Document:

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                                                                     EXHIBIT 4.2

                                                                  EXECUTION COPY

                         CITIZENS COMMUNICATIONS COMPANY

                                 $1,750,000,000

                              6.375% NOTES DUE 2004
                              7.625% NOTES DUE 2008
                              9.00% NOTES DUE 2031

                   EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

                                                   August 16, 2001
MORGAN STANLEY & CO. INCORPORATED
J.P. MORGAN SECURITIES INC.
   As Representatives of the several
   Initial Purchasers

Ladies and Gentlemen:

      Citizens Communications Company, a Delaware corporation (the "COMPANY"),
proposes to issue and sell to the several Initial Purchasers listed in Schedule
I to the Purchase Agreement (the "INITIAL PURCHASERS"), upon the terms and
subject to the conditions set forth in a purchase agreement dated August 13,
2001 between the Company and the Initial Purchasers (the "PURCHASE AGREEMENT"),
$300,000,000 aggregate principal amount of its 6.375 % Notes Due 2004 (the "2004
NOTES"), $750,000,000 aggregate principal amount of its 7.625 % Notes Due 2008
(the "2008 Notes") and $700,000,000 aggregate principal amount of its 9.00 %
Notes Due 2031 (the "2031 NOTES"; and together with the 2004 Notes and the 2008
Notes, the "NOTES"). Capitalized terms used but not defined herein shall have
the meanings given to such terms in the Purchase Agreement.

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      As an inducement to the Initial Purchasers to enter into the Purchase
Agreement and in satisfaction of a condition to the obligations of the Initial
Purchasers thereunder, the Company agrees with the Initial Purchasers, for the
benefit of the holders (including the Initial Purchasers) of the Notes, the
Exchange Notes (as defined herein) and the Private Exchange Notes (as defined
herein) (collectively, the "Holders"), as follows:

      1. REGISTERED EXCHANGE OFFER. The Company shall (i) prepare and, not later
than 120 calendar days following the date of original issuance of the Notes (the
"CLOSING DATE"), use its reasonable best efforts to file with the Commission a
registration statement (the "EXCHANGE OFFER REGISTRATION STATEMENT") on an
appropriate form under the Securities Act with respect to a proposed offer to
the Holders of the Notes (the "REGISTERED EXCHANGE OFFER") to issue and deliver
to such Holders, in exchange for the Notes, debt securities of the Company (the
"EXCHANGE NOTES") that have the same aggregate principal amount as the tendered
Notes and that are identical in all material respects to the tendered Notes,
except for the transfer restrictions relating to the Notes and the registration
rights pertaining thereto pursuant to this Exchange and Registration Rights
Agreement, (ii) use its reasonable best efforts to cause the Exchange Offer
Registration Statement to become effective under the Securities Act no later
than 180 calendar days after the Closing Date and the Registered Exchange Offer
to be consummated no later than 210 calendar days after the Closing Date and
(iii) keep the Exchange Offer Registration Statement effective for not less than
30 calendar days (or longer, if required by applicable law) after the date on
which notice of the Registered Exchange Offer is mailed to the Holders (such
period being called the "EXCHANGE OFFER REGISTRATION PERIOD"). The Exchange
Notes will be issued as separate series of debt securities under an indenture
(the "INDENTURE") dated as of the date hereof, between the Company and The Chase
Manhattan Bank, as trustee (the "TRUSTEE").

      Upon the effectiveness of the Exchange Offer Registration Statement, the
Company shall promptly commence the Registered Exchange Offer, it being the
objective of such Registered Exchange Offer to enable each Holder electing to
exchange Notes for Exchange Notes (assuming that such Holder (a) is not an
affiliate of the Company or a Participating Broker-Dealer (as defined herein)
not complying with the requirements of the next sentence, (b) is not an Initial
Purchaser holding Notes that have, or that are reasonably likely to have, the
status of an unsold allotment in an initial distribution, (c) acquires the
Exchange Notes in the ordinary course of such Holder's business and (d) has no
arrangements or understandings with any person to participate in the
distribution of the Exchange Notes) and to trade such Exchange Notes from and
after their receipt without any limitations or restrictions under the Securities
Act and without material restrictions under the securities laws of the several
states of the United States. The Company, the Initial Purchasers and each
Participating Broker-Dealer acknowledge that, pursuant to current
interpretations by the Commission's staff of Section 5 of the Securities Act,
each Holder that is a broker-dealer electing to

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exchange Notes, acquired for its own account as a result of market-making
activities or other trading activities, for Exchange Notes (a "PARTICIPATING
BROKER-DEALER"), is required to deliver a prospectus containing substantially
the information set forth in Annex A hereto on the cover, in Annex B hereto in
the "Exchange Offer Procedures" section and the "Purpose of the Exchange Offer"
section and in Annex C hereto in the "Plan of Distribution" section of such
prospectus in connection with a sale of any such Exchange Notes received by such
Participating Broker-Dealer pursuant to the Registered Exchange Offer.

      If, prior to the consummation of the Registered Exchange Offer, any Holder
holds any Notes acquired by it that have, or that are reasonably likely to be
determined to have, the status of an unsold allotment in an initial
distribution, or any Holder is not entitled to participate in the Registered
Exchange Offer, the Company shall, upon the request of any such Holder,
simultaneously with the delivery of the Exchange Notes in the Registered
Exchange Offer, issue and deliver to any such Holder, in exchange for the Notes
held by such Holder (the "PRIVATE EXCHANGE"), a like aggregate principal amount
of debt securities of the Company (the "PRIVATE EXCHANGE NOTES") that are
identical in all material respects to the Exchange Notes, except for the
transfer restrictions relating to such Private Exchange Notes. The Private
Exchange Notes will be issued under the same indenture as the Exchange Notes,
and the Company shall use its reasonable best efforts to cause the Private
Exchange Notes to bear the same CUSIP number as the Exchange Notes.

      In connection with the Registered Exchange Offer, the Company shall:

            (a) mail to each Holder a copy of the prospectus forming part of the
      Exchange Offer Registration Statement, together with an appropriate letter
      of transmittal and related documents;

            (b) keep the Registered Exchange Offer open for not less than 30
      calendar days (or longer, if required by applicable law) after the date on
      which notice of the Registered Exchange Offer is mailed to the Holders;

            (c) utilize the services of a depositary for the Registered Exchange
      Offer with an address in the Borough of Manhattan, The City of New York;

            (d) permit Holders to withdraw tendered Notes at any time prior to
      the close of business, New York City time, on the last business day on
      which the Registered Exchange Offer shall remain open; and

            (e) otherwise comply in all respects with all laws that are
      applicable to the Registered Exchange Offer.

      As soon as practicable after the close of the Registered Exchange Offer
and any Private Exchange, as the case may be, the Company shall:

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            (a) accept for exchange all Notes tendered and not validly withdrawn
      pursuant to the Registered Exchange Offer and the Private Exchange;

            (b) deliver to the Trustee for cancellation all Notes so accepted
      for exchange; and

            (c) cause the Trustee promptly to authenticate and deliver to each
      Holder, Exchange Notes or Private Exchange Notes, as the case may be,
      equal in principal amount to the Notes of such Holder so accepted for
      exchange.

      The Company shall use its reasonable best efforts to keep the Exchange
Offer Registration Statement effective and to amend and supplement the
prospectus contained therein in order to permit such prospectus to be used by
all persons subject to the prospectus delivery requirements of the Securities
Act for such period of time as such persons must comply with such requirements
in order to resell the Exchange Notes; provided that (i) in the case where such
prospectus and any amendment or supplement thereto must be delivered by a
Participating Broker-Dealer, such period shall be the lesser of 180 calendar
days and the date on which all Participating Broker-Dealers have sold all
Exchange Notes held by them and (ii) the Company shall make such prospectus and
any amendment or supplement thereto available to any broker-dealer for use in
connection with any resale of any Exchange Notes for a period of not less than
180 calendar days after the consummation of the Registered Exchange Offer.

      The Indenture shall provide that the Notes, the Exchange Notes and the
Private Exchange Notes of a specified maturity shall vote and consent together
on all matters as one class where a class vote is required and that none of the
Notes, the Exchange Notes or the Private Exchange Notes of a specified maturity
will have the right to vote or consent as a separate class on any matter.

      Interest on each Exchange Note and Private Exchange Note issued pursuant
to the Registered Exchange Offer and in the Private Exchange will accrue from
the last interest payment date on which interest was paid on the Notes
surrendered in exchange therefor or, if no interest has been paid on the Notes,
from the date of original issuance of such Notes.

      Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the consummation of the
Registered Exchange Offer (i) any Exchange Notes received by such Holder will be
acquired in the ordinary course of business, (ii) such Holder will have no
arrangements or understanding with any person to participate in the distribution
of the Notes or the Exchange Notes within the meaning of the Securities Act and
(iii) such Holder is not an affiliate of the Company or, if it is such an
affiliate, such Holder will comply with the registration and prospectus delivery
requirements of the Securities Act to the extent applicable.

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      Notwithstanding any other provisions hereof, the Company will ensure that
(i) any Exchange Offer Registration Statement and any amendment thereto and any
prospectus forming part thereof and any supplement thereto complies in all
material respects with the Securities Act and the rules and regulations of the
Commission thereunder, (ii) each of the Exchange Act Documents complied when
filed or will comply when so filed in all material respects with the Exchange
Act and the applicable rules and regulations of the Commission thereunder, (iii)
each document, if any, filed pursuant to the Exchange Act and incorporated by
reference in the Exchange Offer Registration Statement (other than the financial
statements contained in the Current Reports on Form 8-K filed on August 10,
2001, May 7, 2001, February 13, 2001 and November 14, 2000 (exclusive of the pro
forma financial information contained therein) (the "EXCLUDED INFORMATION") as
to which the Company makes no representation) contained an untrue statement of a
material fact or omitted to state a material fact necessary to make the
statements in such documents, in light of the circumstances in which they were
made, not misleading, and any further documents so filed and incorporated by
reference in the Exchange Offer Registration Statement and any prospectus
forming a part thereof, when such documents are filed with the Commission, will
conform in all material respects to the requirements of the Exchange Act and the
applicable rules and regulations of the Commission thereunder and shall not
contain an untrue statement of a material fact or omit to state a material fact
necessary to make the statements in the Exchange Offer Registration Statement
and any prospectus forming a part thereof, in light of the circumstances under
which they were made, not misleading, (iv) any Exchange Offer Registration
Statement and any amendment thereto does not, when it becomes effective, contain
an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading
and (v) any prospectus forming part of any Exchange Offer Registration
Statement, and any supplement to such prospectus, does not, as of the
consummation of the Registered Exchange Offer, include an untrue statement of a
material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading.

      2. SHELF REGISTRATION. If (i) because of any change in law or applicable
interpretations thereof by the Commission's staff, the Company is not permitted
to effect the Registered Exchange Offer as contemplated by Section 1 hereof, or
(ii) any law or applicable interpretations thereof by the Commission's staff do
not permit any Holder to participate in the Registered Exchange Offer, or (iii)
the Registered Exchange Offer is not consummated within 210 calendar days after
the Closing Date, or (iv) within 20 days of being accepted in the Registered
Exchange Offer, any Notes validly tendered are not exchanged for Exchange Notes,
or (v) within 20 days of being accepted in the Private Exchange, any Notes
validly tendered are not exchanged for Private Exchange Notes or (vi) within 90
days after the consummation of the Registered Exchange Offer any Initial
Purchaser so requests with respect to Notes or Private Exchange Notes not
eligible to be

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exchanged for Exchange Notes in the Registered Exchange Offer and held by it
following the consummation of the Registered Exchange Offer, or (vii) any Holder
that participates in the Registered Exchange Offer does not receive freely
transferable Exchange Notes in exchange for tendered Notes (other than due
solely to such Holder being an affiliate of the Company or a Participating
Broker-Dealer and not complying with the prospectus delivery requirements of the
second paragraph of Section 1 above), or (viii) the Company so elects, then the
following provisions shall apply:

      (a) The Company shall use its reasonable best efforts to file as promptly
as practicable (but in no event more than 60 calendar days after so required or
requested pursuant to this Section 2) (the "SHELF FILING DATE") with the
Commission, and thereafter shall use its reasonable best efforts to cause to be
declared effective, a shelf registration statement on an appropriate form under
the Securities Act relating to the offer and sale of the Transfer Restricted
Notes (as defined below) by the Holders thereof from time to time in accordance
with the methods of distribution set forth in such registration statement
(hereafter, a "SHELF REGISTRATION STATEMENT" and, together with any Exchange
Offer Registration Statement, a "REGISTRATION STATEMENT").

      (b) The Company shall use its reasonable best efforts to keep the Shelf
Registration Statement continuously effective in order to permit the prospectus
forming part thereof to be used by Holders of Transfer Restricted Notes for a
period ending on the earlier of (i) two years from the Closing Date or such
shorter period that will terminate when all the Transfer Restricted Notes
covered by the Shelf Registration Statement have been sold pursuant thereto and
(ii) the date on which the Notes become eligible for resale without volume
restrictions pursuant to Rule 144 under the Securities Act (in any such case,
such period being called the "SHELF REGISTRATION PERIOD"). The Company shall be
deemed not to have used its reasonable best efforts to keep the Shelf
Registration Statement effective during the requisite period if it voluntarily
takes any action that would result in Holders of Transfer Restricted Notes
covered thereby not being able to offer and sell such Transfer Restricted Notes
during that period, unless such action is required by applicable law.

      (c) Notwithstanding any other provisions hereof, the Company will ensure
that (i) any Shelf Registration Statement and any amendment thereto and any
prospectus forming part thereof and any supplement thereto complies in all
material respects with the Securities Act and the rules and regulations of the
Commission thereunder, (ii) any Shelf Registration Statement and any amendment
thereto (in either case, other than with respect to information included therein
in reliance upon or in conformity with written information furnished to the
Company by or on behalf of any Holder specifically for use therein (the
"HOLDERS' INFORMATION") and except for financial statements and schedules and
other financial and statistical data included or incorporated by reference
therein) does not contain an untrue statement of a material fact or omit to
state a material fact

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required to be stated therein or necessary to make the statements therein not
misleading and (iii) any prospectus forming part of any Shelf Registration
Statement, and any supplement to such prospectus (in either case, other than
with respect to Holders' Information), does not include an untrue statement of a
material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading.

      3. LIQUIDATED DAMAGES.

      (a) The parties hereto agree that the Holders of Transfer Restricted Notes
will suffer damages if the Company fails to fulfill its obligations under
Section 1 or Section 2, as applicable, and that it would not be feasible to
ascertain the extent of such damages. Accordingly, if (i) the Exchange Offer
Registration Statement is not filed with the Commission on or prior to 120
calendar days after the Closing Date or the Shelf Registration Statement is not
filed with the Commission on or before the Shelf Filing Date, or (ii) the
Exchange Offer Registration Statement is not declared effective within 180
calendar days after the Closing Date, or (iii) the Registered Exchange Offer
and/or the Private Exchange, as applicable, is not consummated on or prior to
210 calendar days after the Closing Date, or (iv) the Shelf Registration
Statement is not declared effective within 60 days after the Shelf Filing Date
(or in the case of a Shelf Registration Statement required to be filed in
response to a change in law or the applicable interpretations of Commission's
staff, if later, within 90 calendar days after publication of the change in law
or interpretation) (each such event referred to in clauses (i) through (iv), a
"REGISTRATION DEFAULT"), the Company will be obligated to pay a special interest
premium (the "SPECIAL INTEREST PREMIUM") as liquidated damages to each Holder of
Transfer Restricted Notes, during the period of one or more such Registration
Defaults, in an amount equal to 0.25% per annum on the principal amount of
Transfer Restricted Notes held by such Holder until (i) the applicable
Registration Statement is filed, (ii) the Exchange Offer Registration Statement
is declared effective and the Registered Exchange Offer is consummated, (iii)
the Shelf Registration Statement is declared effective or (iv) the Shelf
Registration Statement again becomes effective, as the case may be; PROVIDED,
HOWEVER, that the aggregate amount of Special Interest Premium payable in
respect of any Note pursuant this Section 3(a) shall not exceed 0.25% per annum
and provided, further, that the accrual of Special Interest Premium on any Note
will cease immediately upon the cure of all Registration Defaults. As used
herein, the term "TRANSFER RESTRICTED NOTES" means (i) each Note until the date
on which such Note has been exchanged for a freely transferable Exchange Note in
the Registered Exchange Offer, (ii) each Note or Private Exchange Note until the
date on which it has been effectively registered under the Securities Act and
disposed of in accordance with the Shelf Registration Statement or (iii) each
Note or Private Exchange Note until the date on which it is distributed to the
public pursuant to Rule 144 under the Securities Act or is saleable pursuant to
Rule 144(k) under the Securities Act. Notwithstanding anything to the contrary
in

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this Section 3(a), the Company shall not be required to pay liquidated damages
to a Holder of Transfer Restricted Notes if such Holder failed to comply with
its obligations to make the representations set forth in the second to last
paragraph of Section 1 or failed to provide the information required to be
provided by it, if any, pursuant to Section 4(n).

      (b) Notwithstanding paragraph (a) of this Section 3, if the Board of
Directors of the Company determines in good faith that it is in the best
interest of the Company not to disclose the existence of or facts surrounding
any proposed or pending material corporate transaction involving the Company or
its subsidiaries and the Company notifies the Holders within two Business Days
after such determination is made, the Company may suspend the effectiveness of
the Shelf Registration Statement as a result of such nondisclosure for up to 30
consecutive days in any 90-day period for a total of not more than 60 days in
any calendar year, without paying Liquidated Damages.

      (c) The Company shall notify the Trustee and the Paying Agent under the
Indenture immediately upon the happening of each and every Registration Default.
The Company shall pay the liquidated damages due on the Transfer Restricted
Notes by depositing with the Paying Agent, in trust, for the benefit of the
Holders thereof, prior to 10:00 a.m., New York City time, on the next interest
payment date specified by the Indenture and the Notes, sums sufficient to pay
the liquidated damages then due. The liquidated damages due shall be payable on
each interest payment date specified by the Indenture and the Notes to the
record holder entitled to receive the interest payment to be made on such date.
Each obligation to pay liquidated damages shall be deemed to accrue from and
including the date of the applicable Registration Default.

      (d) The parties hereto agree that the liquidated damages provided for in
this Section 3 constitute a reasonable estimate of and are intended to
constitute the sole damages that will be suffered by Holders of Transfer
Restricted Notes by reason of the failure of (i) the Shelf Registration
Statement or the Exchange Offer Registration Statement to be filed, (ii) the
Shelf Registration Statement to remain effective or (iii) the Exchange Offer
Registration Statement to be declared effective and the Registered Exchange
Offer to be consummated, in each case to the extent required by this Agreement.

      4. REGISTRATION PROCEDURES. In connection with any Registration Statement,
the following provisions shall apply:

      (a) The Company shall (i) furnish to each Initial Purchaser, prior to the
filing thereof with the Commission, a copy of the Registration Statement and
each amendment thereof and each supplement, if any, to the prospectus included
therein and shall use its reasonable best efforts to reflect in each such
document, when so filed with the Commission, such comments as any Initial
Purchaser may reasonably propose; (ii) include the information set forth in
Annex A hereto on

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the cover, in Annex B hereto in the "Exchange Offer Procedures" section and the
"Purpose of the Exchange Offer" section and in Annex C hereto in the "Plan of
Distribution" section of the prospectus forming a part of the Exchange Offer
Registration Statement, and include the information set forth in Annex D hereto
in the Letter of Transmittal delivered pursuant to the Registered Exchange
Offer; and (iii) if requested by any Initial Purchaser, include the information
required by Items 507 or 508 of Regulation S-K, as applicable, in the prospectus
forming a part of the Exchange Offer Registration Statement.

      (b) The Company shall advise each Initial Purchaser, each Participating
Broker-Dealer and the Holders (if applicable) and, if requested by any such
person, confirm such advice in writing (which advice pursuant to clauses
(ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the
prospectus until the requisite changes have been made):

            (i) when any Registration Statement and any amendment thereto has
      been filed with the Commission and when such Registration Statement or any
      post-effective amendment thereto has become effective;

            (ii) of any request by the Commission for amendments or supplements
      to any Registration Statement or the prospectus included therein or for
      additional information;

            (iii) of the issuance by the Commission of any stop order suspending
      the effectiveness of any Registration Statement or the initiation of any
      proceedings for that purpose;

            (iv) of the receipt by the Company of any notification with respect
      to the suspension of the qualification of the Notes, the Exchange Notes or
      the Private Exchange Notes for sale in any jurisdiction or the initiation
      or threatening of any proceeding for such purpose; and

            (v) of the happening of any event that requires the making of any
      changes in any Registration Statement or the prospectus included therein
      in order that the statements therein are not misleading and do not omit to
      state a material fact required to be stated therein or necessary to make
      the statements therein not misleading.

      (c) The Company will make every reasonable effort to obtain the withdrawal
at the earliest possible time of any order suspending the effectiveness of any
Registration Statement.

      (d) The Company will furnish to each Holder of Transfer Restricted Notes
included within the coverage of any Shelf Registration Statement, without
charge, at least one conformed copy of such Shelf Registration Statement and any
post-effective amendment thereto, including financial statements and schedules

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and, if any such Holder so requests in writing, all exhibits thereto (including
those, if any, incorporated by reference).

      (e) The Company will, during the Shelf Registration Period, promptly
deliver to each Holder of Transfer Restricted Notes included within the coverage
of any Shelf Registration Statement, without charge, as many copies of the
prospectus (including each preliminary prospectus) included in such Shelf
Registration Statement and any amendment or supplement thereto as such Holder
may reasonably request; and the Company consents to the use of such prospectus
or any amendment or supplement thereto by each of the selling Holders of
Transfer Restricted Notes in connection with the offer and sale of the Transfer
Restricted Notes covered by such prospectus or any amendment or supplement
thereto.

      (f) The Company will furnish to each Initial Purchaser and each
Participating Broker-Dealer, and to any other Holder who so requests, without
charge, at least one conformed copy of the Exchange Offer Registration Statement
and any post-effective amendment thereto, including financial statements and
schedules and, if any Initial Purchaser or Participating Broker-Dealer or any
such Holder so requests in writing, all exhibits thereto (including those, if
any, incorporated by reference).

      (g) The Company will, during the Exchange Offer Registration Period or the
Shelf Registration Period, as applicable, promptly deliver to each Initial
Purchaser, each Participating Broker-Dealer and such other persons that are
required to deliver a prospectus following the Registered Exchange Offer,
without charge, as many copies of the final prospectus included in the Exchange
Offer Registration Statement or the Shelf Registration Statement and any
amendment or supplement thereto as such Initial Purchaser, Participating
Broker-Dealer or other persons may reasonably request; and the Company consents
to the use of such prospectus or any amendment or supplement thereto by any such
Initial Purchaser, Participating Broker-Dealer or other persons, as applicable,
as aforesaid.

      (h) Prior to the effective date of any Registration Statement, the Company
will use its reasonable best efforts to register or qualify, or cooperate with
the Holders of Notes, Exchange Notes or Private Exchange Notes included therein
and their respective counsel in connection with the registration or
qualification of, such Notes, Exchange Notes or Private Exchange Notes for offer
and sale under the Notes or blue sky laws of such jurisdictions as any such
Holder reasonably requests in writing and do any and all other acts or things
necessary or advisable to enable the offer and sale in such jurisdictions of the
Notes, Exchange Notes or Private Exchange Notes covered by such Registration
Statement; provided that the Company will not be required to qualify generally
to do business in any jurisdiction where it is not then so qualified or to take
any action which would

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subject it to general service of process or to taxation in any such jurisdiction
where it is not then so subject.

      (i) The Company will cooperate with the Holders of Notes, Exchange Notes
or Private Exchange Notes to facilitate the timely preparation and delivery of
certificates representing Notes, Exchange Notes or Private Exchange Notes to be
sold pursuant to any Registration Statement free of any restrictive legends and
in such denominations and registered in such names as the Holders thereof may
request in writing prior to sales of Notes, Exchange Notes or Private Exchange
Notes pursuant to such Registration Statement.

      (j) If any event contemplated by Section 4(b)(ii) through (v) occurs
during the period for which the Company is required to maintain an effective
Registration Statement, the Company will promptly prepare and file with the
Commission a post-effective amendment to the Registration Statement or a
supplement to the related prospectus or file any other required document so
that, as thereafter delivered to purchasers of the Notes, Exchange Notes or
Private Exchange Notes from a Holder, the prospectus will not include an untrue
statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which
they were made, not misleading.

      (k) Not later than the effective date of the applicable Registration
Statement, the Company will provide CUSIP numbers for the Notes, the Exchange
Notes and the Private Exchange Notes, as the case may be, and provide the
Trustee with printed certificates for the Notes, the Exchange Notes or the
Private Exchange Notes, as the case may be, in a form eligible for deposit with
The Depository Trust Company.

      (l) The Company will comply with all applicable rules and regulations of
the Commission and will make generally available to its security holders as soon
as practicable after the effective date of the applicable Registration Statement
an earning statement satisfying the provisions of Section 11(a) of the
Securities Act and the rules and regulations of the Commission thereunder;
provided that in no event shall such earning statement be delivered later than
45 calendar days after the end of a 12-month period (or 90 calendar days, if
such period is a fiscal year) beginning with the first month of the Company's
first fiscal quarter commencing after the effective date of the applicable
Registration Statement, which statement shall cover such 12-month period.

      (m) The Company will cause the Indenture to be qualified under the Trust
Indenture Act as required by applicable law in a timely manner.

      (n) The Company may require each Holder of Transfer Restricted Notes to be
registered pursuant to any Shelf Registration Statement to furnish to the
Company such information concerning the Holder and the distribution of such

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Transfer Restricted Notes as the Company may from time to time reasonably
require for inclusion in such Shelf Registration Statement, and the Company may
exclude from such registration the Transfer Restricted Notes of any Holder that
fails to furnish such information within a reasonable time after receiving such
request.

      (o) In the case of a Shelf Registration Statement, each Holder of Transfer
Restricted Notes to be registered pursuant thereto agrees by acquisition of such
Transfer Restricted Notes that, upon receipt of any notice from the Company
pursuant to Section 4(b)(ii) through (v), such Holder will discontinue
disposition of such Transfer Restricted Notes until such Holder's receipt of
copies of the supplemental or amended prospectus contemplated by Section 4(j) or
until advised in writing (the "ADVICE") by the Company that the use of the
applicable prospectus may be resumed. If the Company shall give any notice under
Section 4(b)(ii) through (v) during the period that the Company is required to
maintain an effective Registration Statement (the "EFFECTIVENESS PERIOD"), such
Effectiveness Period shall be extended by the number of days during such period
from and including the date of the giving of such notice to and including the
date when each seller of Transfer Restricted Notes covered by such Registration
Statement shall have received (x) the copies of the supplemental or amended
prospectus contemplated by Section 4(j) (if an amended or supplemental
prospectus is required) or (y) the Advice (if no amended or supplemental
prospectus is required).

      (p) In the case of a Shelf Registration Statement, the Company shall enter
into such customary agreements (including, if requested, an underwriting
agreement in customary form) and take all such other action, if any, as Holders
of a majority in aggregate principal amount of the Notes, Exchange Notes and
Private Exchange Notes being sold or the managing underwriters (if any) shall
reasonably request in order to facilitate any disposition of Notes, Exchange
Notes or Private Exchange Notes pursuant to such Shelf Registration Statement.

      (q) In the case of a Shelf Registration Statement, the Company shall (i)
make reasonably available for inspection by a representative of, and Special
Counsel (as defined below) acting for, Holders of a majority in aggregate
principal amount of the Notes, Exchange Notes and Private Exchange Notes being
sold and any underwriter participating in any disposition of Notes, Exchange
Notes or Private Exchange Notes pursuant to such Shelf Registration Statement,
all relevant financial and other records, pertinent corporate documents and
properties of the Company and its subsidiaries and (ii) use its reasonable best
efforts to have its officers, directors, employees, accountants and counsel
supply all relevant information reasonably requested by such representative,
Special Counsel or any such underwriter (an "INSPECTOR") in connection with such
Shelf Registration Statement.

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      (r) In the case of a Shelf Registration Statement, the Company shall, if
requested by Holders of a majority in aggregate principal amount of the Notes,
Exchange Notes and Private Exchange Notes being sold, their Special Counsel or
the managing underwriters (if any) in connection with such Shelf Registration
Statement, use its reasonable best efforts to cause (i) its counsel to deliver
an opinion relating to the Shelf Registration Statement and the Notes, Exchange
Notes or Private Exchange Notes, as applicable, in customary form, (ii) its
officers to execute and deliver all customary documents and certificates
requested by Holders of a majority in aggregate principal amount of the Notes,
Exchange Notes and Private Exchange Notes being sold, their Special Counsel or
the managing underwriters (if any) and (iii) its independent public accountants
to provide a comfort letter or letters in customary form, subject to receipt of
appropriate documentation as contemplated, and only if permitted, by Statement
of Auditing Standards No. 72.

      5. REGISTRATION EXPENSES. The Company will bear all expenses incurred in
connection with the performance of its obligations under Sections 1, 2, 3 and 4
and the Company will reimburse the Initial Purchasers and the Holders for the
reasonable fees and disbursements of one firm of attorneys (in addition to any
local counsel) chosen by the Holders of a majority in aggregate principal amount
of the Notes, the Exchange Notes and the Private Exchange Notes to be sold
pursuant to each Registration Statement (the "SPECIAL COUNSEL") acting for the
Initial Purchasers or Holders in connection therewith.

      6. INDEMNIFICATION AND CONTRIBUTION. In the event of a Shelf Registration
Statement or in connection with any prospectus delivery pursuant to an Exchange
Offer Registration Statement by an Initial Purchaser or Participating
Broker-Dealer, as applicable, the Company shall indemnify and hold harmless each
Holder (including, without limitation, any such Initial Purchaser or
Participating Broker-Dealer) and each person, if any, who controls such Holder
within the meaning of either Section 15 of the Securities Act or Section 20 of
the Exchange Act (collectively referred to for purposes of this Section 6 as a
Holder) from and against any and legal or other expenses reasonably incurred in
connection with defending or investigating any such action or claim) caused by
(i) any untrue statement or alleged untrue statement of a material fact
contained in any such Registration Statement or any prospectus forming part
thereof or in any amendment or supplement thereto or (ii) any omission or
alleged omission to state therein a material fact required to be stated therein
or necessary in order to make the statements therein not misleading, except
insofar as such losses, claims, damages or liabilities are caused by any such
untrue statement or omission or alleged untrue statement or omission based upon
information relating to any Holder furnished to the Company in writing by such
Holder expressly for use therein.

      In the event of a Shelf Registration statement, each Holder agrees,
severally and not jointly, to indemnify and hold harmless the Company, its

                                       13
<Page>

directors, its officers who sign the Registration Statement thereto and each
person, if any, who controls the Company within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act to the same extent as
the foregoing indemnity from the Company to such Holder, but only with reference
to information relating to such Holder furnished to the Company by such Holder
in writing expressly for use in any such Registration Statement and any
prospectus or any amendments or supplements thereto.

      In case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought
pursuant to either of the two preceding paragraphs, such person (the
"INDEMNIFIED PARTY") shall promptly notify the person against whom such
indemnity may be sought (the "INDEMNIFYING PARTY") in writing and the
indemnifying party, upon request of the indemnified party, shall retain counsel
reasonably satisfactory to the indemnified party to represent the indemnified
party and any others the indemnifying party may designate in such proceeding and
shall pay the fees and disbursements of such counsel related to such proceeding.
In any such proceeding, any indemnified party shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense
of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have mutually agreed to the retention of such counsel or (ii) the
named parties to any such proceeding (including any impleaded parties) include
both the indemnifying party and the indemnified party and representation of both
parties by the same counsel would be inappropriate due to actual or potential
conflicting interests between them. It is understood that the indemnifying party
shall not, in respect of the legal expenses of any indemnified party in
connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the fees and expenses of more than one separate firm (in addition
to any local counsel) for all such indemnified parties and that all such fees
and expenses shall be reimbursed as they are incurred. Such firm shall be
designated in writing by the indemnified parties, in the case of parties
indemnified pursuant to the second preceding paragraph, and by the Company, in
the case of parties indemnified pursuant to the first preceding paragraph. The
indemnifying party shall not be liable for any settlement of any proceeding
effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party from and against any loss or liability by reason
of such settlement or judgment. Notwithstanding the foregoing sentence, if at
any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel as contemplated
by the second and third sentences of this paragraph, the indemnifying party
agrees that it shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than 30
days after receipt by such indemnifying party of the aforesaid request and (ii)
such indemnifying party shall not have reimbursed the indemnified party in
accordance with such request prior to the date of such settlement. No
indemnifying party shall, without the prior written consent of the

                                       14
<Page>

indemnified party, effect any settlement of any pending or threatened proceeding
in respect of which any indemnified party is or could have been a party and
indemnity could have been sought hereunder by such indemnified party, unless
such settlement includes an unconditional release of such indemnified party from
all liability on claims that are the subject matter of such proceeding.

      If the indemnification provided for in this Section 6 is unavailable or
insufficient to hold harmless an indemnified party in respect of any losses,
claims, damages or liabilities referred to therein, then each indemnifying party
shall, in lieu of indemnifying such indemnified party, contribute to the amount
paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities (i) in such proportion as shall be appropriate to reflect
the relative benefits received by the Company from the offering and sale of the
Notes, on the one hand, and a Holder with respect to the sale by such Holder of
Notes, Exchange Notes or Private Exchange Notes, on the other, or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Company on
the one hand and such Holder on the other hand in connection with the statements
or omissions that resulted in such losses, claims, damages or liabilities, as
well as any other relevant equitable considerations. The relative benefits
received by the Company on the one hand and a Holder on the other hand in
connection with such offering and such sale shall be deemed to be in the same
respective proportions as the total net proceeds from the offering of the Notes
(before deducting expenses) received by or on behalf of the Company as set forth
in Section 1 of the Purchase Agreement, on the one hand, bear to the total
proceeds received by such Holder with respect to its sale of Notes, Exchange
Notes or Private Exchange Notes, on the other. The relative fault of the Company
on the one hand and the Holders on the other hand shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company on the one hand or to any
Holders' Information supplied by such Holder on the other, the intent of the
parties and their relative knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission. The parties hereto agree
that it would not be just and equitable if contributions pursuant to this
Section 6 were to be determined by pro rata allocation (even if the Holders were
treated as one entity for such purposes) or by any other method of allocation
that does not take into account the equitable considerations referred to herein.
The amount paid or payable by an indemnified party as a result of the losses,
claims, damages or liabilities referred to above in this Section 6 shall be
deemed to include, subject to the limitations set forth above, for purposes of
this Section 6, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action
or claim. Notwithstanding the provisions of this Section 6, an indemnifying
party that is a Holder of Notes, Exchange Notes or Private Exchange Notes shall
not be required to contribute any amount in excess of the amount by which the
total price at

                                       15
<Page>

which the Notes, Exchange Notes or Private Exchange Notes sold by such
indemnifying party to any purchaser exceeds the amount of any damages which such
indemnifying party has otherwise paid or become liable to pay by reason of any
untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation. The remedies provided for in
this Section 6 are not exclusive and shall not limit any rights or remedies,
which may otherwise be available to any indemnified party at law or in equity.

      The indemnity and contribution provisions contained in this Section 6 and
the representations and warranties of the Company contained herein shall remain
operative and in full force and effect regardless of (i) any termination of this
Agreement, (ii) any investigation made by or on behalf of any Holder or any
person controlling any Holder or by or on behalf of the Company, its directors
or officers or any person controlling the Company and (iii) acceptance of and
payment for any of the Notes, Exchange Notes or Private Exchange Notes.

      7. RULES 144 AND 144A. The Company shall use its reasonable best efforts
to file the reports required to be filed by it under the Securities Act and the
Exchange Act in a timely manner and, if at any time the Company is not required
to file such reports, it will, upon the written request of any Holder of
Transfer Restricted Notes, make publicly available other information so long as
necessary to permit sales of such Holder's securities pursuant to Rules 144 and
144A. The Company covenants that it will take such further action as any Holder
of Transfer Restricted Notes may reasonably request, all to the extent required
from time to time to enable such Holder to sell Transfer Restricted Notes
without registration under the Securities Act within the limitation of the
exemptions provided by Rules 144 and 144A (including, without limitation, the
requirements of Rule 144A(d)(4)). Upon the written request of any Holder of
Transfer Restricted Notes, the Company shall deliver to such Holder a written
statement as to whether it has complied with such requirements. Notwithstanding
the foregoing, nothing in this Section 7 shall be deemed to require the Company
to register any of its securities pursuant to the Exchange Act.

      8. UNDERWRITTEN REGISTRATIONS. If any of the Transfer Restricted Notes
covered by any Shelf Registration Statement are to be sold in an underwritten
offering, the investment banker or investment bankers and manager or managers
that will administer the offering will be selected by the Holders of a majority
in aggregate principal amount of such Transfer Restricted Notes included in such
offering, subject to the consent of the Company (which shall not be unreasonably
withheld or delayed), and such Holders shall be responsible for all underwriting
commissions and discounts in connection therewith.

      No person may participate in any underwritten registration hereunder
unless such person (i) agrees to sell such person's Transfer Restricted Notes on

                                       16
<Page>

the basis reasonably provided in any underwriting arrangements approved by the
persons entitled hereunder to approve such arrangements and (ii) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements.

      9. MISCELLANEOUS. (a) AMENDMENTS AND WAIVERS. The provisions of this
Agreement may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given, unless the Company
has obtained the written consent of Holders of a majority in aggregate principal
amount of the Notes, the Exchange Notes and the Private Exchange Notes, taken as
a single class. Notwithstanding the foregoing, a waiver or consent to depart
from the provisions hereof with respect to a matter that relates exclusively to
the rights of Holders whose Notes, Exchange Notes or Private Exchange Notes are
being sold pursuant to a Registration Statement and that does not directly or
indirectly affect the rights of other Holders may be given by Holders of a
majority in aggregate principal amount of the Notes, the Exchange Notes and the
Private Exchange Notes being sold by such Holders pursuant to such Registration
Statement.

      (b) NOTICES. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telecopier or air courier guaranteeing next-day delivery:

                  (i) if to a Holder, at the most current address given by such
            Holder to the Company in accordance with the provisions of this
            Section 9(b), which address initially is, with respect to each
            Holder, the address of such Holder maintained by the Registrar under
            the Indenture, with a copy in like manner to Morgan Stanley & Co.
            Incorporated and J.P. Morgan Securities Inc.

                  (ii) if to the Representatives on behalf of the Initial
            Purchasers, initially at its address set forth in the Purchase
            Agreement; and

                  (iii) if to the Company, initially at the address of the
            Company set forth in the Purchase Agreement.

      All such notices and communications shall be deemed to have been duly
given: when delivered by hand, if personally delivered; one business day after
being delivered to a next-day air courier; five business days after being
deposited in the mail; and when receipt is acknowledged by the recipient's
telecopier machine, if sent by telecopier.

      (c) SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon the
Company and its successors and assigns.

                                       17
<Page>

      (d) COUNTERPARTS. This Agreement may be signed in two or more
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

      (e) DEFINITION OF TERMS. For purposes of this Agreement, (a) the term
"BUSINESS DAY" means any day on which the New York Stock Exchange, Inc. is open
for trading, (b) the term "SUBSIDIARY" has the meaning set forth in Rule 405
under the Securities Act and (c) except where otherwise expressly provided, the
term "AFFILIATE" has the meaning set forth in Rule 405 under the Securities Act.

      (f) HEADINGS. The headings of the sections of this Agreement have been
inserted for convenience of reference only and shall not be deemed a part of
this Agreement.

      (g) GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York.

      (h) REMEDIES. In the event of a breach by the Company or by any Holder of
any of their obligations under this Agreement, each Holder or the Company, as
the case may be, in addition to being entitled to exercise all rights granted by
law, including recovery of damages (other than the recovery of damages for a
breach by the Company of its obligations under Sections 1 or 2 hereof for which
liquidated damages have been paid pursuant to Section 3 hereof), will be
entitled to specific performance of its rights under this Agreement. The Company
and each Holder agree that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of any of the provisions of
this Agreement and hereby further agree that, in the event of any action for
specific performance in respect of such breach, it shall waive the defense that
a remedy at law would be adequate.

      (i) NO INCONSISTENT AGREEMENTS. The Company represents, warrants and
agrees that (i) it has not entered into, shall not, on or after the date of this
Agreement, enter into any agreement that is inconsistent with the rights granted
to the Holders in this Agreement or otherwise conflicts with the provisions
hereof, (ii) it has not previously entered into any agreement which remains in
effect granting any registration rights with respect to any of its debt
securities to any person and (iii) without limiting the generality of the
foregoing, without the written consent of the Holders of a majority in aggregate
principal amount of the then outstanding Transfer Restricted Notes, it shall not
grant to any person the right to request the Company to register any debt
securities of the Company under the Securities Act unless the rights so granted
are not in conflict or inconsistent with the provisions of this Agreement.

      (j) NO PIGGYBACK ON REGISTRATIONS. Neither the Company nor any of its
security holders (other than the Holders of Transfer Restricted Notes in such
capacity) shall have the right to include any securities of the Company in any

                                       18
<Page>

Shelf Registration or Registered Exchange Offer other than Transfer Restricted
Notes.

      (k) SEVERABILITY. The remedies provided herein are cumulative and not
exclusive of any remedies provided by law. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their reasonable best efforts to find and employ an alternative
means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable.

                                       19
<Page>

      Please confirm that the foregoing correctly sets forth the agreement among
the Company and the Initial Purchasers.

                                    Very truly yours,

                             CITIZENS COMMUNICATIONS COMPANY

                                    By: /s/ Donald B. Armour
                                        ----------------------------------
                                    Name:  Donald B. Armour
                                    Title: Vice President
                                           Finance and Treasurer

Accepted:

MORGAN STANLEY & CO. INCORPORATED

Acting severally on behalf of themselves
and the several Initial Purchasers

By:   MORGAN STANLEY & CO. INCORPORATED

By:  /s/ Michael Fusco
     -------------------------------
     Name:  Michael Fusco
     Title: Principal
            Financial Services Group

J.P. MORGAN SECURITIES INC.

Acting severally on behalf of themselves
and the several Initial Purchasers

By:   J.P. MORGAN SECURITIES INC.

By:  /s/ Rob Nordlinger
     -------------------------------
     Name:  Rob Nordlinger
     Title: Vice President

                                       20
<Page>

                                                                        ANNEX A

      Each broker-dealer that receives Exchange Notes for its own account
pursuant to the Registered Exchange Offer must acknowledge that it will deliver
a prospectus in connection with any resale of such Exchange Notes. The Letter of
Transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection
with resales of Exchange Notes received in exchange for Notes where such Notes
were acquired by such broker-dealer as a result of market-making activities or
other trading activities. The Company has agreed that, for a period of 180 days
after the Expiration Date (as defined herein), it will make this Prospectus
available to any broker-dealer for use in connection with any such resale. See
"Plan of Distribution".

<Page>

                                                                         ANNEX B

      Each broker-dealer that receives Exchange Notes for its own account in
exchange for Notes, where such Notes were acquired by such broker-dealer as a
result of market-making activities or other trading activities, must acknowledge
that it will deliver a prospectus in connection with any resale of such Exchange
Notes. See "Plan of Distribution".

<Page>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

      Each broker-dealer that receives Exchange Notes for its own account
pursuant to the Registered Exchange Offer must acknowledge that it will deliver
a prospectus in connection with any resale of such Exchange Notes. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of Exchange Notes received in
exchange for Notes where such Notes were acquired as a result of market-making
activities or other trading activities. The Company has agreed that, for a
period of 180 days after the Expiration Date, it will make this prospectus, as
amended or supplemented, available to any broker-dealer for use in connection
with any such resale. In addition, until _______________, 200_, all dealers
effecting transactions in the Exchange Notes may be required to deliver a
prospectus.

      The Company will not receive any proceeds from any sale of Exchange Notes
by broker-dealers. Exchange Notes received by broker-dealers for their own
account pursuant to the Registered Exchange Offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the Exchange Notes or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or at negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such broker-dealer or the purchasers of any such Exchange
Notes. Any broker-dealer that resells Exchange Notes that were received by it
for its own account pursuant to the Registered Exchange Offer and any broker or
dealer that participates in a distribution of such Exchange Notes may be deemed
to be an "underwriter" within the meaning of the Securities Act and any profit
on any such resale of Exchange Notes and any commission or concessions received
by any such persons may be deemed to be underwriting compensation under the
Securities Act. The Letter of Transmittal states that, by acknowledging that it
will deliver and by delivering a prospectus, a broker-dealer will not be deemed
to admit that it is an "underwriter" within the meaning of the Securities Act.

      For a period of 180 days after the Expiration Date the Company will
promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any broker-dealer that requests such documents
in the Letter of Transmittal. The Company has agreed to pay all expenses
incident to the Registered Exchange Offer (including the expenses of one counsel
for the Holders of the Notes) other than commissions or concessions of any
broker-dealers and will indemnify the Holders of the Notes (including any
broker-dealers) against certain liabilities, including liabilities under the
Securities Act.

<Page>

                                                                         ANNEX D

      o     CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
            ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS
            OR SUPPLEMENTS THERETO.

            Name:
            Address:

If the undersigned is not a broker-dealer, the undersigned represents that it is
not engaged in, and does not intend to engage in, a distribution of Exchange
Notes. If the undersigned is a broker-dealer that will receive Exchange Notes
for its own account in exchange for Notes that were acquired as a result of
market-making activities or other trading activities, it acknowledges that it
will deliver a prospectus in connection with any resale of such Exchange Notes;
however, by so acknowledging and by delivering a prospectus, the undersigned
will not be deemed to admit that it is an "underwriter" within the meaning of
the Securities Act.<PAGE>

                                                                    Exhibit 4.4

                              NEVADA POWER COMPANY

                        ---------------------------------

                              LETTER OF TRANSMITTAL

                  NEVADA POWER COMPANY IS OFFERING TO ISSUE ITS

     8.25% GENERAL AND REFUNDING MORTGAGE BONDS, SERIES A, DUE JUNE 1, 2011
                  (REGISTERED UNDER THE SECURITIES ACT OF 1933)

                               IN EXCHANGE FOR ITS

     8.25% GENERAL AND REFUNDING MORTGAGE BONDS, SERIES A, DUE JUNE 1, 2011
                (NOT REGISTERED UNDER THE SECURITIES ACT OF 1933)

               PURSUANT TO THE PROSPECTUS, DATED _________ , 2001

--------------------------------------------------------------------------------
THIS EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M. NEW YORK CITY TIME, ON __________
___________________, 2001 UNLESS EXTENDED (THE "EXPIRATION DATE").  TENDERS MAY
BE WITHDRAWN PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE.
--------------------------------------------------------------------------------

                                  Delivery To:

                     THE BANK OF NEW YORK, AS EXCHANGE AGENT

<TABLE>
<S>                                                          <C>
By Registered or Certified Mail, Hand or Overnight           By Facsimile:
Courier:                                                     (212) 815-6339

The Bank of New York
Reorganization Unit                                          Confirm by Telephone:
101 Barclay Street - 7E                                      (212) 815-3738
New York, NY 10289
Attn: Ms. Diane Amoroso
</TABLE>

         Delivery of this Letter of Transmittal to an address other than as
set-forth above, or transmission of this Letter of Transmittal via facsimile
other than as set forth above, will not constitute a valid delivery of this
Letter of Transmittal.

<PAGE>

         The undersigned acknowledges that he or she has received and reviewed a
prospectus, dated , 2001 (the "Prospectus"), of Nevada Power Company, a Nevada
corporation (the "Company"), and this letter of transmittal (the "Letter of
Transmittal"), which together constitute the Company's offer (the "Exchange
Offer") to issue an aggregate principal amount of up to $350,000,000 of its
8.25% General and Refunding Mortgage Bonds, Series A, due June 1, 2011 (the "New
Bonds"), which have been registered under the Securities Act of 1933, as amended
(the "Securities Act"), in exchange for a like principal amount of issued and
outstanding 8.25% General and Refunding Mortgage Bonds, Series A, due June 1,
2011 (the "Old Bonds" and, together with the New Bonds, the "Bonds"), which were
not so registered. Capitalized terms used but not defined herein have the
meanings given to them to the Prospectus.

         In order for any Holder of Old Bonds to tender all or any portion of
such Old Bonds, the Exchange Agent must receive either this Letter of
Transmittal completed by such Holder or an Agent's Message (as hereinafter
defined) with respect to such Holder. Certificates for Old Bonds are to be
forwarded herewith or, if a tender of Old Bonds is to be made by book-entry
transfer, the tender should be made by book-entry transfer to the account
maintained by the Exchange Agent at The Depository Trust Company ("DTC")
pursuant to the procedures set forth in the Prospectus under "The Exchange
Offer-Procedures for Tendering-Registered Holders and DTC Participants". Holders
of Old Bonds whose certificates are not immediately available, or who are unable
to deliver their certificates or confirmation of the book-entry tender of their
Old Bonds into the Exchange Agent's account at DTC (a "Book-Entry Confirmation")
and all other documents required by this Letter of Transmittal to the Exchange
Agent on or prior to the Expiration Date, must tender their Old Bonds according
to the guaranteed delivery procedures set forth in "The Exchange Offer
-Procedures for Tendering - Registered Holders and DTC Participants" section of
the Prospectus. See Instruction 1. Delivery of documents to DTC does not
constitute delivery to the Exchange Agent.

         By causing Old Bonds to be credited to the Exchange Agent's account at
DTC in accordance with DTC's procedures for transfer, including the transmission
by DTC of an Agent's Message to the Exchange Agent, the DTC participant will be
deemed to confirm, on behalf of itself and the beneficial owners of such Old
Bonds, all provisions of this Letter of Transmittal applicable to it and such
beneficial owners as fully as if it had completed the information required
herein and executed and delivered this Letter of Transmittal to the Exchange
Agent. As used herein, the term "Agent's Message" means a message,
electronically transmitted by DTC to and received by the Exchange Agent, and
forming a part of the Book-Entry Confirmation, which states that DTC has
received an express acknowledgement from a Holder of Old Bonds stating that such
Holder has received and agrees to be bound by, and makes each of the
representations and warranties contained in, this Letter of Transmittal and,
further, that such Holder agrees that the Company may enforce this Letter of
Transmittal against such Holder.

         The term "Holder", as used in this Letter of Transmittal, means any of
(a) person in whose name Old Bonds are registered on the books of the Company,
(b) any other person who has obtained a properly completed bond power from the
registered holder, and (c) any DTC participant whose Old Bonds are held of
record by DTC. Holders who wish to tender their Old Bonds must complete this
Letter of Transmittal in its entirety or must cause an Agent's Message to be
transmitted.

         Any other beneficial owner whose Old Bonds are registered in the name
of a broker or other nominee and who wishes to tender should contact such broker
or nominee promptly and instruct such broker or nominee to tender on behalf of
the beneficial owner. If the beneficial owner wishes to tender on its own
behalf, such beneficial owner must, prior to completing and executing this
Letter of Transmittal and delivering its Old Bonds, either make appropriate
arrangements to register ownership of the Old Bonds in such beneficial owner's
name or obtain a properly completed bond power from the registered Holder of the
Old Bonds. The transfer of registered ownership may take considerable time.

                                       2
<PAGE>

         Complete the appropriate boxes below to indicate the Old Bonds to which
this Letter of Transmittal relates and the action the undersigned desires to
take with respect to the Exchange Offer. If the space provided below is
inadequate, the certificate numbers and principal amount of Old Bonds should be
listed on a separate signed schedule affixed hereto.

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Description of Old Bonds                                       1                       2                      3
--------------------------------------------------------------------------------------------------------------------------
<S>                                                 <C>                      <C>                     <C>
Name(s) and Address(es) of Registered Holder(s)                              Aggregate Principal
(Please fill in, if blank)                                                   Amount of Old Bond(s)   Principal Amount
                                                    Certificate Number(s)*                           Tendered**
------------------------------------------------    -----------------------  --------------------    -----------------

------------------------------------------------    -----------------------  --------------------    -----------------

------------------------------------------------    -----------------------  --------------------    -----------------

------------------------------------------------    -----------------------  --------------------    -----------------

------------------------------------------------    -----------------------  --------------------    -----------------

                                                    Total
--------------------------------------------------------------------------------------------------------------------------
</TABLE>

*   Need not be completed if Old Bonds are being tendered by book-entry
    transfer.
**  Unless otherwise indicated in the column, a holder will be deemed to have
    tendered ALL of the Old Bonds represented by the Old Bonds indicated in
    column 2. See Instruction 2. Old Bonds tendered hereby must be in
    denominations of principal amount of $250,000 and integral multiples of
    $1,000 in excess thereof. See Instruction 1.
    ----------------------------------------------------------------------------

[ ] CHECK HERE IF TENDERED OLD BONDS ARE BEING DELIVERED BY BOOK-ENTRY
    TRANSFER MADE TO THE ACCOUNT MAINTAINED BY THE EXCHANGE AGENT WITH DTC AND
    COMPLETE THE FOLLOWING:

         Name of Tendering Institution: _______________________________________

         Account Number:                _______________________________________

         Transaction Code Number:       _______________________________________

[ ] CHECK HERE IF TENDERED OLD BONDS ARE BEING DELIVERED PURSUANT TO A NOTICE
    OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE EXCHANGE AGENT AND COMPLETE
    THE FOLLOWING:

    Name(s) of Registered Holder(s):   ________________________________________

    Window Ticket Number (if any):     ________________________________________

    Date of Execution of Notice of Guaranteed Delivery: _______________________

    Name of Institution which guaranteed delivery:_____________________________

IF DELIVERY BY BOOK-ENTRY TRANSFER, COMPLETE THE FOLLOWING:

    Account Number______________       Transaction Code Number_________________

    Name of Tendering Institution______________________________________________

                                       3
<PAGE>

[ ] CHECK HERE IF TENDERED OLD BONDS ARE ENCLOSED HEREWITH.

[ ] CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL
    COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
    THERETO.

    Name:    ____________________________________________

    Address: ____________________________________________

             ____________________________________________

             ____________________________________________

                                       4
<PAGE>

                               TENDER OF OLD BONDS

Ladies and Gentlemen:

         Upon the terms and subject to the conditions of the Exchange Offer, the
undersigned hereby tenders to the Company the aggregate principal amount of Old
Bonds indicated above. Subject to, and effective upon, the acceptance for
exchange of the Old Bonds tendered hereby, the undersigned hereby sells, assigns
and transfers to, or upon the order of, the Company all right, title and
interest in and to such Old Bonds as are being tendered hereby.

         The undersigned hereby irrevocably constitutes and appoints the
Exchange Agent its agent and attorney-in-fact with full power of substitution,
for purposes of delivering this Letter of Transmittal and the Old Bonds to the
Company. The Power of Attorney granted in this paragraph shall be deemed
irrevocable from and after the Expiration Date and coupled with an interest. The
undersigned hereby acknowledges its full understanding that the Exchange Agent
also performs functions as agent of the Company.

         The undersigned hereby represents and warrants that the undersigned has
full power and authority to tender, sell, assign and transfer the Old Bonds
tendered hereby and that the Company will acquire good and unencumbered title
thereto, free and clear of all liens, restrictions, charges and encumbrances and
not subject to any adverse claim when the same are accepted by the Company. The
undersigned hereby further represents and warrants that any New Bonds acquired
in exchange for Old Bonds tendered hereby will have been acquired in the
ordinary course of business of the person receiving such New Bonds, whether or
not such person is the undersigned, that neither the holder of such Old Bonds
nor any such other person is engaged or intends to engage in, or has an
arrangement or understanding with any person to participate in, the distribution
(within the meaning of the Securities Act) of such New Bonds and that neither
the holder of such Old Bonds nor any such other person is an "affiliate," as
defined in Rule 405 under the Securities Act, of the Company.

         The undersigned also acknowledges that this Exchange Offer is being
made by the Company in reliance on an interpretation by the staff of the
Securities and Exchange Commission (the "SEC"), as set forth in no-action
letters issued to third parties, that the New Bonds issued in exchange for the
Old Bonds pursuant to the Exchange Offer may be offered for resale, resold and
otherwise transferred by holders thereof (other than any such holder that is an
"affiliate" of the Company within the meaning of Rule 405 under the Securities
Act), without compliance with the registration and prospectus delivery
provisions of the Securities Act, provided that such New Bonds are acquired in
the ordinary course of such holders' business and that such holders have no
arrangement with any person to participate in the distribution (within the
meaning of the Securities Act) of such New Bonds. The undersigned represents
that it is not engaged in, and does not intend to engage in, and has no
arrangement or understanding with any person to participate in, a distribution
(within the meaning of the Securities Act) of New Bonds. If the undersigned is a
broker-dealer that will receive New Bonds for its own account in exchange for
Old Bonds that were acquired as a result of market-making activities or other
trading activities, it acknowledges that it will deliver a prospectus meeting
the requirements of the Securities Act in connection with any resale of such New
Bonds; however, by so acknowledging and by delivering a prospectus, the
undersigned will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. The undersigned acknowledges that in reliance on
an interpretation by the staff of the SEC, a broker-dealer may fulfill its
prospectus delivery requirements with respect to the New Bonds (other than a
resale of New Bonds received in exchange for an unsold allotment of Old Bonds
purchased directly from the Company) with the Prospectus which constitutes part
of this Exchange Offer.

         The undersigned will, upon request, execute and deliver any additional
documents deemed by the Exchange Agent or the Company to be necessary or
desirable to complete the sale, assignment and transfer of the Old Bonds
tendered hereby. All authority conferred or agreed to be conferred in this
Letter of Transmittal and every obligation of the undersigned hereunder shall be
binding upon the successors, assigns, heirs, executors, administrators, trustees
in bankruptcy and legal representatives of the undersigned and shall not be
affected by, and shall survive, the death or incapacity of the undersigned. This
tender may be withdrawn only in accordance with the procedures set forth in "The
Exchange Offer -- Withdrawal of Tenders of Old Bonds" section of the Prospectus.

                                       5
<PAGE>

         Unless otherwise indicated herein in the box entitled "Special Issuance
Instructions" below, please issue the New Bonds (and, if applicable, substitute
certificates representing Old Bonds for any Old Bonds not tendered or exchanged)
in the name of the undersigned or, in the case of a book-entry delivery of Old
Bonds, please credit the account indicated above maintained at DTC. Similarly,
unless otherwise indicated under the box entitled "Special Delivery
Instructions" below, please send the New Bonds (and, if applicable, substitute
certificates representing Old Bonds for any Old Bonds not exchanged) to the
undersigned at the address shown below in the box entitled "Description of Old
Bonds."

         The Company will be deemed to have accepted validly tendered Old Bonds
when, as and if the Company shall have given oral (promptly confirmed in
writing) or written notice of acceptance to the Exchange Agent.

         THE UNDERSIGNED, BY COMPLETING THE BOX ENTITLED "DESCRIPTION OF OLD
BONDS" ABOVE AND SIGNING THIS LETTER, WILL BE DEEMED TO HAVE TENDERED THE OLD
BONDS AS SET FORTH IN SUCH BOX ABOVE.

                                       6
<PAGE>

                          SPECIAL ISSUANCE INSTRUCTIONS
                           (SEE INSTRUCTIONS 3 AND 4)

         To be completed ONLY if certificates for Old Bonds not exchanged and/or
New Bonds are to be issued in the name of someone other than the person or
persons whose signature(s) appear(s) below on this Letter of Transmittal, or if
Old Bonds delivered by book-entry transfer which are not accepted for exchange
are to be returned by credit to an account maintained at DTC other than the
account indicated above.

         Issue:   New Bonds and/or Old Bonds to:
--------------------------------------------------------------------------------

         Name(s): _____________________________________________________
                           (Please Type or Print)

                           ____________________________________________
                           (Please Type or Print)

         Address:          ____________________________________________

                           ____________________________________________
                           (Zip Code)
                                        (Complete Substitute Form W-9)

[ ] Credit unexchanged Old Bonds delivered by book-entry transfer to the DTC
account set forth below.

 ------------------------------------------------------------------------------
                              (DTC Account Number,
                                 If Applicable)

                          SPECIAL DELIVERY INSTRUCTIONS
                           (SEE INSTRUCTIONS 3 AND 4)

         To be completed ONLY if certificates for Old Bonds not exchanged and/or
New Bonds are to be sent to someone other than the person or persons whose
signature(s) appear(s) on this Letter below or to such person or persons at an
address other than shown in the box entitled "Description of Old Bonds" on this
Letter above.

         Mail:    New Bonds and/or Old Bonds to:
-------------------------------------------------------------------------------

         Name(s): ____________________________________________
                           (Please Type or Print)

                  ____________________________________________
                           (Please Type or Print)

         Address: ____________________________________________

                  ____________________________________________
                           (Zip Code)

IMPORTANT: THIS LETTER OR A FACSIMILE HEREOF OR AN AGENT'S MESSAGE IN LIEU
THEREOF (TOGETHER WITH THE CERTIFICATES FOR OLD BONDS OR A BOOK-ENTRY
CONFIRMATION AND ALL OTHER REQUIRED DOCUMENTS OR THE NOTICE OF GUARANTEED
DELIVERY) MUST BE RECEIVED BY THE EXCHANGE AGENT PRIOR TO 5:00 P.M., NEW YORK
CITY TIME, ON THE EXPIRATION DATE.

PLEASE READ THIS ENTIRE LETTER OF TRANSMITTAL CAREFULLY BEFORE COMPLETING ANY
BOX ABOVE

                                       7
<PAGE>

                                PLEASE SIGN HERE
                   (TO BE COMPLETED BY ALL TENDERING HOLDERS)
           (Complete Accompanying Substitute Form W-9 on reverse side)

Dated:

x __________________________________________       ______________________, 2001

x __________________________________________       ______________________, 2001
Signature(s) of Owner                                        Date

Area Code and Telephone Number ___________________________

         This Letter of Transmittal must be signed by the registered holder(s)
as the name(s) appear(s) on the certificate(s) for the Old Bonds hereby tendered
or on a DTC security position listing or by any person(s) authorized to become
registered holder(s) by endorsements and documents transmitted herewith. If
signature is by a trustee, executor, administrator, guardian, officer or other
person acting in a fiduciary or representative capacity, please set forth full
title. See Instruction 3.

Name(s):  _______________________________________________

          _______________________________________________
                          (Please Type or Print)

Capacity: _______________________________________________

Address:  _______________________________________________

          _______________________________________________
                              (Including Zip Code)

                               SIGNATURE GUARANTEE
                         (If required by Instruction 3)

Signature(s) Guaranteed by
an Eligible Institution:      _________________________________________________
                              (Authorized Signature)

                              _________________________________________________
                              (Title)

                              _________________________________________________
                              (Name and Firm)

                              _________________________________________________
                              Dated

                                       8
<PAGE>

                                  INSTRUCTIONS

         FORMING PART OF THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER

1.       DELIVERY OF THIS LETTER OF TRANSMITTAL AND OLD BONDS; GUARANTEED
         DELIVERY PROCEDURES.

         In order for any Holder of Old Bonds to tender all or any portion of
such Old Bonds, the Exchange Agent must receive either this Letter of
Transmittal completed by such Holder or an Agent's Message (as hereinafter
defined) with respect to such Holder. Certificates for all physically tendered
Old Bonds, or Book-Entry Confirmation, as the case may be, as well as a properly
completed and duly executed Letter of Transmittal (or facsimile hereof or
Agent's Message in lieu thereof) and any other documents required by this Letter
of Transmittal, must be received by the Exchange Agent at the address set forth
herein prior to the Expiration Date, or the tendering holder must comply with
the guaranteed delivery procedures set forth below. Old Bonds tendered hereby
must be in denominations of principal amount of $250,000 and integral multiples
of $1,000 in excess thereof.

         Holders whose certificates for Old Bonds are not immediately available
or who cannot deliver their certificates and all other required documents to the
Exchange Agent prior to the Expiration Date, or who cannot complete the
procedure for book-entry tender on a timely basis, may tender their Old Bonds
pursuant to the guaranteed delivery procedures set forth in the Prospectus under
"The Exchange Offer-Procedures of Tendering-Registered Holders and DTC
Participants." Pursuant to such procedures, (1) such tender must be made through
an Eligible Institution, (2) prior to the Expiration Date, the Exchange Agent
must receive from such Eligible Institution a properly completed and duly
executed Notice of Guaranteed Delivery, substantially in the form provided by
the Company (by facsimile transmission, mail or hand delivery), setting forth
the name and address of the holder of Old Bonds, the certificate numbers of such
Old Bonds (unless tender is to be made by book-entry transfer) and the principal
amount of Old Bonds tendered, stating that the tender is being made thereby and
guaranteeing that within five New York Stock Exchange ("NYSE") trading days
after the date of delivery of the Notice of Guaranteed Delivery, the
certificates for all physically tendered Old Bonds, or a Book-Entry
Confirmation, together with a properly completed and duly executed Letter of
Transmittal (or facsimile thereof or Agent's Message in lieu thereof), with any
required signature guarantees and any other documents required by the Letter of
Transmittal will be deposited by the Eligible Institution with the Exchange
Agent, and (3) the certificates for all physically tendered Old Bonds, in the
proper form for transfer, or Book-Entry Confirmation, as the case may be,
together with a properly completed and duly executed Letter of Transmittal (or
facsimile thereof or Agent's Message in lieu thereof), with any required
signature guarantees and all other documents required by this Letter of
Transmittal, must be received by the Exchange Agent within five NYSE trading
days after the date of execution of the Notice of Guaranteed Delivery.

         The method of delivery of Old Bonds, this Letter of Transmittal and all
other required documents to the Exchange Agent is at the election and risk of
the Holder, but the delivery will be deemed made only when actually received by
the Exchange Agent. Instead of delivery by mail, it is recommended that Holders
use an overnight or hand delivery service. In all cases, sufficient time should
be allowed to assure delivery to the Exchange Agent before the Expiration Date.
No Old Bonds or Letters of Transmittal should be sent to Nevada Power Company.
Holders may request their respective brokers, dealers, commercial banks, trust
companies or nominees to effect the above transactions for such Holders.

         See the Prospectus under "The Exchange Offer."

2.       PARTIAL TENDERS (NOT APPLICABLE TO HOLDERS WHO TENDER BY BOOK-ENTRY
         TRANSFER).

         If less than all of the Old Bonds evidenced by a submitted certificate
are to be tendered, the tendering holder(s) should fill in the aggregate
principal amount of Old Bonds to be tendered in the box above entitled
"Description of Old Bonds -- Principal Amount Tendered." A reissued certificate
representing the balance of nontendered Old Bonds will be sent to such tendering
holder, unless otherwise provided in the appropriate box on

                                       9
<PAGE>

this letter, promptly after the Expiration Date. All of the Old Bonds delivered
to the Exchange Agent will be deemed to have been tendered unless otherwise
indicated.

3.       SIGNATURES ON THIS LETTER; BOND POWERS AND ENDORSEMENTS; GUARANTEE OF
         SIGNATURES.

         If this Letter of Transmittal is signed by the Holder of the Old Bonds
tendered hereby, the signature must correspond exactly with the name as written
on the face of the certificates or on DTC's security position listing as the
holder of such Old Bonds without any change whatsoever. If any tendered Old
Bonds are owned of record by two or more joint owners, all of such owners must
sign this Letter.

         If any tendered Old Bonds are registered in different names on several
certificates, it will be necessary to complete, sign and submit as many separate
copies of this Letter of Transmittal as there are different registrations of
certificates.

         If this Letter of Transmittal is signed by the registered holder or
holders of the Old Bonds specified herein and tendered hereby, no endorsements
of certificates or separate bond powers are required. If, however, the New Bonds
are to be issued, or any untendered Old Bonds are to be reissued, to a person
other than the registered holder, then endorsements of any certificates
transmitted hereby or separate bond powers are required. Signatures on such
certificate(s) or bond powers must be guaranteed by an Eligible Institution.

         If this Letter of Transmittal is signed by a person other than the
registered holder or holders of any certificate(s) specified herein, such
certificate(s) must be endorsed or accompanied by appropriate bond powers, in
either case signed exactly as the name or names of the registered holder or
holders appear(s) on the certificate(s) and signatures on such certificate(s) or
bond powers must be guaranteed by an Eligible Institution.

         If this Letter of Transmittal or any certificates representing Old
Bonds or any bond powers are signed by trustees, executors, administrators,
guardians, attorneys-in-fact, officers of corporations or others acting in a
fiduciary or representative capacity, such persons should so indicate when
signing, and, unless waived by the Company, proper evidence satisfactory to the
Company of their authority to so act must be submitted.

         EXCEPT AS PROVIDED BELOW, ENDORSEMENTS ON CERTIFICATES FOR OLD BONDS OR
SIGNATURES ON BOND POWERS REQUIRED BY THIS INSTRUCTION 3 MUST BE GUARANTEED BY A
FIRM WHICH IS A MEMBER OF A REGISTERED NATIONAL SECURITIES EXCHANGE OR A MEMBER
OF THE NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. OR BY A COMMERCIAL BANK
OR TRUST COMPANY HAVING AN OFFICE OR CORRESPONDENT IN THE UNITED STATES (AN
"ELIGIBLE INSTITUTION").

         SIGNATURES ON THIS LETTER OF TRANSMITTAL NEED NOT BE GUARANTEED BY AN
ELIGIBLE INSTITUTION IF THE OLD BONDS ARE TENDERED: (1) BY A REGISTERED HOLDER
OF OLD BONDS WHO HAS NOT COMPLETED THE BOX ENTITLED "SPECIAL ISSUANCE
INSTRUCTIONS" OR "SPECIAL DELIVERY INSTRUCTIONS" OR (2) FOR THE ACCOUNT OF AN
ELIGIBLE INSTITUTION.

4.       SPECIAL ISSUANCE AND DELIVERY INSTRUCTION.

         Tendering Holders of Old Bonds should indicate in the applicable box
the name and address to which New Bonds issued pursuant to the Exchange Offer
and/or substitute certificates evidencing Old Bonds not exchanged are to be
issued or sent, if different from the name or address of the person signing this
Letter of Transmittal. In the case of issuance in a different name, the employer
identification or social security number of the person named must also be
indicated. Holders tendering Old Bonds by book-entry transfer may request that
Old Bonds not exchanged be credited to such account maintained at DTC as such
Holder may designate hereon. If no such instructions are given, such Old Bonds
not exchanged will be returned to the name or address of the person signing this
Letter.

                                       10
<PAGE>

5.       TAX IDENTIFICATION NUMBER.

         Federal income tax law generally requires that a tendering holder
whose Old Bonds are accepted for exchange must provide the Company (as payor)
with such holder's correct Taxpayer Identification Number ("TIN") on
Substitute Form W-9 below, which in the case of a tendering holder who is an
individual, is his or her social security number. If the Company is not
provided with the current TIN or an adequate basis for an exemption, such
tendering holder may be subject to a $50 penalty imposed by the Internal
Revenue Service. In addition, delivery to such tendering holder of New Bonds
may be subject to backup withholding in an amount equal to 30.5% of all
reportable payments made after the exchange. If withholding results in an
overpayment for taxes, a refund may be obtained.

         Exempt holders of Old Bonds (including, among others, all corporations
and certain foreign individuals) are not subject to these backup withholding and
reporting requirements. See the enclosed Guidelines of Certification of Taxpayer
Identification Number on Substitute Form W-9 (the "W-9 Guidelines") for
additional instructions.

         To prevent backup withholding, each tendering Holder of Old Bonds must
provide its correct TIN by completing the "Substitute Form W-9" set forth below,
certifying that the Holder is a U.S. person (including a U.S. resident alien),
that the TIN provided is correct (or that such Holder is awaiting a TIN) and
that (1) the Holder is exempt from backup withholding, (2) the Holder has not
been notified by the Internal Revenue Service that such Holder is subject to a
backup withholding as a result of a failure to report all interest or dividends
or (3) the Internal Revenue Service has notified the Holder that such Holder is
no longer subject to backup withholding. If the tendering Holder of Old Bonds is
a nonresident alien or foreign entity not subject to backup withholding, such
Holder must give the Company a completed Form W-8BEN, Certificate of Foreign
Status of Beneficial Owner for United States Tax Withholding, or if applicable,
Form W-8ECI, Certificate of Foreign Person's Claim for Exemption From
Withholding on Income Effectively Connected with the Conduct of a Trade or
Business in the United States. These forms may be obtained from the Exchange
Agent. If the Old Bonds are in more than one name or are not in the name of the
actual owner, such Holder should consult the W-9 Guidelines for information on
which the TIN to report. If such Holder does not have a TIN, such Holder should
consult the W-9 Guidelines for instructions on applying for a TIN, check the box
in Part 2 of the Substitute Form W-9 and write "applied for" in lieu of its TIN.
Note: Checking this box and writing "applied for" on the Form means that such
Holder has already applied for a TIN or that such Holder intends to apply for
one in the near future. If such Holder does not provide its TIN to the Company
within 60 days, backup withholding will begin and continue until such Holder
furnishes its TIN to the Company.

6.       TRANSFER TAXES.

         The Company will pay all transfer taxes, if any, applicable to the
transfer of Old Bonds to it or its order pursuant to the Exchange Offer. If,
however, New Bonds and/or substitute Old Bonds not exchanged are to be delivered
to, or are to be registered or issued in the name of, any person other than the
registered holder of the Old Bonds tendered hereby, or if tendered Old Bonds are
registered in the name of any person other than the person signing this Letter
of Transmittal, or if a transfer tax is imposed for any reason other than the
transfer of Old Bonds to the Company or its order pursuant to the Exchange
Offer, the amount of any such transfer taxes (whether imposed on the registered
holder or any other person) will be payable by the tendering Holder. If
satisfactory evidence of payment of such taxes or exemption therefrom is not
submitted herewith, the amount of such transfer taxes will be billed directly to
such tendering Holder.

7.       COMPANY DETERMINATION FINAL; WAIVER OF CONDITIONS.

         All questions as to the validity, form eligibility (including time of
receipt), acceptance of tendered Old Bonds and withdrawal of tendered Old Bonds
will be determined by the Company in its sole discretion, which determination
will be final and binding. The Company reserves the absolute right to reject any
and all Old Bonds not properly tendered or any Old Bonds the Company's
acceptance of which would, in the opinion of counsel for the Company, be
unlawful. The Company also reserves the right to waive any irregularities or
conditions of tender as to particular Old Bonds. The Company's interpretation of
the terms and conditions of the Exchange Offer (including

                                       11
<PAGE>

the instructions in this Letter of Transmittal) shall be final and binding on
all parties. Unless waived, any defects or irregularities in connection with
tenders of Old Bonds must be cured within such time as the Company shall
determine. Neither the Company, the Exchange Agent nor any other person shall be
under any duty to give notification of defects or irregularities with respect to
tenders of Old Bonds, nor shall any of them incur any liability for failure to
give such notification. Tenders of Old Bonds will not be deemed to have been
made until such defects or irregularities have been cured or waived. Any Old
Bonds received by the Exchange Agent that are not properly tendered and as to
which the defects or irregularities have not been cured or waived will be
returned by the Exchange Agent to the tendering Holders of the Old Bonds, unless
otherwise provided in this Letter of Transmittal, as soon as practicable
following the Expiration Date.

8.       NO CONDITIONAL TENDERS.

         No alternative, conditional, irregular or contingent tenders will be
accepted. All tendering Holders of Old Bonds, by causing this Letter of
Transmittal or an Agent's Message in lieu thereof to be delivered to the
Exchange Agent, shall waive any right to receive notice of the acceptance of
their Old Bonds for exchange.

         Neither the Company, the Exchange Agent nor any other person is
obligated to give notice of any defect or irregularity with respect to any
tender of Old Bonds nor shall any of them incur any liability for failure to
give any such notice.

9.       MUTILATED, LOST, STOLEN OR DESTROYED OLD BONDS.

         Any Holder whose Old Bonds have been mutilated, lost, stolen or
destroyed should contact the Exchange Agent at the addresses indicated above for
further instructions.

10.      REQUESTS FOR ADDITIONAL COPIES.

         Requests for additional copies of the Prospectus and this Letter of
Transmittal, may be directed to the Exchange Agent, at the addresses and
telephone numbers indicated above.

                                       12
<PAGE>

                    TO BE COMPLETED BY ALL TENDERING HOLDERS
                               (SEE INSTRUCTION 5)

<TABLE>
----------------------------------------------------------------------------------------------------------------------
<S>                              <C>                                            <C>
SUBSTITUTE                       PART 1 - PLEASE PROVIDE YOUR TIN IN THE BOX    TIN: _____________
Form W-9                         AT RIGHT AND CERTIFY BY SIGNING AND DATING     (Social Security Number or Employer
                                 BELOW:                                         Identification Number)

----------------------------------------------------------------------------------------------------------------------
                                 PART 2 - TIN APPLIED FOR

----------------------------------------------------------------------------------------------------------------------
DEPARTMENT OF THE TREASURY       PAYOR'S REQUEST FOR TAXPAYER IDENTIFICATION NUMBER ("TIN") AND CERTIFICATION
INTERNAL REVENUE SERVICE
                                 CERTIFICATION:UNDER THE PENALTIES OF PERJURY, I CERTIFY THAT

                                 (1)  the number shown on this form is my
                                      correct Taxpayer Identification Number (or
                                      I am waiting for a number to be issued to
                                      me).

                                 (2)  I am not subject to backup withholding
                                      either because: (a) I am exempt from
                                      backup withholding, or (b) I have not been
                                      notified by the Internal Revenue Service
                                      (the "IRS") that I am subject to backup
                                      withholding as a result of a failure to
                                      report all interest or dividends, or (c)
                                      the IRS has notified me that I am no
                                      longer subject to backup withholding, and

                                 (3)   I am a U.S. person (including a U.S. resident alien).

                                 (4)   any other information provided on this form is true and correct.

                                 SIGNATURE:_______________________________            DATE:___________

-------------------------------- -------------------------------------------------------------------------------------
</TABLE>

You must cross out item (2) of the above certification if you have been notified
by the IRS that you are subject to backup withholding because of underreporting
of interest or dividends on your tax return and you have not been notified by
the IRS that you are no longer subject to backup withholding.
-------------------------------------------------------------------------------

      YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECKED THE BOX IN
                         PART 2 OF SUBSTITUTE FORM W-9
-------------------------------------------------------------------------------
             CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER

I certify under penalties of perjury that a Taxpayer Identification Number has
not been issued to me, and either (a) I have mailed or delivered an application
to receive a Taxpayer Identification Number to the appropriate Internal Revenue
Service Center or Social Security Administrative Office or (b) I intend to mail
or deliver an application in the near future. I understand that if I do not
provide a Taxpayer Identification Number by the time of the exchange, 31 percent
of all reportable payments made to me thereafter will be withheld until I
provide a number.

------------------------------------                 ----------------------
Signature                                                     Date
-------------------------------------------------------------------------------

                                       13
<PAGE>

             GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION
                          NUMBER ON SUBSTITUTE FORM W-9
                                     PAGE 2

OBTAINING A NUMBER

If you don't have a taxpayer identification number or you don't know your
number, obtain Form SS-5, Application for a Social Security Number Card, or Form
SS-4, Application for Employer Identification Number, at the local office of the
Social Security Administration or the Internal Revenue Service and apply for a
number. You can get these forms from the IRS by calling 1-800-829-3676 or from
the IRS's internet website at www.irs.gov.

PAYEES EXEMPT FROM BACKUP WITHHOLDING

Payees specifically exempted from backup withholding on ALL payments include the
following:

         o  An organization exempt from tax under section 501(a), or an
            individual retirement plan.

         o  The United States or any agency or instrumentality thereof.

         o  A State, the District of Columbia, a possession of the United
            States, or any subdivision or instrumentality thereof.

         o  A foreign government, a political subdivision of a foreign
            government, or any agency or instrumentality thereof.

         o  An international organization or any agency, or instrumentality
            thereof.

Other payees that may be exempt from backup withholding include:

         o  A corporation.

         o  A financial institution.

         o  A registered dealer in securities or commodities registered in the
            U.S. or a possession of the U.S.

         o  A real estate investment trust.

         o  A common trust fund operated by a bank under section 584(a).

         o  A trust exempt from tax under section 664 or described in section
            4947.

         o  An entity registered at all times during the tax year under
            Investment Company Act of 1940.

         o  A foreign central bank of issue.

Payments of dividends and patronage dividends not generally subject to backup
withholding include the following:

         o  Payments to nonresident aliens subject to withholding under section
            1441.

                                       14
<PAGE>

         o  Payments to partnerships not engaged in a trade or business in the
            U.S. and which have at least one nonresident alien partner.

         o  Payments of patronage dividends where the amount received is not
            paid in money.

         o  Payments made by certain foreign organizations.

Payments of interest not generally subject to backup withholding include the
following:

         o  Payments of interest on obligations issued by individuals. Note: You
            may be subject to backup withholding if this interest is $600 or
            more and is paid in the course of the payer's trade or business and
            you have not provided your correct taxpayer identification number to
            the payer.

         o  Payments of tax-exempt interest (including exempt-interest dividends
            under section 852).

         o  Payments described in section 6049(b)(5) to non-resident aliens.

         o  Payments on tax-free covenant bonds under section 1451.

         o  Payments made by certain foreign organizations.

Exempt payees described above should file Form W-9 to avoid possible erroneous
backup withholding. FILE THIS FORM WITH THE PAYER, FURNISH YOUR TAXPAYER
IDENTIFICATION NUMBER, WRITE "EXEMPT" ON THE FACE OF THE FORM, SIGN AND DATE THE
FORM AND RETURN IT TO THE PAYER. IF YOU ARE A NONRESIDENT ALIEN OR A FOREIGN
ENTITY NOT SUBJECT TO BACKUP WITHHOLDING, FILE WITH THE PAYER A COMPLETED
INTERNAL REVENUE SERVICE FORM W-8 (CERTIFICATE OF FOREIGN STATUS).

         Certain payments other than interest, dividends, and patronage
dividends, that are not subject to information reporting are also not subject to
backup withholding. For details, see the regulations under section 6041,
6041(A), 6045, and 6050A.

Privacy Act Notice.--Section 6109 requires most recipients of dividend,
interest, or other payments to give taxpayer identification numbers to payers
who must report the payments to IRS. IRS uses the numbers for identification
purposes. Payers must be given the numbers whether or not recipients are
required to file tax returns. Payers must generally withhold 31% of taxable
interest, dividend, and certain other payments to a payee who does not furnish a
taxpayer identification number to a payer. Certain penalties may also apply.

PENALTIES

(1) Penalty for Failure to Furnish Taxpayer Identification Number.--If you fail
to furnish your taxpayer identification number to a payer, you are subject to a
penalty of $50 for each such failure unless your failure is due to reasonable
cause and not to willful neglect.

(2) Civil Penalty for False Information With Respect to Withholding.--If you
make a false statement with no reasonable basis which results in no imposition
of backup withholding, you are subject to a penalty of $500.

(3) Criminal Penalty for Falsifying Information.--Willfully falsifying
certifications or affirmations may subject you to criminal penalties fines
and/or imprisonment.

FOR ADDITIONAL INFORMATION CONTACT YOUR TAX CONSULTANT OR THE INTERNAL REVENUE
SERVICE.

                                       15
<PAGE>

             GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION
                          NUMBER ON SUBSTITUTE FORM W-9

GUIDELINES FOR DETERMINING THE PROPER IDENTIFICATION NUMBER TO GIVE THE
PAYER.--Social Security Numbers have nine digits separated by two hyphens: i.e.
000-00-0000. Employer identification numbers have nine digits separated by only
one hyphen: i.e. 00-0000000. The table below will help determine the number to
give the payer.

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
FOR THIS TYPE OF ACCOUNT:       GIVE THE SOCIAL SECURITY     FOR THIS TYPE OF ACCOUNT:    GIVE THE EMPLOYER
                                NUMBER OF --                                              IDENTIFICATION NUMBER OF --
----------------------------------------------------------------------------------------------------------------------
<S>                             <C>                          <C>                          <C>
1.   An individual's account    The individual               6.  A valid trust,           The legal entity (Do not
                                                                 estate, or pension       furnish the identifying
                                                                 trust                    number of the personal
                                                                                          representative or trustee
                                                                                          unless the legal entity
                                                                                          itself is not designated
                                                                                          in the account title. (4)

2.   Two or more individuals    The actual owner of the      7.  Corporate account        The corporation
    (joint account)             account or, if combined
                                funds, the first
                                individual on the account
                                (1)

3.   Custodian account of a     The minor (2)                8.  Association, club,       The organization
     minor (Uniform Gift to                                  religious, charitable,
     Minors Act)                                             educational, or other
                                                             tax-exempt organization
                                                             account

4.  a. The usual revocable      The grantor-trustee (1)      9.  Partnership account      The partnership
    savings trust account                                    held in the name of the
    (grantor is also trustee)                                business

    b. So-called trust account  The actual owner (1)         10. A broker or              The broker or nominee
    that is not a legal or                                       registered nominee
    valid trust under State
    law

5.  Sole proprietorship         The owner (3)                11.  Account with the        The public entity
    account                                                  Department of Agriculture
                                                             in the name of a public
                                                             entity (such as a State or
                                                             local government, school
                                                             district, or prison) that
                                                             receives agricultural
                                                             program payments
----------------------------------------------------------------------------------------------------------------------
</TABLE>

(1)  List first and circle the name of the person whose number you furnish. If
     only one person on a joint account has an SSN, that person's number should
     be furnished.
(2)  Circle the minor's name and furnish the minor's social security number.
(3)  You must show your individual name, but you may also enter your business or
     "doing business as" name. You may use either your SSN or EIN (if you have
     one).
(4)  List first and circle the name of the legal trust, estate, or pension
     trust. NOTE: If no name is circled when there is more than one name, the
     number will be considered to be that of the first name listed.

<PAGE>

                        NOTICE OF GUARANTEED DELIVERY FOR
                              NEVADA POWER COMPANY

         This form or one substantially equivalent hereto must be used to accept
the Exchange Offer of Nevada Power Company (the "Company") made pursuant to a
prospectus dated ____________, 2001 (the "Prospectus"), if certificates for Old
Bonds of the Company are not immediately available or if the procedure for
book-entry transfer cannot be completed on a timely basis or time will not
permit all required documents to reach the Company prior to 5:00 p.m., New York
City time, on the Expiration Date of the Exchange Offer. Such form may be
delivered or transmitted by telegram, telex, facsimile transmission, mail or
hand delivery to The Bank of New York (the "Exchange Agent") as set forth below.
Capitalized terms not defined herein are defined in the Prospectus.

                              THE EXCHANGE AGENT IS

                              THE BANK OF NEW YORK

<TABLE>
<S>                                                             <C>
By Registered or Certified Mail, Hand or Overnight Courier:     By Facsimile:
                                                                (212) 815-6339
The Bank of New York
Reorganization Unit                                             Confirm by Telephone:
101 Barclay Street - 7E                                         (212) 815-3738
New York, NY 10289
Attn: Ms. Diane Amoroso
</TABLE>

         DELIVERY OF THIS INSTRUMENT TO AN ADDRESS OTHER THAN AS SET FORTH
ABOVE, OR TRANSMISSION OF THIS INSTRUMENT VIA FACSIMILE OTHER THAN AS SET FORTH
ABOVE, WILL NOT CONSTITUTE A VALID DELIVERY.

<PAGE>

Ladies and Gentlemen:

         Upon the terms and conditions set forth in the Prospectus, the
undersigned hereby tenders to the Company the principal amount of Old Bonds set
forth below, pursuant to the guaranteed delivery procedure described in the
Prospectus under "The Exchange Offer -- Procedures for Tendering - Registered
Holders and DTC Participants."

<TABLE>
<S>                                                          <C>
Principal Amount of Old Bonds Tendered:*                     If Old Bonds will be delivered by book-entry  transfer
                                                             to The Depository Trust Company, provide account number.
$-------------------------------------

Certificates Nos. (if available):                            Account Number
                                                                            -----------------------------------
Total Principal Amount Represented by Old Bonds
Certificate(s):
$-------------------------------------
</TABLE>

*    Must be in denominations of principal amount of $250,000 and integral
     multiples of $1,000 in excess thereof. See Instruction 1 in the Letter of
     Transmittal.

-------------------------------------------------------------------------------
ALL AUTHORITY HEREIN CONFERRED OR AGREED TO BE CONFERRED SHALL SURVIVE THE DEATH
OR INCAPACITY OF THE UNDERSIGNED AND EVERY OBLIGATION OF THE UNDERSIGNED
HEREUNDER SHALL BE BINDING UPON THE HEIRS, PERSONAL REPRESENTATIVES, SUCCESSORS
AND ASSIGNS OF THE UNDERSIGNED.
-------------------------------------------------------------------------------

                                       2

<PAGE>

                                PLEASE SIGN HERE

<TABLE>
<S>                                                           <C>
X  _______________________________________________            _____________________________

X  _______________________________________________            _____________________________
   Signature(s) of Owner(s) or                                         Date
   Authority Signatory
</TABLE>

Telephone Number (including area code): ______________________________________

         This Notice of Guaranteed Delivery must be signed by the holder(s) of
Old Bonds as their name(s) appear(s) on certificates for Old Bonds or on a DTC
security position listing, or by person(s) authorized to become registered
holder(s) by endorsement and documents transmitted with this Notice of
Guaranteed Delivery. If signature is by a trustee, executor, administrator,
guardian, attorney-in-fact, officer or other person acting in a fiduciary or
representative capacity, such person must set forth his or her full title below.

                              Please print name(s) and address(es)

         Name(s):  ________________________________________________

                   ________________________________________________

                   ________________________________________________

         Capacity: ________________________________________________

         Address:  ________________________________________________

                   ________________________________________________

                   ________________________________________________

                   ________________________________________________

                                    GUARANTEE

         The undersigned, a member of a registered national securities exchange,
or a member of the National Association of Securities Dealers, Inc., or a
commercial bank or trust company having an office or correspondent in the United
States, hereby guarantees that the certificates representing the principal
amount of Old Bonds tendered hereby in proper form for transfer, or timely
confirmation of the book-entry transfer of such Old Bonds into the Exchange
Agent's account at The Depository Trust Company pursuant to the procedures set
forth in the Prospectus under "The Exchange Offer -- Procedures for Tendering -
Registered Holders and DTC Participants," together with one or more properly
completed and duly executed Letters of Transmittal (or facsimile thereof or
Agent's Message in lieu thereof) and any other documents required by the Letter
of Transmittal in respect of the Old Bonds, will be received by the Exchange
Agent at the Address set forth above, no later than five New York Stock Exchange
trading days after the date of execution hereof.

<TABLE>
<S>                                         <C>

----------------------------------          -----------------------------------
Name of Firm                                        Authorized Signature

----------------------------------          -----------------------------------
Address                                                    Title

----------------------------------          Name:
Zip Code                                         ------------------------------
                                                      (Please Type or Print)

Area Code and Tel.  No.                     Dated:
                       -----------                -----------------------------
</TABLE>

NOTE: DO NOT SEND CERTIFICATES FOR OLD BONDS WITH THIS FORM. CERTIFICATES FOR
OLD BONDS SHOULD ONLY BE SENT WITH YOUR LETTER OF TRANSMITTAL.

                                       3

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