLAND
OH083           Firelands Electric Co-op, Inc.                               39077               HURON
OH083           Firelands Electric Co-op, Inc.                               39093               LORAIN

                                       70
<PAGE>

OH083           Firelands Electric Co-op, Inc.                               39139               RICHLAND
OH084           Carroll Electric Co-op, Inc.                                 39019               CARROLL
OH084           Carroll Electric Co-op, Inc.                                 39029               COLUMBIANA
OH084           Carroll Electric Co-op, Inc.                                 39067               HARRISON
OH084           Carroll Electric Co-op, Inc.                                 39081               JEFFERSON
OH084           Carroll Electric Co-op, Inc.                                 39151               STARK
OH084           Carroll Electric Co-op, Inc.                                 39157               TUSCARAWAS
OH085           United Rural Electric, Inc.                                  39003               ALLEN
OH085           United Rural Electric, Inc.                                  39011               AUGLAIZE
OH085           United Rural Electric, Inc.                                  39063               HANCOCK
OH085           United Rural Electric, Inc.                                  39065               HARDIN
OH085           United Rural Electric, Inc.                                  39091               LOGAN
OH085           United Rural Electric, Inc.                                  39101               MARION
OH085           United Rural Electric, Inc.                                  39159               UNION
OH085           United Rural Electric, Inc.                                  39175               WYANDOT
OH086           Guernsey-Muskingum Electric Co-op                            39031               COSHOCTON
OH086           Guernsey-Muskingum Electric Co-op                            39059               GUERNSEY
OH086           Guernsey-Muskingum Electric Co-op                            39067               HARRISON
OH086           Guernsey-Muskingum Electric Co-op                            39089               LICKING
OH086           Guernsey-Muskingum Electric Co-op                            39115               MORGAN
OH086           Guernsey-Muskingum Electric Co-op                            39119               MUSKINGUM
OH086           Guernsey-Muskingum Electric Co-op                            39121               NOBLE
OH086           Guernsey-Muskingum Electric Co-op                            39127               PERRY
OH086           Guernsey-Muskingum Electric Co-op                            39157               TUSCARAWAS
OH087           Hancock-Wood Electric Co-op, Inc.                            39003               ALLEN
OH087           Hancock-Wood Electric Co-op, Inc.                            39043               ERIE
OH087           Hancock-Wood Electric Co-op, Inc.                            39063               HANCOCK
OH087           Hancock-Wood Electric Co-op, Inc.                            39065               HARDIN
OH087           Hancock-Wood Electric Co-op, Inc.                            39069               HENRY
OH087           Hancock-Wood Electric Co-op, Inc.                            39137               PUTNAM
OH087           Hancock-Wood Electric Co-op, Inc.                            39143               SANDUSKY
OH087           Hancock-Wood Electric Co-op, Inc.                            39147               SENECA
OH087           Hancock-Wood Electric Co-op, Inc.                            39173               WOOD
OH087           Hancock-Wood Electric Co-op, Inc.                            39175               WYANDOT
OH088           Buckeye REC, Inc.                                            39009               ATHENS
OH088           Buckeye REC, Inc.                                            39053               GALLIA
OH088           Buckeye REC, Inc.                                            39079               JACKSON
OH088           Buckeye REC, Inc.                                            39087               LAWRENCE
OH088           Buckeye REC, Inc.                                            39105               MEIGS
OH088           Buckeye REC, Inc.                                            39131               PIKE
OH088           Buckeye REC, Inc.                                            39141               ROSS
OH088           Buckeye REC, Inc.                                            39145               SCIOTO
OH088           Buckeye REC, Inc.                                            39163               VINTON
OH093           Washington Electric Co-op, Inc.                              39009               ATHENS
OH093           Washington Electric Co-op, Inc.                              39059               GUERNSEY
OH093           Washington Electric Co-op, Inc.                              39111               MONROE
OH093           Washington Electric Co-op, Inc.                              39115               MORGAN
OH093           Washington Electric Co-op, Inc.                              39121               NOBLE
OH093           Washington Electric Co-op, Inc.                              39167               WASHINGTON
OH094           Adams REC, Inc.                                              39001               ADAMS
OH094           Adams REC, Inc.                                              39015               BROWN
OH094           Adams REC, Inc.                                              39071               HIGHLAND

                                       71
<PAGE>

OH094           Adams REC, Inc.                                              39131               PIKE
OH094           Adams REC, Inc.                                              39145               SCIOTO
OK001           Cimarron Electric Co-op                                      40011               BLAINE
OK001           Cimarron Electric Co-op                                      40017               CANADIAN
OK001           Cimarron Electric Co-op                                      40039               CUSTER
OK001           Cimarron Electric Co-op                                      40043               DEWEY
OK001           Cimarron Electric Co-op                                      40047               GARFIELD
OK001           Cimarron Electric Co-op                                      40073               KINGFISHER
OK001           Cimarron Electric Co-op                                      40083               LOGAN
OK001           Cimarron Electric Co-op                                      40093               MAJOR
OK001           Cimarron Electric Co-op                                      40109               OKLAHOMA
OK002           Kay Electric Cooperative                                     40047               GARFIELD
OK002           Kay Electric Cooperative                                     40053               GRANT
OK002           Kay Electric Cooperative                                     40071               KAY
OK002           Kay Electric Cooperative                                     40103               NOBLE
OK002           Kay Electric Cooperative                                     40113               OSAGE
OK006           Caddo Electric Co-op                                         40011               BLAINE
OK006           Caddo Electric Co-op                                         40015               CADDO
OK006           Caddo Electric Co-op                                         40017               CANADIAN
OK006           Caddo Electric Co-op                                         40031               COMANCHE
OK006           Caddo Electric Co-op                                         40039               CUSTER
OK006           Caddo Electric Co-op                                         40051               GRADY
OK006           Caddo Electric Co-op                                         40075               KIOWA
OK006           Caddo Electric Co-op                                         40149               WASHITA
OK010           Oklahoma Electric Co-op                                      40015               CADDO
OK010           Oklahoma Electric Co-op                                      40017               CANADIAN
OK010           Oklahoma Electric Co-op                                      40027               CLEVELAND
OK010           Oklahoma Electric Co-op                                      40051               GRADY
OK010           Oklahoma Electric Co-op                                      40087               MCCLAIN
OK010           Oklahoma Electric Co-op                                      40109               OKLAHOMA
OK010           Oklahoma Electric Co-op                                      40125               POTTAWATOMIE
OK012           Alfalfa Electric Cooperative, Inc.                           20007               BARBER
OK012           Alfalfa Electric Cooperative, Inc.                           20077               HARPER
OK012           Alfalfa Electric Cooperative, Inc.                           40003               ALFALFA
OK012           Alfalfa Electric Cooperative, Inc.                           40047               GARFIELD
OK012           Alfalfa Electric Cooperative, Inc.                           40053               GRANT
OK012           Alfalfa Electric Cooperative, Inc.                           40093               MAJOR
OK012           Alfalfa Electric Cooperative, Inc.                           40151               WOODS
OK014           Red River Valley REA                                         40019               CARTER
OK014           Red River Valley REA                                         40067               JEFFERSON
OK014           Red River Valley REA                                         40069               JOHNSTON
OK014           Red River Valley REA                                         40085               LOVE
OK014           Red River Valley REA                                         40095               MARSHALL
OK015           Southwest Rural Electric Assn.                               40031               COMANCHE
OK015           Southwest Rural Electric Assn.                               40055               GREER
OK015           Southwest Rural Electric Assn.                               40065               JACKSON
OK015           Southwest Rural Electric Assn.                               40075               KIOWA
OK015           Southwest Rural Electric Assn.                               40141               TILLMAN
OK015           Southwest Rural Electric Assn.                               48009               ARCHER
OK015           Southwest Rural Electric Assn.                               48023               BAYLOR
OK015           Southwest Rural Electric Assn.                               48155               FOARD
OK015           Southwest Rural Electric Assn.                               48197               HARDEMAN

                                       72
<PAGE>

OK015           Southwest Rural Electric Assn.                               48485               WICHITA
OK015           Southwest Rural Electric Assn.                               48487               WILBARGER
OK018           Northfork Electric Cooperative                               40009               BECKHAM
OK018           Northfork Electric Cooperative                               40039               CUSTER
OK018           Northfork Electric Cooperative                               40043               DEWEY
OK018           Northfork Electric Cooperative                               40055               GREER
OK018           Northfork Electric Cooperative                               40057               HARMON
OK018           Northfork Electric Cooperative                               40075               KIOWA
OK018           Northfork Electric Cooperative                               40129               ROGER MILLS
OK018           Northfork Electric Cooperative                               40149               WASHITA
OK018           Northfork Electric Cooperative                               48211               HEMPHILL
OK018           Northfork Electric Cooperative                               48483               WHEELER
OK019           Northeast Oklahoma Electric Co-op                            40035               CRAIG
OK019           Northeast Oklahoma Electric Co-op                            40041               DELAWARE
OK019           Northeast Oklahoma Electric Co-op                            40097               MAYES
OK019           Northeast Oklahoma Electric Co-op                            40115               OTTAWA
OK019           Northeast Oklahoma Electric Co-op                            40131               ROGERS
OK020           Rural Electric Cooperative, Inc.                             40019               CARTER
OK020           Rural Electric Cooperative, Inc.                             40031               COMANCHE
OK020           Rural Electric Cooperative, Inc.                             40049               GARVIN
OK020           Rural Electric Cooperative, Inc.                             40051               GRADY
OK020           Rural Electric Cooperative, Inc.                             40087               MCCLAIN
OK020           Rural Electric Cooperative, Inc.                             40137               STEPHENS
OK021           Kiwash Electric Co-op, Inc.                                  40011               BLAINE
OK021           Kiwash Electric Co-op, Inc.                                  40039               CUSTER
OK021           Kiwash Electric Co-op, Inc.                                  40043               DEWEY
OK021           Kiwash Electric Co-op, Inc.                                  40075               KIOWA
OK021           Kiwash Electric Co-op, Inc.                                  40129               ROGER MILLS
OK021           Kiwash Electric Co-op, Inc.                                  40149               WASHITA
OK022           Cotton Electric Co-op                                        40015               CADDO
OK022           Cotton Electric Co-op                                        40019               CARTER
OK022           Cotton Electric Co-op                                        40031               COMANCHE
OK022           Cotton Electric Co-op                                        40033               COTTON
OK022           Cotton Electric Co-op                                        40051               GRADY
OK022           Cotton Electric Co-op                                        40067               JEFFERSON
OK022           Cotton Electric Co-op                                        40137               STEPHENS
OK022           Cotton Electric Co-op                                        40141               TILLMAN
OK023           East Central Oklahoma Elec. Co-op                            40037               CREEK
OK023           East Central Oklahoma Elec. Co-op                            40091               MCINTOSH
OK023           East Central Oklahoma Elec. Co-op                            40101               MUSKOGEE
OK023           East Central Oklahoma Elec. Co-op                            40107               OKFUSKEE
OK023           East Central Oklahoma Elec. Co-op                            40111               OKMULGEE
OK023           East Central Oklahoma Elec. Co-op                            40143               TULSA
OK023           East Central Oklahoma Elec. Co-op                            40145               WAGONER
OK024           Central REC                                                  40047               GARFIELD
OK024           Central REC                                                  40081               LINCOLN
OK024           Central REC                                                  40083               LOGAN
OK024           Central REC                                                  40103               NOBLE
OK024           Central REC                                                  40109               OKLAHOMA
OK024           Central REC                                                  40117               PAWNEE
OK024           Central REC                                                  40119               PAYNE
OK025           Verdigris Valley Electric Co-op                              40105               NOWATA

                                       73
<PAGE>

OK025           Verdigris Valley Electric Co-op                              40113               OSAGE
OK025           Verdigris Valley Electric Co-op                              40131               ROGERS
OK025           Verdigris Valley Electric Co-op                              40143               TULSA
OK025           Verdigris Valley Electric Co-op                              40147               WASHINGTON
OK026           Harmon Electric Assn., Inc.                                  40009               BECKHAM
OK026           Harmon Electric Assn., Inc.                                  40055               GREER
OK026           Harmon Electric Assn., Inc.                                  40057               HARMON
OK026           Harmon Electric Assn., Inc.                                  40065               JACKSON
OK026           Harmon Electric Assn., Inc.                                  40075               KIOWA
OK026           Harmon Electric Assn., Inc.                                  48075               CHILDRESS
OK026           Harmon Electric Assn., Inc.                                  48197               HARDEMAN
OK027           Southeastern Electric Co-op, Inc.                            40005               ATOKA
OK027           Southeastern Electric Co-op, Inc.                            40013               BRYAN
OK027           Southeastern Electric Co-op, Inc.                            40023               CHOCTAW
OK027           Southeastern Electric Co-op, Inc.                            40029               COAL
OK027           Southeastern Electric Co-op, Inc.                            40069               JOHNSTON
OK028           Indian Electric Co-op, Inc.                                  40037               CREEK
OK028           Indian Electric Co-op, Inc.                                  40071               KAY
OK028           Indian Electric Co-op, Inc.                                  40103               NOBLE
OK028           Indian Electric Co-op, Inc.                                  40113               OSAGE
OK028           Indian Electric Co-op, Inc.                                  40117               PAWNEE
OK028           Indian Electric Co-op, Inc.                                  40119               PAYNE
OK028           Indian Electric Co-op, Inc.                                  40143               TULSA
OK029           Canadian Valley Electric Co-op                               40063               HUGHES
OK029           Canadian Valley Electric Co-op                               40081               LINCOLN
OK029           Canadian Valley Electric Co-op                               40091               MCINTOSH
OK029           Canadian Valley Electric Co-op                               40107               OKFUSKEE
OK029           Canadian Valley Electric Co-op                               40109               OKLAHOMA
OK029           Canadian Valley Electric Co-op                               40125               POTTAWATOMIE
OK029           Canadian Valley Electric Co-op                               40133               SEMINOLE
OK030           Choctaw Electric Co-op, Inc.                                 40005               ATOKA
OK030           Choctaw Electric Co-op, Inc.                                 40013               BRYAN
OK030           Choctaw Electric Co-op, Inc.                                 40023               CHOCTAW
OK030           Choctaw Electric Co-op, Inc.                                 40079               LEFLORE
OK030           Choctaw Electric Co-op, Inc.                                 40089               MCCURTAIN
OK030           Choctaw Electric Co-op, Inc.                                 40127               PUSHMATAHA
OK031           Northwestern Electric Co-op, Inc.                            40007               BEAVER
OK031           Northwestern Electric Co-op, Inc.                            40043               DEWEY
OK031           Northwestern Electric Co-op, Inc.                            40045               ELLIS
OK031           Northwestern Electric Co-op, Inc.                            40059               HARPER
OK031           Northwestern Electric Co-op, Inc.                            40093               MAJOR
OK031           Northwestern Electric Co-op, Inc.                            40151               WOODS
OK031           Northwestern Electric Co-op, Inc.                            40153               WOODWARD
OK033           Kiamichi Electric Co-op, Inc.                                40005               ATOKA
OK033           Kiamichi Electric Co-op, Inc.                                40077               LATIMER
OK033           Kiamichi Electric Co-op, Inc.                                40079               LEFLORE
OK033           Kiamichi Electric Co-op, Inc.                                40121               PITTSBURG
OK033           Kiamichi Electric Co-op, Inc.                                40127               PUSHMATAHA
OK034           Tri-County Electric Co-op, Inc.                              08009               BACA
OK034           Tri-County Electric Co-op, Inc.                              20129               MORTON
OK034           Tri-County Electric Co-op, Inc.                              20175               SEWARD
OK034           Tri-County Electric Co-op, Inc.                              35059               UNION

                                       74
<PAGE>

OK034           Tri-County Electric Co-op, Inc.                              40007               BEAVER
OK034           Tri-County Electric Co-op, Inc.                              40025               CIMARRON
OK034           Tri-County Electric Co-op, Inc.                              40139               TEXAS
OK034           Tri-County Electric Co-op, Inc.                              48111               DALLAM
OK034           Tri-County Electric Co-op, Inc.                              48421               SHERMAN
OK035           Cookson Hills Electric Co-op, Inc.                           40001               ADAIR
OK035           Cookson Hills Electric Co-op, Inc.                           40021               CHEROKEE
OK035           Cookson Hills Electric Co-op, Inc.                           40061               HASKELL
OK035           Cookson Hills Electric Co-op, Inc.                           40077               LATIMER
OK035           Cookson Hills Electric Co-op, Inc.                           40079               LEFLORE
OK035           Cookson Hills Electric Co-op, Inc.                           40101               MUSKOGEE
OK035           Cookson Hills Electric Co-op, Inc.                           40121               PITTSBURG
OK035           Cookson Hills Electric Co-op, Inc.                           40135               SEQUOYAH
OK037           Lake Region Electric Co-op, Inc.                             40001               ADAIR
OK037           Lake Region Electric Co-op, Inc.                             40021               CHEROKEE
OK037           Lake Region Electric Co-op, Inc.                             40041               DELAWARE
OK037           Lake Region Electric Co-op, Inc.                             40097               MAYES
OK037           Lake Region Electric Co-op, Inc.                             40101               MUSKOGEE
OK037           Lake Region Electric Co-op, Inc.                             40131               ROGERS
OK037           Lake Region Electric Co-op, Inc.                             40135               SEQUOYAH
OK037           Lake Region Electric Co-op, Inc.                             40145               WAGONER
OK040           Mannford Public Works Auth.                                  40037               CREEK
OR002           Blachly-Lane Co. Co-op Elec. Assn.                           41039               LANE
OR004           Consumers Power, Inc.                                        41003               BENTON
OR004           Consumers Power, Inc.                                        41039               LANE
OR004           Consumers Power, Inc.                                        41041               LINCOLN
OR004           Consumers Power, Inc.                                        41043               LINN
OR004           Consumers Power, Inc.                                        41047               MARION
OR004           Consumers Power, Inc.                                        41053               POLK
OR014           Umatilla Electric Co-op Assn.                                41049               MORROW
OR014           Umatilla Electric Co-op Assn.                                41059               UMATILLA
OR014           Umatilla Electric Co-op Assn.                                41061               UNION
OR017           Douglas Electric Co-op, Inc.                                 41019               DOUGLAS
OR017           Douglas Electric Co-op, Inc.                                 41039               LANE
OR018           Lane Electric Co-op                                          41039               LANE
OR021           Coos-Curry Electric Co-op, Inc.                              41011               COOS
OR021           Coos-Curry Electric Co-op, Inc.                              41015               CURRY
OR021           Coos-Curry Electric Co-op, Inc.                              41019               DOUGLAS
OR024           Tillamook P.U.D.                                             41007               CLATSOP
OR024           Tillamook P.U.D.                                             41057               TILLAMOOK
OR024           Tillamook P.U.D.                                             41071               YAMHILL
OR025           Central Electric Co-op, Inc.                                 41013               CROOK
OR025           Central Electric Co-op, Inc.                                 41017               DESCHUTES
OR025           Central Electric Co-op, Inc.                                 41023               GRANT
OR025           Central Electric Co-op, Inc.                                 41031               JEFFERSON
OR025           Central Electric Co-op, Inc.                                 41043               LINN
OR025           Central Electric Co-op, Inc.                                 41065               WASCO
OR026           Wasco Electric Co-op, Inc.                                   41021               GILLIAM
OR026           Wasco Electric Co-op, Inc.                                   41031               JEFFERSON
OR026           Wasco Electric Co-op, Inc.                                   41055               SHERMAN
OR026           Wasco Electric Co-op, Inc.                                   41065               WASCO
OR026           Wasco Electric Co-op, Inc.                                   41069               WHEELER

                                       75
<PAGE>

OR029           Columbia Basin Electric Co-op                                41021               GILLIAM
OR029           Columbia Basin Electric Co-op                                41049               MORROW
OR029           Columbia Basin Electric Co-op                                41055               SHERMAN
OR029           Columbia Basin Electric Co-op                                41059               UMATILLA
OR029           Columbia Basin Electric Co-op                                41069               WHEELER
OR032           West Oregon Electric Co-op, Inc.                             41007               CLATSOP
OR032           West Oregon Electric Co-op, Inc.                             41009               COLUMBIA
OR032           West Oregon Electric Co-op, Inc.                             41067               WASHINGTON
OR032           West Oregon Electric Co-op, Inc.                             41071               YAMHILL
OR037           Columbia Power Co-op Association                             41023               GRANT
OR037           Columbia Power Co-op Association                             41059               UMATILLA
OR037           Columbia Power Co-op Association                             41069               WHEELER
OR039           Midstate Electric Co-op, Inc.                                41017               DESCHUTES
OR039           Midstate Electric Co-op, Inc.                                41035               KLAMATH
OR039           Midstate Electric Co-op, Inc.                                41037               LAKE
OR041           Harney Electric Co-op, Inc.                                  32013               HUMBOLDT
OR041           Harney Electric Co-op, Inc.                                  41013               CROOK
OR041           Harney Electric Co-op, Inc.                                  41025               HARNEY
OR041           Harney Electric Co-op, Inc.                                  41037               LAKE
OR041           Harney Electric Co-op, Inc.                                  41045               MALHEUR
PA004           Northwestern RECA, Inc.                                      42039               CRAWFORD
PA004           Northwestern RECA, Inc.                                      42049               ERIE
PA004           Northwestern RECA, Inc.                                      42085               MERCER
PA004           Northwestern RECA, Inc.                                      42121               VENANGO
PA004           Northwestern RECA, Inc.                                      42123               WARREN
PA006           Southwest Central RECC                                       42005               ARMSTRONG
PA006           Southwest Central RECC                                       42013               BLAIR
PA006           Southwest Central RECC                                       42021               CAMBRIA
PA006           Southwest Central RECC                                       42033               CLEARFIELD
PA006           Southwest Central RECC                                       42063               INDIANA
PA006           Southwest Central RECC                                       42065               JEFFERSON
PA006           Southwest Central RECC                                       42129               WESTMORELAND
PA012           Sullivan County REC, Inc.                                    42015               BRADFORD
PA012           Sullivan County REC, Inc.                                    42081               LYCOMING
PA012           Sullivan County REC, Inc.                                    42113               SULLIVAN
PA013           Tri-County REC, Inc.                                         42015               BRADFORD
PA013           Tri-County REC, Inc.                                         42023               CAMERON
PA013           Tri-County REC, Inc.                                         42035               CLINTON
PA013           Tri-County REC, Inc.                                         42081               LYCOMING
PA013           Tri-County REC, Inc.                                         42083               MCKEAN
PA013           Tri-County REC, Inc.                                         42105               POTTER
PA013           Tri-County REC, Inc.                                         42117               TIOGA
PA015           Claverack Rural Electric Co-op                               42015               BRADFORD
PA015           Claverack Rural Electric Co-op                               42069               LACKAWANNA
PA015           Claverack Rural Electric Co-op                               42079               LUZERNE
PA015           Claverack Rural Electric Co-op                               42081               LYCOMING
PA015           Claverack Rural Electric Co-op                               42113               SULLIVAN
PA015           Claverack Rural Electric Co-op                               42115               SUSQUEHANNA
PA015           Claverack Rural Electric Co-op                               42117               TIOGA
PA015           Claverack Rural Electric Co-op                               42131               WYOMING
PA017           Central Electric Co-op, Inc.                                 42003               ALLEGHENY
PA017           Central Electric Co-op, Inc.                                 42005               ARMSTRONG

                                       76
<PAGE>

PA017           Central Electric Co-op, Inc.                                 42019               BUTLER
PA017           Central Electric Co-op, Inc.                                 42031               CLARION
PA017           Central Electric Co-op, Inc.                                 42053               FOREST
PA017           Central Electric Co-op, Inc.                                 42085               MERCER
PA017           Central Electric Co-op, Inc.                                 42121               VENANGO
PA019           Warren Electric Co-op, Inc.                                  42039               CRAWFORD
PA019           Warren Electric Co-op, Inc.                                  42049               ERIE
PA019           Warren Electric Co-op, Inc.                                  42053               FOREST
PA019           Warren Electric Co-op, Inc.                                  42121               VENANGO
PA019           Warren Electric Co-op, Inc.                                  42123               WARREN
PA020           Valley REC, Inc.                                             42009               BEDFORD
PA020           Valley REC, Inc.                                             42013               BLAIR
PA020           Valley REC, Inc.                                             42055               FRANKLIN
PA020           Valley REC, Inc.                                             42057               FULTON
PA020           Valley REC, Inc.                                             42061               HUNTINGDON
PA020           Valley REC, Inc.                                             42067               JUNIATA
PA020           Valley REC, Inc.                                             42087               MIFFLIN
PA021           Somerset REC, Inc.                                           24023               GARRETT
PA021           Somerset REC, Inc.                                           42009               BEDFORD
PA021           Somerset REC, Inc.                                           42051               FAYETTE
PA021           Somerset REC, Inc.                                           42111               SOMERSET
PA021           Somerset REC, Inc.                                           42129               WESTMORELAND
PA024           Bedford REC, Inc.                                            42009               BEDFORD
PA024           Bedford REC, Inc.                                            42057               FULTON
PA024           Bedford REC, Inc.                                            42111               SOMERSET
PA025           Adams Electric Co-op, Inc.                                   42001               ADAMS
PA025           Adams Electric Co-op, Inc.                                   42041               CUMBERLAND
PA025           Adams Electric Co-op, Inc.                                   42055               FRANKLIN
PA025           Adams Electric Co-op, Inc.                                   42133               YORK
PA028           United Electric Cooperative, Inc.                            42005               ARMSTRONG
PA028           United Electric Cooperative, Inc.                            42021               CAMBRIA
PA028           United Electric Cooperative, Inc.                            42027               CENTRE
PA028           United Electric Cooperative, Inc.                            42031               CLARION
PA028           United Electric Cooperative, Inc.                            42033               CLEARFIELD
PA028           United Electric Cooperative, Inc.                            42035               CLINTON
PA028           United Electric Cooperative, Inc.                            42047               ELK
PA028           United Electric Cooperative, Inc.                            42053               FOREST
PA028           United Electric Cooperative, Inc.                            42063               INDIANA
PA028           United Electric Cooperative, Inc.                            42065               JEFFERSON
SC014           Aiken Electric Co-op, Inc.                                   45003                AIKEN
SC014           Aiken Electric Co-op, Inc.                                   45011               BARNWELL
SC014           Aiken Electric Co-op, Inc.                                   45017               CALHOUN
SC014           Aiken Electric Co-op, Inc.                                   45037               EDGEFIELD
SC014           Aiken Electric Co-op, Inc.                                   45047               GREENWOOD
SC014           Aiken Electric Co-op, Inc.                                   45063               LEXINGTON
SC014           Aiken Electric Co-op, Inc.                                   45065               MCCORMICK
SC014           Aiken Electric Co-op, Inc.                                   45075               ORANGEBURG
SC014           Aiken Electric Co-op, Inc.                                   45081               SALUDA
SC019           Laurens Electric Co-op, Inc.                                 45001               ABBEVILLE
SC019           Laurens Electric Co-op, Inc.                                 45007               ANDERSON
SC019           Laurens Electric Co-op, Inc.                                 45045               GREENVILLE
SC019           Laurens Electric Co-op, Inc.                                 45059               LAURENS

                                       77
<PAGE>

SC019           Laurens Electric Co-op, Inc.                                 45071               NEWBERRY
SC019           Laurens Electric Co-op, Inc.                                 45083               SPARTANBURG
SC019           Laurens Electric Co-op, Inc.                                 45087               UNION
SC021           Lynches River Electric Co-op, Inc.                           45025               CHESTERFIELD
SC021           Lynches River Electric Co-op, Inc.                           45055               KERSHAW
SC021           Lynches River Electric Co-op, Inc.                           45057               LANCASTER
SC022           Fairfield Electric Co-op, Inc.                               45023               CHESTER
SC022           Fairfield Electric Co-op, Inc.                               45039               FAIRFIELD
SC022           Fairfield Electric Co-op, Inc.                               45055               KERSHAW
SC022           Fairfield Electric Co-op, Inc.                               45079               RICHLAND
SC022           Fairfield Electric Co-op, Inc.                               45091               YORK
SC023           Edisto Electric Co-op, Inc.                                  45005               ALLENDALE
SC023           Edisto Electric Co-op, Inc.                                  45009               BAMBERG
SC023           Edisto Electric Co-op, Inc.                                  45011               BARNWELL
SC023           Edisto Electric Co-op, Inc.                                  45015               BERKELEY
SC023           Edisto Electric Co-op, Inc.                                  45029               COLLETON
SC023           Edisto Electric Co-op, Inc.                                  45035               DORCHESTER
SC023           Edisto Electric Co-op, Inc.                                  45049               HAMPTON
SC023           Edisto Electric Co-op, Inc.                                  45075               ORANGEBURG
SC025           Berkeley Electric Co-op, Inc.                                45015               BERKELEY
SC025           Berkeley Electric Co-op, Inc.                                45019               CHARLESTON
SC025           Berkeley Electric Co-op, Inc.                                45035               DORCHESTER
SC026           Pee Dee Electric Co-op, Inc.                                 45025               CHESTERFIELD
SC026           Pee Dee Electric Co-op, Inc.                                 45031               DARLINGTON
SC026           Pee Dee Electric Co-op, Inc.                                 45033               DILLON
SC026           Pee Dee Electric Co-op, Inc.                                 45041               FLORENCE
SC026           Pee Dee Electric Co-op, Inc.                                 45061               LEE
SC026           Pee Dee Electric Co-op, Inc.                                 45067               MARION
SC027           Marlboro Electric Co-op, Inc.                                45033               DILLON
SC027           Marlboro Electric Co-op, Inc.                                45069               MARLBORO
SC028           Santee Electric Co-op, Inc.                                  45027               CLARENDON
SC028           Santee Electric Co-op, Inc.                                  45041               FLORENCE
SC028           Santee Electric Co-op, Inc.                                  45043               GEORGETOWN
SC028           Santee Electric Co-op, Inc.                                  45089               WILLIAMSBURG
SC029           Black River Electric Co-op, Inc.                             45027               CLARENDON
SC029           Black River Electric Co-op, Inc.                             45055               KERSHAW
SC029           Black River Electric Co-op, Inc.                             45061               LEE
SC029           Black River Electric Co-op, Inc.                             45085               SUMTER
SC030           Coastal Electric Co-op, Inc.                                 45009               BAMBERG
SC030           Coastal Electric Co-op, Inc.                                 45029               COLLETON
SC031           Horry Electric Co-op, Inc.                                   45051               HORRY
SC032           Tri-County Electric Co-op, Inc.                              45017               CALHOUN
SC032           Tri-County Electric Co-op, Inc.                              45055               KERSHAW
SC032           Tri-County Electric Co-op, Inc.                              45063               LEXINGTON
SC032           Tri-County Electric Co-op, Inc.                              45075               ORANGEBURG
SC032           Tri-County Electric Co-op, Inc.                              45079               RICHLAND
SC032           Tri-County Electric Co-op, Inc.                              45085               SUMTER
SC033           Broad River Electric Co-op, Inc.                             37045               CLEVELAND
SC033           Broad River Electric Co-op, Inc.                             37149               POLK
SC033           Broad River Electric Co-op, Inc.                             37161               RUTHERFORD
SC033           Broad River Electric Co-op, Inc.                             45021               CHEROKEE
SC033           Broad River Electric Co-op, Inc.                             45071               NEWBERRY

                                       78
<PAGE>

SC033           Broad River Electric Co-op, Inc.                             45083               SPARTANBURG
SC033           Broad River Electric Co-op, Inc.                             45087               UNION
SC034           Newberry Electric Co-op, Inc.                                45039               FAIRFIELD
SC034           Newberry Electric Co-op, Inc.                                45059               LAURENS
SC034           Newberry Electric Co-op, Inc.                                45063               LEXINGTON
SC034           Newberry Electric Co-op, Inc.                                45071               NEWBERRY
SC035           Little River Electric Co-op, Inc.                            45001               ABBEVILLE
SC035           Little River Electric Co-op, Inc.                            45007               ANDERSON
SC035           Little River Electric Co-op, Inc.                            45047               GREENWOOD
SC035           Little River Electric Co-op, Inc.                            45065               MCCORMICK
SC037           Mid-Carolina Electric Co-op, Inc.                            45003                AIKEN
SC037           Mid-Carolina Electric Co-op, Inc.                            45063               LEXINGTON
SC037           Mid-Carolina Electric Co-op, Inc.                            45071               NEWBERRY
SC037           Mid-Carolina Electric Co-op, Inc.                            45079               RICHLAND
SC037           Mid-Carolina Electric Co-op, Inc.                            45081               SALUDA
SC038           Blue Ridge Electric Co-op, Inc.                              45007               ANDERSON
SC038           Blue Ridge Electric Co-op, Inc.                              45045               GREENVILLE
SC038           Blue Ridge Electric Co-op, Inc.                              45073               OCONEE
SC038           Blue Ridge Electric Co-op, Inc.                              45077               PICKENS
SC038           Blue Ridge Electric Co-op, Inc.                              45083               SPARTANBURG
SC040           Palmetto Electric Co-op, Inc.                                45005               ALLENDALE
SC040           Palmetto Electric Co-op, Inc.                                45013               BEAUFORT
SC040           Palmetto Electric Co-op, Inc.                                45049               HAMPTON
SC040           Palmetto Electric Co-op, Inc.                                45053               JASPER
SC041           York Electric Co-op, Inc.                                    45021               CHEROKEE
SC041           York Electric Co-op, Inc.                                    45023               CHESTER
SC041           York Electric Co-op, Inc.                                    45057               LANCASTER
SC041           York Electric Co-op, Inc.                                    45091               YORK
SD003           Clay-Union Electric Corp.                                    46027               CLAY
SD003           Clay-Union Electric Corp.                                    46083               LINCOLN
SD003           Clay-Union Electric Corp.                                    46125               TURNER
SD003           Clay-Union Electric Corp.                                    46127               UNION
SD003           Clay-Union Electric Corp.                                    46135               YANKTON
SD006           Union County Electric Co-op, Inc.                            46127               UNION
SD007           Lincoln-Union Electric Co.                                   46027               CLAY
SD007           Lincoln-Union Electric Co.                                   46083               LINCOLN
SD007           Lincoln-Union Electric Co.                                   46099               MINNEHAHA
SD007           Lincoln-Union Electric Co.                                   46125               TURNER
SD007           Lincoln-Union Electric Co.                                   46127               UNION
SD011           West River Electric Assn., Inc.                              46055               HAAKON
SD011           West River Electric Assn., Inc.                              46071               JACKSON
SD011           West River Electric Assn., Inc.                              46093               MEADE
SD011           West River Electric Assn., Inc.                              46103               PENNINGTON
SD011           West River Electric Assn., Inc.                              46113               SHANNON
SD011           West River Electric Assn., Inc.                              46131               WASHABAUGH
SD011           West River Electric Assn., Inc.                              46137               ZIEBACH
SD012           Sioux Valley-Southwestern Electric Co-op                     46011               BROOKINGS
SD012           Sioux Valley-Southwestern Electric Co-op                     46077               KINGSBURY
SD012           Sioux Valley-Southwestern Electric Co-op                     46079               LAKE
SD012           Sioux Valley-Southwestern Electric Co-op                     46087               MC COOK
SD012           Sioux Valley-Southwestern Electric Co-op                     46099               MINNEHAHA
SD012           Sioux Valley-Southwestern Electric Co-op                     46101               MOODY

                                       79
<PAGE>

SD012           Sioux Valley-Southwestern Electric Co-op                     46125               TURNER
SD013           Black Hills Electric Co-op, Inc.                             46033               CUSTER
SD013           Black Hills Electric Co-op, Inc.                             46047               FALL RIVER
SD013           Black Hills Electric Co-op, Inc.                             46081               LAWRENCE
SD013           Black Hills Electric Co-op, Inc.                             46093               MEADE
SD013           Black Hills Electric Co-op, Inc.                             46103               PENNINGTON
SD013           Black Hills Electric Co-op, Inc.                             46113               SHANNON
SD015           Butte Electric Co-op, Inc.                                   46019               BUTTE
SD015           Butte Electric Co-op, Inc.                                   46081               LAWRENCE
SD015           Butte Electric Co-op, Inc.                                   46093               MEADE
SD016           Whetstone Valley Electric Co-op                              46029               CODINGTON
SD016           Whetstone Valley Electric Co-op                              46039               DEUEL
SD016           Whetstone Valley Electric Co-op                              46051               GRANT
SD016           Whetstone Valley Electric Co-op                              46109               ROBERTS
SD017           H-D Electric Co-op, Inc.                                     27073               LAC QUI PARLE
SD017           H-D Electric Co-op, Inc.                                     27081               LINCOLN
SD017           H-D Electric Co-op, Inc.                                     27173               YELLOW MEDICINE
SD017           H-D Electric Co-op, Inc.                                     46011               BROOKINGS
SD017           H-D Electric Co-op, Inc.                                     46025               CLARK
SD017           H-D Electric Co-op, Inc.                                     46029               CODINGTON
SD017           H-D Electric Co-op, Inc.                                     46039               DEUEL
SD017           H-D Electric Co-op, Inc.                                     46051               GRANT
SD017           H-D Electric Co-op, Inc.                                     46057               HAMLIN
SD018           Codington-Clark Electric Co-op                               46005               BEADLE
SD018           Codington-Clark Electric Co-op                               46025               CLARK
SD018           Codington-Clark Electric Co-op                               46029               CODINGTON
SD018           Codington-Clark Electric Co-op                               46037               DAY
SD018           Codington-Clark Electric Co-op                               46039               DEUEL
SD018           Codington-Clark Electric Co-op                               46051               GRANT
SD018           Codington-Clark Electric Co-op                               46057               HAMLIN
SD018           Codington-Clark Electric Co-op                               46077               KINGSBURY
SD018           Codington-Clark Electric Co-op                               46115               SPINK
SD019           Turner-Hutchinson Electric Co-op                             46067               HUTCHINSON
SD019           Turner-Hutchinson Electric Co-op                             46125               TURNER
SD019           Turner-Hutchinson Electric Co-op                             46135               YANKTON
SD020           Lake Region Electric Assn., Inc.                             46013               BROWN
SD020           Lake Region Electric Assn., Inc.                             46025               CLARK
SD020           Lake Region Electric Assn., Inc.                             46037               DAY
SD020           Lake Region Electric Assn., Inc.                             46051               GRANT
SD020           Lake Region Electric Assn., Inc.                             46091               MARSHALL
SD020           Lake Region Electric Assn., Inc.                             46109               ROBERTS
SD020           Lake Region Electric Assn., Inc.                             46115               SPINK
SD021           Northern Electric Co-op, Inc.                                38021               DICKEY
SD021           Northern Electric Co-op, Inc.                                46013               BROWN
SD021           Northern Electric Co-op, Inc.                                46037               DAY
SD021           Northern Electric Co-op, Inc.                                46045               EDMUNDS
SD021           Northern Electric Co-op, Inc.                                46049               FAULK
SD021           Northern Electric Co-op, Inc.                                46089               MCPHERSON
SD021           Northern Electric Co-op, Inc.                                46091               MARSHALL
SD021           Northern Electric Co-op, Inc.                                46115               SPINK
SD023           Intercounty Electric Assn., Inc.                             46035               DAVISON
SD023           Intercounty Electric Assn., Inc.                             46061               HANSON

                                       80
<PAGE>

SD023           Intercounty Electric Assn., Inc.                             46097               MINER
SD023           Intercounty Electric Assn., Inc.                             46111               SANBORN
SD025           Tri-County Electric Assn., Inc.                              46003               AURORA
SD025           Tri-County Electric Assn., Inc.                              46015               BRULE
SD025           Tri-County Electric Assn., Inc.                              46017               BUFFALO
SD025           Tri-County Electric Assn., Inc.                              46073               JERAULD
SD026           Rosebud Electric Co-op, Inc.                                 46053               GREGORY
SD026           Rosebud Electric Co-op, Inc.                                 46085               LYMAN
SD026           Rosebud Electric Co-op, Inc.                                 46095               MELLETTE
SD026           Rosebud Electric Co-op, Inc.                                 46123               TRIPP
SD027           Bon Homme Yankton Electric Assn.                             46009               BON HOMME
SD027           Bon Homme Yankton Electric Assn.                             46067               HUTCHINSON
SD027           Bon Homme Yankton Electric Assn.                             46125               TURNER
SD027           Bon Homme Yankton Electric Assn.                             46135               YANKTON
SD028           McCook Electric Co-op, Inc.                                  46061               HANSON
SD028           McCook Electric Co-op, Inc.                                  46067               HUTCHINSON
SD028           McCook Electric Co-op, Inc.                                  46079               LAKE
SD028           McCook Electric Co-op, Inc.                                  46087               MC COOK
SD028           McCook Electric Co-op, Inc.                                  46097               MINER
SD028           McCook Electric Co-op, Inc.                                  46099               MINNEHAHA
SD028           McCook Electric Co-op, Inc.                                  46125               TURNER
SD029           Ree Electric Cooperative, Inc.                               46059               HAND
SD029           Ree Electric Cooperative, Inc.                               46069               HYDE
SD030           Kingsbury Electric Co-op, Inc.                               46005               BEADLE
SD030           Kingsbury Electric Co-op, Inc.                               46011               BROOKINGS
SD030           Kingsbury Electric Co-op, Inc.                               46025               CLARK
SD030           Kingsbury Electric Co-op, Inc.                               46057               HAMLIN
SD030           Kingsbury Electric Co-op, Inc.                               46077               KINGSBURY
SD031           Cam-Wal Electric Co-op, Inc.                                 46021               CAMPBELL
SD031           Cam-Wal Electric Co-op, Inc.                                 46045               EDMUNDS
SD031           Cam-Wal Electric Co-op, Inc.                                 46049               FAULK
SD031           Cam-Wal Electric Co-op, Inc.                                 46089               MCPHERSON
SD031           Cam-Wal Electric Co-op, Inc.                                 46107               POTTER
SD031           Cam-Wal Electric Co-op, Inc.                                 46119               SULLY
SD031           Cam-Wal Electric Co-op, Inc.                                 46129               WALWORTH
SD032           Charles Mix Electric Assn., Inc.                             46009               BON HOMME
SD032           Charles Mix Electric Assn., Inc.                             46015               BRULE
SD032           Charles Mix Electric Assn., Inc.                             46023               CHARLES MIX
SD032           Charles Mix Electric Assn., Inc.                             46043               DOUGLAS
SD033           Beadle Electric Cooperative                                  46005               BEADLE
SD033           Beadle Electric Cooperative                                  46059               HAND
SD033           Beadle Electric Cooperative                                  46077               KINGSBURY
SD033           Beadle Electric Cooperative                                  46097               MINER
SD033           Beadle Electric Cooperative                                  46111               SANBORN
SD033           Beadle Electric Cooperative                                  46115               SPINK
SD034           Spink Electric Co-op, Inc.                                   46005               BEADLE
SD034           Spink Electric Co-op, Inc.                                   46025               CLARK
SD034           Spink Electric Co-op, Inc.                                   46049               FAULK
SD034           Spink Electric Co-op, Inc.                                   46115               SPINK
SD035           Lacreek Electric Assn., Inc.                                 31031               CHERRY
SD035           Lacreek Electric Assn., Inc.                                 46007               BENNETT
SD035           Lacreek Electric Assn., Inc.                                 46071               JACKSON

                                       81
<PAGE>

SD035           Lacreek Electric Assn., Inc.                                 46095               MELLETTE
SD035           Lacreek Electric Assn., Inc.                                 46113               SHANNON
SD035           Lacreek Electric Assn., Inc.                                 46121               TODD
SD036           F.E.M. Electric Assn., Inc.                                  46013               BROWN
SD036           F.E.M. Electric Assn., Inc.                                  46045               EDMUNDS
SD036           F.E.M. Electric Assn., Inc.                                  46049               FAULK
SD036           F.E.M. Electric Assn., Inc.                                  46089               MCPHERSON
SD036           F.E.M. Electric Assn., Inc.                                  46107               POTTER
SD036           F.E.M. Electric Assn., Inc.                                  46115               SPINK
SD036           F.E.M. Electric Assn., Inc.                                  46129               WALWORTH
SD037           Oahe Electric Co-op, Inc.                                    46065               HUGHES
SD037           Oahe Electric Co-op, Inc.                                    46107               POTTER
SD037           Oahe Electric Co-op, Inc.                                    46119               SULLY
SD038           Moreau Grand Electric Co-op, Inc.                            46031               CORSON
SD038           Moreau Grand Electric Co-op, Inc.                            46041               DEWEY
SD038           Moreau Grand Electric Co-op, Inc.                            46093               MEADE
SD038           Moreau Grand Electric Co-op, Inc.                            46105               PERKINS
SD038           Moreau Grand Electric Co-op, Inc.                            46137               ZIEBACH
SD039           Douglas Electric Co-op, Inc.                                 46003               AURORA
SD039           Douglas Electric Co-op, Inc.                                 46023               CHARLES MIX
SD039           Douglas Electric Co-op, Inc.                                 46035               DAVISON
SD039           Douglas Electric Co-op, Inc.                                 46043               DOUGLAS
SD039           Douglas Electric Co-op, Inc.                                 46067               HUTCHINSON
SD040           Grand Electric Co-op, Inc.                                   30011               CARTER
SD040           Grand Electric Co-op, Inc.                                   46019               BUTTE
SD040           Grand Electric Co-op, Inc.                                   46031               CORSON
SD040           Grand Electric Co-op, Inc.                                   46063               HARDING
SD040           Grand Electric Co-op, Inc.                                   46093               MEADE
SD040           Grand Electric Co-op, Inc.                                   46105               PERKINS
SD040           Grand Electric Co-op, Inc.                                   46137               ZIEBACH
SD041           Cherry-Todd Electric Co-op, Inc.                             31031               CHERRY
SD041           Cherry-Todd Electric Co-op, Inc.                             31103               KEYA PAHA
SD041           Cherry-Todd Electric Co-op, Inc.                             46095               MELLETTE
SD041           Cherry-Todd Electric Co-op, Inc.                             46121               TODD
SD042           West Central Electric Co-op, Inc.                            46055               HAAKON
SD042           West Central Electric Co-op, Inc.                            46071               JACKSON
SD042           West Central Electric Co-op, Inc.                            46075               JONES
SD042           West Central Electric Co-op, Inc.                            46085               LYMAN
SD042           West Central Electric Co-op, Inc.                            46095               MELLETTE
SD042           West Central Electric Co-op, Inc.                            46117               STANLEY
TN001           Volunteer Electric Co-op                                     47007               BLEDSOE
TN001           Volunteer Electric Co-op                                     47011               BRADLEY
TN001           Volunteer Electric Co-op                                     47035               CUMBERLAND
TN001           Volunteer Electric Co-op                                     47049               FENTRESS
TN001           Volunteer Electric Co-op                                     47065               HAMILTON
TN001           Volunteer Electric Co-op                                     47107               MCMINN
TN001           Volunteer Electric Co-op                                     47121               MEIGS
TN001           Volunteer Electric Co-op                                     47133               OVERTON
TN001           Volunteer Electric Co-op                                     47137               PICKETT
TN001           Volunteer Electric Co-op                                     47139               POLK
TN001           Volunteer Electric Co-op                                     47141               PUTNAM
TN001           Volunteer Electric Co-op                                     47143               RHEA

                                       82
<PAGE>

TN001           Volunteer Electric Co-op                                     47145               ROANE
TN001           Volunteer Electric Co-op                                     47151               SCOTT
TN001           Volunteer Electric Co-op                                     47185               WHITE
TN009           Tri-County EMC                                               21001               ADAIR
TN009           Tri-County EMC                                               21003               ALLEN
TN009           Tri-County EMC                                               21009               BARREN
TN009           Tri-County EMC                                               21053               CLINTON
TN009           Tri-County EMC                                               21057               CUMBERLAND
TN009           Tri-County EMC                                               21169               METCALFE
TN009           Tri-County EMC                                               21171               MONROE
TN009           Tri-County EMC                                               21227               WARREN
TN009           Tri-County EMC                                               47027               CLAY
TN009           Tri-County EMC                                               47087               JACKSON
TN009           Tri-County EMC                                               47111               MACON
TN009           Tri-County EMC                                               47133               OVERTON
TN009           Tri-County EMC                                               47159               SMITH
TN009           Tri-County EMC                                               47165               SUMNER
TN009           Tri-County EMC                                               47169               TROUSDALE
TN016           Southwest Tennessee EMC                                      47023               CHESTER
TN016           Southwest Tennessee EMC                                      47033               CROCKETT
TN016           Southwest Tennessee EMC                                      47047               FAYETTE
TN016           Southwest Tennessee EMC                                      47069               HARDEMAN
TN016           Southwest Tennessee EMC                                      47075               HAYWOOD
TN016           Southwest Tennessee EMC                                      47077               HENDERSON
TN016           Southwest Tennessee EMC                                      47097               LAUDERDALE
TN016           Southwest Tennessee EMC                                      47113               MADISON
TN016           Southwest Tennessee EMC                                      47167               TIPTON
TN017           Bolivar Electric Dept                                        28009               BENTON
TN017           Bolivar Electric Dept                                        47023               CHESTER
TN017           Bolivar Electric Dept                                        47047               FAYETTE
TN017           Bolivar Electric Dept                                        47069               HARDEMAN
TN017           Bolivar Electric Dept                                        47113               MADISON
TN019           Middle Tennessee EMC                                         47015               CANNON
TN019           Middle Tennessee EMC                                         47041               DE KALB
TN019           Middle Tennessee EMC                                         47119               MAURY
TN019           Middle Tennessee EMC                                         47149               RUTHERFORD
TN019           Middle Tennessee EMC                                         47159               SMITH
TN019           Middle Tennessee EMC                                         47169               TROUSDALE
TN019           Middle Tennessee EMC                                         47187               WILLIAMSON
TN019           Middle Tennessee EMC                                         47189               WILSON
TN020           Gibson EMC                                                   47033               CROCKETT
TN020           Gibson EMC                                                   47045               DYER
TN020           Gibson EMC                                                   47053               GIBSON
TN020           Gibson EMC                                                   47075               HAYWOOD
TN020           Gibson EMC                                                   47095               LAKE
TN020           Gibson EMC                                                   47097               LAUDERDALE
TN020           Gibson EMC                                                   47113               MADISON
TN020           Gibson EMC                                                   47131               OBION
TN020           Gibson EMC                                                   47183               WEAKLEY
TN021           Duck River EMC                                               47003               BEDFORD
TN021           Duck River EMC                                               47031               COFFEE
TN021           Duck River EMC                                               47051               FRANKLIN

                                       83
<PAGE>

TN021           Duck River EMC                                               47055               GILES
TN021           Duck River EMC                                               47061               GRUNDY
TN021           Duck River EMC                                               47099               LAWRENCE
TN021           Duck River EMC                                               47101               LEWIS
TN021           Duck River EMC                                               47103               LINCOLN
TN021           Duck River EMC                                               47115               MARION
TN021           Duck River EMC                                               47117               MARSHALL
TN021           Duck River EMC                                               47119               MAURY
TN021           Duck River EMC                                               47127               MOORE
TN021           Duck River EMC                                               47149               RUTHERFORD
TN021           Duck River EMC                                               47187               WILLIAMSON
TN023           City of Dickson                                              47021               CHEATHAM
TN023           City of Dickson                                              47043               DICKSON
TN023           City of Dickson                                              47081               HICKMAN
TN023           City of Dickson                                              47083               HOUSTON
TN023           City of Dickson                                              47125               MONTGOMERY
TN024           Cumberland EMC                                               21047               CHRISTIAN
TN024           Cumberland EMC                                               21141               LOGAN
TN024           Cumberland EMC                                               21213               SIMPSON
TN024           Cumberland EMC                                               21219               TODD
TN024           Cumberland EMC                                               21221               TRIGG
TN024           Cumberland EMC                                               47021               CHEATHAM
TN024           Cumberland EMC                                               47043               DICKSON
TN024           Cumberland EMC                                               47083               HOUSTON
TN024           Cumberland EMC                                               47125               MONTGOMERY
TN024           Cumberland EMC                                               47147               ROBERTSON
TN024           Cumberland EMC                                               47161               STEWART
TN024           Cumberland EMC                                               47165               SUMNER
TN025           Upper Cumberland EMC                                         47027               CLAY
TN025           Upper Cumberland EMC                                         47041               DE KALB
TN025           Upper Cumberland EMC                                         47087               JACKSON
TN025           Upper Cumberland EMC                                         47111               MACON
TN025           Upper Cumberland EMC                                         47133               OVERTON
TN025           Upper Cumberland EMC                                         47137               PICKETT
TN025           Upper Cumberland EMC                                         47141               PUTNAM
TN025           Upper Cumberland EMC                                         47159               SMITH
TN025           Upper Cumberland EMC                                         47185               WHITE
TN025           Upper Cumberland EMC                                         47189               WILSON
TN026           Fort Loudoun Electric Co-op                                  47009               BLOUNT
TN026           Fort Loudoun Electric Co-op                                  47105               LOUDON
TN026           Fort Loudoun Electric Co-op                                  47123               MONROE
TN031           Pickwick Electric Co-op                                      28003               ALCORN
TN031           Pickwick Electric Co-op                                      28141               TISHOMINGO
TN031           Pickwick Electric Co-op                                      47023               CHESTER
TN031           Pickwick Electric Co-op                                      47069               HARDEMAN
TN031           Pickwick Electric Co-op                                      47071               HARDIN
TN031           Pickwick Electric Co-op                                      47109               MCNAIRY
TN032           Meriwether Lewis Electric Co-op                              47081               HICKMAN
TN032           Meriwether Lewis Electric Co-op                              47083               HOUSTON
TN032           Meriwether Lewis Electric Co-op                              47085               HUMPHREYS
TN032           Meriwether Lewis Electric Co-op                              47101               LEWIS
TN032           Meriwether Lewis Electric Co-op                              47135               PERRY

                                       84
<PAGE>

TN034           Tennessee Valley Electric Co-op                              47071               HARDIN
TN034           Tennessee Valley Electric Co-op                              47181               WAYNE
TN035           Sequachee Valley Electric Co-op                              47007               BLEDSOE
TN035           Sequachee Valley Electric Co-op                              47031               COFFEE
TN035           Sequachee Valley Electric Co-op                              47061               GRUNDY
TN035           Sequachee Valley Electric Co-op                              47065               HAMILTON
TN035           Sequachee Valley Electric Co-op                              47115               MARION
TN035           Sequachee Valley Electric Co-op                              47143               RHEA
TN035           Sequachee Valley Electric Co-op                              47153               SEQUATCHIE
TN035           Sequachee Valley Electric Co-op                              47175               VAN BUREN
TN036           Plateau Electric Co-op                                       47129               MORGAN
TN036           Plateau Electric Co-op                                       47151               SCOTT
TN037           Holston Electric Co-op, Inc.                                 47029               COCKE
TN037           Holston Electric Co-op, Inc.                                 47059               GREENE
TN037           Holston Electric Co-op, Inc.                                 47063               HAMBLEN
TN037           Holston Electric Co-op, Inc.                                 47073               HAWKINS
TN037           Holston Electric Co-op, Inc.                                 47089               JEFFERSON
TN038           Appalachian Electric Co-op                                   47009               BLOUNT
TN038           Appalachian Electric Co-op                                   47057               GRAINGER
TN038           Appalachian Electric Co-op                                   47063               HAMBLEN
TN038           Appalachian Electric Co-op                                   47089               JEFFERSON
TN038           Appalachian Electric Co-op                                   47155               SEVIER
TN045           LaFollette Utilities                                         47013               CAMPBELL
TN045           LaFollette Utilities                                         47025               CLAIBORNE
TN045           LaFollette Utilities                                         47173               UNION
TN046           Caney Fork Electric Co-op, Inc.                              47015               CANNON
TN046           Caney Fork Electric Co-op, Inc.                              47031               COFFEE
TN046           Caney Fork Electric Co-op, Inc.                              47041               DE KALB
TN046           Caney Fork Electric Co-op, Inc.                              47061               GRUNDY
TN046           Caney Fork Electric Co-op, Inc.                              47141               PUTNAM
TN046           Caney Fork Electric Co-op, Inc.                              47175               VAN BUREN
TN046           Caney Fork Electric Co-op, Inc.                              47177               WARREN
TN046           Caney Fork Electric Co-op, Inc.                              47185               WHITE
TN048           Forked Deer Electric Co-op, Inc.                             47033               CROCKETT
TN048           Forked Deer Electric Co-op, Inc.                             47045               DYER
TN048           Forked Deer Electric Co-op, Inc.                             47075               HAYWOOD
TN048           Forked Deer Electric Co-op, Inc.                             47097               LAUDERDALE
TN048           Forked Deer Electric Co-op, Inc.                             47131               OBION
TN049           Chickasaw Electric Co-op                                     28093               MARSHALL
TN049           Chickasaw Electric Co-op                                     47047               FAYETTE
TN049           Chickasaw Electric Co-op                                     47069               HARDEMAN
TN049           Chickasaw Electric Co-op                                     47075               HAYWOOD
TN051           Mountain Electric Co-op                                      37011               AVERY
TN051           Mountain Electric Co-op                                      37023               BURKE
TN051           Mountain Electric Co-op                                      37189               WATAUGA
TN051           Mountain Electric Co-op                                      47019               CARTER
TN051           Mountain Electric Co-op                                      47091               JOHNSON
TN051           Mountain Electric Co-op                                      47171               UNICOI
TN060           Fayetteville Electric System                                 47051               FRANKLIN
TN060           Fayetteville Electric System                                 47055               GILES
TN060           Fayetteville Electric System                                 47103               LINCOLN
TN060           Fayetteville Electric System                                 47117               MARSHALL

                                       85
<PAGE>

TX007           Bartlett Electric Co-op, Inc.                                48027               BELL
TX007           Bartlett Electric Co-op, Inc.                                48051               BURLESON
TX007           Bartlett Electric Co-op, Inc.                                48331               MILAM
TX007           Bartlett Electric Co-op, Inc.                                48491               WILLIAMSON
TX011           Kaufman County Electric Co-op, Inc.                          48113               DALLAS
TX011           Kaufman County Electric Co-op, Inc.                          48213               HENDERSON
TX011           Kaufman County Electric Co-op, Inc.                          48231               HUNT
TX011           Kaufman County Electric Co-op, Inc.                          48257               KAUFMAN
TX011           Kaufman County Electric Co-op, Inc.                          48467               VAN ZANDT
TX021           Belfalls Electric Co-op, Inc.                                48027               BELL
TX021           Belfalls Electric Co-op, Inc.                                48145               FALLS
TX021           Belfalls Electric Co-op, Inc.                                48331               MILAM
TX023           McCulloch Electric Co-op, Inc.                               48049               BROWN
TX023           McCulloch Electric Co-op, Inc.                               48083               COLEMAN
TX023           McCulloch Electric Co-op, Inc.                               48095               CONCHO
TX023           McCulloch Electric Co-op, Inc.                               48307               MCCULLOCH
TX023           McCulloch Electric Co-op, Inc.                               48319               MASON
TX023           McCulloch Electric Co-op, Inc.                               48327               MENARD
TX023           McCulloch Electric Co-op, Inc.                               48333               MILLS
TX023           McCulloch Electric Co-op, Inc.                               48411               SAN SABA
TX023           McCulloch Electric Co-op, Inc.                               48451               TOM GREEN
TX030           Upshur RECC                                                  48063               CAMP
TX030           Upshur RECC                                                  48067               CASS
TX030           Upshur RECC                                                  48183               GREGG
TX030           Upshur RECC                                                  48203               HARRISON
TX030           Upshur RECC                                                  48315               MARION
TX030           Upshur RECC                                                  48343               MORRIS
TX030           Upshur RECC                                                  48401               RUSK
TX030           Upshur RECC                                                  48423               SMITH
TX030           Upshur RECC                                                  48459               UPSHUR
TX030           Upshur RECC                                                  48499               WOOD
TX038           Hill County Electric Co-op, Inc.                             48113               DALLAS
TX038           Hill County Electric Co-op, Inc.                             48139               ELLIS
TX038           Hill County Electric Co-op, Inc.                             48217               HILL
TX038           Hill County Electric Co-op, Inc.                             48251               JOHNSON
TX038           Hill County Electric Co-op, Inc.                             48309               MCLEAN
TX040           Bowie-Cass Electric Co-op, Inc.                              48037               BOWIE
TX040           Bowie-Cass Electric Co-op, Inc.                              48067               CASS
TX040           Bowie-Cass Electric Co-op, Inc.                              48159               FRANKLIN
TX040           Bowie-Cass Electric Co-op, Inc.                              48343               MORRIS
TX040           Bowie-Cass Electric Co-op, Inc.                              48387               RED RIVER
TX040           Bowie-Cass Electric Co-op, Inc.                              48449               TITUS
TX041           Panola-Harrison Electric Co-op                               22017               CADDO
TX041           Panola-Harrison Electric Co-op                               22031               DESOTO
TX041           Panola-Harrison Electric Co-op                               48203               HARRISON
TX041           Panola-Harrison Electric Co-op                               48365               PANOLA
TX044           Hunt-Collin Electric Cooperative                             48085               COLLIN
TX044           Hunt-Collin Electric Cooperative                             48231               HUNT
TX048           Magic Valley Electric Co-op, Inc.                            48061               CAMERON
TX048           Magic Valley Electric Co-op, Inc.                            48215               HIDALGO
TX048           Magic Valley Electric Co-op, Inc.                            48261               KENEDY
TX048           Magic Valley Electric Co-op, Inc.                            48427               STARR

                                       86
<PAGE>

TX048           Magic Valley Electric Co-op, Inc.                            48489               WILLACY
TX049           Denton County Electric Co-op, Inc.                           48085               COLLIN
TX049           Denton County Electric Co-op, Inc.                           48097               COOKE
TX049           Denton County Electric Co-op, Inc.                           48121               DENTON
TX049           Denton County Electric Co-op, Inc.                           48181               GRAYSON
TX049           Denton County Electric Co-op, Inc.                           48439               TARRANT
TX049           Denton County Electric Co-op, Inc.                           48497               WISE
TX050           Grayson-Collin Electric Co-op, Inc.                          48085               COLLIN
TX050           Grayson-Collin Electric Co-op, Inc.                          48097               COOKE
TX050           Grayson-Collin Electric Co-op, Inc.                          48147               FANNIN
TX050           Grayson-Collin Electric Co-op, Inc.                          48181               GRAYSON
TX052           Fannin County Electric Co-op, Inc.                           48085               COLLIN
TX052           Fannin County Electric Co-op, Inc.                           48147               FANNIN
TX052           Fannin County Electric Co-op, Inc.                           48181               GRAYSON
TX052           Fannin County Electric Co-op, Inc.                           48231               HUNT
TX052           Fannin County Electric Co-op, Inc.                           48277               LAMAR
TX053           McLennan County Electric Co-op                               48027               BELL
TX053           McLennan County Electric Co-op                               48035               BOSQUE
TX053           McLennan County Electric Co-op                               48099               CORYELL
TX053           McLennan County Electric Co-op                               48145               FALLS
TX053           McLennan County Electric Co-op                               48193               HAMILTON
TX053           McLennan County Electric Co-op                               48309               MCLEAN
TX054           Wood County Electric Co-op, Inc.                             48063               CAMP
TX054           Wood County Electric Co-op, Inc.                             48159               FRANKLIN
TX054           Wood County Electric Co-op, Inc.                             48223               HOPKINS
TX054           Wood County Electric Co-op, Inc.                             48379               RAINS
TX054           Wood County Electric Co-op, Inc.                             48423               SMITH
TX054           Wood County Electric Co-op, Inc.                             48449               TITUS
TX054           Wood County Electric Co-op, Inc.                             48459               UPSHUR
TX054           Wood County Electric Co-op, Inc.                             48467               VAN ZANDT
TX054           Wood County Electric Co-op, Inc.                             48499               WOOD
TX055           Lighthouse Electric Co-op, Inc.                              48045               BRISCOE
TX055           Lighthouse Electric Co-op, Inc.                              48075               CHILDRESS
TX055           Lighthouse Electric Co-op, Inc.                              48087               COLLINGSWORTH
TX055           Lighthouse Electric Co-op, Inc.                              48101               COTTLE
TX055           Lighthouse Electric Co-op, Inc.                              48107               CROSBY
TX055           Lighthouse Electric Co-op, Inc.                              48125               DICKENS
TX055           Lighthouse Electric Co-op, Inc.                              48129               DONLEY
TX055           Lighthouse Electric Co-op, Inc.                              48153               FLOYD
TX055           Lighthouse Electric Co-op, Inc.                              48189               HALE
TX055           Lighthouse Electric Co-op, Inc.                              48191               HALL
TX055           Lighthouse Electric Co-op, Inc.                              48345               MOTLEY
TX055           Lighthouse Electric Co-op, Inc.                              48437               SWISHER
TX056           South Plains Electric Co-op, Inc.                            48107               CROSBY
TX056           South Plains Electric Co-op, Inc.                            48153               FLOYD
TX056           South Plains Electric Co-op, Inc.                            48169               GARZA
TX056           South Plains Electric Co-op, Inc.                            48189               HALE
TX056           South Plains Electric Co-op, Inc.                            48219               HOCKLEY
TX056           South Plains Electric Co-op, Inc.                            48279               LAMB
TX056           South Plains Electric Co-op, Inc.                            48303               LUBBOCK
TX056           South Plains Electric Co-op, Inc.                            48305               LYNN
TX058           Fayette Electric Co-op, Inc.                                 48015               AUSTIN

                                       87
<PAGE>

TX058           Fayette Electric Co-op, Inc.                                 48021               BASTROP
TX058           Fayette Electric Co-op, Inc.                                 48089               COLORADO
TX058           Fayette Electric Co-op, Inc.                                 48149               FAYETTE
TX058           Fayette Electric Co-op, Inc.                                 48177               GONZALES
TX058           Fayette Electric Co-op, Inc.                                 48285               LAVACA
TX058           Fayette Electric Co-op, Inc.                                 48287               LEE
TX058           Fayette Electric Co-op, Inc.                                 48477               WASHINGTON
TX059           Lamb County Electric Co-op, Inc.                             48017               BAILEY
TX059           Lamb County Electric Co-op, Inc.                             48069               CASTRO
TX059           Lamb County Electric Co-op, Inc.                             48079               COCHRAN
TX059           Lamb County Electric Co-op, Inc.                             48189               HALE
TX059           Lamb County Electric Co-op, Inc.                             48219               HOCKLEY
TX059           Lamb County Electric Co-op, Inc.                             48279               LAMB
TX060           Lyntegar Electric Co-op, Inc.                                48003               ANDREWS
TX060           Lyntegar Electric Co-op, Inc.                                48033               BORDEN
TX060           Lyntegar Electric Co-op, Inc.                                48115               DAWSON
TX060           Lyntegar Electric Co-op, Inc.                                48165               GAINES
TX060           Lyntegar Electric Co-op, Inc.                                48169               GARZA
TX060           Lyntegar Electric Co-op, Inc.                                48219               HOCKLEY
TX060           Lyntegar Electric Co-op, Inc.                                48303               LUBBOCK
TX060           Lyntegar Electric Co-op, Inc.                                48305               LYNN
TX060           Lyntegar Electric Co-op, Inc.                                48317               MARTIN
TX060           Lyntegar Electric Co-op, Inc.                                48445               TERRY
TX060           Lyntegar Electric Co-op, Inc.                                48501               YOAKUM
TX061           Coleman County Electric Co-op, Inc.                          48049               BROWN
TX061           Coleman County Electric Co-op, Inc.                          48059               CALLAHAN
TX061           Coleman County Electric Co-op, Inc.                          48081               COKE
TX061           Coleman County Electric Co-op, Inc.                          48083               COLEMAN
TX061           Coleman County Electric Co-op, Inc.                          48095               CONCHO
TX061           Coleman County Electric Co-op, Inc.                          48399               RUNNELS
TX061           Coleman County Electric Co-op, Inc.                          48441               TAYLOR
TX061           Coleman County Electric Co-op, Inc.                          48451               TOM GREEN
TX062           Bailey County Electric Co-op, Inc.                           48017               BAILEY
TX062           Bailey County Electric Co-op, Inc.                           48069               CASTRO
TX062           Bailey County Electric Co-op, Inc.                           48079               COCHRAN
TX062           Bailey County Electric Co-op, Inc.                           48279               LAMB
TX062           Bailey County Electric Co-op, Inc.                           48369               PARMER
TX063           Navarro County Electric Co-op, Inc.                          48139               ELLIS
TX063           Navarro County Electric Co-op, Inc.                          48161               FREESTONE
TX063           Navarro County Electric Co-op, Inc.                          48217               HILL
TX063           Navarro County Electric Co-op, Inc.                          48293               LIMESTONE
TX063           Navarro County Electric Co-op, Inc.                          48349               NAVARRO
TX064           Deep East Texas Elec. Co-op, Inc.                            48241               JASPER
TX064           Deep East Texas Elec. Co-op, Inc.                            48347               NACOGDOCHES
TX064           Deep East Texas Elec. Co-op, Inc.                            48351               NEWTON
TX064           Deep East Texas Elec. Co-op, Inc.                            48365               PANOLA
TX064           Deep East Texas Elec. Co-op, Inc.                            48401               RUSK
TX064           Deep East Texas Elec. Co-op, Inc.                            48403               SABINE
TX064           Deep East Texas Elec. Co-op, Inc.                            48405               SAN AUGUSTINE
TX064           Deep East Texas Elec. Co-op, Inc.                            48419               SHELBY
TX065           Rusk County Electric Co-op, Inc.                             48183               GREGG
TX065           Rusk County Electric Co-op, Inc.                             48347               NACOGDOCHES

                                       88
<PAGE>

TX065           Rusk County Electric Co-op, Inc.                             48365               PANOLA
TX065           Rusk County Electric Co-op, Inc.                             48401               RUSK
TX065           Rusk County Electric Co-op, Inc.                             48419               SHELBY
TX067           Farmers Electric Co-op, Inc.                                 48085               COLLIN
TX067           Farmers Electric Co-op, Inc.                                 48113               DALLAS
TX067           Farmers Electric Co-op, Inc.                                 48119               DELTA
TX067           Farmers Electric Co-op, Inc.                                 48147               FANNIN
TX067           Farmers Electric Co-op, Inc.                                 48159               FRANKLIN
TX067           Farmers Electric Co-op, Inc.                                 48223               HOPKINS
TX067           Farmers Electric Co-op, Inc.                                 48231               HUNT
TX067           Farmers Electric Co-op, Inc.                                 48257               KAUFMAN
TX067           Farmers Electric Co-op, Inc.                                 48379               RAINS
TX067           Farmers Electric Co-op, Inc.                                 48397               ROCKWALL
TX067           Farmers Electric Co-op, Inc.                                 48467               VAN ZANDT
TX067           Farmers Electric Co-op, Inc.                                 48499               WOOD
TX068           Cooke County Electric Co-op Assn.                            48097               COOKE
TX068           Cooke County Electric Co-op Assn.                            48121               DENTON
TX068           Cooke County Electric Co-op Assn.                            48181               GRAYSON
TX068           Cooke County Electric Co-op Assn.                            48337               MONTAGUE
TX068           Cooke County Electric Co-op Assn.                            48497               WISE
TX069           Erath County Electric Co-op Assn.                            48035               BOSQUE
TX069           Erath County Electric Co-op Assn.                            48093               COMANCHE
TX069           Erath County Electric Co-op Assn.                            48099               CORYELL
TX069           Erath County Electric Co-op Assn.                            48133               EASTLAND
TX069           Erath County Electric Co-op Assn.                            48143               ERATH
TX069           Erath County Electric Co-op Assn.                            48193               HAMILTON
TX069           Erath County Electric Co-op Assn.                            48221               HOOD
TX069           Erath County Electric Co-op Assn.                            48363               PALO PINTO
TX069           Erath County Electric Co-op Assn.                            48425               SOMERVELL
TX069           Erath County Electric Co-op Assn.                            48429               STEPHENS
TX069           Erath County Electric Co-op Assn.                            48503               YOUNG
TX070           Hamilton County Elec. Co-op Assn.                            48093               COMANCHE
TX070           Hamilton County Elec. Co-op Assn.                            48099               CORYELL
TX070           Hamilton County Elec. Co-op Assn.                            48193               HAMILTON
TX070           Hamilton County Elec. Co-op Assn.                            48281               LAMPASAS
TX070           Hamilton County Elec. Co-op Assn.                            48299               LLANO
TX070           Hamilton County Elec. Co-op Assn.                            48333               MILLS
TX070           Hamilton County Elec. Co-op Assn.                            48411               SAN SABA
TX071           J.A.C. Electric Co-op Inc.                                   48009               ARCHER
TX071           J.A.C. Electric Co-op Inc.                                   48077               CLAY
TX071           J.A.C. Electric Co-op Inc.                                   48237               JACK
TX071           J.A.C. Electric Co-op Inc.                                   48337               MONTAGUE
TX072           Lamar County Electric Co-op Assn.                            48119               DELTA
TX072           Lamar County Electric Co-op Assn.                            48147               FANNIN
TX072           Lamar County Electric Co-op Assn.                            48277               LAMAR
TX072           Lamar County Electric Co-op Assn.                            48387               RED RIVER
TX075           Wharton County Electric Co-op, Inc.                          48089               COLORADO
TX075           Wharton County Electric Co-op, Inc.                          48239               JACKSON
TX075           Wharton County Electric Co-op, Inc.                          48321               MATAGORDA
TX075           Wharton County Electric Co-op, Inc.                          48481               WHARTON
TX077           Johnson County Electric Co-op Assn.                          48035               BOSQUE
TX077           Johnson County Electric Co-op Assn.                          48139               ELLIS

                                       89
<PAGE>

TX077           Johnson County Electric Co-op Assn.                          48221               HOOD
TX077           Johnson County Electric Co-op Assn.                          48251               JOHNSON
TX077           Johnson County Electric Co-op Assn.                          48367               PARKER
TX077           Johnson County Electric Co-op Assn.                          48425               SOMERVELL
TX077           Johnson County Electric Co-op Assn.                          48439               TARRANT
TX078           Cherokee County Elec. Co-op Assn.                            48073               CHEROKEE
TX078           Cherokee County Elec. Co-op Assn.                            48347               NACOGDOCHES
TX078           Cherokee County Elec. Co-op Assn.                            48401               RUSK
TX078           Cherokee County Elec. Co-op Assn.                            48423               SMITH
TX080           Greenbelt Electric Co-op, Inc.                               48011               ARMSTRONG
TX080           Greenbelt Electric Co-op, Inc.                               48075               CHILDRESS
TX080           Greenbelt Electric Co-op, Inc.                               48087               COLLINGSWORTH
TX080           Greenbelt Electric Co-op, Inc.                               48129               DONLEY
TX080           Greenbelt Electric Co-op, Inc.                               48179               GRAY
TX080           Greenbelt Electric Co-op, Inc.                               48211               HEMPHILL
TX080           Greenbelt Electric Co-op, Inc.                               48381               RANDALL
TX080           Greenbelt Electric Co-op, Inc.                               48393               ROBERTS
TX080           Greenbelt Electric Co-op, Inc.                               48483               WHEELER
TX083           Midwest Electric Co-op, Inc.                                 48033               BORDEN
TX083           Midwest Electric Co-op, Inc.                                 48151               FISHER
TX083           Midwest Electric Co-op, Inc.                                 48169               GARZA
TX083           Midwest Electric Co-op, Inc.                                 48253               JONES
TX083           Midwest Electric Co-op, Inc.                                 48263               KENT
TX083           Midwest Electric Co-op, Inc.                                 48335               MITCHELL
TX083           Midwest Electric Co-op, Inc.                                 48353               NOLAN
TX083           Midwest Electric Co-op, Inc.                                 48415               SCURRY
TX083           Midwest Electric Co-op, Inc.                                 48433               STONEWALL
TX085           Wise Electric Co-op, Inc.                                    48077               CLAY
TX085           Wise Electric Co-op, Inc.                                    48097               COOKE
TX085           Wise Electric Co-op, Inc.                                    48121               DENTON
TX085           Wise Electric Co-op, Inc.                                    48237               JACK
TX085           Wise Electric Co-op, Inc.                                    48337               MONTAGUE
TX085           Wise Electric Co-op, Inc.                                    48367               PARKER
TX085           Wise Electric Co-op, Inc.                                    48497               WISE
TX086           Comanche County Elec. Co-op Assn.                            48049               BROWN
TX086           Comanche County Elec. Co-op Assn.                            48059               CALLAHAN
TX086           Comanche County Elec. Co-op Assn.                            48093               COMANCHE
TX086           Comanche County Elec. Co-op Assn.                            48133               EASTLAND
TX086           Comanche County Elec. Co-op Assn.                            48333               MILLS
TX086           Comanche County Elec. Co-op Assn.                            48417               SHACKELFORD
TX086           Comanche County Elec. Co-op Assn.                            48429               STEPHENS
TX087           Karnes Electric Co-op, Inc.                                  48013               ATASCOSA
TX087           Karnes Electric Co-op, Inc.                                  48025               BEE
TX087           Karnes Electric Co-op, Inc.                                  48029               BEXAR
TX087           Karnes Electric Co-op, Inc.                                  48123               DE WITT
TX087           Karnes Electric Co-op, Inc.                                  48163               FRIO
TX087           Karnes Electric Co-op, Inc.                                  48175               GOLIAD
TX087           Karnes Electric Co-op, Inc.                                  48255               KARNES
TX087           Karnes Electric Co-op, Inc.                                  48283               LA SALLE
TX087           Karnes Electric Co-op, Inc.                                  48297               LIVE OAK
TX087           Karnes Electric Co-op, Inc.                                  48311               MCMULLEN
TX087           Karnes Electric Co-op, Inc.                                  48325               MEDINA

                                       90
<PAGE>

TX087           Karnes Electric Co-op, Inc.                                  48493               WILSON
TX088           Nueces Electric Co-op, Inc.                                  48131               DUVAL
TX088           Nueces Electric Co-op, Inc.                                  48249               JIM WELLS
TX088           Nueces Electric Co-op, Inc.                                  48261               KENEDY
TX088           Nueces Electric Co-op, Inc.                                  48273               KLEBERG
TX088           Nueces Electric Co-op, Inc.                                  48297               LIVE OAK
TX088           Nueces Electric Co-op, Inc.                                  48311               MCMULLEN
TX088           Nueces Electric Co-op, Inc.                                  48355               NUECES
TX089           Houston County Electric Co-op, Inc.                          48001               ANDERSON
TX089           Houston County Electric Co-op, Inc.                          48005               ANGELINA
TX089           Houston County Electric Co-op, Inc.                          48073               CHEROKEE
TX089           Houston County Electric Co-op, Inc.                          48161               FREESTONE
TX089           Houston County Electric Co-op, Inc.                          48225               HOUSTON
TX089           Houston County Electric Co-op, Inc.                          48289               LEON
TX089           Houston County Electric Co-op, Inc.                          48313               MADISON
TX089           Houston County Electric Co-op, Inc.                          48455               TRINITY
TX089           Houston County Electric Co-op, Inc.                          48471               WALKER
TX091           San Patricio Electric Co-op, Inc.                            48007               ARANSAS
TX091           San Patricio Electric Co-op, Inc.                            48025               BEE
TX091           San Patricio Electric Co-op, Inc.                            48175               GOLIAD
TX091           San Patricio Electric Co-op, Inc.                            48249               JIM WELLS
TX091           San Patricio Electric Co-op, Inc.                            48297               LIVE OAK
TX091           San Patricio Electric Co-op, Inc.                            48311               MCMULLEN
TX091           San Patricio Electric Co-op, Inc.                            48355               NUECES
TX091           San Patricio Electric Co-op, Inc.                            48391               REFUGIO
TX091           San Patricio Electric Co-op, Inc.                            48409               SAN PATRICIO
TX093           DeWitt Electric Cooperative Inc.                             48123               DE WITT
TX093           DeWitt Electric Cooperative Inc.                             48175               GOLIAD
TX093           DeWitt Electric Cooperative Inc.                             48177               GONZALES
TX093           DeWitt Electric Cooperative Inc.                             48239               JACKSON
TX093           DeWitt Electric Cooperative Inc.                             48255               KARNES
TX093           DeWitt Electric Cooperative Inc.                             48285               LAVACA
TX093           DeWitt Electric Cooperative Inc.                             48469               VICTORIA
TX095           Medina Electric Co-op, Inc.                                  48013               ATASCOSA
TX095           Medina Electric Co-op, Inc.                                  48047               BROOKS
TX095           Medina Electric Co-op, Inc.                                  48127               DIMMIT
TX095           Medina Electric Co-op, Inc.                                  48131               DUVAL
TX095           Medina Electric Co-op, Inc.                                  48137               EDWARDS
TX095           Medina Electric Co-op, Inc.                                  48163               FRIO
TX095           Medina Electric Co-op, Inc.                                  48247               JIM HOGG
TX095           Medina Electric Co-op, Inc.                                  48271               KINNEY
TX095           Medina Electric Co-op, Inc.                                  48283               LA SALLE
TX095           Medina Electric Co-op, Inc.                                  48311               MCMULLEN
TX095           Medina Electric Co-op, Inc.                                  48325               MEDINA
TX095           Medina Electric Co-op, Inc.                                  48385               REAL
TX095           Medina Electric Co-op, Inc.                                  48427               STARR
TX095           Medina Electric Co-op, Inc.                                  48463               UVALDE
TX095           Medina Electric Co-op, Inc.                                  48479               WEBB
TX095           Medina Electric Co-op, Inc.                                  48505               ZAPATA
TX095           Medina Electric Co-op, Inc.                                  48507               ZAVALA
TX096           Victoria Electric Co-op, Inc.                                48057               CALHOUN
TX096           Victoria Electric Co-op, Inc.                                48123               DE WITT

                                       91
<PAGE>

TX096           Victoria Electric Co-op, Inc.                                48175               GOLIAD
TX096           Victoria Electric Co-op, Inc.                                48239               JACKSON
TX096           Victoria Electric Co-op, Inc.                                48391               REFUGIO
TX096           Victoria Electric Co-op, Inc.                                48469               VICTORIA
TX097           Gate City Electric Co-op, Inc.                               48075               CHILDRESS
TX097           Gate City Electric Co-op, Inc.                               48101               COTTLE
TX097           Gate City Electric Co-op, Inc.                               48125               DICKENS
TX097           Gate City Electric Co-op, Inc.                               48155               FOARD
TX097           Gate City Electric Co-op, Inc.                               48191               HALL
TX097           Gate City Electric Co-op, Inc.                               48197               HARDEMAN
TX097           Gate City Electric Co-op, Inc.                               48269               KING
TX097           Gate City Electric Co-op, Inc.                               48345               MOTLEY
TX099           Stamford Electric Co-op, Inc.                                48151               FISHER
TX099           Stamford Electric Co-op, Inc.                                48207               HASKELL
TX099           Stamford Electric Co-op, Inc.                                48253               JONES
TX099           Stamford Electric Co-op, Inc.                                48417               SHACKELFORD
TX099           Stamford Electric Co-op, Inc.                                48433               STONEWALL
TX099           Stamford Electric Co-op, Inc.                                48447               THROCKMORTON
TX101           Tri-County Electric Co-op, Inc.                              48121               DENTON
TX101           Tri-County Electric Co-op, Inc.                              48221               HOOD
TX101           Tri-County Electric Co-op, Inc.                              48237               JACK
TX101           Tri-County Electric Co-op, Inc.                              48363               PALO PINTO
TX101           Tri-County Electric Co-op, Inc.                              48367               PARKER
TX101           Tri-County Electric Co-op, Inc.                              48439               TARRANT
TX101           Tri-County Electric Co-op, Inc.                              48497               WISE
TX102           Jackson Electric Co-op, Inc.                                 48039               BRAZORIA
TX102           Jackson Electric Co-op, Inc.                                 48057               CALHOUN
TX102           Jackson Electric Co-op, Inc.                                 48239               JACKSON
TX102           Jackson Electric Co-op, Inc.                                 48285               LAVACA
TX102           Jackson Electric Co-op, Inc.                                 48321               MATAGORDA
TX103           Sam Houston Electric Co-op, Inc.                             48005               ANGELINA
TX103           Sam Houston Electric Co-op, Inc.                             48199               HARDIN
TX103           Sam Houston Electric Co-op, Inc.                             48241               JASPER
TX103           Sam Houston Electric Co-op, Inc.                             48291               LIBERTY
TX103           Sam Houston Electric Co-op, Inc.                             48339               MONTGOMERY
TX103           Sam Houston Electric Co-op, Inc.                             48373               POLK
TX103           Sam Houston Electric Co-op, Inc.                             48407               SAN JACINTO
TX103           Sam Houston Electric Co-op, Inc.                             48455               TRINITY
TX103           Sam Houston Electric Co-op, Inc.                             48457               TYLER
TX103           Sam Houston Electric Co-op, Inc.                             48471               WALKER
TX104           Lone Wolf Electric Cooperative                               48033               BORDEN
TX104           Lone Wolf Electric Cooperative                               48151               FISHER
TX104           Lone Wolf Electric Cooperative                               48227               HOWARD
TX104           Lone Wolf Electric Cooperative                               48335               MITCHELL
TX104           Lone Wolf Electric Cooperative                               48353               NOLAN
TX104           Lone Wolf Electric Cooperative                               48415               SCURRY
TX106           Taylor Electric Co-op, Inc.                                  48059               CALLAHAN
TX106           Taylor Electric Co-op, Inc.                                  48081               COKE
TX106           Taylor Electric Co-op, Inc.                                  48083               COLEMAN
TX106           Taylor Electric Co-op, Inc.                                  48133               EASTLAND
TX106           Taylor Electric Co-op, Inc.                                  48151               FISHER
TX106           Taylor Electric Co-op, Inc.                                  48253               JONES

                                       92
<PAGE>

TX106           Taylor Electric Co-op, Inc.                                  48353               NOLAN
TX106           Taylor Electric Co-op, Inc.                                  48399               RUNNELS
TX106           Taylor Electric Co-op, Inc.                                  48417               SHACKELFORD
TX106           Taylor Electric Co-op, Inc.                                  48441               TAYLOR
TX108           Swisher Electric Co-op, Inc.                                 48011               ARMSTRONG
TX108           Swisher Electric Co-op, Inc.                                 48045               BRISCOE
TX108           Swisher Electric Co-op, Inc.                                 48069               CASTRO
TX108           Swisher Electric Co-op, Inc.                                 48189               HALE
TX108           Swisher Electric Co-op, Inc.                                 48381               RANDALL
TX108           Swisher Electric Co-op, Inc.                                 48437               SWISHER
TX113           Dickens Electric Co-op, Inc.                                 48107               CROSBY
TX113           Dickens Electric Co-op, Inc.                                 48125               DICKENS
TX113           Dickens Electric Co-op, Inc.                                 48169               GARZA
TX113           Dickens Electric Co-op, Inc.                                 48263               KENT
TX113           Dickens Electric Co-op, Inc.                                 48269               KING
TX113           Dickens Electric Co-op, Inc.                                 48345               MOTLEY
TX113           Dickens Electric Co-op, Inc.                                 48433               STONEWALL
TX114           Concho Valley Electric Co-op, Inc.                           48081               COKE
TX114           Concho Valley Electric Co-op, Inc.                           48095               CONCHO
TX114           Concho Valley Electric Co-op, Inc.                           48173               GLASSCOCK
TX114           Concho Valley Electric Co-op, Inc.                           48235               IRION
TX114           Concho Valley Electric Co-op, Inc.                           48335               MITCHELL
TX114           Concho Valley Electric Co-op, Inc.                           48353               NOLAN
TX114           Concho Valley Electric Co-op, Inc.                           48383               REAGAN
TX114           Concho Valley Electric Co-op, Inc.                           48399               RUNNELS
TX114           Concho Valley Electric Co-op, Inc.                           48413               SCHLEICHER
TX114           Concho Valley Electric Co-op, Inc.                           48431               STERLING
TX114           Concho Valley Electric Co-op, Inc.                           48451               TOM GREEN
TX115           Mid-South Electric Co-op Assn.                               48041               BRAZOS
TX115           Mid-South Electric Co-op Assn.                               48185               GRIMES
TX115           Mid-South Electric Co-op Assn.                               48313               MADISON
TX115           Mid-South Electric Co-op Assn.                               48339               MONTGOMERY
TX115           Mid-South Electric Co-op Assn.                               48471               WALKER
TX115           Mid-South Electric Co-op Assn.                               48473               WALLER
TX118           New Era Electric Co-op, Inc.                                 48001               ANDERSON
TX118           New Era Electric Co-op, Inc.                                 48213               HENDERSON
TX118           New Era Electric Co-op, Inc.                                 48467               VAN ZANDT
TX119           Kimble Electric Co-op, Inc.                                  48137               EDWARDS
TX119           Kimble Electric Co-op, Inc.                                  48265               KERR
TX119           Kimble Electric Co-op, Inc.                                  48267               KIMBLE
TX119           Kimble Electric Co-op, Inc.                                  48271               KINNEY
TX119           Kimble Electric Co-op, Inc.                                  48319               MASON
TX119           Kimble Electric Co-op, Inc.                                  48327               MENARD
TX119           Kimble Electric Co-op, Inc.                                  48385               REAL
TX119           Kimble Electric Co-op, Inc.                                  48413               SCHLEICHER
TX119           Kimble Electric Co-op, Inc.                                  48435               SUTTON
TX122           Navasota Valley Electric Co-op                               48041               BRAZOS
TX122           Navasota Valley Electric Co-op                               48145               FALLS
TX122           Navasota Valley Electric Co-op                               48161               FREESTONE
TX122           Navasota Valley Electric Co-op                               48217               HILL
TX122           Navasota Valley Electric Co-op                               48289               LEON
TX122           Navasota Valley Electric Co-op                               48293               LIMESTONE

                                       93
<PAGE>

TX122           Navasota Valley Electric Co-op                               48309               MCLEAN
TX122           Navasota Valley Electric Co-op                               48313               MADISON
TX122           Navasota Valley Electric Co-op                               48395               ROBERTSON
TX123           B-K Electric Co-op, Inc.                                     48009               ARCHER
TX123           B-K Electric Co-op, Inc.                                     48023               BAYLOR
TX123           B-K Electric Co-op, Inc.                                     48155               FOARD
TX123           B-K Electric Co-op, Inc.                                     48207               HASKELL
TX123           B-K Electric Co-op, Inc.                                     48269               KING
TX123           B-K Electric Co-op, Inc.                                     48275               KNOX
TX123           B-K Electric Co-op, Inc.                                     48433               STONEWALL
TX123           B-K Electric Co-op, Inc.                                     48447               THROCKMORTON
TX123           B-K Electric Co-op, Inc.                                     48487               WILBARGER
TX124           Southwest Texas Elec. Co-op, Inc.                            48095               CONCHO
TX124           Southwest Texas Elec. Co-op, Inc.                            48105               CROCKETT
TX124           Southwest Texas Elec. Co-op, Inc.                            48137               EDWARDS
TX124           Southwest Texas Elec. Co-op, Inc.                            48235               IRION
TX124           Southwest Texas Elec. Co-op, Inc.                            48327               MENARD
TX124           Southwest Texas Elec. Co-op, Inc.                            48371               PECOS
TX124           Southwest Texas Elec. Co-op, Inc.                            48383               REAGAN
TX124           Southwest Texas Elec. Co-op, Inc.                            48413               SCHLEICHER
TX124           Southwest Texas Elec. Co-op, Inc.                            48435               SUTTON
TX124           Southwest Texas Elec. Co-op, Inc.                            48443               TERRELL
TX124           Southwest Texas Elec. Co-op, Inc.                            48451               TOM GREEN
TX124           Southwest Texas Elec. Co-op, Inc.                            48461               UPTON
TX124           Southwest Texas Elec. Co-op, Inc.                            48465               VAL VERDE
TX125           Jasper-Newton Electric Co-op, Inc.                           48005               ANGELINA
TX125           Jasper-Newton Electric Co-op, Inc.                           48241               JASPER
TX125           Jasper-Newton Electric Co-op, Inc.                           48351               NEWTON
TX125           Jasper-Newton Electric Co-op, Inc.                           48361               ORANGE
TX125           Jasper-Newton Electric Co-op, Inc.                           48403               SABINE
TX135           North Plains Electric Co-op, Inc.                            48195               HANSFORD
TX135           North Plains Electric Co-op, Inc.                            48211               HEMPHILL
TX135           North Plains Electric Co-op, Inc.                            48233               HUTCHINSON
TX135           North Plains Electric Co-op, Inc.                            48295               LIPSCOMB
TX135           North Plains Electric Co-op, Inc.                            48357               OCHILTREE
TX135           North Plains Electric Co-op, Inc.                            48393               ROBERTS
TX135           North Plains Electric Co-op, Inc.                            48483               WHEELER
TX144           Rio Grande Electric Co-op, Inc.                              35015               EDDY
TX144           Rio Grande Electric Co-op, Inc.                              35035               OTERO
TX144           Rio Grande Electric Co-op, Inc.                              48043               BREWSTER
TX144           Rio Grande Electric Co-op, Inc.                              48105               CROCKETT
TX144           Rio Grande Electric Co-op, Inc.                              48109               CULBERSON
TX144           Rio Grande Electric Co-op, Inc.                              48127               DIMMIT
TX144           Rio Grande Electric Co-op, Inc.                              48137               EDWARDS
TX144           Rio Grande Electric Co-op, Inc.                              48141               EL PASO
TX144           Rio Grande Electric Co-op, Inc.                              48229               HUDSPETH
TX144           Rio Grande Electric Co-op, Inc.                              48243               JEFF DAVIS
TX144           Rio Grande Electric Co-op, Inc.                              48271               KINNEY
TX144           Rio Grande Electric Co-op, Inc.                              48323               MAVERICK
TX144           Rio Grande Electric Co-op, Inc.                              48371               PECOS
TX144           Rio Grande Electric Co-op, Inc.                              48377               PRESIDIO
TX144           Rio Grande Electric Co-op, Inc.                              48389               REEVES

                                       94
<PAGE>

TX144           Rio Grande Electric Co-op, Inc.                              48443               TERRELL
TX144           Rio Grande Electric Co-op, Inc.                              48463               UVALDE
TX144           Rio Grande Electric Co-op, Inc.                              48465               VAL VERDE
TX144           Rio Grande Electric Co-op, Inc.                              48479               WEBB
TX144           Rio Grande Electric Co-op, Inc.                              48507               ZAVALA
TX145           Rita Blanca Electric Co-op, Inc.                             48111               DALLAM
TX145           Rita Blanca Electric Co-op, Inc.                             48195               HANSFORD
TX145           Rita Blanca Electric Co-op, Inc.                             48205               HARTLEY
TX145           Rita Blanca Electric Co-op, Inc.                             48233               HUTCHINSON
TX145           Rita Blanca Electric Co-op, Inc.                             48341               MOORE
TX145           Rita Blanca Electric Co-op, Inc.                             48359               OLDHAM
TX145           Rita Blanca Electric Co-op, Inc.                             48375               POTTER
TX145           Rita Blanca Electric Co-op, Inc.                             48421               SHERMAN
TX149           Central Texas Electric Co-op, Inc.                           48031               BLANCO
TX149           Central Texas Electric Co-op, Inc.                           48171               GILLESPIE
TX149           Central Texas Electric Co-op, Inc.                           48259               KENDALL
TX149           Central Texas Electric Co-op, Inc.                           48265               KERR
TX149           Central Texas Electric Co-op, Inc.                           48267               KIMBLE
TX149           Central Texas Electric Co-op, Inc.                           48299               LLANO
TX149           Central Texas Electric Co-op, Inc.                           48307               MCCULLOCH
TX149           Central Texas Electric Co-op, Inc.                           48319               MASON
TX149           Central Texas Electric Co-op, Inc.                           48327               MENARD
TX149           Central Texas Electric Co-op, Inc.                           48385               REAL
TX149           Central Texas Electric Co-op, Inc.                           48411               SAN SABA
UT006           GarKane Power Association, Inc.                              04005               COCONINO
UT006           GarKane Power Association, Inc.                              04015               MOHAVE
UT006           GarKane Power Association, Inc.                              49017               GARFIELD
UT006           GarKane Power Association, Inc.                              49021               IRON
UT006           GarKane Power Association, Inc.                              49025               KANE
UT006           GarKane Power Association, Inc.                              49031               PIUTE
UT006           GarKane Power Association, Inc.                              49041               SEVIER
UT006           GarKane Power Association, Inc.                              49053               WASHINGTON
UT006           GarKane Power Association, Inc.                              49055               WAYNE
UT008           Moon Lake Electric Assn., Inc.                               08045               GARFIELD
UT008           Moon Lake Electric Assn., Inc.                               08081               MOFFAT
UT008           Moon Lake Electric Assn., Inc.                               08103               RIO BLANCO
UT008           Moon Lake Electric Assn., Inc.                               49009               DAGGETT
UT008           Moon Lake Electric Assn., Inc.                               49013               DUCHESNE
UT008           Moon Lake Electric Assn., Inc.                               49047               UINTAH
UT008           Moon Lake Electric Assn., Inc.                               49051               WASATCH
UT011           Flowell Electric Association, Inc.                           49027               MILLARD
UT020           Dixie-Escalante Rural Elec. Assn.                            04015               MOHAVE
UT020           Dixie-Escalante Rural Elec. Assn.                            49021               IRON
UT020           Dixie-Escalante Rural Elec. Assn.                            49053               WASHINGTON
VA002           Craig-Botetourt Electric Co-op                               51005               ALLEGHANY
VA002           Craig-Botetourt Electric Co-op                               51023               BOTETOURT
VA002           Craig-Botetourt Electric Co-op                               51045               CRAIG
VA002           Craig-Botetourt Electric Co-op                               51071               GILES
VA002           Craig-Botetourt Electric Co-op                               51121               MONTGOMERY
VA002           Craig-Botetourt Electric Co-op                               51161               ROANOKE
VA002           Craig-Botetourt Electric Co-op                               54063               MONROE
VA011           Shenandoah Valley Elec. Co-op, Inc.                          51015               AUGUSTA

                                       95
<PAGE>

VA011           Shenandoah Valley Elec. Co-op, Inc.                          51165               ROCKINGHAM
VA011           Shenandoah Valley Elec. Co-op, Inc.                          51171               SHENANDOAH
VA011           Shenandoah Valley Elec. Co-op, Inc.                          54031               HARDY
VA027           Southside Electric Co-op                                     51007               AMELIA
VA027           Southside Electric Co-op                                     51011               APPOMATTOX
VA027           Southside Electric Co-op                                     51019               BEDFORD
VA027           Southside Electric Co-op                                     51025               BRUNSWICK
VA027           Southside Electric Co-op                                     51029               BUCKINGHAM
VA027           Southside Electric Co-op                                     51031               CAMPBELL
VA027           Southside Electric Co-op                                     51037               CHARLOTTE
VA027           Southside Electric Co-op                                     51041               CHESTERFIELD
VA027           Southside Electric Co-op                                     51049               CUMBERLAND
VA027           Southside Electric Co-op                                     51053               DINWIDDIE
VA027           Southside Electric Co-op                                     51083               HALIFAX
VA027           Southside Electric Co-op                                     51111               LUNENBURG
VA027           Southside Electric Co-op                                     51117               MECKLENBURG
VA027           Southside Electric Co-op                                     51135               NOTTOWAY
VA027           Southside Electric Co-op                                     51143               PITTSYLVANIA
VA027           Southside Electric Co-op                                     51145               POWHATAN
VA027           Southside Electric Co-op                                     51147               PRINCE EDWARD
VA027           Southside Electric Co-op                                     51149               PRINCE GEORGE
VA027           Southside Electric Co-op                                     51183               SUSSEX
VA028           Northern Neck Electric Co-op                                 51099               KING GEORGE
VA028           Northern Neck Electric Co-op                                 51103               LANCASTER
VA028           Northern Neck Electric Co-op                                 51133               NORTHUMBERLAND
VA028           Northern Neck Electric Co-op                                 51159               RICHMOND
VA028           Northern Neck Electric Co-op                                 51179               STAFFORD
VA028           Northern Neck Electric Co-op                                 51193               WESTMORELAND
VA029           Central Virginia Electric Co-op                              51003               ALBEMARLE
VA029           Central Virginia Electric Co-op                              51009               AMHERST
VA029           Central Virginia Electric Co-op                              51011               APPOMATTOX
VA029           Central Virginia Electric Co-op                              51015               AUGUSTA
VA029           Central Virginia Electric Co-op                              51029               BUCKINGHAM
VA029           Central Virginia Electric Co-op                              51031               CAMPBELL
VA029           Central Virginia Electric Co-op                              51049               CUMBERLAND
VA029           Central Virginia Electric Co-op                              51065               FLUVANNA
VA029           Central Virginia Electric Co-op                              51075               GOOCHLAND
VA029           Central Virginia Electric Co-op                              51079               GREENE
VA029           Central Virginia Electric Co-op                              51109               LOUISA
VA029           Central Virginia Electric Co-op                              51125               NELSON
VA029           Central Virginia Electric Co-op                              51137               ORANGE
VA029           Central Virginia Electric Co-op                              51147               PRINCE EDWARD
VA030           BARC Electric Cooperative                                    51005               ALLEGHANY
VA030           BARC Electric Cooperative                                    51015               AUGUSTA
VA030           BARC Electric Cooperative                                    51017               BATH
VA030           BARC Electric Cooperative                                    51091               HIGHLAND
VA030           BARC Electric Cooperative                                    51163               ROCKBRIDGE
VA031           Mecklenburg Electric Co-op                                   51025               BRUNSWICK
VA031           Mecklenburg Electric Co-op                                   51037               CHARLOTTE
VA031           Mecklenburg Electric Co-op                                   51081               GREENSVILLE
VA031           Mecklenburg Electric Co-op                                   51083               HALIFAX
VA031           Mecklenburg Electric Co-op                                   51111               LUNENBURG

                                       96
<PAGE>

VA031           Mecklenburg Electric Co-op                                   51117               MECKLENBURG
VA031           Mecklenburg Electric Co-op                                   51143               PITTSYLVANIA
VA031           Mecklenburg Electric Co-op                                   51175               SOUTHAMPTON
VA031           Mecklenburg Electric Co-op                                   51183               SUSSEX
VA034           Powell Valley Electric Co-op                                 47025               CLAIBORNE
VA034           Powell Valley Electric Co-op                                 47057               GRAINGER
VA034           Powell Valley Electric Co-op                                 47067               HANCOCK
VA034           Powell Valley Electric Co-op                                 47073               HAWKINS
VA034           Powell Valley Electric Co-op                                 47173               UNION
VA034           Powell Valley Electric Co-op                                 51105               LEE
VA034           Powell Valley Electric Co-op                                 51169               SCOTT
VA034           Powell Valley Electric Co-op                                 51195               WISE
VA036           Prince George Electric Co-op                                 51053               DINWIDDIE
VA036           Prince George Electric Co-op                                 51093               ISLE OF WIGHT
VA036           Prince George Electric Co-op                                 51149               PRINCE GEORGE
VA036           Prince George Electric Co-op                                 51175               SOUTHAMPTON
VA036           Prince George Electric Co-op                                 51181               SURRY
VA036           Prince George Electric Co-op                                 51183               SUSSEX
VA037           Community Electric Co-op                                     51093               ISLE OF WIGHT
VA037           Community Electric Co-op                                     51175               SOUTHAMPTON
VA037           Community Electric Co-op                                     51181               SURRY
VA037           Community Electric Co-op                                     51183               SUSSEX
VA037           Community Electric Co-op                                     51800               SUFFOLK CITY
VA039           A & N Electric Cooperative                                   24039               SOMERSET
VA039           A & N Electric Cooperative                                   51001               ACCOMACK
VA039           A & N Electric Cooperative                                   51131               NORTHAMPTON
VA054           Rappahannock Electric Co-op                                  51003               ALBEMARLE
VA054           Rappahannock Electric Co-op                                  51033               CAROLINE
VA054           Rappahannock Electric Co-op                                  51047               CULPEPER
VA054           Rappahannock Electric Co-op                                  51057               ESSEX
VA054           Rappahannock Electric Co-op                                  51061               FAUQUIER
VA054           Rappahannock Electric Co-op                                  51075               GOOCHLAND
VA054           Rappahannock Electric Co-op                                  51079               GREENE
VA054           Rappahannock Electric Co-op                                  51085               HANOVER
VA054           Rappahannock Electric Co-op                                  51097               KING AND QUEEN
VA054           Rappahannock Electric Co-op                                  51101               KING WILLIAM
VA054           Rappahannock Electric Co-op                                  51109               LOUISA
VA054           Rappahannock Electric Co-op                                  51113               MADISON
VA054           Rappahannock Electric Co-op                                  51137               ORANGE
VA054           Rappahannock Electric Co-op                                  51157               RAPPAHANNOCK
VA054           Rappahannock Electric Co-op                                  51177               SPOTSYLVANIA
VA054           Rappahannock Electric Co-op                                  51179               STAFFORD
VA055           Northern Virginia Electric Co-op                             51043               CLARKE
VA055           Northern Virginia Electric Co-op                             51059               FAIRFAX
VA055           Northern Virginia Electric Co-op                             51061               FAUQUIER
VA055           Northern Virginia Electric Co-op                             51107               LOUDOUN
VA055           Northern Virginia Electric Co-op                             51153               PRINCE WILLIAM
VA055           Northern Virginia Electric Co-op                             51179               STAFFORD
VT007           Vermont Electric Co-op, Inc.                                 25011               FRANKLIN
VT007           Vermont Electric Co-op, Inc.                                 50001               ADDISON
VT007           Vermont Electric Co-op, Inc.                                 50003               BENNINGTON
VT007           Vermont Electric Co-op, Inc.                                 50007               CHITTENDEN

                                       97
<PAGE>

VT007           Vermont Electric Co-op, Inc.                                 50011               FRANKLIN
VT007           Vermont Electric Co-op, Inc.                                 50015               LAMOILLE
VT007           Vermont Electric Co-op, Inc.                                 50019               ORLEANS
VT007           Vermont Electric Co-op, Inc.                                 50025               WINDHAM
VT008           Washington Electric Co-op, Inc.                              50005               CALEDONIA
VT008           Washington Electric Co-op, Inc.                              50017               ORANGE
VT008           Washington Electric Co-op, Inc.                              50019               ORLEANS
VT008           Washington Electric Co-op, Inc.                              50023               WASHINGTON
WA008           Benton REA                                                   53005               BENTON
WA008           Benton REA                                                   53041               LEWIS
WA008           Benton REA                                                   53077               YAKIMA
WA009           Orcas Power & Light Company                                  53055               SAN JUAN
WA014           Tanner Electric                                              53033               KING
WA014           Tanner Electric                                              53053               PIERCE
WA017           PUD No. 1 of Klickitat County                                53005               BENTON
WA017           PUD No. 1 of Klickitat County                                53039               KLICKITAT
WA017           PUD No. 1 of Klickitat County                                53059               SKAMANIA
WA017           PUD No. 1 of Klickitat County                                53077               YAKIMA
WA020           Columbia REA, Inc.                                           41059               UMATILLA
WA020           Columbia REA, Inc.                                           53013               COLUMBIA
WA020           Columbia REA, Inc.                                           53071               WALLA WALLA
WA028           PUD No. 1 Kittitas County                                    53037               KITTITAS
WA032           Okanogan County Elec. Co-op                                  53047               OKANOGAN
WA036           Big Bend Electric Co-op, Inc.                                53001               ADAMS
WA036           Big Bend Electric Co-op, Inc.                                53021               FRANKLIN
WA036           Big Bend Electric Co-op, Inc.                                53043               LINCOLN
WA036           Big Bend Electric Co-op, Inc.                                53075               WHITMAN
WA037           Lincoln Electric Co-op, Inc.                                 53001               ADAMS
WA037           Lincoln Electric Co-op, Inc.                                 53043               LINCOLN
WA039           Nespelem Valley Elec. Co-op                                  53017               DOUGLAS
WA039           Nespelem Valley Elec. Co-op                                  53019               FERRY
WA039           Nespelem Valley Elec. Co-op                                  53025               GRANT
WA039           Nespelem Valley Elec. Co-op                                  53047               OKANOGAN
WA046           PUD No. 1 of Ferry County                                    53019               FERRY
WA046           PUD No. 1 of Ferry County                                    53047               OKANOGAN
WA047           PUC No. 1 Douglas County                                     53017               DOUGLAS
WA047           PUC No. 1 Douglas County                                     53025               GRANT
WA048           PUD No. 1 Mason County                                       53031               JEFFERSON
WA048           PUD No. 1 Mason County                                       53045               MASON
WI014           Oconto Electric Co-op                                        55075               MARINETTE
WI014           Oconto Electric Co-op                                        55078               MENOMINEE
WI014           Oconto Electric Co-op                                        55083               OCONTO
WI014           Oconto Electric Co-op                                        55115               SHAWANO
WI016           Head of the Lakes Electric Co-op                             27017               CARLTON
WI016           Head of the Lakes Electric Co-op                             27115               PINE
WI016           Head of the Lakes Electric Co-op                             55013               BURNETT
WI016           Head of the Lakes Electric Co-op                             55031               DOUGLAS
WI016           Head of the Lakes Electric Co-op                             55129               WASHBURN
WI019           Chippewa Valley Electric Co-op                               55005               BARRON
WI019           Chippewa Valley Electric Co-op                               55017               CHIPPEWA
WI019           Chippewa Valley Electric Co-op                               55033               DUNN
WI019           Chippewa Valley Electric Co-op                               55107               RUSK

                                       98
<PAGE>

WI019           Chippewa Valley Electric Co-op                               55119               TAYLOR
WI021           Taylor Electric Cooperative                                  55019               CLARK
WI021           Taylor Electric Cooperative                                  55069               LINCOLN
WI021           Taylor Electric Cooperative                                  55073               MARATHON
WI021           Taylor Electric Cooperative                                  55119               TAYLOR
WI025           Oakdale Electric Co-op                                       55053               JACKSON
WI025           Oakdale Electric Co-op                                       55057               JUNEAU
WI025           Oakdale Electric Co-op                                       55081               MONROE
WI025           Oakdale Electric Co-op                                       55141               WOOD
WI027           Buffalo Electric Cooperative                                 55011               BUFFALO
WI027           Buffalo Electric Cooperative                                 55091               PEPIN
WI027           Buffalo Electric Cooperative                                 55121               TREMPEALEAU
WI029           Clark Electric Co-op                                         55017               CHIPPEWA
WI029           Clark Electric Co-op                                         55019               CLARK
WI029           Clark Electric Co-op                                         55053               JACKSON
WI029           Clark Electric Co-op                                         55073               MARATHON
WI029           Clark Electric Co-op                                         55119               TAYLOR
WI029           Clark Electric Co-op                                         55141               WOOD
WI032           Pierce-Pepin Electric Co-op                                  55011               BUFFALO
WI032           Pierce-Pepin Electric Co-op                                  55091               PEPIN
WI032           Pierce-Pepin Electric Co-op                                  55093               PIERCE
WI032           Pierce-Pepin Electric Co-op                                  55109               ST CROIX
WI035           Richland Electric Co-op                                      55023               CRAWFORD
WI035           Richland Electric Co-op                                      55103               RICHLAND
WI035           Richland Electric Co-op                                      55111               SAUK
WI035           Richland Electric Co-op                                      55123               VERNON
WI037           Trempealeau Electric Co-op                                   55011               BUFFALO
WI037           Trempealeau Electric Co-op                                   55035               EAU CLAIRE
WI037           Trempealeau Electric Co-op                                   55053               JACKSON
WI037           Trempealeau Electric Co-op                                   55063               LA CROSSE
WI037           Trempealeau Electric Co-op                                   55121               TREMPEALEAU
WI038           Rock County Electric Co-op Assn.                             17007               BOONE
WI038           Rock County Electric Co-op Assn.                             17201               WINNEBAGO
WI038           Rock County Electric Co-op Assn.                             55025               DANE
WI038           Rock County Electric Co-op Assn.                             55045               GREEN
WI038           Rock County Electric Co-op Assn.                             55105               ROCK
WI038           Rock County Electric Co-op Assn.                             55127               WALWORTH
WI040           Barron Electric Cooperative                                  55005               BARRON
WI040           Barron Electric Cooperative                                  55013               BURNETT
WI040           Barron Electric Cooperative                                  55017               CHIPPEWA
WI040           Barron Electric Cooperative                                  55033               DUNN
WI040           Barron Electric Cooperative                                  55095               POLK
WI040           Barron Electric Cooperative                                  55107               RUSK
WI040           Barron Electric Cooperative                                  55113               SAWYER
WI040           Barron Electric Cooperative                                  55129               WASHBURN
WI041           Vernon Electric Co-op                                        55023               CRAWFORD
WI041           Vernon Electric Co-op                                        55057               JUNEAU
WI041           Vernon Electric Co-op                                        55063               LA CROSSE
WI041           Vernon Electric Co-op                                        55081               MONROE
WI041           Vernon Electric Co-op                                        55103               RICHLAND
WI041           Vernon Electric Co-op                                        55111               SAUK
WI041           Vernon Electric Co-op                                        55123               VERNON

                                       99
<PAGE>

WI043           Grant-Lafayette Electric Co-op                               55043               GRANT
WI043           Grant-Lafayette Electric Co-op                               55065               LAFAYETTE
WI043           Grant-Lafayette Electric Co-op                               17085               JO DAVIESS
WI043           Grant-Lafayette Electric Co-op                               55045               GREEN
WI043           Grant-Lafayette Electric Co-op                               55049               IOWA
WI043           Grant-Lafayette Electric Co-op                               55065               LAFAYETTE
WI047           Jackson Electric Co-op                                       55019               CLARK
WI047           Jackson Electric Co-op                                       55035               EAU CLAIRE
WI047           Jackson Electric Co-op                                       55053               JACKSON
WI047           Jackson Electric Co-op                                       55063               LA CROSSE
WI047           Jackson Electric Co-op                                       55081               MONROE
WI047           Jackson Electric Co-op                                       55121               TREMPEALEAU
WI049           Dunn County Electric Co-op                                   55005               BARRON
WI049           Dunn County Electric Co-op                                   55017               CHIPPEWA
WI049           Dunn County Electric Co-op                                   55033               DUNN
WI049           Dunn County Electric Co-op                                   55091               PEPIN
WI049           Dunn County Electric Co-op                                   55093               PIERCE
WI049           Dunn County Electric Co-op                                   55109               ST CROIX
WI051           St. Croix Electric Co-op                                     55033               DUNN
WI051           St. Croix Electric Co-op                                     55093               PIERCE
WI051           St. Croix Electric Co-op                                     55095               POLK
WI051           St. Croix Electric Co-op                                     55109               ST CROIX
WI052           Crawford Electric Co-op                                      55023               CRAWFORD
WI052           Crawford Electric Co-op                                      55103               RICHLAND
WI052           Crawford Electric Co-op                                      55123               VERNON
WI053           Eau Claire Electric Co-op                                    55011               BUFFALO
WI053           Eau Claire Electric Co-op                                    55017               CHIPPEWA
WI053           Eau Claire Electric Co-op                                    55033               DUNN
WI053           Eau Claire Electric Co-op                                    55035               EAU CLAIRE
WI053           Eau Claire Electric Co-op                                    55053               JACKSON
WI053           Eau Claire Electric Co-op                                    55091               PEPIN
WI053           Eau Claire Electric Co-op                                    55121               TREMPEALEAU
WI054           Polk-Burnett Electric Co-op                                  55005               BARRON
WI054           Polk-Burnett Electric Co-op                                  55013               BURNETT
WI054           Polk-Burnett Electric Co-op                                  55033               DUNN
WI054           Polk-Burnett Electric Co-op                                  55095               POLK
WI054           Polk-Burnett Electric Co-op                                  55109               ST CROIX
WI054           Polk-Burnett Electric Co-op                                  55129               WASHBURN
WI057           Jump River Electric Co-op                                    55005               BARRON
WI057           Jump River Electric Co-op                                    55017               CHIPPEWA
WI057           Jump River Electric Co-op                                    55099               PRICE
WI057           Jump River Electric Co-op                                    55107               RUSK
WI057           Jump River Electric Co-op                                    55113               SAWYER
WI057           Jump River Electric Co-op                                    55119               TAYLOR
WI058           Price Electric Co-op, Inc.                                   55003               ASHLAND
WI058           Price Electric Co-op, Inc.                                   55051               IRON
WI058           Price Electric Co-op, Inc.                                   55069               LINCOLN
WI058           Price Electric Co-op, Inc.                                   55085               ONEIDA
WI058           Price Electric Co-op, Inc.                                   55099               PRICE
WI058           Price Electric Co-op, Inc.                                   55107               RUSK
WI058           Price Electric Co-op, Inc.                                   55113               SAWYER
WI058           Price Electric Co-op, Inc.                                   55119               TAYLOR

                                      100
<PAGE>

WI058           Price Electric Co-op, Inc.                                   55125               VILAS
WI059           Washington Island Elec. Co-op, Inc.                          55029               DOOR
WI060           Waushara Electric Co-op                                      55001               ADAMS
WI060           Waushara Electric Co-op                                      55047               GREEN LAKE
WI060           Waushara Electric Co-op                                      55077               MARQUETTE
WI060           Waushara Electric Co-op                                      55097               PORTAGE
WI060           Waushara Electric Co-op                                      55135               WAUPACA
WI060           Waushara Electric Co-op                                      55137               WAUSHARA
WI060           Waushara Electric Co-op                                      55141               WOOD
WI063           Bayfield Electric Co-op, Inc.                                26053               GOGEBIC
WI063           Bayfield Electric Co-op, Inc.                                55003               ASHLAND
WI063           Bayfield Electric Co-op, Inc.                                55007               BAYFIELD
WI063           Bayfield Electric Co-op, Inc.                                55031               DOUGLAS
WI063           Bayfield Electric Co-op, Inc.                                55051               IRON
WI063           Bayfield Electric Co-op, Inc.                                55113               SAWYER
WI063           Bayfield Electric Co-op, Inc.                                55125               VILAS
WI066           Central Wisconsin Electric Co-op                             55073               MARATHON
WI066           Central Wisconsin Electric Co-op                             55097               PORTAGE
WI066           Central Wisconsin Electric Co-op                             55115               SHAWANO
WI066           Central Wisconsin Electric Co-op                             55135               WAUPACA
WV010           Harrison REA, Inc.                                           54001               BARBOUR
WV010           Harrison REA, Inc.                                           54017               DODDRIDGE
WV010           Harrison REA, Inc.                                           54033               HARRISON
WV010           Harrison REA, Inc.                                           54041               LEWIS
WV010           Harrison REA, Inc.                                           54049               MARION
WV010           Harrison REA, Inc.                                           54091               TAYLOR
WV010           Harrison REA, Inc.                                           54097               UPSHUR
WY003           Riverton Valley Electric Assn.                               56013               FREMONT
WY005           Big Horn REC                                                 30003               BIG HORN
WY005           Big Horn REC                                                 30009               CARBON
WY005           Big Horn REC                                                 56003               BIG HORN
WY005           Big Horn REC                                                 56019               JOHNSON
WY005           Big Horn REC                                                 56029               PARK
WY005           Big Horn REC                                                 56033               SHERIDAN
WY005           Big Horn REC                                                 56043               WASHAKIE
WY006           Wyrulec Company                                              31007               BANNER
WY006           Wyrulec Company                                              31157               SCOTTS BLUFF
WY006           Wyrulec Company                                              56015               GOSHEN
WY006           Wyrulec Company                                              56021               LARAMIE
WY006           Wyrulec Company                                              56031               PLATTE
WY009           Bridger Valley Electric Assn., Inc.                          49009               DAGGETT
WY009           Bridger Valley Electric Assn., Inc.                          49043               SUMMIT
WY009           Bridger Valley Electric Assn., Inc.                          56023               LINCOLN
WY009           Bridger Valley Electric Assn., Inc.                          56037               SWEETWATER
WY009           Bridger Valley Electric Assn., Inc.                          56041               UINTA
WY010           Wheatland REA                                                56001               ALBANY
WY010           Wheatland REA                                                56015               GOSHEN
WY010           Wheatland REA                                                56021               LARAMIE
WY010           Wheatland REA                                                56031               PLATTE
WY011           Lower Valley Power & Light, Inc.                             16019               BONNEVILLE
WY011           Lower Valley Power & Light, Inc.                             16029               CARIBOU
WY011           Lower Valley Power & Light, Inc.                             56023               LINCOLN

                                      101
<PAGE>

WY011           Lower Valley Power & Light, Inc.                             56035               SUBLETTE
WY011           Lower Valley Power & Light, Inc.                             56039               TETON
WY012           Garland Light & Power Co.                                    56003               BIG HORN
WY012           Garland Light & Power Co.                                    56029               PARK
WY014           Rural Electric Company, Inc.                                 08069               LARIMER
WY014           Rural Electric Company, Inc.                                 08075               LOGAN
WY014           Rural Electric Company, Inc.                                 08123               WELD
WY014           Rural Electric Company, Inc.                                 31007               BANNER
WY014           Rural Electric Company, Inc.                                 31033               CHEYENNE
WY014           Rural Electric Company, Inc.                                 31105               KIMBALL
WY014           Rural Electric Company, Inc.                                 31123               MORRILL
WY014           Rural Electric Company, Inc.                                 56001               ALBANY
WY014           Rural Electric Company, Inc.                                 56021               LARAMIE
WY016           Hot Springs REA, Inc.                                        56003               BIG HORN
WY016           Hot Springs REA, Inc.                                        56007               CARBON
WY016           Hot Springs REA, Inc.                                        56013               FREMONT
WY016           Hot Springs REA, Inc.                                        56017               HOT SPRINGS
WY016           Hot Springs REA, Inc.                                        56025               NATRONA
WY016           Hot Springs REA, Inc.                                        56029               PARK
WY016           Hot Springs REA, Inc.                                        56043               WASHAKIE
WY021           Carbon Power & Light, Inc.                                   56001               ALBANY
WY021           Carbon Power & Light, Inc.                                   56007               CARBON
WY022           Niobrara Electric Assn., Inc.                                31045               DAWES
WY022           Niobrara Electric Assn., Inc.                                31165               SIOUX
WY022           Niobrara Electric Assn., Inc.                                46047               FALL RIVER
WY022           Niobrara Electric Assn., Inc.                                56009               CONVERSE
WY022           Niobrara Electric Assn., Inc.                                56015               GOSHEN
WY022           Niobrara Electric Assn., Inc.                                56027               NIOBRARA
WY022           Niobrara Electric Assn., Inc.                                56031               PLATTE
WY022           Niobrara Electric Assn., Inc.                                56045               WESTON
WY024           Sheridan-Johnson REA                                         30003               BIG HORN
WY024           Sheridan-Johnson REA                                         56005               CAMPBELL
WY024           Sheridan-Johnson REA                                         56019               JOHNSON
WY024           Sheridan-Johnson REA                                         56033               SHERIDAN
WY025           Powder River Energy Corporation                              56005               CAMPBELL
WY025           Powder River Energy Corporation                              56011               CROOK
WY025           Powder River Energy Corporation                              56045               WESTON
</TABLE>

                                      102
<PAGE>

<PAGE>

                               SCHEDULE B, PART II
                        PROPANE AND NATURAL GAS COUNTIES
                             SERVED BY COOPERATIVES

      This is a list of additional propane and natural gas counties served by
rural electric cooperatives outside of their electric service area as of the
date of this Schedule (August 15, 1999). Any county in which such service is
provided as of that date, but is inadvertently not listed, shall be deemed to be
incuded.

PROPANE
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
REANUM                         REC Name                         ELECTRIC CNTY NAME ALREADY LISTED ON     PROPANE CNTY NAME
                                                                SCHEDULE B, PART I
---------------------------------------------------------------------------------------------------------------------------
<C>                <S>                                          <C>                                      <C>
AL033              Coosa Valley Electric Co-op, Inc.            CALHOUN                                  CLEBURNE
AL033              Coosa Valley Electric Co-op, Inc.            CLAY
AL033              Coosa Valley Electric Co-op, Inc.            ETOWAH
AL033              Coosa Valley Electric Co-op, Inc.            SAINT CLAIR
AL033              Coosa Valley Electric Co-op, Inc.            SHELBY
AL033              Coosa Valley Electric Co-op, Inc.            TALLADEGA

ID010              Clearwater Power Company                     BENEWAH                                  PIERCE
ID010              Clearwater Power Company                     CLEARWATER
ID010              Clearwater Power Company                     IDAHO
ID010              Clearwater Power Company                     LATAH
ID010              Clearwater Power Company                     LEWIS
ID010              Clearwater Power Company                     NEZ PERCE
ID010              Clearwater Power Company                     SHOSHONE
ID010              Clearwater Power Company                     WALLOWA
ID010              Clearwater Power Company                     ASOTIN
ID010              Clearwater Power Company                     GARFIELD
ID010              Clearwater Power Company                     WHITMAN

ID015              Idaho County Light & Power Co-op             IDAHO                                    ADAMS
ID015              Idaho County Light & Power Co-op             LEWIS

IL027              Edgar Electric Co-op Assn.                   CLARK                                    CRAWFORD
IL027              Edgar Electric Co-op Assn.                   COLES                                    LAWRENCE
IL027              Edgar Electric Co-op Assn.                   DOUGLAS
IL027              Edgar Electric Co-op Assn.                   EDGAR
IL027              Edgar Electric Co-op Assn.                   VERMILLION

KY035              Warren RECC                                  BARREN                                   ALLEN
KY035              Warren RECC                                  BUTLER
KY035              Warren RECC                                  EDMONSON
KY035              Warren RECC                                  GRAYSON
KY035              Warren RECC                                  LOGAN
KY035              Warren RECC                                  OHIO
KY035              Warren RECC                                  SIMPSON
KY035              Warren RECC                                  WARREN

MI041              Oceana Electric Co-op                        MASON                                    ROSCOMMON
MI041              Oceana Electric Co-op                        MUSKEGON
MI041              Oceana Electric Co-op                        NEWAYGO
MI041              Oceana Electric Co-op                        OCEANA
</TABLE>

                                        1
<PAGE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
REANUM                         REC Name                         ELECTRIC CNTY NAME ALREADY LISTED ON     PROPANE CNTY NAME
                                                                SCHEDULE B, PART I
---------------------------------------------------------------------------------------------------------------------------
<C>                <S>                                          <C>                                      <C>
OH087              Hancock-Wood Electric Co-op, Inc.            ALLEN                                    OTTAWA
OH087              Hancock-Wood Electric Co-op, Inc.            ERIE
OH087              Hancock-Wood Electric Co-op, Inc.            HANCOCK
OH087              Hancock-Wood Electric Co-op, Inc.            HARDIN
OH087              Hancock-Wood Electric Co-op, Inc.            HENRY
OH087              Hancock-Wood Electric Co-op, Inc.            PUTNAM
OH087              Hancock-Wood Electric Co-op, Inc.            SANDUSKY
OH087              Hancock-Wood Electric Co-op, Inc.            SENECA
OH087              Hancock-Wood Electric Co-op, Inc.            WOOD
OH087              Hancock-Wood Electric Co-op, Inc.            WYANDOT

PA025              Adams Electric Co-op, Inc.                   ADAMS                                    LANCASTER
PA025              Adams Electric Co-op, Inc.                   CUMBERLAND                               DOLPHIN
PA025              Adams Electric Co-op, Inc.                   FRANKLIN                                 LEBANON
PA025              Adams Electric Co-op, Inc.                   YORK                                     HARFORD  (MD)
                                                                                                         BALTIMORE CNTY (MD)
                                                                                                         CARROLL  (MD)
                                                                                                         FREDERICK  (MD)
</TABLE>

                                        2
<PAGE>

<TABLE>
<CAPTION>
NATURAL GAS
---------------------------------------------------------------------------------------------------------------------------
REANUM                         REC Name                         ELECTRIC CNTY NAME ALREADY LISTED ON     PROPANE CNTY NAME
                                                                SCHEDULE B, PART I
---------------------------------------------------------------------------------------------------------------------------
<C>                <S>                                          <C>                                      <C>
CO022              United Power, Inc.                           ADAMS                                    NEBRASKA COUNTIES
CO022              United Power, Inc.                           BOULDER                                  BLAINE
CO022              United Power, Inc.                           GILPIN                                   BOONE
CO022              United Power, Inc.                           JEFFERSON                                BOYD
CO022              United Power, Inc.                           WELD                                     CASS
                                                                                                         CLAY
                                                                                                         DOUGLAS
                                                                                                         DUNDEE
                                                                                                         FILLMORE
                                                                                                         FRANKLIN
                                                                                                         GARFIELD
                                                                                                         GREELEY
                                                                                                         HITCHCOCK
                                                                                                         HOWARD
                                                                                                         JOHNSON
                                                                                                         KEARNEY
                                                                                                         KIMBALL
                                                                                                         LOGAN
                                                                                                         NEMAHA
                                                                                                         NUCKOLLS
                                                                                                         OTOE
                                                                                                         PAWNEE
                                                                                                         RICHARDSON
                                                                                                         SARPY
                                                                                                         THOMAS
                                                                                                         VALLEY
                                                                                                         WEBSTER
                                                                                                         WHEELER

IL038              Corn Belt Electric Co-op, Inc.               CHAMPAIGN                                COOK
IL038              Corn Belt Electric Co-op, Inc.               DE WITT                                  DUPAGE
IL038              Corn Belt Electric Co-op, Inc.               FORD                                     LAKE
IL038              Corn Belt Electric Co-op, Inc.               LIVINGSTON                               KANE
IL038              Corn Belt Electric Co-op, Inc.               LOGAN                                    WILL
IL038              Corn Belt Electric Co-op, Inc.               MC LEAN                                  DEKALB
IL038              Corn Belt Electric Co-op, Inc.               MACON                                    WINNEBAGO
IL038              Corn Belt Electric Co-op, Inc.               PIATT                                    KANKAKEE
IL038              Corn Belt Electric Co-op, Inc.               TAZEWELL                                 MCHENRY
IL038              Corn Belt Electric Co-op, Inc.               WOODFORD                                 STEPHENSON

VA055              Northern Virginia Electric Co-op             CLARKE                                   ARLINGTON
VA055              Northern Virginia Electric Co-op             FAIRFAX                                  ANNE ARUNDEL (MD)
VA055              Northern Virginia Electric Co-op             FAUQUIER                                 BALTIMORE
VA055              Northern Virginia Electric Co-op             LOUDOUN                                  BALTIMORE CITY
VA055              Northern Virginia Electric Co-op             PRINCE WILLIAM                           HOWARD
VA055              Northern Virginia Electric Co-op             STAFFORD                                 MONTGOMERY
</TABLE>
<PAGE>

                                   SCHEDULE C

                            PERFORMANCE STANDARDS FOR
               ALPHA, BETA AND RESIDENTIAL COGENERATION UNIT (RCU)
          (COMMERCIAL UNITS ALSO SHALL MEET OR EXCEED THESE STANDARDS)

1.    TYPICAL SPECIFICATIONS

--------------------------------------------------------------------------------
         PARAMETER                                  VALUE
--------------------------------------------------------------------------------
Unit rating                 [*****] net, [*****] (1 hour)
                            Optional : Up to [*****] (one hour)
--------------------------------------------------------------------------------
Fuel to electricity         [*****] (Beta), [*****] (Alpha)
efficiency
--------------------------------------------------------------------------------
Fuel input                  Natural gas @ 1,000 Btu/ft3
                            ---------------------------
                            [*****] fuel to electricity efficiency
                            [*****] Fuel to electricity efficiency

                            Propane @ 21,670 Btu/lb
                            -----------------------
                            [*****] fuel to electricity efficiency
                            [*****] fuel to electricity efficiency
                            (Propane at 4.22 lb/Gal.)
--------------------------------------------------------------------------------
AC OUTPUT CHARACTERISTICS
--------------------------------------------------------------------------------
Nominal voltage, frequency  120/240 VAC, 60 Hz
AC output waveform          Sinewave, 34 to 52 steps per cycle
Voltage regulation          +/- 2%
Total harmonic distorsion   3 to 5% (stand alone operation)
Frequency regulation        +/- 0.04% (crystal regulated)
Power factor                [*****]
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Unit overall efficiency     [*****] (Alpha) to [*****] (Beta)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Thermal energy available    [*****] at [*****] unit overall efficiency and
for recuperation            [*****] fuel to electricity efficiency
                            [*****] at [*****] unit overall efficiency and
                            [*****] fuel to electricity efficiency
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
SPACE AND WATER HEATER
OPTION
--------------------------------------------------------------------------------
Thermal energy temperature  Hot water @ 140 (degrees) F
--------------------------------------------------------------------------------
Space and water heating     [*****] (sizing will depend on
                            local climate conditions)
--------------------------------------------------------------------------------
Water tank capacity         [*****] US Gal.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Space heating               [*****] optional higher capacities available
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Confidential                         Page 1

<PAGE>

2.    Codes and Standards

      Units shall comply with the following codes and standards

                  o     A.G.A./CGA, UL Listing

                  o     IEEE 929

                  o     IEEE P1547

                  o     UL 1741

                  o     NFPA 853

                  o     ASME PTC-50

                  o     IEEE 519

                  o     ANSI Z21.83

3.    Grid Compatibility

      The power conditioning module is based on a cooperative effort being
      carried out with [*****]. These inverters are specifically designed for
      connecting an electric generating system to a utility grid with a battery
      storage system.

      For applications including the selling of the fuel cell's electricity back
      to the grid, the [*****] includes code which allows this to happen both
      safely and efficiently. Operating mode of the [*****] include:

      Utility Interactive Mode:

      Operating as a [*****] delivers to the grid power from the fuel cell above
      that necessary to raise the batteries to their programmed float voltage. A
      grid usage timer can be set to allow selling of electricity to the utility
      only during prescribed hours. Sell-back current is adjustable. (Utility
      inter-tie must have approval of local utility company).

      Power Mode:

      The inverter is connected to the grid and to the fuel cell. If the fuel
      cell fails, then power is switched to the grid. After fuel cell power
      returns, power is switched back to fuel cell system.

      Battery Charging Mode:

      If the batteries are low, a low-battery set point triggers the
      battery-charging mode from the fuel cell.

--------------------------------------------------------------------------------
Confidential                         Page 2
<PAGE>

      Peak Load-Shaving Mode:

      The [*****] be programmed so that during a programmable
      time of the day (peak periods), power is delivered to the grid from the
      batteries.

      [*****] Specifications

      --------------------------------------------------------------------
                Parameter                            Value
      --------------------------------------------------------------------
      AC output voltage (RMS)       120/240 VAC
      --------------------------------------------------------------------
      Nominal frequency             60 Hz
      --------------------------------------------------------------------
      Continuous power @            [*****]
      25(Degree)C
      --------------------------------------------------------------------
      Efficiency (peak)             [*****]
      --------------------------------------------------------------------

      All the [*****] include the following protective systems. These systems
      are used to protect the inverter/operator/utility personnel from hazardous
      conditions. The standard protection is as follows:

      [*****]

      o     Grid shorted :    Normally, when the utility fails, the inverter
                              momentarily tries to power the entire
                              neighborhood. This protective system operates in
                              less than four milliseconds.

      o     Grid open :       The inverter senses when there is no current being
                              delivered to the grid and disconnects. This
                              protective system may require up to one second to
                              respond.

      o     Islanding :       This occurrs when the grid has failed and the
                              "neigborhood" that the inverter is powering
                              requires the same amount of power that the
                              inverter can supply. This balanced condition is
                              often called "islanding". The inverter monitors
                              the utility grid and waits for it to rise a couple
                              of volts before it begins to invert again. This is
                              done on each cycle when SELL mode is activated.

      o     Over/Under        Since the inverter is locked onto the frequency of
            Frequency :       the islanded utility grid, the frequency of the
                              system will drift out of regulation in a short

--------------------------------------------------------------------------------
Confidential                         Page 3
<PAGE>

                              amount of time during an islanding condition. The
                              inverter will shut off and disconnect after the
                              frequency exceeds +/- 1 hertz of the nominal
                              frequency.

      o     Over/Under        Since the inverter does not regulate the voltage
            Voltage :         of the utility grid while selling power into it,
                              the AC voltage will drift out of regulation in
                              short amount of time during an islanding
                              condition. The inverter will shut off and
                              disconnect after the voltage exceeds +/- 10% of
                              the nominal AC voltage.

4. Installation, Start-up and Training

Units are factory tested before shipping and ready for connections.

      o Installation & Start Up:

            -     Included on site initial setting, start-up and commissioning
                  as necessary, by HPEC, anywhere in the US

            -     Inside installation, option available for outside installation

      o Technical assistance :

            -     continuous phone assistance (regular hours, working days).

            -     one on site visit during Alpha and Beta test period.

      Units are installed parallel to the grid. In the case of failure during
      the testing period, the customer will not suffer from a loss of power
      because power is then drawn from the grid. A local technician under H
      Power guidance or a H Power technician can then start with
      troubleshooting.

      o Training :

            -     On site, two days during commissioning period

            -     One or two days seminar at a central location up to 3
                  times/year

      o Manuals :       Installation, Operation and Maintenance manuals
                        included, RS-232 interfacing and fault diagnostics
                        provided.

      o Remote monitoring :         Included in Alpha units.

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Confidential                         Page 4
<PAGE>

5. Safety Features :

      o     Hydrogen leak detectors that shut-off RCU and close gas valves.

      o     Natural Gas or propane leak detector with interlocks.

      o     Shut-off valve device on fuel line

      o     Automatic shut-off system [*****].

      o     Automatic shut-off system [*****].

      o     Vent blockage detector with interlocks

      o     [*****] Therefore it already includes standard safety features as
            required locally and nationally (relief valves, high temperature
            limits, flame detection, etc.).

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Confidential                         Page 5<PAGE>
                                                                   Exhibit 10.28

                                    AGREEMENT

      This Agreement is made on this 20th day of August 1999, between H Power
Enterprises of Canada, Inc., a Canadian corporation ("HPEC"), and H Power Corp.,
a Delaware corporation, with its principal offices at 60 Montgomery Street,
Belleville, NJ 07109 ("H Power").

      Whereas, HPEC and H Power entered into a Technology Licensing Agreement
and a Stock Exchange Agreement, both dated May 2, 1997, setting forth terms and
conditions relating to HPEC's exclusive marketing rights; and

      Whereas, Section 3.2 of the Technology Licensing Agreement provides that
HPEC has exclusive rights to market, promote, advertise, sell, service,
distribute and merchandise (the "Exclusive Rights") certain stationary power
fuel cell technology (the "Fuel Cell Technology") in Canada, and at such time as
certain of HPEC's investors exercise their exchange rights under the Stock
Exchange Agreement, to Canada, North America and Central America; and

      Whereas, H Power has entered into a licensing agreement (the "Licensing
Agreement") with ECO Fuel Cells LLC, A Delaware limited liability company ("ECO
LLC") effective as of the date hereof; and

      Whereas, the arrangement with ECO LLC is twofold, being comprised of a
substantial equity investment in H Power and an exclusive distributorship to
market H Power's fuel cell stationary power systems within all the counties in
the United States presently served by ECO LLC's members; and

      Whereas, the terms of the Licensing Agreement conflict with HPEC's
Exclusive Rights under the Technology Licensing Agreement; and

      Whereas, HPEC has agreed to waive its exclusive rights under the
Technology Licensing Agreement and to cooperate with H Power to consummate the
Licensing Agreement.

      Now, Therefore, in consideration of these premises and other good and
valuable consideration, including the sum of $1.00 paid to HPEC by H Power, the
receipt of which is hereby acknowledged, the Parties hereby agree as follows:

1.    HPEC hereby relinquishes all of its Exclusive Rights to North America
      under the terms of the Technology Licensing Agreement, whether now in
      existence or in the future acquired upon the exercise of certain exchange
      rights under the Technology Licensing Agreement, but only to the extent
      that they infringe on the rights granted to ECO LLC by H Power under the
      Operating Agreement.

2.    This Agreement embodies all the understandings and agreements of the
      Parties and supersedes all prior and contemporaneous, oral or written
      agreements or understandings relating to the matters referred to herein.

<PAGE>

3.    This Agreement may be amended or modified only by an instrument of equal
      formality signed by duly authorized officers or representatives of the
      respective Parties hereto.

4.    The validity, performance, construction and effect of this Agreement will
      be governed by the law of the State of New Jersey. This Agreement shall be
      binding upon the Parties hereto and their respective executors,
      administrators, heirs, assigns and successors in interest.

5.    This Agreement may be executed in any number of counterparts, each of
      which shall be deemed to be an original, all of which shall constitute one
      and the same Agreement.

      IN WITNESS WHEREOF, H Power has caused this Agreement to be signed by its
corporate officer thereunto duly authorized, and HPEC by H. Frank Gibbard, its
President, as authorized by HPEC's Board of Directors at a meeting on July 27,
1999.

H POWER CORP.                             H POWER ENTERPRISES OF CANADA, INC.

By: /s/ H. Frank Gibbard                  By: /s/ H. Frank Gibbard
    ------------------------------            ----------------------------------
Its:                                      Its:
     -----------------------------            ----------------------------------

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