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DATE:   6/27/2004        Comptroller Of Public Accounts             PAGE:      2
TIME: 21:00                  Property Tax Division                  RPT: UTL7000
                           2003 Property Value Study
                         Utilities Category Worksheet
                            JOAQUIN / 210-902-210
                                 SHELBY / 210

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    Company         ISD Appraised              PTD Market           Indicated
    Number              Value                    Value                Ratio
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     21002                  4,140                    4,074           1.0162
     31005              1,133,800                1,092,947           1.0374
     41002                    596                      608            .9803
     51003              1,636,570                1,748,836            .9358
     61103                609,150                  627,161            .9713
     61116                163,490                  206,916            .7901
     63025                 70,260                   82,095            .8558


   Totals:              3,618,006                3,762,637            .9616


            Utility Weighted Mean Ratio For Sample:                   .9616

            Total Self-Reported Utility Value (J1-J8):            9,414,800

            Divided By ISD Utility Weighted Mean Ratio:               .9616

            Estimated PTD Utility Market Value:                   9,790,765