EIX U-3A-2 12/31/2002


                                                   UNITED STATES
                                        SECURITIES AND EXCHANGE COMMISSION
                                               Washington, DC 20549





                                                    FORM U-3A-2
                                                              File No. 69-344

                                           Statement by Holding Company
                                       Claiming Exemption Under Rule U-3A-2
                                            from the Provisions of the
                                    Public Utility Holding Company Act of 1935



                                       To Be Filed Annually Prior to March 1



                                               EDISON INTERNATIONAL
                                                 (Name of Company)





hereby files with the Securities and Exchange Commission, pursuant to Rule 2, its statement claiming exemption as
a holding company from the provisions of the Public Utility Holding Company Act of 1935, and submits the
following information:



1


1.  NAME, STATE OF ORGANIZATION, LOCATION AND NATURE OF BUSINESS OF CLAIMANT AND EVERY SUBSIDIARY THEREOF, OTHER
THAN ANY EXEMPT WHOLESALE GENERATOR (EWG) OR FOREIGN UTILITY COMPANY IN WHICH CLAIMANT DIRECTLY OR INDIRECTLY
HOLDS AN INTEREST.


                                                  HOLDING COMPANY
                                                  ---------------

00     EDISON INTERNATIONAL is a corporation organized under the laws of the State of California and having its
       principal place of business at 2244 Walnut Grove Avenue (P.O. Box 999), Rosemead, California 91770.  It
       was organized principally to acquire and hold securities of other corporations for investment purposes.
       Edison International has the following subsidiaries:

                                               UTILITY SUBSIDIARIES
                                               --------------------

01     SOUTHERN CALIFORNIA EDISON COMPANY ("SCE") is a California corporation having its principal place of
       business at 2244 Walnut Grove Avenue (P.O. Box 800), Rosemead, California 91770.  SCE is a public utility
       primarily engaged in the business of supplying electric energy to portions of central and southern
       California, excluding the City of Los Angeles and certain other cities.  Unless otherwise indicated, its
       subsidiaries have the same principal place of business as Southern California Edison Company:

02        CALIFORNIA ELECTRIC POWER COMPANY (inactive).

02        CONSERVATION FINANCING CORPORATION is a California corporation engaged in the remediation and
          mitigation of environmental liabilities.

02        EDISON ESI is a California corporation engaged in the business of marketing services, products,
          information, and copyrighted materials to third parties on behalf of SCE.

02        Edison Material Supply is a Delaware limited liability company that provides procurement, inventory and
          warehousing services.

02        MONO POWER COMPANY is an inactive California corporation that has been engaged in the business of
          exploring for and developing fuel resources.

03            The Bear Creek Uranium Company is an inactive California partnership between Mono Power Company
              (50%) and RME Holding Company (formerly Union Pacific Resources Group, Inc.) (50%) that is engaged
              in reclamation of an integrated uranium mining and milling complex in Wyoming.

02        SCE CAPITAL COMPANY (inactive Delaware corporation).

02        SCE Funding LLC is a Delaware limited liability company that acts as a financing vehicle for rate
          reduction bonds.

02        SCE Trust I is a Delaware business trust organized to act as a financing vehicle.

02        SCE Trust II is a Delaware business trust organized to act as a financing vehicle.

02        SCE UK Services Ltd. is a United Kingdom private limited company having its registered office at
          Lansdowne House, Berkeley Square, London, England W1X 5DH, which provides auditing services for
          affiliated companies.

02        SOUTHERN STATES REALTY is a California corporation engaged in holding real estate assets for SCE.



2


                                              NONUTILITY SUBSIDIARIES
                                              -----------------------

01     EDISON DRIVES ELECTRIC is an inactive California corporation having its principal place of business at
       2244 Walnut Grove Avenue, Rosemead, California 91770, which was engaged in administering a vehicle lease
       program for Edison International employees.

01     EDISON ENERGY (inactive)

01     EDISON INSURANCE SERVICES, INC., is a Hawaii corporation having its principal executive office at 745 Fort
       Street, Suite 800, Honolulu, Hawaii 96813, which provides domestic and foreign property damage and
       business interruption insurance to Edison International and its subsidiaries.

01     EDISON INTERNATIONAL POWER (inactive)

01     EDISON VENTURES is a California corporation having its principal place of business at 2244 Walnut Grove
       Avenue, Rosemead, California 91770, which owns the stock and coordinates the activities of its nonutility
       subsidiaries.  The subsidiaries of Edison Ventures are as follows:

02        EDISON TRANSENERGY is a California corporation having its principal place of business at 2244 Walnut
          Grove Avenue, Rosemead, California 91770, which is engaged in pipeline development activities to
          transport crude oil.

01     EIX Trust I is a Delaware business trust that acts as a financing vehicle.

01     EIX Trust II is a Delaware business trust that acts as a financing vehicle.

01     EIX Trust III is a Delaware business trust organized to act as a financing vehicle.

01     THE MISSION GROUP is a California corporation having its principal place of business at 2244 Walnut Grove
       Avenue, Rosemead, California 91770, which owns the stock and coordinates the activities of nonutility
       companies.  The subsidiaries of The Mission Group are as follows:

02        EDISON ENTERPRISES is a California corporation having its principal place of business at 2244 Walnut
          Grove Avenue, Rosemead, California 91770, which owns the stock and coordinates the activities of its
          nonutility subsidiaries.  The subsidiaries of Edison Enterprises are as follows:

03            EDISON SOURCE is a California corporation having its principal place of business at 18101 Von
              Karman Avenue, Suite 1700, Irvine, California 92612-1046, which owns the stock of its
              subsidiaries.  The majority of the assets of Edison Source were sold to its former management in
              October 2001.  It is engaged in the business of selling, installing and servicing rapid battery
              charging products for the electric fork lift market.

04               Edison Source Norvik Company is a Canadian company having its principal place of business at
                 1959 Upper Water Street, Suite 800, Halifax, NS B3J 2X2.  It is principally engaged in the
                 business of research and development, and manufacturing of rapid battery charging products for
                 the electric fork lift market.

04               G.H.V. REFRIGERATION, INC. is an inactive California corporation having its principal place of
                 business at 2244 Walnut Grove Avenue, Rosemead, California 91770.

02        EDISON ENVIRONMENTAL SERVICES is an inactive California corporation having its principal place of
          business at 2244 Walnut Grove Avenue, Rosemead, California 91770.

02        EDISON O&M SERVICES is a California corporation having its principal place of business at 1321 South
          State College Boulevard, Fullerton, California 92831, that provided generation operation and
          maintenance services.



3


02        EDISON TECHNOLOGY SOLUTIONS ("ETS") is an inactive California corporation having its principal place of
          business at 2244 Walnut Grove Avenue, Rosemead, California 91770.  The subsidiaries of Edison
          Technology Solutions are as follows:

03            EDISON EV is an inactive California corporation having its principal place of business at 2244
              Walnut Grove Avenue, Rosemead, California 91770.

03            FACILICHEM, INC., is a California corporation having its principal place of business at 333
              Ravenswood Avenue, Menlo Park, California 94025, which was organized to engage in the research,
              development and commercialization of liquid membrane technologies for application in specific
              industrial and chemical processes.  ETS has a 10% ownership interest.

02        EDISON CAPITAL is a California corporation having its principal place of business at 18101 Von Karman
          Avenue, Suite 1700, Irvine, California 92612-1046.  It is engaged in the business of providing capital
          and financial services in energy and infrastructure projects and affordable housing projects.  Edison
          Capital owns a group of subsidiaries and has interests in various partnerships through its
          subsidiaries.  The subsidiaries and partnerships of Edison Capital are listed below. Unless otherwise
          indicated, all entities are corporations, are organized under the laws of the State of California, and
          have the same principal place of business as Edison Capital.

03     BURLINGTON APARTMENTS, INC.
03     Edison Capital Europe Limited (UK corporation)
       Address:  Lansdowne House, Berkeley Square, London, England W1X 5DH
03     EDISON CAPITAL VENTURES (Dissolved)
03     EDISON FUNDING COMPANY
       [directly owns 0.08% of Edison Funding Omicron Incorporated; see listing under Edison Housing
       Consolidation Company)
04        EDISON CAPITAL HOUSING INVESTMENTS
          [directly owns 0.35% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
          [directly owns 35.52% of Edison Funding Omicron Incorporated; see listing under Edison Housing
          Consolidation Co.]
05            1st Time Homebuyer Opportunities LP (Chester County Homes) 99%
05            1732 Champa LP (Buerger Brothers Lofts) 99%
05            18303 Kittridge Associates LP 99%
05            210 Washington Avenue Associates (Renaissance Plaza) (Connecticut partnership) 99%
05            2400 Locust Associates LP (Locust on the Park) 99%
05            3790 Wisconsin Street Partners LP (Wisconsin III) 99.9%
05            Argyle Redevelopment Partnership, Ltd. (Colorado partnership) 99%
05            Auburn Manor L.L.C. 50%
05            Bartlett Hill Associates LP 99%
05            CCS/Bellingham LP (Washington Grocery Building) 99%
05            Cincinnati Ravenwood Apartments LP 99%
05            Conejo Valley Community Housing Associates (Community House Apartments) 99%
05            EAST COAST CAPITAL, INC. (Massachusetts corporation) (Dissolved)
              Address:  160 Federal Street, Boston, MA 02110-1776
05            EC ASSET SERVICES, INC. (Massachusetts corporation)
              Address:  160 Federal Street, Boston, MA 02110-1776
05            EC PROPERTIES, INC. (Massachusetts corporation)
              Address:  160 Federal Street, Boston, MA 02110-1776
06               Corporations for Affordable Housing LP 1%GP
07                  Arbor Lane Associates Phase II LP (Timberwood) 99%
07                  Arroyo Vista Associates LP 99%
07                  Artloft Associates LP 35.6%
07                  Caleb Affordable Housing Associates LP (Ledges/Pinebrook) 99%
07                  The Carlin LP 99%
07                  Diamond Phase III Venture LP 99%
07                  Fairmont Hotel Urban Renewal Associates LP 99%
07                  Mackenzie Park Associates LP 99%


4


07                  Parkside Associates LP (Parkside Garden) 99%
07                  Pines Housing LP 99%
07                  Pines Housing II, LP 99%
07                  Smyrna Gardens Associates LP 99%
07                  Tioga Gardens LP 99%
07                  Walden Pond, LP (Hamlet) 99%
06               Corporations for Affordable Housing LP II 1%GP
07                  2601 North Broad Street Associates LP (Station House) 99%
07                  Artloft Associates LP 53.39%
07                  Brookline Housing Associates LLC (Bridgewater) 99%
07                  EDA LP (Eagle's Nest) 99%
07                  Edgewood Manor Associates II LP 99%
07                  Gateway Housing LP (Gateway Townhomes) 99%
07                  Homestead Village Associates LP 99%
07                  Junction City Apartments LP (Green Park) 99%
07                  Liberty House Associates LP 99%
07                  Maple Ridge Development Associates LP 99%
07                  Parsonage Cottage Senior Residence LP 99%
07                  Rittenhouse School LP 99%
07                  Silver City Housing LP 99%
07                  South 55th Street, LP 99%
07                  W. M. Housing Associates LP (Williamsport Manor) 99%
07                  Winnsboro Apartments LP (Deer Wood) 99%
05            EC PROPERTIES III, INC. (Massachusetts corporation)
              Address:  160 Federal Street, Boston, MA 02110-1776
06               Corporations for Affordable Housing LP III 1%GP
07                  Piedmont Housing Associates 99%
07                  Pines Housing III LP 99%
07                  Salem Lafayette Urban Renewal Associates, LP 99%
07                  Spring Valley Commons LP 99%
07                  Stevenson Housing Associates (Park Vista) 99%
05            EC-SLP, INC. (Massachusetts corporation)
              Address:  160 Federal Street, Boston, MA 02110-1776
05            ECHI-A COMPANY (Dissolved)
05            ECHI-B COMPANY (Dissolved)
05            ECHI Wyvernwood, Inc. (Dissolved)
05            ECH Investor Partners VI-A LP 1%GP
06               Edison Capital Housing Partners VI LP 61.82%LP
07                  Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
07                  Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
07                  Altamont Hotel Associates LP 99%
07                  Bradley Manor Senior Apartments LP 99%
07                  Double X Associates 1995 LP (Terrace Manor) 99%
07                  Hamilton Place Apartments LP (Larkin Place) 99%
07                  Hamilton Place Senior Living LP 99%
07                  Hearthstone Group 3 LP (Evergreen Court) 99%
07                  KDF Malabar LP 99%
07                  LINC-Bristol Associates I, LP (City Gardens) 99%
07                  MAS-WT, LP (Washington Terrace) 99%
07                  Northwood Manor Associates LP 99%
07                  Silver Lake Properties LP 99%
07                  University Park Properties LP 99%
07                  Upland Senior Housing LP (Coy D. Estes) 99%
07                  Vista Properties LLC (Vista View) 99%
07                  Vista Verde Townhomes II LLC 99%
05            ECH Investor Partners VI-B LP 1%GP
06               Edison Capital Housing Partners VI LP 37.18%LP
07                  Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
07                  Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
07                  Altamont Hotel Associates LP 99%


5


07                  Bradley Manor Senior Apartments LP 99%
07                  Double X Associates 1995 LP (Terrace Manor) 99%
07                  Hamilton Place Apartments LP (Larkin Place) 99%
07                  Hamilton Place Senior Living LP 99%
07                  Hearthstone Group 3 LP (Evergreen Court) 99%
07                  KDF Malabar LP 99%
07                  LINC-Bristol Associates I, LP (City Gardens) 99%
07                  MAS-WT, LP (Washington Terrace) 99%
07                  Northwood Manor Associates LP 99%
07                  Silver Lake Properties LP 99%
07                  University Park Properties LP 99%
07                  Upland Senior Housing LP (Coy D. Estes) 99%
07                  Vista Properties LLC (Vista View) 99%
07                  Vista Verde Townhomes II LLC 99%
05            ECH/HFC GP Partnership No. 1 34.9%GP
06               Edison Capital Housing Partners VII LP 19.4%GP
07                  C-Court LP (Cawelti Court) 99%
07                  Cottonwood Affordable Housing LP 99%
07                  Fifth and Wilshire Apartments LP 99%
07                  Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
07                  Huff Avenue Associates LP 99%
07                  Mountain View Townhomes Associates LP 99%
07                  Oak Forest Associates LP 99%
07                  Paradise Road Partners LP (Gateway Village) 99%
07                  Woodland Arms Apartments, Ltd. 99%
05            ECH/HFC GP Partnership No. 2 56.7%GP
06               Edison Capital Housing Partners VIII LP 18.54%GP
07                  Catalonia Associates LP 99%
07                  Ohlone Housing Associates LP 99%
05            ECHP INVESTMENT COMPANY
06               ECHP LLC 99.999%GP
07                  Edison Capital Housing Partners XVI LP 0.01%GP
08                      Bouquet Canyon Seniors LP 99%
08                      Diamond Creek Apartments LP 99.9%
08                      Eugene Hotel LP 99.9%
08                      Hilltop Farms LP 99.9%
08                      KDF Park Glenn LP (Park Glenn) 99%
08                      KDF Park Glenn Seniors LP (Park Glenn II) 99.9%
08                      King Road Associates LP 99.9%
08                      LL Housing LP (Maryland partnership) (Laurel Lakes) 99%
08                      Red Lake LP #1 99%
08                      San Martin de Porres LP 99.9%
08                      Southern Hotel LP 99.9%
08                      Terra Cotta Housing Associates LP 99.9%
07                  Edison Capital Housing Partners XVII LP 0.01%GP
08                      Antelope Associates LP 99%
08                      Baker Park Associates LP 99%
08                      Fremont Building LP (Crescent Arms) 99%
08                      Hercules Senior Housing Associates 99.9%
08                      La Terraza Associates LP (Carlsbad Villas at Camino Real) 99%
08                      Parkview Apartments Associates LP (Parkview/Sunburst) 99.9%
08                      Quebec Arms Apartments LP 99.9%
08                      Sky Parkway Housing Associates LP 99%
08                      Sunset Creek Partners LP 99%
08                      University Manor Apartments LP 99.9%
08                      Vista Verde Housing Associates LP 99.9%
07                  Edison Capital Housing Partners XVIII LP 0.01%GP
08                      Aaron Michael Associates LP 99.9%
08                      Bracher Associates LP 99%
08                      Florin Woods Associates LP 99%


6


08                      Lovejoy Station LP 99.9%
08                      OL Hope LP (Olympic Hope) 99.9%
08                      Palmer Heights, LLC 99.9%
08                      Pinmore Associates LP 99%
08                      SD Regency Centre LP 99.9%
07                  Edison Capital Housing Partners XIX LP 0.01%GP
08                      Cochrane Village Apartments LP 99%
08                      CCS/Mount Vernon Housing LP (La Venture) 99%
08                      Ontario Senior Housing LP (Ontario Plaza) 99%
08                      Pecan Court Associates LP 99.9%
08                      Pellettieri Homes Urban Renewal Associates, LP 99%
08                      Rincon De Los Esteros Associates LP 99%
08                      KDF Santa Paula LP (Santa Paula) 99%
08                      Schoolhouse Court Housing Associates LP 99.9%
08                      Virginia Lane LP 99.9%
08                      Winfield Hill Associates LP 99%
05            EDISON CAPITAL AFFORDABLE HOUSING 97 V (Dissolved)
05            EDISON CAPITAL AFFORDABLE HOUSING 97 VI (Dissolved)
05            EDISON CAPITAL AFFORDABLE HOUSING 97 VII (Dissolved)
05            EDISON CAPITAL AFFORDABLE HOUSING 97 VIII (Dissolved)
05            EDISON CAPITAL AFFORDABLE HOUSING 99A COMPANY (Dissolved)
05            Edison Capital Affordable Housing 99A G.P. 27.69%GP
06               Edison Capital Housing Partners IX LP 13.5533%GP
07                  1010 SVN Associates LP 99.9%
07                  2814 Fifth Street Associates LP (Land Park Woods) 99%
07                  Alma Place Associates LP 99%
07                  Knolls Community Associates LP 99.9%
07                  Monterra Village Associates LP 99%
07                  Pacific Terrace Associates LP 99.9%
07                  PVA LP (Park Victoria) 99%
07                  Sherman Glen, L.L.C. 99%
07                  Strobridge Housing Associates LP 99%
07                  Trolley Terrace Townhomes LP 99.9%
07                  Walnut Avenue Partnership LP 99%
05            EDISON CAPITAL AFFORDABLE HOUSING 99B COMPANY 99.99% (Dissolved)
05            Edison Capital Affordable Housing 99B G.P. 99.99%GP
06               Edison Capital Housing Partners X LP 19.3952%GP
07                  Beacon Manor Associates LP 99.9%
07                  Boulder Creek Apartments LP 99.9%
07                  Burlington Senior Housing LLC 99.9%
07                  CCS/Renton Housing LP (Renton) 99.9%
07                  Coolidge Station Apartments L.L.C. 99%
07                  Lark Ellen LP 99%
07                  Mercy Housing California IX LP (Sycamore) 99.9%
07                  Morgan Hill Ranch Housing LP 99%
07                  Pacifica Community Associates LP (Villa Pacifica) 99.9%
07                  Persimmon Associates LP 99%
07                  Providence-Brown Street Housing LP (Brown Street) 99.9%
07                  San Juan Commons 1996 LP 99.9%
07                  Timber Sound, Ltd. 99%
07                  Timber Sound II, Ltd. 99%
07                  Trinity Park Apartments LP 99.9%
07                  Venbury Trail LP 99.9%
06               Edison Capital Housing Partners XI LP 18.62486%GP
07                  1475 167th Avenue Associates LP (Bermuda Gardens) 99.9%
07                  Auburn Manor Apartments LP 99.9%
07                  Barnsdall Court LP (Villa Mariposa) 99%
07                  Borregas Court LP 99%
07                  Bryson Family Apartments LP 99.9%
07                  Carson Housing LP 98%


7


07                  Casa Rampart LP (Rampart Apartments) 98.9%
07                  Davis MHA Twin Pines Community Associates LP (Northstar Apartments) 99.9%
07                  Eastwood Homes LP 99%
07                  Electra Arms Senior Associates LP 99%
07                  Grace Housing LP 99%
07                  Stony Point Apartment Investors LP (Panas Place) 99.9%
07                  Wall Street Palmer House LP 99%
07                  Wilmington Housing Associates LP (New Harbor Vista) 99.9%
06               Edison Capital Housing Partners XII LP 13.73759%GP
07                  Cedarshores Limited Dividend Housing Association LP 99.99%
07                  Heritage Partners LP 99%
07                  Osage Terrace LP 99.89%
07                  West Oaks Apartments LP 99.9%
07                  Yale Street LP 99.9%
06               Edison Capital Housing Partners XIII LP 17.03513%GP
07                  Alhambra Apartments LP 99.9%
07                  Chamber Apartments LP 99%
07                  Park Land Senior Apartments Investors LP (Banducci) 99.9%
07                  President John Adams Manor Apartments LP 99.9%
07                  Riverwalk Apartments, Ltd. (Colorado) 99%
07                  Rosecreek Senior Living LP 99.9%
07                  Twin Ponds Apartments LP 99.9%
07                  Woodleaf Village LP 99.89%
07                  Women's Westlake LP (Dorothy Day) 99%
06               Edison Capital Housing Partners XIV LP 7.61%GP
07                  Apollo Development Associates LP (Apollo Hotel) 99.9%
07                  Carson Terrace LP 99.9%
07                  Don Avante Association II LP (Village Avante) 99.9%
07                  Preservation Properties I 99.9%
07                  Preservation Properties II 99.9%
07                  Preservation Properties III 99.9%
07                  Preservation Properties IV 99.9%
07                  Preservation Properties V 99.9%
07                  Rowland Heights Preservation LP 99.9%
07                  Springdale Preservation LP (Springdale West) 99.9%
06               Edison Capital Housing Partners XV LP 9.567%GP
07                  708 Pico LP (Wavecrest Apartments) 99.9%
07                  Benton Green LP 99.9%
07                  Don Avante Association I LP (Don de Dios) 99.9%
07                  Emmanuel Grant Company LLC (Capitol Heights) 99.9%
07                  Highland Village Partners LP 99.9%
07                  I.G. Partners LP (Islands Gardens) 99.9%
07                  Karen Partners LP 99.9%
07                  Lilac Estates LP 99.9%
07                  Mountainlands Housing Partners LP (Holiday Village Apartments) 99.9%
07                  NAHF Brockton LP (Southfield Gardens) 99.9%
07                  Northern Senior Housing LP (St. Johnsbury) 99.9%
07                  Park Place 1998, LLC 99.9%
07                  Park Williams Partners LP 99.9%
07                  Patriots Pointe at Colonial Hills LP 99.9%
07                  PlumTree Preservation LP 99.9%
07                  Poinsettia Housing Associates 99.9%
07                  Project Home I LLC 99.99%
07                  Saratoga Vacaville LP (Saratoga Senior) 99.9%
07                  Serena Sunbow LP (Villa Serena) 99.9%
07                  St. Regis Park LP (Pear Tree) 99.9%
07                  Vista Sonoma Senior Living LP 99.9%
07                  Westfair LLC (Cedar Ridge) 99.9%
07                  Windrush Apartments of Statesville LP 99.9%
07                  Wingate LLC (Regency Park) 99.9%


8


05            Edison Capital Contributions VI Partners 91.77%GP
06               ECH Investor Partners VI-A LP 15.39%LP
07                  Edison Capital Housing Partners VI LP 61.82%LP
08                      Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
08                      Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
08                      Altamont Hotel Associates LP 99%
08                      Bradley Manor Senior Apartments LP 99%
08                      Double X Associates 1995 LP (Terrace Manor) 99%
08                      Hamilton Place Apartments LP (Larkin Place) 99%
08                      Hamilton Place Senior Living LP 99%
08                      Hearthstone Group 3 LP (Evergreen Court) 99%
08                      KDF Malabar LP 99%
08                      LINC-Bristol Associates I, LP (City Gardens) 99%
08                      MAS-WT, LP (Washington Terrace) 99%
08                      Northwood Manor Associates LP 99%
08                      Silver Lake Properties LP 99%
08                      University Park Properties LP 99%
08                      Upland Senior Housing LP (Coy D. Estes) 99%
08                      Vista Properties LLC (Vista View) 99%
08                      Vista Verde Townhomes II LLC 99%
06               ECH Investor Partners VI-B LP 99%LP
07                  Edison Capital Housing Partners VI LP 37.18%LP
08                      Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
08                      Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
08                      Altamont Hotel Associates LP 99%
08                      Bradley Manor Senior Apartments LP 99%
08                      Double X Associates 1995 LP (Terrace Manor) 99%
08                      Hamilton Place Apartments LP (Larkin Place) 99%
08                      Hamilton Place Senior Living LP 99%
08                      Hearthstone Group 3 LP (Evergreen Court) 99%
08                      KDF Malabar LP 99%
08                      LINC-Bristol Associates I, LP (City Gardens) 99%
08                      MAS-WT, LP (Washington Terrace) 99%
08                      Northwood Manor Associates LP 99%
08                      Silver Lake Properties LP 99%
08                      University Park Properties LP 99%
08                      Upland Senior Housing LP (Coy D. Estes) 99%
08                      Vista Properties LLC (Vista View) 99%
08                      Vista Verde Townhomes II LLC 99%
05            EDISON CAPITAL HOUSING DELAWARE, INC.
06               B.A.I. Edison Ravenwood LP (Ravenwood) 90%GP
07                  Cincinnati Ravenwood Apartments LP 0.1%GP
05            Edison Capital Housing Partners V LP 16.18%GP
06               AMCAL Santa Barbara Fund XXXVI LP (Positano) 99%
06               Bodega Hills Investors LP 99%
06               Mercy Housing California IV LP (Vista Grande) 99%
06               Park Place Terrace LP 99%
06               River Walk Apartments Homes LP 99%
06               San Diego Golden Villa Partners LP (Golden Villa) 99%
06               Santa Alicia Gardens Townhomes LP (The Gardens) 99%
06               St. Hedwig's Gardens LP 99%
06               Sunshine Terrace LP 99%
06               Union Meadows Associates LLC 99%
05            Edison Capital Housing Partners VI LP 1%GP
06               Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
06               Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
06               Altamont Hotel Associates LP 99%
06               Bradley Manor Senior Apartments LP 99%
06               Double X Associates 1995 LP (Terrace Manor) 99%
06               Hamilton Place Apartments LP (Larkin Place) 99%


9


06               Hamilton Place Senior Living LP 99%
06               Hearthstone Group 3 LP (Evergreen Court) 99%
06               KDF Malabar LP 99%
06               LINC-Bristol Associates I, LP (City Gardens) 99%
06               MAS-WT, LP (Washington Terrace) 99%
06               Northwood Manor Associates LP 99%
06               Silver Lake Properties LP 99%
06               University Park Properties LP 99%
06               Upland Senior Housing LP (Coy D. Estes) 99%
06               Vista Properties LLC (Vista View) 99%
06               Vista Verde Townhomes II LLC 99%
05            EDISON CAPITAL HOUSING FLORIDA (Dissolved)
05            EDISON CAPITAL HOUSING MANAGEMENT
05            EDISON CAPITAL HOUSING NEW JERSEY
              [owns 6.16% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05            EDISON CAPITAL HOUSING NEW YORK (Dissolved)
06               WPA/Edison LLC (Pier A) 99% (Dissolved)
05            EDISON CAPITAL HOUSING PENNSYLVANIA
              [owns 5.26% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05            EDISON FUNDING OMICRON INCORPORATED (Delaware corporation) (formerly Edison Funding Omicron GP)
              55.52% [also owned 0.08% by Edison Funding Company and 44.40% by Edison Housing Consolidation Co.]
06               EDISON FUNDING OLIVE COURT 100%GP
07                  Olive Court Housing Associates LP 0.6%
05            EDISON HOUSING NORTH CAROLINA
06               Edison Capital Contributions VI Partners 4.03%GP
07                  ECH Investor Partners VI-A LP 15.39%LP
08                      Edison Capital Housing Partners VI LP 61.82%LP
09                         Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09                         Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09                         Altamont Hotel Associates LP 99%
09                         Bradley Manor Senior Apartments LP 99%
09                         Double X Associates 1995 LP (Terrace Manor) 99%
09                         Hamilton Place Apartments LP (Larkin Place) 99%
09                         Hamilton Place Senior Living LP 99%
09                         Hearthstone Group 3 LP (Evergreen Court) 99%
09                         KDF Malabar LP 99%
09                         LINC-Bristol Associates I, LP (City Gardens) 99%
09                         MAS-WT, LP (Washington Terrace) 99%
09                         Northwood Manor Associates LP 99%
09                         Silver Lake Properties LP 99%
09                         University Park Properties LP 99%
09                         Upland Senior Housing LP (Coy D. Estes) 99%
09                         Vista Properties LLC (Vista View) 99%
09                         Vista Verde Townhomes II LLC 99%
07                  ECH Investor Partners VI-B LP 99%LP
08                      Edison Capital Housing Partners VI LP 37.18%LP
09                         Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09                         Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09                         Altamont Hotel Associates LP 99%
09                         Bradley Manor Senior Apartments LP 99%
09                         Double X Associates 1995 LP (Terrace Manor) 99%
09                         Hamilton Place Apartments LP (Larkin Place) 99%
09                         Hamilton Place Senior Living LP 99%
09                         Hearthstone Group 3 LP (Evergreen Court) 99%
09                         KDF Malabar LP 99%
09                         LINC-Bristol Associates I, LP (City Gardens) 99%
09                         MAS-WT, LP (Washington Terrace) 99%
09                         Northwood Manor Associates LP 99%
09                         Silver Lake Properties LP 99%


10


09                         University Park Properties LP 99%
09                         Upland Senior Housing LP (Coy D. Estes) 99%
09                         Vista Properties LLC (Vista View) 99%
09                         Vista Verde Townhomes II LLC 99%
05            EDISON HOUSING OREGON, INC. (Dissolved)
05            EDISON HOUSING SOUTH CAROLINA
06               Edison Capital Contributions VI Partners 4.20%GP
07                  ECH Investor Partners VI-A LP 15.39%LP
08                      Edison Capital Housing Partners VI LP 61.82%LP
09                         Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09                         Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09                         Altamont Hotel Associates LP 99%
09                         Bradley Manor Senior Apartments LP 99%
09                         Double X Associates 1995 LP (Terrace Manor) 99%
09                         Hamilton Place Apartments LP (Larkin Place) 99%
09                         Hamilton Place Senior Living LP 99%
09                         Hearthstone Group 3 LP (Evergreen Court) 99%
09                         KDF Malabar LP 99%
09                         LINC-Bristol Associates I, LP (City Gardens) 99%
09                         MAS-WT, LP (Washington Terrace) 99%
09                         Northwood Manor Associates LP 99%
09                         Silver Lake Properties LP 99%
09                         University Park Properties LP 99%
09                         Upland Senior Housing LP (Coy D. Estes) 99%
09                         Vista Properties LLC (Vista View) 99%
09                         Vista Verde Townhomes II LLC 99%
07                  ECH Investor Partners VI-B LP 99%LP
08                      Edison Capital Housing Partners VI LP 37.18%LP
09                         Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09                         Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09                         Altamont Hotel Associates LP 99%
09                         Bradley Manor Senior Apartments LP 99%
09                         Double X Associates 1995 LP (Terrace Manor) 99%
09                         Hamilton Place Apartments LP (Larkin Place) 99%
09                         Hamilton Place Senior Living LP 99%
09                         Hearthstone Group 3 LP (Evergreen Court) 99%
09                         KDF Malabar LP 99%
09                         LINC-Bristol Associates I, LP (City Gardens) 99%
09                         MAS-WT, LP (Washington Terrace) 99%
09                         Northwood Manor Associates LP 99%
09                         Silver Lake Properties LP 99%
09                         University Park Properties LP 99%
09                         Upland Senior Housing LP (Coy D. Estes) 99%
09                         Vista Properties LLC (Vista View) 99%
09                         Vista Verde Townhomes II LLC 99%
05            EHI DEVELOPMENT COMPANY
05            EHI DEVELOPMENT FUND
05            Florence Apartments LLC 99%
05            Harry Clark Jr. Residential Center LLC 99%
05            Josephinum Associates LP, The (Washington partnership) 99%
05            Kennedy Lofts Associates LP (Massachusetts partnership) 99%
05            LL Housing L.L.C. 24.5%
05            Madison/Mollison LP (Park Mollison) 99%
05            Maplewood Housing Associates LP 99.9%
05            MH I LP 1%GP
06               California Park Apartments LP 99%
05            MH II LP 1%GP
06               5363 Dent Avenue Associates LP 99%
05            MH III LP 1%GP
06               DeRose Housing Associates LP 99%


11


05            MH IV LP 1%GP
06               MPT Apartments LP (MacArthur Park) 99%
05            MH V LP 1%GP
06               Centennial Place LP 99%
05            MHICAL 94 COMPANY
              [owns 19.32% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05            MHICAL 94 LP (Delaware partnership) 1%GP
06               Mayacamas Village Associates LP 99%
06               West Capital Courtyard LP 99%
05            MHICAL 95 LP (Delaware partnership) 1%GP
06               Abby Associates LP (Windmere) 99%
06               Colina Vista LP 99%
06               Mercy Housing California VI LP (205 Jones) 99%
05            MHICAL 96 LP (Delaware partnership) 1%GP
06               Greenway Village Associates LP 99%
06               Kennedy Court Partners LP 99%
06               Klamath Associates LP 99%
06               Westgate Townhomes Associates LP 99%
05            MHICAL 95 COMPANY
06               ECH/HFC GP Partnership No. 2 43.3%GP
07                  Edison Capital Housing Partners VIII LP 18.54%GP
08                      Catalonia Associates LP 99%
08                      Ohlone Housing Associates LP 99%
06               EDISON HOUSING CONSOLIDATION CO. (formerly Edison Housing Georgia) 29.90%
07                  EDISON FUNDING OMICRON INCORPORATED (Delaware corporation) (formerly Edison Funding Omicron
                    GP) 44.40% [also owned 0.08% by Edison Funding Company and 55.52% by Edison Capital Housing
                    Investments]
08                      16th and Church Street Associates LP 99%
08                      1856 Wells Court Partners, LP (Wells Court) 99%
08                      AE Associates LP (Avenida Espana) 99%
08                      Agape Housing LP 99%
08                      Anglo Edison Ravenwood L.L.C. 99%
08                      Brantwood II Associates LP 99%
08                      Brooks School Associates LP 99%
08                      Bryn Mawr - Belle Shore LP (The) 99%
08                      Bush Hotel LP 99%
08                      Centertown Associates LP (Ravenwood) 99%
08                      Centro Partners LP (El Centro) 99%
08                      Coyote Springs Apartments Associates LP 99%
08                      Cypress Cove Associates 99%
08                      Del Carlo Court Associates LP 99%
08                      Delta Plaza Apartments LP 99%
08                      EAH Larkspur Creekside Associates LP 99%
08                      East Cotati Avenue Partners LP 99%
08                      EDISON FUNDING OLIVE COURT 100%GP
09                         Olive Court Housing Associates LP 0.6%
08                      Edmundson Associates LP (Willows) 99%
08                      El Barrio Academy Urban Renewal Associates, LP (Academy Street) 99%
08                      Elizabeth West and East LP 99%
08                      Farm (The) Associates LP 99%
08                      Gilroy Redwood Associates LP (Redwoods) 99%
08                      Ginzton Associates LP 99%
08                      Grossman Apartments Investors LP 99%
08                      Heather Glen Associates LP 99%
08                      HMB-Atlanta I LP (Spring Branch) 99%
08                      Holy Family Associates LP 99%
08                      Lackawana Housing Associates LLC (Goodwill Neighborhood Residences) 99%
08                      Maplewood School Apartments LP 99%
08                      Mar Associates LP (Frank Mar) 99%
08                      McFarland Press Associates LP 99%


12


08                      Mercantile Housing LLC (Mercantile Square) 99%
08                      Merrill Road Associates LP 99%
08                      MH I LP 99%
09                         California Park Apartments LP 99%
08                      MHICAL 94 LP (Delaware partnership) 99%LP
09                         Mayacamas Village Associates LP 99%
09                         West Capital Courtyard LP 99%
08                      MHICAL 95 LP (Delaware partnership) 99%LP
09                         Abby Associates LP (Windmere) 99%
09                         Colina Vista LP 99%
09                         Mercy Housing California VI LP (205 Jones) 99%
08                      MHICAL 96 LP (Delaware partnership) 99%LP
09                         Greenway Village Associates LP 99%
09                         Kennedy Court Partners LP 99%
09                         Klamath Associates LP 99%
09                         Westgate Townhomes Associates LP 99%
08                      Mid-Peninsula Century Village Associates LP (Century Village) 99%
08                      Mission Capp LP 99%
08                      Mission Housing Partnership 1996 LP (Delaware partnership) 99%LP
08                      Neary Lagoon Partners LP 99%
08                      North Park Village LLC 99%
08                      Oceanside Gardens LP 99%
08                      Omaha Amber Ridge LP (Amber Ridge) 99%
08                      Open Door Associates LP (West Valley) 99%
08                      Palmer House LP 99%
08                      Richmond City Center Associates LP 99%
08                      Riverside/Liebrandt Partners LP (La Playa) 99%
08                      Roebling Village Inn Urban Renewal LP 99%
08                      Rosebloom Associates LP (Oakshade) 99%
08                      San Pablo Senior Housing Associates LP 99%
08                      San Pedro Gardens Associates LP 99%
08                      Santa Paulan Senior Apartments Associates LP (The Paulan) 99%
08                      South Beach Housing Associates LP (Steamboat) 99%
08                      South Winery Associates LP (The Winery Apartments) 99%
08                      Stoney Creek Associates LP 99%
08                      Studebaker Building LP 99%
08                      Sultana Acres Associates LP 99%
08                      Thomson Rental Housing, LP (Washington Place) 99%
08                      Tuscany Associates LP (Tuscany Villa) 99%
08                      Villa Maria Housing LP 99%
08                      Washington Creek Associates LP 99%
08                      Westport Village Homes Associates LP 99%
08                      Wheeler Manor Associates LP 99%
08                      YWCA Villa Nueva Partners LP 99%
05            MHICAL 96 COMPANY
              [owns 8.96% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
06               ECH/HFC GP Partnership No. 1 50.4%GP
07                  Edison Capital Housing Partners VII LP 19.4%GP
08                      C-Court LP (Cawelti Court) 99%
08                      Cottonwood Affordable Housing LP 99%
08                      Fifth and Wilshire Apartments LP 99%
08                      Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
08                      Huff Avenue Associates LP 99%
08                      Mountain View Townhomes Associates LP 99%
08                      Oak Forest Associates LP 99%
08                      Paradise Road Partners LP (Gateway Village) 99%
08                      Woodland Arms Apartments, Ltd. 99%
06               Edison Capital Affordable Housing 99A G.P. 36.47%GP
07                  Edison Capital Housing Partners IX LP 13.5533%GP
08                      1010 SVN Associates LP 99.9%


13


08                      2814 Fifth Street Associates LP (Land Park Woods) 99%
08                      Alma Place Associates LP 99%
08                      Knolls Community Associates LP 99.9%
08                      Monterra Village Associates LP 99%
08                      Pacific Terrace Associates LP 99.9%
08                      PVA LP (Park Victoria) 99%
08                      Sherman Glen, L.L.C. 99%
08                      Strobridge Housing Associates LP 99%
08                      Trolley Terrace Townhomes LP 99.9%
08                      Walnut Avenue Partnership LP 99%
05            MHICAL 97 COMPANY
06               ECH/HFC GP Partnership No. 1 14.7%GP
07                  Edison Capital Housing Partners VII LP 19.4%GP
08                      C-Court LP (Cawelti Court) 99%
08                      Cottonwood Affordable Housing LP 99%
08                      Fifth and Wilshire Apartments LP 99%
08                      Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
08                      Huff Avenue Associates LP 99%
08                      Mountain View Townhomes Associates LP 99%
08                      Oak Forest Associates LP 99%
08                      Paradise Road Partners LP (Gateway Village) 99%
08                      Woodland Arms Apartments, Ltd. 99%
06               Edison Capital Affordable Housing 99A G.P. 33.05%
07                  Edison Capital Housing Partners IX LP 13.5533%GP
08                      1010 SVN Associates LP 99.9%
08                      2814 Fifth Street Associates LP (Land Park Woods) 99%
08                      Alma Place Associates LP 99%
08                      Knolls Community Associates LP 99.9%
08                      Monterra Village Associates LP 99%
08                      Pacific Terrace Associates LP 99.9%
08                      PVA LP (Park Victoria) 99%
08                      Sherman Glen, L.L.C. 99%
08                      Strobridge Housing Associates LP 99%
08                      Trolley Terrace Townhomes LP 99.9%
08                      Walnut Avenue Partnership LP 99%
06               MHICAL 97 LP 99%LP
07                  Garnet Housing Associates LP 99%
05            MHICAL 97 LP 1%GP
06               Garnet Housing Associates LP 99%
05            MHIFED 94 COMPANY (Dissolved)
05            MHIFED 94 LP (Delaware partnership) 1%GP; 99%LP to Bell Atlantic
06               Berry Avenue Associates LP 99%
06               Carlton Way Apartments LP 99%
06               CDR Senior Housing Associates (Casa del Rio) 99%
06               Corona Ely/Ranch Associates LP 99%
06               Fairview Village Associates LP 99%
06               Fell Street Housing Associates LP 99%
06               Hope West Apartments LP 99%
06               Morrone Gardens Associates LP 99%
06               Pajaro Court Associates LP 99%
06               Tierra Linda Associates LP 99%
06               Tlaquepaque Housing Associates LP 99%
05            MHIFED 95 COMPANY (Dissolved)
05            MHIFED 95 LP (Delaware partnership) 1%GP; 99%LP to Bell Atlantic
06               1101 Howard Street Associates LP 99%
06               Avalon Courtyard LP (Carson Senior Housing) 99%
06               Hollywood El Centro LP 99%
06               La Brea/Franklin LP 99%
06               Larkin Pine LP 99%
06               Mercy Housing California III LP (3rd and Reed) 99%


14


06               Pinole Grove Associates LP 99%
06               Second Street Center LP (Santa Monica) 99%
06               Solinas Village Partners LP 99%
06               Three Oaks Housing LP 99%
05            MHIFED 96 COMPANY (Dissolved)
05            MHIFED 96 LP (Delaware partnership) 5%GP; 95%LP to Cargill
06               Lavell Village Associates LP 99%
06               North Town Housing Partners LP (Villa del Norte Village) 99%
06               Poco Way Associates LP 99%
06               Seasons Affordable Senior Housing LP 99%
05            MHIFED 96A COMPANY (Dissolved)
05            MHIFED 96A LP (Delaware partnership) 1%GP; 99%LP to Bell Atlantic
06               Good Samaritan Associates LP 99%
06               Metro Senior Associates LP 99%
06               Oxnard Housing Associates LP 99%
06               Reseda Village LP 99%
06               Round Walk Village Apartments LP 99%
06               Santa Alicia Family Housing Associates 99%
06               Vine Street Court LP 99%
06               Vine Street Court LP II 99%
05            MHIFED 97 COMPANY (Dissolved)
06               MHIFED 97 LP 99%LP (Dissolved)
05            MHIFED 97 LP 1%GP (Dissolved)
05            Mid-Peninsula Sharmon Palms Associates LP (Sharmon Palms) 99%
05            MISSION HOUSING ALPHA
06               Quebec Arms Apartments LP 0.05% GP
06               University Manor Apartment LP 0.05% GP
05            MISSION HOUSING BETA
              [owns 2.58% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05            MISSION HOUSING DELTA
              [owns 1.07% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
06               MH II LP 99%
07                  5363 Dent Avenue Associates LP 99%
06               MH III LP 99%
07                  DeRose Housing Associates LP 99%
06               MH IV LP 99%
07                  MPT Apartments LP (MacArthur Park) 99%
06               MH V LP 99%
07                  Centennial Place LP 99%
05            MISSION HOUSING DENVER
              [owns 5.67% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05            MISSION HOUSING EPSILON
              [owns 0.54% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
06               Edison Capital Affordable Housing 99A G.P. 2.78%
07                  Edison Capital Housing Partners IX LP 13.5533%GP
08                      1010 SVN Associates LP 99.9%
08                      2814 Fifth Street Associates LP (Land Park Woods) 99%
08                      Alma Place Associates LP 99%
08                      Knolls Community Associates LP 99.9%
08                      Monterra Village Associates LP 99%
08                      Pacific Terrace Associates LP 99.9%
08                      PVA LP (Park Victoria) 99%
08                      Sherman Glen, L.L.C. 99%
08                      Strobridge Housing Associates LP 99%
08                      Trolley Terrace Townhomes LP 99.9%
08                      Walnut Avenue Partnership LP 99%
06               Hotel Elkhart L.L.C. (The Cornerstone) 99%
05            MISSION HOUSING GAMMA
              [owns 1.73% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]


15


05            MISSION HOUSING HOLDINGS
              [owns 13.10% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05            Mission Housing Partnership 1996 LP (Delaware partnership) 1%GP
05            MISSION HOUSING THETA
06               MISSION FUNDING THETA
                 [owns 0.01% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
07                  Edison Capital Affordable Housing 99A G.P. 0.01%
08                      Edison Capital Housing Partners IX LP 13.5533%GP
09                         1010 SVN Associates LP 99.9%
09                         2814 Fifth Street Associates LP (Land Park Woods) 99%
09                         Alma Place Associates LP 99%
09                         Knolls Community Associates LP 99.9%
09                         Monterra Village Associates LP 99%
09                         Pacific Terrace Associates LP 99.9%
09                         PVA LP (Park Victoria) 99%
09                         Sherman Glen, L.L.C. 99%
09                         Strobridge Housing Associates LP 99%
09                         Trolley Terrace Townhomes LP 99.9%
09                         Walnut Avenue Partnership LP 99%
07                  Edison Capital Affordable Housing 99B G.P. 0.01%
08                      Edison Capital Housing Partners X LP 19.3952%GP
09                         Beacon Manor Associates LP 99.9%
09                         Boulder Creek Apartments LP 99.9%
09                         Burlington Senior Housing LLC 99.9%
09                         CCS/Renton Housing LP (Renton) 99.9%
09                         Coolidge Station Apartments L.L.C. 99%
09                         Lark Ellen LP 99%
09                         Mercy Housing California IX LP (Sycamore) 99.9%
09                         Morgan Hill Ranch Housing LP 99%
09                         Pacifica Community Associates LP (Villa Pacifica) 99.9%
09                         Persimmon Associates LP 99%
09                         Providence-Brown Street Housing LP (Brown Street) 99.9%
09                         San Juan Commons 1996 LP 99.9%
09                         Timber Sound, Ltd. 99%
09                         Timber Sound II, Ltd. 99%
09                         Trinity Park Apartments LP 99.9%
09                         Venbury Trail LP 99.9%
07                  Oakdale Terrace Leased Housing Associates LP 0.01%
07                  Westfield Condominium Investment LP 0.01%
07                  Woodleaf Village LP 0.01%
06               Mission Housing Investors Partnership 5%GP; 95%LP to GECC
07                  1028 Howard Street Associates LP 99%
07                  Forest Winds Associates LP 99%
07                  Glen Eden Associates LP (A Street) 99%
07                  Gray's Meadows Investors LP 99%
07                  Prince Bozzuto LP (Fairground Commons) (Maryland partnership) 99%
07                  Rancho Park Associates LP 99%
07                  Rustic Gardens Associates LP 99%
07                  Sea Ranch Apartments LP 99%
07                  Springdale Kresson Associates LP (Jewish Federation) (New Jersey partnership) 99%
05            MISSION HOUSING ZETA
              [owns 5.35% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05            MISSION SA COMPANY (Dissolved)
05            National Boston Lofts Associates LLLP (Boston Lofts) 99%
05            Oakdale Terrace Leased Housing Associates LP 98.99%
05            Olive Court Apartments LP 98.9%
05            Pacific Vista Las Flores LP (Vista Las Flores) 99.9%
05            Pilot Grove LP (Massachusetts partnership) 99%
05            Post Office Plaza LP (Ohio partnership) 99%


16


05            Tabor Grand LP (Colorado partnership) 99%
05            WGA INVESTORS COMPANY (Dissolved)
05            West Valley Hart LP (Hart and Alabama) 99.9%
05            Westfield Condominium Investment LP 98.99%
05            White Mountain Apache LP 99%
04        EDISON FUNDING OMICRON INCORPORATED (Delaware corporation) (formerly Edison Funding Omicron GP) 0.08%
          [also owned 55.52% by Edison Capital Housing Investments and 44.40% by Edison Housing Consolidation Co.]
05            EDISON FUNDING OLIVE COURT 100%
06               Olive Court Housing Associates LP 0.6%
04        EDISON INTEGRATED ENERGY SERVICES (Dissolved)
04        MISSION FIRST ASSET INVESTMENT (Dissolved)
04        MISSION FUNDING BETA
04        MISSION FUNDING EPSILON
05            Edison Capital (Bermuda) Investments, Ltd. (Bermuda corporation)
              Address:  Clarendon House, 2 Church Street, Hamilton HM CX, Bermuda
06               Edison Capital LAI (Bermuda) Ltd. (Bermuda corporation)
                 Address:  Clarendon House, 2 Church Street, P.O. Box HM666, Hamilton HM CX, Bermuda
07                  Trinidad and Tobago Methanol Company Limited (equity) 1.0%
06               Edison Capital Latin American Investments (Bermuda) Ltd. (Bermuda corporation) 33.3%
                 Address:  Clarendon House, 2 Church Street, P.O. Box HM666, Hamilton HM CX, Bermuda
07                  AIG Asian Infrastructure Fund II LP 5.8%
07                  AIG-GE Capital Latin American Infrastructure Fund LP 8%
07                  AIG Emerging Europe Infrastructure Fund LP 22.70%
07                  AIG Emerging Europe Infrastructure Management LP 18.05%GP
05            Edison Capital International (Bermuda) Ltd. (Bermuda corporation)
              Address:  Clarendon House, 2 Church Street, P.O. Box HM666, Hamilton HM CX, Bermuda
06               Edison Capital International Transmission (Bermuda) Ltd. (Bermuda corporation) 100% (Dissolved)
06               Edison Capital Latin American Investments (Bermuda) Ltd. (Bermuda corporation) 33.3%
07                  AIG Asian Infrastructure Fund II LP 5.8%
07                  AIG-GE Capital Latin American Infrastructure Fund LP 7.89%
08                      Andes Energy XII Ltd. 100%
09                         Paz Holdings Ltd. 43.22%
10                            Compania Adminstradora de Empresas Bolivia S.A. (Cade) 12.55% (Bolivian service
                              company)
                              Address:  Edificio Electropaz SA, subsuelo Plaza Venezuela No. 1401 esq. Loayza, La
                              Paz, Bolivia
10                            Electricidad de La Paz S.A. (Electropaz) (equity) 10% (Bolivian foreign utility
                              company) [See 4.EC01]
                              Address:  Avenida Illimani l973, Casilla 10511, La Paz, Bolivia
10                            Empresa de Luz y Fuerza Electrica de Oruro S.A. (Elfeo) 12.55% (Bolivian foreign
                              utility company) [See 4.EC02]
                              Address:  Calle Junin No. 710, Casilla No. 53, Oruro, Bolivia
10                            Empresa de Servicios Edeser S.A. (Edeser) 12.55% (Bolivian
                              service company)
                              Address:  Iturralde No. 1309, Miraflores, La Paz, Bolivia
07                  AIG Emerging Europe Infrastructure Fund LP 22.7%
07                  AIG Emerging Europe Infrastructure Management LP 18.05%GP
06               Olmeca Cable Investments Ltd. (Mandeville Mexico, S.A.) 21.7%
06               Paz Holdings Ltd. 30.42%
07                  Compania Adminstradora de Empresas Bolivia S.A. (Cade) 12.55% (Bolivian service company)
                    Address:  Edificio Electropaz SA, subsuelo Plaza Venezuela No. 1401 esq. Loayza, La Paz,
                    Bolivia


17


07                  Electricidad de La Paz S.A. (Electropaz) (equity) 10% (Bolivian foreign utility company) [See
                    4.EC01]
                    Address:  Avenida Illimani 1973, Casilla 10511, La Paz, Bolivia
07                  Empresa de Luz y Fuerza Electrica de Oruro S.A. (Elfeo) 12.55% (Bolivian foreign utility
                    company) [See 4.EC02]
                    Address:  Calle Junin No. 710, Casilla No. 53, Oruro, Bolivia
07                  Empresa de Servicios Edeser S.A. (Edeser) 12.55% (Bolivian service
                    company)
                    Address:  Iturralde No. 1309, Miraflores, La Paz, Bolivia
05            Edison Capital Latin American Investments Holding Company (Delaware corporation)
06               Edison Capital Latin American Investments (Bermuda) Ltd. (Bermuda corporation) 33.3%
07                  AIG Asian Infrastructure Fund II LP 5.8%
07                  AIG-GE Capital Latin American Infrastructure Fund LP 7.89%
07                  AIG Emerging Europe Infrastructure Fund LP 22.70%
07                  AIG Emerging Europe Infrastructure Management LP 18.05%GP
05            Edison Capital (Netherlands) Holdings B.V.
              Address:  Herengracht 548, 1017 CG Amsterdam, Netherlands
06               Edison Capital (Netherlands) Investments B.V.
                 Address:  Herengracht 548, 1017 CG Amsterdam, Netherlands
05            MISSION FUNDING ALPHA
06               MISSION FUNDING MU
07                  EPZ Mission Funding Mu Trust (equity interest in foreign utility company) [See 4.EC03]
                    Address:  c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Square,
                    Wilmington, Delaware 19890-0004
05            MISSION FUNDING DELTA
06               MISSION FUNDING NU
07                  EPZ Mission Funding Nu Trust (equity interest in foreign utility company) [See 4.EC04]
                    Address:  c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Square,
                    Wilmington, Delaware 19890-0004
05            Mission Investments, Inc. (U.S. Virgin Islands corp.)
              Address:  ABN Trustcompany, Guardian Building, Havensight, 2nd Floor, St. Thomas, U.S. Virgin
              Islands
05            Mission (Bermuda) Investments, Ltd. (Bermuda corp.)
              Address:  Clarendon House, 2 Church Street, Hamilton HM CX, Bermuda
04        MISSION FUNDING GAMMA
04        MISSION FUNDING KAPPA
05            ABB Funding Partners, LP 14.27%
04        MISSION FUNDING ZETA
05            Huntington LP (New York partnership) 50%
05            Lakota Ridge LLC 75% [See 4.EC05]
              Address:  c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164
05            Shaokatan Hills LLC 75% [See 4.EC06]
              Address:  c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164
05            Woodstock Hills LLC 75% [See 4.EC07]
              Address:  c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164
04        MISSION IOWA WIND COMPANY
05            Storm Lake Power Partners I LLC (99%) [See 4.EC08]
03     EDISON MORTGAGE COMPANY (Dissolved)
03     MISSION BARTLETT HILL COMPANY (Dissolved)
03     MISSION INTERNATIONAL CAPITAL, INC. (Dissolved)
03     RENEWABLE ENERGY CAPITAL COMPANY (Dissolved)



18


02        MISSION LAND COMPANY is a California corporation having its principal place of business at 18101 Von
          Karman Avenue, Suite 1700, Irvine, California 92612-1046.  It is engaged, directly and through its
          subsidiaries, in the business of owning, managing and selling industrial parks and other real property
          investments.  The subsidiaries and partnerships of Mission Land Company are listed below.  Unless
          otherwise indicated, all entities are corporations, are organized under the laws of the State of
          California, and have the same principal place of business as Mission Land Company.

03     ASSOCIATED SOUTHERN INVESTMENT COMPANY
03     CALABASAS PALATINO, INC. (Inactive)
03     Centrelake Partners, LP (limited partnership) 98%LP (Inactive)
03     IRWINDALE LAND COMPANY (Inactive)
03     MISSION AIRPORT PARK DEVELOPMENT CO. (Inactive)
04        Centrelake Partners, LP (limited partnership) 2%GP (Inactive)
04        Mission Vacaville LP (limited partnership) 1%GP (Inactive)
03     MISSION INDUSTRIAL CONSTRUCTORS, INC. (Inactive)
03     Mission-Oceangate 75%GP
03     MISSION/ONTARIO, INC. (Inactive)
03     MISSION SOUTH BAY COMPANY (Inactive)
04        Mission-Oceangate 25%GP
03     MISSION TEXAS PROPERTY HOLDINGS, INC. (Inactive)
03     Mission Vacaville LP (limited partnership) 99%LP (Inactive)

02        MISSION POWER ENGINEERING COMPANY is an inactive California corporation having its principal place of
          business at 2244 Walnut Grove Avenue, Rosemead, California 91770.  The subsidiary of Mission Power
          Engineering Company is listed below.

03     ASSOCIATED SOUTHERN ENGINEERING COMPANY (Inactive)

02        MISSION ENERGY HOLDING COMPANY is a Delaware corporation having its principal place of business at 1321
          South State College Boulevard, Fullerton, California 92831.  Mission Energy Holding Company owns the
          stock of Edison Mission Energy and also acts as a financing vehicle.

03     EDISON MISSION ENERGY is a Delaware corporation having its principal place of business at 18101 Von Karman
       Avenue, Suite 1700, Irvine, California 92612-1046.  Edison Mission Energy owns the stock of a group of
       corporations which, primarily through partnerships with non-affiliated entities, are engaged in the
       business of developing, owning, leasing and/or operating cogeneration, geothermal and other energy or
       energy-related projects pursuant to the Public Utility Regulatory Policies Act of 1978.  Edison Mission
       Energy, through wholly owned subsidiaries, also has ownership interests in a number of independent power
       projects in operation or under development that either have been reviewed by the Commission's staff for
       compliance with the Act or are or will be exempt wholesale generators or foreign utility companies under
       the Energy Policy Act of 1992.  In addition, some Edison Mission Energy subsidiaries have made
       fuel-related investments and a limited number of non-energy related investments.  The subsidiaries and
       partnerships of Edison Mission Energy are listed below.  Unless otherwise indicated, all entities are
       corporations, are organized under the laws of the State of California and have the same principal place of
       business as Edison Mission Energy.

EDISON MISSION ENERGY DOMESTIC COMPANIES:
04     AGUILA ENERGY COMPANY (LP)
05        American Bituminous Power Partners, LP (Delaware limited partnership) 49.5%; 50% with Pleasant Valley
          Address:  Grant Town Power Plant, Highway 17, Grant Town, WV 26574
06            American Kiln Partners, LP (Delaware limited partnership) 49.5% of 53%
04     ANACAPA ENERGY COMPANY (GP)
05        Salinas River Cogeneration Company 50%
          Address:  Star Route 42, Sargents Road, San Ardo, CA 93450
04     ARROWHEAD ENERGY COMPANY (Inactive)
04     BALBOA ENERGY COMPANY (GP)
05        Smithtown Cogeneration, LP (Delaware partnership) 50%; 100% w/ Kingspark


19


04     BLUE RIDGE ENERGY COMPANY (GP)
05        Bretton Woods Cogeneration, LP (Delaware limited partnership) 50%; 100% w/ Bretton Woods
04     BRETTON WOODS ENERGY COMPANY (GP and LP)
05        Bretton Woods Cogeneration, LP (Delaware LP) 50%; 100% w/ Blue Ridge
04     CAMINO ENERGY COMPANY (GP)
05        Watson Cogeneration Company (general partnership) 49%
05        CPC Cogeneration LLC (Delaware LLC) 49% [To be dissolved in December 2002]
04     CAPISTRANO COGENERATION COMPANY (GP)
       [This entity and its subsidiary were sold on January 11, 2002.]
05        James River Cogeneration Company (North Carolina partnership) 50%
04     CENTERPORT ENERGY COMPANY (GP and LP)
05        Riverhead Cogeneration I, LP (Delaware partnership) 50%; 100% w/ Ridgecrest
04     CHESAPEAKE BAY ENERGY COMPANY (GP)
05        Delaware Clean Energy Project (Delaware general partnership) 50%
04     CHESTER ENERGY COMPANY (no partners; option Chesapeake, VA)
04     CLAYVILLE ENERGY COMPANY
05        Oconee Energy, LP (Delaware LP) 50%; 100% w/Coronado
04     COLONIAL ENERGY COMPANY (Inactive)
04     CORONADO ENERGY COMPANY
05        Oconee Energy, LP (Delaware LP) 50%; 100% with Clayville
04     CRESCENT VALLEY ENERGY COMPANY (Inactive)
04     DEL MAR ENERGY COMPANY (GP)
05        Mid-Set Cogeneration Company 50%
          Address:  13705 Shalae Road, Fellows, CA 93224
04     DELAWARE ENERGY CONSERVERS, INC. (Delaware corporation) (Inactive)
04     DESERT SUNRISE ENERGY COMPANY (Nevada corporation) (Inactive)
04     DEVEREAUX ENERGY COMPANY (LP)
04     EAST MAINE ENERGY COMPANY (Inactive)
04     EDISON ALABAMA GENERATING COMPANY
04     EDISON MISSION DEVELOPMENT, INC. (Delaware corporation) 100%
04     EDISON MISSION ENERGY FUEL
05        EDISON MISSION ENERGY OIL & GAS
06            Four Star Oil & Gas Company 37.196%
              Address:  200 Westchester Avenue, White Plains, NY 10650
05        EDISON MISSION ENERGY PETROLEUM
05        POCONO FUELS COMPANY (Inactive)
05        SOUTHERN SIERRA GAS COMPANY
06            TM Star Fuel Company (general partnership) 50%
04     EDISON MISSION ENERGY FUNDING CORP. (Delaware corporation) 1%
04     Edison Mission Energy Interface Ltd. (British Columbia company)
       Address:  2 Sheppard Ave. E. #200, North York, Ontario, Canada
05        The Mission Interface Partnership (Province of Ontario G.P.) 50%
04     EDISON MISSION ENERGY SERVICES, INC. [formerly Edison Mission
       Energy Fuel Services, Inc.] [PowerGen project]
04     EDISON MISSION FUEL RESOURCES, INC. [Com Ed Project
04     EDISON MISSION FUEL TRANSPORTATION, INC. [Com Ed Project]
04     EDISON MISSION MARKETING & TRADING, INC. [Com Ed Project]
05        Midwest Generation Energy Services, LLC (Delaware LLC, formerly CP Power Sales Eighteen, L.L.C.) 100%
04     EDISON MISSION HOLDINGS CO. (formerly EME Homer City Holdings Co.)
05        CHESTNUT RIDGE ENERGY COMPANY 100%
06            EME HOMER CITY GENERATION LP (Pennsylvania) 99%LP [See 4.EME01]
              Address:  1750 Power Plant Road, Homer City, PA 15748-8009
05        EDISON MISSION FINANCE CO. 100%
05        HOMER CITY PROPERTY HOLDINGS, INC. 100%
05        MISSION ENERGY WESTSIDE, INC. 100%
06            EME HOMER CITY GENERATION LP (Pennsylvania) 1%GP [See 4.EME01]
              Address:  1750 Power Plant Road, Homer City, PA 15748-8009


20


04     EDISON MISSION OPERATION & MAINTENANCE, INC.
05        Mission Operations de Mexico, S.A. de C.V. (Inactive) 99%
          Address:  Bosques de Ciruelos No. 304 2 Piso, Colonia Bosques de las Lomas, 11700 Mexico Distrito
          Federal
04     EDISON MISSION PROJECT CO. (formerly EME UK International, Inc.) (Delaware corporation) 100% [holds 100%
       of the issued and outstanding Class D shares of MEC International B.V. (0.01%)--see INTERNATIONAL section]
04     EL DORADO ENERGY COMPANY (GP)
04     EME CP HOLDINGS CO.
05        Bretton Woods Funding I, L.L.C.
05        CP Power Sales Five, L.L.C. [This entity was sold on June 3, 2002.]
05        CP Power Sales Thirteen, L.L.C. [This entity was sold on June 3, 2002.]
05        CP Power Sales Fourteen, L.L.C. [This entity was sold on June 3, 2002.]
05        CP Power Sales Fifteen, L.L.C. [This entity was sold on June 3, 2002.]
05        CP Power Sales Seventeen, L.L.C.
05        CP Power Sales Nineteen, L.L.C.
05        CP Power Sales Twenty, L.L.C.
05        Sunapee Funding I, L.L.C.
04     EME EASTERN HOLDINGS CO.
05        Athens Funding, L.L.C.
05        Citizens Power Holdings One, LLC
06            CL Power Sales One, L.L.C. 25%
06            CL Power Sales Two, L.L.C. 25%
06            CL Power Sales Six, L.L.C. 25%
06            CL Power Sales Seven, L.L.C. 25%
06            CL Power Sales Eight, L.L.C. 25%
06            CL Power Sales Nine, L.L.C. 25%
06            CL Power Sales Ten, L.L.C. 25%
05        CP Power Sales Twelve, L.L.C.
04     EMOM SERVICES, INC.
04     EMP, INC. (Oregon corporation) (GP and LP) (Inactive)
04     FOUR COUNTIES GAS COMPANY (Inactive)
04     GLOBAL POWER INVESTORS, INC.
04     HANCOCK GENERATION LLC (Inactive)
04     HANOVER ENERGY COMPANY
       [This entity and its subsidiary were sold on January 14, 2002.]
05        CHICKAHOMINY RIVER ENERGY CORPORATION (Virginia corporation) (GP and LP)
06            Commonwealth Atlantic LP (Delaware partnership) 50%
              Address:  2837 South Military Highway, Chesapeake, VA 23323-0286
04     HOLTSVILLE ENERGY COMPANY (GP and LP)
05        Brookhaven Cogeneration, LP (Delaware partnership) 50%; 100% w/ Madera
04     INDIAN BAY ENERGY COMPANY (GP and LP)
05        Riverhead Cogeneration III, LP (Delaware partnership) 50%; 100% w/ Santa Ana
04     JEFFERSON ENERGY COMPANY (GP and LP) (Inactive)
04     KINGS CANYON ENERGY COMPANY (Inactive)
04     KINGSPARK ENERGY COMPANY (GP and LP)
05        Smithtown Cogeneration, LP (Delaware partnership) 50%; 100% w/ Balboa
04     LAGUNA ENERGY COMPANY (Inactive) (former interest in Ambit)
04     LA JOLLA ENERGY COMPANY (Inactive) (used for Belridge)
04     LAKEVIEW ENERGY COMPANY
05        Georgia Peaker, LP (Delaware LP) 50%; 100% w/ Silver Springs
04     LEHIGH RIVER ENERGY COMPANY (Inactive)
04     LONGVIEW COGENERATION COMPANY (held for Weyerhauser)
04     MADERA ENERGY COMPANY (GP)
05        Brookhaven Cogeneration, LP (Delaware partnership) 50%; 100% w/ Holtsville
04     MADISON ENERGY COMPANY (LP)
05        Gordonsville Energy, LP (Delaware partnership) 49%; 50% w/ Rapidan [See 4.EME02]
          Address:  115 Red Hill Road, Gordonsville, VA 22942


21

04     Majestic Energy Limited (UK private limited company)
       Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
05        EME Royale (New Zealand private limited company)
          Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
06            Edison Mission Energy Taupo Limited (New Zealand company) 100%
              Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
              Australia
04     MIDWEST GENERATION EME, LLC (Delaware LLC) 100%
       Address:  One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
05        COLLINS HOLDINGS EME, LLC
          Address:  One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
05        EDISON MISSION MIDWEST HOLDINGS CO. 100%
          Address:  One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
06            EDISON MISSION ENERGY FUEL SERVICES, LLC
              Address:  One Financial Place, 440 South LaSalle Street, Suite 3500, Chicago, Illinois 60605
06            EDISON MISSION OVERSEAS CO. (Com Ed project) 100%
              Address:  One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
07               Edison Mission Overseas Ltd. (Com Ed project) 100%
                 Address:  One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
06            MIDWEST GENERATION, LLC (Com Ed project) 100% [See 4.EME03]
              Address:  One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
              Crawford Station, 3501 South Pulaski Road, Chicago, IL 60608
              Collins Station, 4200 East Pine Bluff Road, Morris, IL 60623
              Fisk Station, 1111 West Cermak Road, Chicago, IL 60608
              Joliet Station, 1800 Channahon Road, Joliet, IL 60436
              Powerton Station, 13082 East Manito Road, Pekin, IL 61554
              Waukegon Station, 10 Greenwood Avenue, Waukegan, IL 60087
              Will County Station, 529 East Romeo Road, Romeoville, IL 60441
04     MIDWEST PEAKER HOLDINGS, INC. (Delaware corporation) 100%
04     Mission Capital, LP (Delaware LP) 3%; MIPS partnership
04     MISSION DEL CIELO, INC. 100%
05        Mission Del Sol, LLC (Delaware LLC) 100%
06            SUNRISE POWER COMPANY, LLC 50% [EWG] [See 4.EME04]
              Address:  12857 Sunrise Power Road, Fellows, CA 93224
07               Mission De Las Estrellas LLC 100%
04     MISSION/EAGLE ENERGY COMPANY (Inactive)
04     MISSION ENERGY CONSTRUCTION SERVICES, INC.
04     MISSION ENERGY GENERATION, INC. (Inactive)
04     MISSION ENERGY HOLDINGS, INC.
05        Mission Capital, LP (Delaware LP) 97%; MIPS partnership
04     MISSION ENERGY HOLDINGS INTERNATIONAL, INC. [holds 100% of the issued and outstanding Class A shares of
       MEC International B.V. (99.97%)--see INTERNATIONAL section]
05        EME Investments, LLC (Delaware LLC) 100% [Contact Energy Acq.]
05        EME SOUTHWEST POWER CORPORATION (Delaware corporation) 100% [holds 100% of the issued and outstanding
          Class C shares of MEC International B.V. (0.01%)--see INTERNATIONAL section]
05        EME UK International LLC (Delaware LLC) 100% [holds 100% of the issued and outstanding Class B stock of
          MEC International B.V. (0.01%)--see INTERNATIONAL section]
04     MISSION ENERGY INDONESIA (Inactive)
04     MISSION ENERGY MEXICO (Inactive) formerly the branch office in Mexico (no partnership)
04     MISSION ENERGY NEW YORK, INC. (GP and LP)
05        Brooklyn Navy Yard Cogeneration Partners, LP (Delaware partnership) 50% [See 4.EME05]
          Address:  Flushing Avenue, Cumberland Street, Building 41, Brooklyn, NY 11205


22



04     MISSION ENERGY WALES COMPANY
05        Mission Hydro Limited Partnership 30%
          Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
06            EME Generation Holdings Limited (UK company) 100%
              Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
07               Edison Mission Operation & Maintenance Limited (a United Kingdom corporation) 100%
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
07               EME Victoria Generation Limited (UK company) 100%
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
08                  Energy Capital Partnership (Australia partnership 98%
09                      Enerloy Pty Ltd. (Australia company) 100%
08                  Mission Energy Development Australia Pty Ltd. 100%
                    Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
                    Victoria, Australia
09                      Gippsland Power Pty Ltd 100%
                        Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
                        Victoria, Australia
10                         Loy Yang B Joint Venture 49% [See 4.EME06]
                           Address:  Bartons Lane, Loy Yang, Victoria, Australia 3844
07               Energy Capital Partnership (Australia partnership) 1%LP
08                  Enerloy Pty Ltd. (Australia company) 100%
07               First Hydro Holdings Company (Australia partnership) 99%
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
08                  First Hydro Company 99% [See 4.EME07]
                    Address:  Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales CH5 3XJ
08                  First Hydro Finance plc 100%
                    Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
09                      First Hydro Company 1% [See 4.EME07]
                        Address:  Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales CH5 3XJ
07               Loyvic Pty Ltd. (Australia company) 100%
                 Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
                 Australia
08                  Energy Capital Partnership (Australia partnership) 1%
                    Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
                    Victoria, Australia
09                      Enerloy Pty Ltd. (Australia company) 100%
                        Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
                        Victoria, Australia
04     Mission Operations de Mexico, S.A. de C.V. (Inactive) 1%
       Address:  Bosques de Ciruelos No. 304 2 Piso, Colonia Bosques de las Lomas, 11700 Mexico Distrito Federal
04     MISSION TRIPLE CYCLE SYSTEMS COMPANY (GP)
05        Triple Cycle Partnership (Texas G.P.) 50%
04     NORTH JACKSON ENERGY COMPANY (Inactive)
04     NORTHERN SIERRA ENERGY COMPANY (GP)
05        Sobel Cogeneration Company (general partnership) 50%
04     ORTEGA ENERGY COMPANY
04     PANTHER TIMBER COMPANY (GP)
05        American Kiln Partners, LP (Delaware limited partnership) 2%
04     PARADISE ENERGY COMPANY (Inactive)
04     PLEASANT VALLEY ENERGY COMPANY (GP)
05        American Bituminous Power Partners, LP (Delaware limited partnership) 0.5%; 50% w/ Aguila
          Address:  Grant Town Power Plant, Highway 17, Grant Town, WV 26574
06            American Kiln Partners, LP (Delaware Limited Partnership) 0.5% of 53%
04     QUARTZ PEAK ENERGY COMPANY (LP) (Inactive)


23


04     RAPIDAN ENERGY COMPANY (GP)
05        Gordonsville Energy, LP (Delaware partnership) 1%; 50% w/ Madison [See 4.EME02]
          Address:  115 Red Hill Road, Gordonsville, VA 22942
04     REEVES BAY ENERGY COMPANY (GP and LP)
05        North Shore Energy LP (Delaware partnership) 50%; 100% w/ Santa Clara
06            Northville Energy Corporation (New York corp.) 100%
04     RIDGECREST ENERGY COMPANY (GP)
05        Riverhead Cogeneration I, LP (Delaware partnership) 50%; 100% w/ Centerport
04     RIO ESCONDIDO ENERGY COMPANY
04     RIVERPORT ENERGY COMPANY (GP and LP)
05        Riverhead Cogeneration II, LP (Delaware partnership) 50%; 100% w/ San Pedro
04     SAN GABRIEL ENERGY COMPANY (Inactive)
04     SAN JOAQUIN ENERGY COMPANY (GP)
05        Midway-Sunset Cogeneration Company, LP 50%
          Address:  3466 West Crocker Springs Road, Fellows, CA 93224
04     SAN JUAN ENERGY COMPANY (GP)
05        March Point Cogeneration Company 50%
04     SAN PEDRO ENERGY COMPANY (GP)
05        Riverhead Cogeneration II, LP (Delaware partnership) 50%; 100% w/ Riverport
04     SANTA ANA ENERGY COMPANY (GP)
05        Riverhead Cogeneration III, LP (Delaware partnership) 50%; 100% w/ Indian Bay
04     SANTA CLARA ENERGY COMPANY (GP)
05        North Shore Energy, LP (Delaware partnership) 50%; 100% w/ Reeves Bay
06            Northville Energy Corporation (New York corporation) 100%
04     SILVERADO ENERGY COMPANY (GP)
05        Coalinga Cogeneration Company 50%
          Address:  32812 West Gate Road, Bakersfield, CA 93210
04     SILVER SPRINGS ENERGY COMPANY
05        Georgia Peaker, LP (Delaware limited partnership) 50%; 100% w/ Lakeview
04     SONOMA GEOTHERMAL COMPANY (Inactive)
04     SOUTH COAST ENERGY COMPANY (GP)
05        Harbor Cogeneration Company 30%
          Address:  420 Henry Ford Avenue, Wilmington, CA 93210
04     SOUTHERN SIERRA ENERGY COMPANY (GP)
05        Kern River Cogeneration Company (general partnership) 50%
          Address:  SW China Grade Loop, Bakersfield, CA 93308
04     THOROFARE ENERGY COMPANY (Inactive)
04     VIEJO ENERGY COMPANY (GP)
05        Sargent Canyon Cogeneration Company 50%
          Address:  Star Route 42, Sargents Road, San Ardo, CA 93450
04     VISTA ENERGY COMPANY (New Jersey corporation) (Inactive)
04     WESTERN SIERRA ENERGY COMPANY (GP)
05        Sycamore Cogeneration Company (general partnership) 50%
          Address:  SW China Grade Loop, Bakersfield, CA 93308

EDISON MISSION ENERGY INTERNATIONAL COMPANIES [all foreign corporation names bold]:
05        MEC International B.V. (Netherlands corporation) (Holding Company 99.99% owned by Mission Energy
          Holdings International, Inc., a California corp. (owns 100% of Class A Shares) and 0.01% by EME UK
          International LLC, a Delaware LLC (owns 100% of Class B shares)
          Address: Apollolaan 15, 1077 AB Amsterdam, The Netherlands
06            Adelaide Ventures Ltd. (Cayman Island company) 100%  (Dissolved 01/14/2003)
              Address:  Walker House, Mary Street, P.O. Box 265GT, George Town, Grand Cayman, Cayman Islands
06            Beheer-en Beleggingsmaatschappij Jydeno B.V. 100%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               Vindoor Investments (Mauritius) Limited 10%
                 Address:  BAI Building, 5th Floor, Pope Hennessey Street, Port Luis, Mauritius
08                  Coaltrade Services International Pte Ltd 100%
                    Address:  10 Anson Road, #18-12, International Plaza, Singapore 079903


24


06            Edison Mission Advantage B.V. 100%
              Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               Edison Mission LYB PEDS Pty Ltd (formerly Edison Mission De Laide Pty Ltd. (Australian company)
                 100%
                 Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
                 Australia
06            Edison Mission Ausone Pty Ltd. (Australian co.) 100%
              Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
              Australia
06            Edison Mission Energy Asia Pte Ltd. (Singapore private
              company limited by shares) 100% (EME's Regional Asia Pacific Headquarters)
              Address:  391-B Orchard Road, Ngee Ann City, Tower B, 14th Floor, #14-08/10, Singapore 238874
07               Edison Mission Energy Asia Pacific Pte Ltd. (Singapore corporation) 100%
                 Address:  391-B Orchard Road, Ngee Ann City, Tower B, 14th Floor, #14-08/10, Singapore 238874
07               Edison Mission Energy Fuel Company Pte Ltd. (Singapore corporation) 100%
                 Address:  391-B Orchard Road, Ngee Ann City, Tower B, 14th Floor, #14-08/10, Singapore 238874
07               Edison Mission Operation & Maintenance Services Pte Ltd 100%
                 Address:  391-B Orchard Road, Ngee Ann City, Tower B, 14th Floor, #14-08/10, Singapore 238874
07               P.T. Edison Mission Operation and Maintenance Indonesia (Indonesian company) 99%
                 Address:  Jl. Gen. A Yani No. 54 Probolinggo, East Java, Indonesia
06            Edison Mission Energy International B.V. (Netherlands company) 99%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
06            Edison Mission Energy Services B.V. (Netherlands co.) 100%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
06            Edison Mission Millennium B.V. (Netherlands company) 100%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               EME Caliraya B.V. (formerly Beheer-en Beleggingsmaatschappij Trepo B.V. 75%
                 Address:  Apollolaan 15, 1077 AB Amsterdam, The Netherlands
08                  CBK Power Company Ltd. (Philippine LP) 49%
                    Address:  1701 One Magnificent Mile Building, San Miguel Avenue, Ortigas Center, Pasig City,
                    Philippines [See 4.EME08]
07               EME Kayalaan B.V. (formerly Beheer-en Beleggingsmaatschappij Hagra B.V. 100%
                 Address:  Apollolaan 15, 1077 AB Amsterdam, The Netherlands
08                  CBK Power Company Ltd. (Philippine LP) 1%
                    Address:  1701 One Magnificent Mile Building, San Miguel Avenue, Ortigas Center, Pasig City,
                    Philippines [See 4.EME08]
06            Edison Mission Operation & Maintenance Services B.V. (Netherlands company) 100%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               Edison Mission Operation & Maintenance (Thailand) Company Limited 100%
                 Address:  7th Fl. Bubhajit Bldg., 20 North Sathorn Road, Kwaeng Silom, Khet Bangrak, Bangkok,
                 Thailand
07               EME Philippines Services Corporation [formerly EME Philippines OandM Corporation (Philippines
                 co.) 100%
                 Address:  Unit 1105, Tower One, Ayala Triangle, Ayala Avenue, Makati City, Philippines
07               Kalayaan Power Management Corporation 50% [EWG] [See 4.EME09]
                 Address:  1701 One Magnificent Mile Building, San Miguel Avenue, Ortigas Center, Pasig City,
                 Philippines
06            Edison Mission Retail Pty Ltd. (Australian co.) 100%
              Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
              Australia
06            Edison Mission Utilities Pty. Ltd. (Australian company) 100%
              Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
              Australia


25


06            Edison Mission Wind Power Italy B.V. (formerly IVPC Energy 5 B.V.) 100%
              Address:  Apollolaan 15, 1077 AB Amsterdam, The Netherlands
07               Italian Vento Power Corporation 4 S.r.l. (joint venture) 50% [See 4.EME10]
                 Address:  Via Circumvallazione, 54/h, 83100 Avellino, Italy
06            Edison Mission Vendesi Pty Ltd. (Australian company) 100%
              Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
              Australia
06            EME Atlantic Holdings Limited (UK company) 100%
              Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
07               EME Ascot Limited (UK company) 100% [Contact Energy Project, 2nd Stage]
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
08                  EME Buckingham Limited (UK company) 100% [Contact Energy Project, 2nd Stage]
                    Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
09                      EME Precision B.V. (Netherlands company) (formerly Beheer-en-Beleggingsmaatschappij Pylamo
                        B.V.) 100% [Contact Energy Project, 2nd Stage]
                        Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
10                         Mission Energy Universal Holdings [formerly EME Universal Holdings (New Zealand
                           company) 100% [Contact Energy Project, 2nd Stage]
                           Address:  Lansdowne House, Berkeley Square, London W1X 5DH
                           England
11                            Contact Energy Limited (New Zealand company) 0.624% [See 4.EME11]
                              Address:  Level 1, Harbor City Tower, 29 Brandon Street, Box 10-742, Wellington,
                              New Zealand
11                            Mission Contact Finance Limited (New Zealand company) 100%
                              Address:  Bell Gully, IBM Centre, 171 Featherston Street, Wellington, New Zealand
11                            Mission Energy Five Star (New Zealand company) 100%
                              Address:  IBM Centre, 171 Featherston Street, Wellington, New
                              Zealand
11                            Mission Energy Pacific Holdings [formerly EME Pacific Holdings (New Zealand
                              company) 100% [Contact Energy Project, 2nd Stage]
                              Address:  IBM Centre, 171 Featherston Street, Wellington, New
                              Zealand
12                               Contact Energy Limited (New Zealand company) 50.598%
                                 [See 4.EME11]
06            EME Tri Gen B.V. 100%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               Tri Energy Company Limited (Thai limited liability company) (Tri Energy Project) (EQUITY) 25%
                 [See 4.EME12]
                 Address:  Grand, Amarin Tower, 16th Floor, New Petchburi Road, Ratchathewi, Bangkok 10320
                 Thailand
06            EME Victoria B.V. 100% (Inactive)
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
06            First Hydro Renewables Limited, a UK company 100%
              Address:  Dinorwig Power Station, Llamberis, Gwynedd, LL55 4TY, Wales
07               Celtic Offshore Wind Limited 96%
                 Address:  The Long Barn, Waen Farm, Nercwys Road, Mold, Flintshire, CH7 4ED, Wales
07               First Hydro Renewables (COWL) Limited 100%
                 Address:  Dinorwig Power Station, Llamberis, Gwynedd, LL55 4TY, Wales
06            Global Generation B.V. 100%
              Address: Apollolaan 15, 1077 AB Amsterdam, The Netherlands
07               Caresale Services Limited (UK LLC) 49%
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
08                  Edison First Power Limited (Guernsey LLC) 65%
                    Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
07               Edison First Power Holdings II (UK LLC) 100% [PowerGen project]
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
08                  Edison First Power Holdings I (UK LLC) 100% [PowerGen project]
                    Address:  Lansdowne House, Berkeley Square, London W1X 5DH England


26


09                      Caresale Services Limited (UK LLC) 51%
                        Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
10                         Edison First Power Limited (Guernsey LLC) 65%
                           Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
09                      Edison Mission Marketing and Services Limited (UK company) 100%
                        Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
09                      EME Finance UK Limited (UK LLC) 100%
                        Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
09                      South Australian Holdings Ltd. 100% [Currently being liquidated]
                        Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
10                         EME International Dragon Limited (UK) 100% [Currently being liquidated]
                           Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
11                            EME Adelaide Energy Limited (UK company) 100% [Currently being liquidated]
                              Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
11                            EME Monet Ltd. (UK company) 100% [Currently being liquidated]
                              Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
08                  Energy Generation Finance PLC (UK) 100%
                    Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
08                  Maplekey Holdings Limited (UK LLC) 100%
                    Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
09                      Maplekey UK Finance Limited (UK company) 100%
                        Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
10                         Maplekey UK Limited (UK LLC) 100%
                           Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
11                            Edison First Power Limited (Guernsey LLC) 35%
                              Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
07               Redbill Contracts Limited (UK LLC) 100%
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
06            Hydro Energy B.V. (Netherlands LLC) 10%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               Iberica de Energias, S.L. (Spain corporation) 96.65% [See 4.EME13]
                 Address:  Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
08                  Electrometalurgica del Ebro, S.L. ("EMESA") (Spain corporation) 91.32% [See 4.EME14]
                    Address:  Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
09                      Monasterio de Rueda, S.L. (Spain) 100%
                        Address:  Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
06            Iberian Hy-Power Amsterdam B.V. (Netherlands LLC) 100%
              Address:  Strawinskylaan 1725, Amsterdam, NOORD-HOLL 1077 XX
07               EME Desarrello Espana S.L. 100%
                 Address:  Paseo de Gracia 18, 4o. Piso, 08007, Barcelona, Spain
07               Hydro Energy B.V. (Netherlands company) 90%
08                  Iberica de Energias, S.L. (Spain corporation) 95.77% [See 4.EME13]
09                      Electrometalurgica del Ebro, S.L. ("EMESA") (Spain corporation) 91.32%
                        [See 4.EME14]
10                         Monasterio de Rueda, S.L. (Spain) 100%
07               Iberica de Energias, S.L. (Spain corporation) 4.23% [See 4.EME13]
08                  Electrometalurgica del Ebro, S.L. ("EMESA") (Spain corporation) 91.32%
                    [See 4.EME14]
09                      Monasterio de Rueda, S.L. (Spain) 100%
06            Latrobe Power Pty. Ltd. (Australian corporation) 99%
              Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
              Australia
07               Mission Victoria Partnership (Australian partnership) 52.31% (100% w/ Traralgon PPL 46.69% and
                 MEVALP 1%)
08                  Latrobe Power Partnership (Australian partnership) 99%
09                      Loy Yang B Joint Venture 51% [See 4.EME06]
                        Address:  Bartons Lane, Loy Yang, Victoria, Australia 3844


27


06            Latrobe Valley B.V. [formerly Beheer-en Beleggingsmaatschappij Botara B.V.] (LYB Peakers Project)
              100%
              Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               Valley Power Pty Ltd. (proprietary limited Australia company; LYB Peakers Project)
                 Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
                 Australia
06            Loy Yang Holdings Pty Ltd (Australia corporation) 100%
              Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
              Australia
07               Edison Mission Energy Holdings Pty Ltd (Australian corporation) 100%
                 Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
                 Australia
08                  Edison Mission Energy Australia Ltd. (Australian public company) 100%
                    Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
                    Victoria, Australia
09                      Latrobe Power Partnership (Australian partnership) 1%
                        Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
                        Victoria, Australia
10                         Loy Yang B Joint Venture 51% [See 4.EME06]
08                  Edison Mission Energy Australia Pilbara Power Ltd. (Australia company) 100%
                    Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
                    Victoria, Australia
08                  Edison Mission Operation & Maintenance Kwinana Pty Ltd. (Australia) 100% (Operator of Kwinana
                    Project)
                    Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
                    Victoria, Australia
08                  Edison Mission Operation & Maintenance Loy Yang Pty Ltd. (Australian corporation) 100%
                    Address:  P.O. Box 1792, Traralgon, Victoria 3844, Australia
08                  Mission Energy Holdings Superannuation Fund Pty Ltd. (retirement fund required by Australia
                    law) 100%
08                  Mission Energy (Kwinana) Pty Ltd. (Australia) 100%
                    Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
                    Victoria, Australia
09                      Kwinana Power Partnership (Australian G.P.) 1%
                        Address:  Level 23, St. Martins Tower, 44 St George's Terrace, Perth WA 6000
10                         Perth Power Partnership 70% (Kwinana Project) [See 4.EME15]
                           Address:  James Court, Kwinana Beach 6167, Western Australia
07               Latrobe Power Pty. Ltd. (Australian corporation) 1%
08                  Mission Victoria Partnership (Australian partnership) 52.31%
09                      Latrobe Power Partnership (Australian partnership) 99%
10                         Loy Yang B Joint Venture 51% [See 4.EME06]
07               Mission Energy Ventures Australia Pty. Ltd. (Australian company) 100%
                 Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
                 Australia
08                  Mission Victoria Partnership (Australian partnership) 1%
09                      Latrobe Power Partnership (Australian partnership) 99%
10                         Loy Yang B Joint Venture 51% [See 4.EME06]
07               Traralgon Power Pty. Ltd. (Australian corporation) 1%
                 Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
                 Australia
08                  Mission Victoria Partnership (Australian partnership) 46.69%
09                      Latrobe Power Partnership (Australian partnership) 99%
10                         Loy Yang B Joint Venture 51% [See 4.EME06]


28



06            MEC Esenyurt B.V. (Netherlands company) (Doga Project) 99%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               Doga Enerji Uretim Sanayi ve Ticaret L.S. (Turkish corp.) (Project company) 80% [See 4.EME16]
                 Address:  Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt, Istanbul, Turkey
07               Doga Isi Satis Hizmetleri ve Ticaret L.S. (Turkish corporation) (Heat company) 80%
                 Address:  Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt, Istanbul, Turkey
07               Doga Isletme ve Bakim Ticaret Ltd. Sirketi (Turkish corporation) (OandM company) 80%
                 Address:  Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt, Istanbul, Turkey
06            MEC IES B.V. (Netherlands company) (ISAB Project) 99%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               ISAB Energy Services s.r.l. 49% (services co ISAB Project)
                 Address:  Ex S.S. 114km 146, 96100 Priolo G (SR), Sicily, Italy
06            MEC India B.V. (Netherlands company) (Jojobera Project) 99%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               Edison Mission Energy Power (Mauritius corporation) (Branch office in India)
                 Address:  Louis Leconte Street, Curepipe, Mauritius
06            MEC Indo Coal B.V. (Netherlands co.) (Adaro Project) 99%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               P. T. Adaro Indonesia (EQUITY) 8.17%
                 Address:  Suite 704, World Trade Centre, Jl. Jend. Sudirman Kav. 31, Jakarta 12920 Indonesia
06            MEC Indonesia B.V. (Netherlands company) 99%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               P. T. Paiton Energy (Indonesia company) (EQUITY) (Paiton Project) 40% [See 4.EME17]
                 Address:  Jl. Raya Surabaya Situbondo KM 141, Paiton 67291, Probolinggo, East Java, Indonesia
06            MEC International Holdings B.V. (Netherlands corporation) 100%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               Edison Mission Energy International B.V. (Netherlands company) 1%
07               MEC Esenyurt B.V. (Netherlands co.) (Doga Project) 1%
08                  Doga Enerji Uretim Sanayi ve Ticaret L.S. (Turkish corp.) (Project company) 80% [See 4.EME16]
08                  Doga Isi Satis Hizmetleri ve Ticaret L.S. (Turkish corporation) (Heat company) 80%
08                  Doga Isletme ve Bakim Ticaret Ltd. Sirketi (Turkish corporation) (OandM company) 80%
07               MEC IES B.V. (Netherlands company) (ISAB Project) 1%
08                  ISAB Energy Services s.r.l. 49%
07               MEC India B.V. (Netherlands company) 1%
08                  Edison Mission Energy Power (Mauritius corporation)
07               MEC Indo Coal B.V. (Netherlands co.) (Adaro Project) 1%
08                  P. T. Adaro Indonesia (EQUITY) 8.17%
07               MEC Indonesia B.V. (Netherlands company) 1%
08                  P. T. Paiton Energy (Indonesia company) (EQUITY) (Paiton Project) 40% [See 4.EME17]
07               MEC Laguna Power B.V. (Netherlands company) (Thailand Project) 1%
08                  Gulf Power Generation Co. Ltd. (Bangkok corp.) 40%
07               MEC Perth B.V. (Netherlands company) (Kwinana Project) 1%
08                  Kwinana Power Partnership (Australian G.P.) 99%
09                      Perth Power Partnership 70% (Kwinana Project) [See 4.EME15]
07               MEC Priolo B.V. (Netherlands company) (ISAB Project) 1%
08                  ISAB Energy, s.r.l. (Italian J.V. company) (EQUITY) 1% of 49% (quota, not shares)
                    [See 4.EME18]
07               MEC San Pascual B.V. (Netherlands company) 1%
08                  San Pascual Cogeneration Company International B.V. 50%
09                      San Pascual Cogeneration Company (Philippines) Ltd. (San Pascual Project) (EQUITY) 1%GP
                        and 74%LP
08                  Morningstar Holdings B.V. (formerly Beheer-en Beleggingsmaatschappij Vestra B.V.) 50%


29


07               MEC Sidi Krir B.V. (Netherlands company) 1%
07               MEC Sumatra B.V. (Netherlands company) 1%
07               MEC Wales B.V. (Netherlands Company) 1%
08                  Mission Hydro Limited Partnership (UK LP)
09                      EME Generation Holdings Limited (UK Co.) 100%
10                         Edison Mission Operation & Maintenance Limited (a United Kingdom corporation) 100%
10                         EME Victoria Generation Limited (UK co.) 100%
11                            Energy Capital Partnership (Australia partnership 98%
12                               Enerloy Pty Ltd. (Australia company) 100%
11                            Mission Energy Development Australia Pty Ltd.
12                               Gippsland Power Pty Ltd 100%
13                                   Loy Yang B Joint Venture 49% [See 4.EME06]
10                         Energy Capital Partnership (Australia partnership) 1%LP
11                            Enerloy Pty Ltd. (Australia company) 100%
10                         First Hydro Holdings Company (Australia partnership) 99%
11                            First Hydro Company 99% [See 4.EME07]
11                            First Hydro Finance plc 100%
12                               First Hydro Company 1% [See 4.EME07]
10                         Loyvic Pty Ltd. (Australia company) 100%
11                            Energy Capital Partnership (Australia partnership) 1%
12                               Enerloy Pty Ltd. (Australia co.) 100%
07               Mission Energy Italia s.r.l. 10% (Office in Italy)
                 Address:  via Mar della Cina, 304, 00144 Rome, Italy
07               P.T. Edison Mission Operation and Maintenance Indonesia (Indonesian company) 1%
                 Address:  Jl. Raya Surabaya Situbondo Km 141, P.O. Box
                 78, Paiton 67291, Probolinggo, East Java, Indonesia
06            MEC Laguna Power B.V. (Netherlands co) (Malaya Proj) 99%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               Gulf Power Generation Co. Ltd. (Bangkok corporation) 40%
                 Address:  888/101 Mahatun Plaza Tower, 10th Floor, Ploenchit, Lumphini, Patumwan, Bangkok 10330
06            MEC Perth B.V. (Netherlands co.) (Kwinana Project) 99%
07               Kwinana Power Partnership (Australian G.P.) 99%
                 Address:  Level 23, St. Martins Tower, 44 St George's Terrace, Perth WA 6000
08                  Perth Power Partnership 70% (Kwinana Project) [See 4.EME15]
                    Address:  James Court, Kwinana Beach 6167, Western Australia
06            MEC Priolo B.V. (Netherlands co.) (ISAB Project) 99%
              Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               ISAB Energy, s.r.l. (Italian J.V. company) (EQUITY) 99% of 49% (quota, not shares)
                 [See 4.EME18]
                 Address:  Corso Gelone No. 103, Siracusa, Sicily, Italy
06            MEC San Pascual B.V. (Netherlands company) 99%
              Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
07               San Pascual Cogeneration Company International B.V. 50%
                 Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
08                  San Pascual Cogeneration Company (Philippines) Ltd (San Pascual Project) (EQUITY) 1%GP and
                    74%LP
                    Address:  Unit 1610/1611, Tower One, Ayala Triangle, Ayala Ave, 1200 Makati City, Metro
                    Manila, Philippines
07               Morningstar Holdings B.V. (formerly Beheer-en Beleggingsmaatschappij Vestra B.V.) 50%
                 Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
06            MEC Sidi Krir B.V. (Netherlands company) 99%
              Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06            MEC Sumatra B.V. (Netherlands company) 99%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands


30


06            MEC Wales B.V. (Netherlands company) 99%
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
07               Mission Hydro Limited Partnership 69%
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
08                  EME Generation Holdings Limited (UK company) 100%
                    Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
09                      Edison Mission Operation & Maintenance Limited (a United Kingdom corporation) 100%
                        Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
09                      EME Victoria Generation Limited (UK company) 100%
                        Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
10                         Energy Capital Partnership (Australia partnership 98%
11                            Enerloy Pty Ltd. (Australia company) 100%
10                         Mission Energy Development Australia Pty Ltd. 100%
                           Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
                           Victoria, Australia
11                            Gippsland Power Pty Ltd 100%
                              Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne,
                              3205 Victoria, Australia
12                               Loy Yang B Joint Venture 49% [See 4.EME06]
                                 Address: Bartons Lane, Loy Yang, Victoria, Australia 3844
09                      Energy Capital Partnership (Australia partnership) 1%LP
10                         Enerloy Pty Ltd. (Australia company) 100%
09                      First Hydro Holdings Company (Australia partnership) 99%
                        Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
10                         First Hydro Company 99% [See 4.EME07]
                           Address:  Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales CH5 3XJ
10                         First Hydro Finance plc 100%
                           Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
11                            First Hydro Company 1% [See 4.EME07]
                              Address:  Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales CH5 3XJ
09                      Loyvic Pty Ltd. (Australia company) 100%
                        Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
                        Victoria, Australia
10                         Energy Capital Partnership (Australia partnership) 1%
                           Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
                           Victoria, Australia
11                            Enerloy Pty Ltd. (Australia company) 100%
                              Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne,
                              3205 Victoria, Australia
06            Mission Energy Company (UK) Limited (United Kingdom private limited company) 100%
              Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
07               Derwent Cogeneration Limited (United Kingdom private limited liability company) (EQUITY) 33%
                 [See 4.EME19]
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
07               Edison Mission Energy Limited (UK private limited company) 100%
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
07               Edison Mission Services Limited (UK private limited company) 100%
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
07               Mission Hydro (UK) Limited 100%
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
08                  First Hydro Holdings Company 1%
09                      First Hydro Company 99% [See 4.EME07]
09                      First Hydro Finance plc 100%
10                         First Hydro Company 1% [See 4.EME07]


31


08                  Mission Hydro Limited Partnership 1%GP
09                      EME Generation Holdings Limited (UK co.) 100%
10                         Edison Mission Operation & Maintenance Limited (a United Kingdom corporation) 100%
10                         EME Victoria Generation Limited (UK co.) 100%
11                            Energy Capital Partnership (Australia partnership 98%
12                               Enerloy Pty Ltd. (Australia co.) 100%
11                            Mission Energy Development Australia Pty Ltd.
12                               Gippsland Power Pty Ltd 100%
13                                   Loy Yang B Joint Venture 49% [See 4.EME06]
10                         Energy Capital Partnership (Australia partnership) 1%LP
11                            Enerloy Pty Ltd. (Australia company) 100%
10                         First Hydro Holdings Company (Australia partnership) 99%
11                            First Hydro Company 99% [See 4.EME07]
11                            First Hydro Finance plc 99%
12                               First Hydro Company 1% [See 4.EME07]
10                         Loyvic Pty Ltd. (Australia company) 100%
11                            Energy Capital Partnership (Australia partnership) 1%
12                               Enerloy Pty Ltd. (Australia co.) 100%
07               Pride Hold Limited (United Kingdom corp.) 99%
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
08                  Lakeland Power Ltd. (United Kingdom private limited liability company) 100%
                    [See 4.EME20]
                    Address:  Roosecote Power Station, Barrow-In-Furness, Cumbria, England LA13 OPQ
08                  Lakeland Power Development Company (UK corp.) 100%
                    Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
07               Rapid Energy Limited
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
06            Mission Energy Italia s.r.l. 90% Rep Office in Italy
              Address: Villa Brasini, Via Flaminia 497, 00191 Rome Italy
06            Mission NZ Operations B.V. 100% (Inactive)
              Address:  Croeselaan 18, 3500 GT Utrecht, The Netherlands
06            Pride Hold Limited (United Kingdom corporation) 1%
              Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
07               Lakeland Power Development Company (UK corp.) 100%
                 Address:  Lansdowne House, Berkeley Square, London W1X 5DH England
07               Lakeland Power Ltd. (United Kingdom private limited liability company) 100% [See 4.EME20]
                 Address:  Roosecote Power Station, Barrow-In-Furness, Cumbria, England LA13 OPQ
06            EcoElectrica S.a.r.l. (Luxemburg)
              Address:  12-16, Avenue Monterey, L-2163 Luxembourg
07               EME del Caribe Holding GmbH (Austria)
                 Address:  4020 Linz, Landstrasse 12, Austria
08                  EME del Caribe (Cayman Islands)
                    Address:  First Floor, Caledonian House, Mary St, George Town, Grand Cayman, Cayman Islands
09                      EcoElectrica Holdings, Ltd. (Cayman Islands) 50%
                        Address:  1350 GT, The Huntlaw Building, Fort Street, Grand Cayman, Cayman Islands
10                         EcoElectrica Ltd. (Cayman Islands) 100%
                           Address:  1350 GT, The Huntlaw Building, Fort Street, Grand Cayman, Cayman Islands
11                            EcoElectrica LP (Bermuda partnership) (EQUITY) 1% [See 4.EME21]
                              Address:  Plaza Scotiabank, 273 Ponce de Leon Avenue, Suite 902, Hato Rey, Puerto
                              Rico 00918
10                         EcoElectrica LP (Bermuda partnership) (EQUITY) 99% [See 4.EME21]
                           Address:  Plaza Scotiabank, Suite 902, Avenida Ponce de Leon 273, Hato Rey, Puerto
                           Rico 00918


32


06            Southwestern Generation B.V. 100%
              Address:  Croeselaan 18, 3521 CB Utrecht, The Netherlands
06            Traralgon Power Pty. Ltd. (Australian corporation) 99%
              Address:  Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
              Australia
07               Mission Victoria Partnership (Australian partnership) 46.69% (100% w/ Latrobe PPL 52.31% and
                 MEVALP 1%)
08                  Latrobe Power Partnership (Australian partnership) 99%
09                      Loy Yang B Joint Venture 51% [See 4.EME06]




33


2.  A BRIEF DESCRIPTION OF THE PROPERTIES OF CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES USED
FOR THE GENERATION, TRANSMISSION, AND DISTRIBUTION OF ELECTRIC ENERGY FOR SALE, OR FOR THE PRODUCTION,
TRANSMISSION AND DISTRIBUTION OF NATURAL OR MANUFACTURED GAS, INDICATING THE LOCATION OF PRINCIPAL GENERATING
PLANTS, TRANSMISSION LINES, PRODUCING FIELDS, GAS MANUFACTURING PLANTS, AND ELECTRIC AND GAS DISTRIBUTION
FACILITIES, INCLUDING ALL SUCH PROPERTIES WHICH ARE OUTSIDE THE STATE IN WHICH CLAIMANT AND ITS SUBSIDIARIES ARE
ORGANIZED AND ALL TRANSMISSION OR PIPELINES WHICH DELIVER OR RECEIVE ELECTRIC ENERGY OR GAS AT THE BORDERS OF
SUCH STATE.

Claimant is not a "public utility company" as that term is defined in the Public Utility Holding Company Act of
1935 (the "Act") and does not own any properties used for the generation, transmission and distribution of
electric energy for sale, or for the production, transmission and distribution of natural or manufactured gas.
None of Claimant's subsidiaries, other than SCE, is a public utility company.  SCE is an "electric utility
company" as defined in the Act and owns properties used for the generation, transmission and distribution of
electric energy for sale, as described herein.

SCE owns and operates one diesel-fueled generating plant, 37hydroelectric plants (plus two fishwater generators
shown in the detail below) and an undivided 75.05% interest in Units 2 and 3 of the San Onofre Nuclear Generating
Station.  These plants are located in Central and Southern California.  Of the above mentioned hydroelectric
plants, one of them, along with the diesel-fueled generating plant, serve isolated load on Catalina Island.  SCE
also owns an undivided 15.8% interest in Units 1, 2 and 3 of the Palo Verde Nuclear Generating Station, located
near Phoenix, Arizona, and an undivided 48% interest in Units 4 and 5 of the Four Corners Project, a coal-fueled
steam electric generating plant in New Mexico, all of which are operated by other utilities.  SCE operates and
owns a 56% undivided interest in two coal-fueled steam electric generating units at the Mohave Project in Clark
County, Nevada.  Schedule I attached hereto contains a list of all of the SCE-owned generating plants with their
locations, initial dates of operation and generator nameplate ratings.

SCE's transmission facilities consist of approximately 7,208.21 circuit miles of 33kV, 55kV, 66kV, 115kV and
161kV lines, 3,523.6 circuit miles of 220kV lines, and 1237.59 circuit miles of 500kV lines consisting of
1,000.14 miles in California, 125.4 miles in Nevada and 112.1 miles in Arizona.  SCE's distribution facilities
consist of approximately 60,644.52 overhead circuit miles and 34,756.9 underground circuit miles, and 558
distribution substations, all of which are located in California.



34


3.  THE FOLLOWING INFORMATION FOR THE LAST CALENDAR YEAR WITH RESPECT TO CLAIMANT AND EACH OF ITS SUBSIDIARY
PUBLIC UTILITY COMPANIES:

(a)  NUMBER OF KWH. OF ELECTRIC ENERGY SOLD (AT RETAIL OR WHOLESALE), AND MCF. OF NATURAL OR MANUFACTURED GAS
DISTRIBUTED AT RETAIL.

Claimant:  None.
SCE:
(1)  79,661,279,000 kwh of electric energy sold at retail.
(2)  $8,613,847,531 of total revenues from such sales.

(b)  NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED GAS DISTRIBUTED AT RETAIL OUTSIDE THE
STATE IN WHICH EACH COMPANY IS ORGANIZED.

Claimant:  None.
SCE:  None.

(c)  NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED GAS SOLD AT WHOLESALE OUTSIDE THE
STATE IN WHICH EACH SUCH COMPANY IS ORGANIZED, OR AT THE STATE LINE.

Claimant:  None.
SCE:
(1)  5,366,000 kwh of electric energy sold at wholesale outside of California or at the state line.
(2)  $1,181,119 of total revenues from such sales.

(d)  NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED GAS PURCHASED OUTSIDE THE STATE IN
WHICH EACH SUCH COMPANY IS ORGANIZED OR AT THE STATE LINE.

Claimant:  None.
SCE:
(1)  1,528,888,721 kwh of electric energy purchased at wholesale outside of California or at the state line.
(2)  $131,094,932 of total expenses from such purchases.



35


4.  THE FOLLOWING INFORMATION FOR THE REPORTING PERIOD WITH RESPECT TO CLAIMANT AND EACH INTEREST IT HOLDS
DIRECTLY OR INDIRECTLY IN AN EWG OR A FOREIGN UTILITY COMPANY, STATING MONETARY AMOUNTS IN UNITED STATES DOLLARS:

(a)  NAME, LOCATION, BUSINESS ADDRESS AND DESCRIPTION OF THE FACILITIES USED BY THE EWG OR FOREIGN UTILITY
COMPANY FOR THE GENERATION, TRANSMISSION AND DISTRIBUTION OF ELECTRIC ENERGY FOR SALE OR FOR THE DISTRIBUTION AT
RETAIL OF NATURAL OR MANUFACTURED GAS.

(b)  NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN SUCH EWG OR FOREIGN UTILITY COMPANY; AND DESCRIPTION
OF THE INTEREST HELD.

(c)  TYPE AND AMOUNT OF CAPITAL INVESTED, DIRECTLY OR INDIRECTLY, BY THE HOLDING COMPANY CLAIMING EXEMPTION; ANY
DIRECT OR INDIRECT GUARANTEE OF THE SECURITY OF THE EWG OR FOREIGN UTILITY COMPANY BY THE HOLDING COMPANY
CLAIMING EXEMPTION; AND ANY DEBT OR OTHER FINANCIAL OBLIGATION FOR WHICH THERE IS RECOURSE, DIRECTLY OR
INDIRECTLY, TO THE HOLDING COMPANY CLAIMING EXEMPTION OR ANOTHER SYSTEM COMPANY, OTHER THAN THE EWG OR FOREIGN
UTILITY COMPANY.

(d)  CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY COMPANY DURING THE REPORTING PERIOD.

(e)  IDENTIFY ANY SERVICE, SALES OR CONSTRUCTION CONTRACT(S) BETWEEN THE EWG OR FOREIGN UTILITY COMPANY AND A
SYSTEM COMPANY, AND DESCRIBE THE SERVICES TO BE RENDERED OR GOODS SOLD AND FEES OR REVENUES UNDER SUCH
AGREEMENT(S).


                                                  EDISON CAPITAL

4.EC01  ELECTRICIDAD DE LA PAZ S.A. [FUCO]

(a)  Electricidad de la Paz S.A. ("Electropaz"), Avenida Illimani 1973, Casilla 10511, La Paz, Bolivia.

Electropaz's facilities consists of substations and distribution lines serving approximately 316,000 retail
customers in La Paz and El Alto, Boliva.  Electropaz does not own generation or transmission facilities.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital; Edison
Capital owns 100% of Edison Funding Company; Edison Funding Company owns 100% of Mission Funding Epsilon; Mission
Funding Epsilon through its wholly owned subsidiary, Edison Capital International (Bermuda) Ltd. owns a 14%
interest in Electropaz.  Iberdrola II Investimentos Ltda is the majority owner of Electropaz; Banco Santander
Central Hispanoamericano S.A. owns a 10% interest; and Paz Holdings Ltd. owns a 32.9% interest. The voting
securities of Paz Holdings Ltd, 30.42%, are held by Edison Capital International (Bermuda) Ltd., with 43.22% held
by Andes Energy XII Ltd. and 26.36% held by GE Capital Services Structured Finance Group, Inc.  Andes Energy XII
is wholly-owned by AIG-GE Capital Latin American Infrastructure Fund L.P. in which Edison Capital Latin American
Investments (Bermuda) Ltd. holds an indirect 7.89% interest.  Edison Capital Latin American Investments (Bermuda)
Ltd. is a wholly owned indirect subsidiary of Edison Capital.

(c)  Capital contributions were made by Edison Capital through its indirectly, wholly owned subsidiary Edison
Capital International (Bermuda) Ltd., in the amount of $7.0 million.

(d)  Capitalization or total equity for the period ending December 31, 2001 = $45,162,120
Net income after taxes for 2001 = $3,104,160

(e)  There are no service, sales or construction contracts between Electropaz and any system company.




36


4.EC02  EMPRESA DE LUZ Y FUERZA ELECTRICA DE ORURO S.A. [FUCO]

(a)  Empresa de Luz y Fuerza Electrica de Oruro S.A. ("Elfeo"), Calle Junin No. 710, Casilla 53, Oruro, Boliva.

Elfeo's facilities used for the generation, transmission, or distribution of electric energy for sale consist
primarily of substations and distribution lines serving approximately 43,300 retail customers in the cities of
Oruro and Huaruni.  Elfeo does not own generation or transmission facilities.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital; Edison
Capital owns 100% of Edison Funding Company; Edison Funding Company owns 100% of Mission Funding Epsilon; Mission
Funding Epsilon through its wholly owned subsidiary, Edison Capital International (Bermuda) Ltd. owns a 14%
interest in Elfeo. Iberdrola II Investimentos Ltda. is the majority owner of Elfeo with 60.52% interest, and Paz
Holdings Ltd. owns a 32.9% interest. The voting securities of Paz Holdings Ltd., 30.42%, are held by Edison
Capital International (Bermuda) Ltd., with 43.22% held by Andes Energy XII Ltd. and 26.36% held by GE Capital
Services Structured Finance Group, Inc.  Andes Energy XII is wholly-owned by AIG-GE Capital Latin American
Infrastructure Fund L.P. in which Edison Capital Latin American Investments (Bermuda) Ltd. holds an indirect
7.89% interest.  Edison Capital Latin American Investments (Bermuda) Ltd. is a wholly owned indirect subsidiary
of Edison Capital.

(c)  Capital contributions were made by Edison Capital through its indirectly, wholly owned subsidiary Edison
Capital International (Bermuda) Ltd, in the amount of $0.4 million.

(d)  Capitalization or total equity for the period ending December 31, 2001 = $5,159,240
Net income after taxes for 2001 = $235,180

(e)  There are no service, sales or construction contracts between Elfeo and any system company.


4.EC03  EPZ MISSION FUNDING MU TRUST [FUCO]

(a)  EPZ Mission Funding MU Trust ("EPZMFMT") c/o Wilmington Trust Company, Rodney Square North, 1100 North
Market Square, Wilmington, Delaware 19890-0004

EPZMFMT owns a 7.88% interest in the Amercentrale Power Station Unit 9, which is leased to N.V.
Elektriciteits-Produktiemaatshappij Zuid-Nederland ("EPZ"), a Netherlands Public Utility.  The Amercentrale Power
Station Unit 9 is a 600 megawatt (net) coal-fired cogeneration facility, with natural gas back-up capability,
located on 50 hectares (approximately 125 acres) at the Brabandt site in Geertruidenberg, approximately 50
kilometers southeast of Rotterdam, The Netherlands.

EPZMFMT has also acquired an undivided interest in or the right to use certain transmission facilities leading
from the Amercentrale Power Station to the 150 kV grid owned by Provinciale Noordbrabantse Energie-Maatschappij
("PNEM"), the distribution company that receives the power from Unit 9.  EPZMFMT also owns an interest in or
rights to use transformers and associated equipment of EPZ designed to step up the power from the 21 kV level at
the generator to the 150 kV level required to enter the PNEM system.  EPZMFMT has also acquired rights to use
certain other common facilities necessary to permit operation of Unit 9.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital, which
owns 100% of Edison Funding Company, which owns 100% of Mission Funding Epsilon, which owns 100% of Mission
Funding Alpha, which owns 100% of Mission Funding Mu.  EPZMFMT is a business trust created under the laws of the
State of Delaware.  Mission Funding Mu is the 100% beneficial owner of the beneficial interest in EPZMFMT, the
foreign utility company.  Wilmington Trust Company is the trustee of the Trust.



37


(c)  Mission Funding Mu made a $13,000,000 equity investment in the sale/leaseback, and funds were borrowed on a
non-recourse basis in the amount of $87,000,000, in order to acquire the interest in the asset with a total cost
of $100,000,000.  Mission Funding Mu also incurred out-of-pocket costs and fees of approximately $1,750,000.

The Mission Funding Mu investment and the related obligations have been guaranteed by its parent, Mission Funding
Alpha.

(d)  Capitalization or total equity for the period ending December 31, 2002 = $24,081,532
Net income after taxes for 2002 = $215,146

(e)  There are no contracts between EPZ and any system company.


4.EC04  EPZ MISSION FUNDING NU TRUST [FUCO]

(a)  EPZ Mission Funding Nu Trust ("EPZMFNT") c/o Wilmington Trust Company, Rodney Square North, 1100 North
Market Square, Wilmington, Delaware 19890-0004

EPZMFNT owns a 17.72% interest in the Amercentrale Power Station Unit 9, which is leased to N.V.
Elektriciteits-Produktiemaatshappij Zuid-Nederland ("EPZ"), a Netherlands Public Utility.  The Amercentrale Power
Station Unit 9 is a 600 megawatt (net) coal-fired cogeneration facility, with natural gas back-up capability,
located on 50 hectares (approximately 125 acres) at the Brabandt site in Geertruidenberg, approximately 50
kilometers southeast of Rotterdam, The Netherlands.

EPZMFNT has also acquired an undivided interest in or the right to use certain transmission facilities leading
from the Amercentrale Power Station to the 150 kV grid owned by Provinciale Noordbrabantse Energie-Maatschappij
("PNEM"), the distribution company that receives the power from Unit 9.  EPZMFNT also owns an interest in or
rights to use transformers and associated equipment of EPZ designed to step up the power from the 21 kV level at
the generator to the 150 kV level required to enter the PNEM system.  EPZMFNT has also acquired rights to use
certain other common facilities necessary to permit operation of Unit 9.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital, which
owns 100% of Edison Funding Company, which owns 100% of Mission Funding Epsilon, which owns 100% of Mission
Funding Delta, which owns 100% of Mission Funding Nu.  EPZMFNT is a business trust created under the laws of the
State of Delaware.  Mission Funding Nu is the 100% beneficial owner of the beneficial interest in EPZMFNT, the
foreign utility company.  Wilmington Trust Company is the trustee of the Trust.

(c)  Mission Funding Nu made a $29,250,000 equity investment in the sale/leaseback, and funds were borrowed on a
non-recourse basis in the amount of $195,750,000, in order to acquire the interest in the asset with a total cost
of $225,000,000.  Mission Funding Nu also incurred out-of-pocket costs and fees of approximately $3,937,500.

The Mission Funding Nu investment and the related obligations have been guaranteed by an affiliate, Mission
Housing Investments.

(d)  Capitalization or total equity for the period ending December 31, 2002 = $53,701,760
Net income after taxes for 2002 = $1,784,166

(e)  There are no contracts between EPZ and any system company.


4.EC05  LAKOTA RIDGE LLC [EWG]

(a)  Lakota Ridge, L.L.C. ("Lakota"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164.



38


Lakota is an 11.25 megawatt wind-driven electric generation facility (the "Facility") located on the Buffalo
Ridge in southwestern Minnesota, consisting of 15 Micon M1800 750 kW wind turbines atop tubular-type towers.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital; Edison
Capital owns 100% of Edison Funding Company.  Edison Funding Company, through its wholly owned subsidiary,
Mission Funding Zeta, owns a 75% interest in Lakota and Heller Financial, Inc. owns a 24.9% interest.  Northern
Alternative Energy owns 0.1%.  The manager of the Facility is DanMar & Associates.

(c)  Edison Capital through its indirectly, wholly owned subsidiary, Mission Funding Zeta, made a capital
contribution of $4,667,030.

(d)  Capitalization or total equity for the period ending December 31, 2001 = $4,758,458
Net loss after taxes for 2001 = ($402,359)

(e)  There are no service, sales or construction contracts between Lakota and any system company.


4.EC06  SHAOKATAN HILLS LLC [EWG]

(a)  Shaokatan Hills L.L.C. ("Shaokatan"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.

Shaokatan is a 11.9 megawatt wind-driven electric generation facility (the "Facility") located on the Buffalo
Ridge in southwestern Minnesota, consisting of 18 Vestas V-44 660 kW wind turbines atop tubular type towers.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital; Edison
Capital owns 100% of Edison Funding Company.  Edison Funding Company, through its wholly owned subsidiary,
Mission Funding Zeta, owns a 75% interest in Shaokatan and Heller Financial, Inc. owns a 24.9% interest.
Northern Alternative Energy owns 0.1%.  The manager of the Facility is DanMar & Associates.

(c)  Edison Capital through its indirectly, wholly owned subsidiary,
Mission Funding Zeta, made a capital contribution of $5,161,500.

(d)  Capitalization or total equity for the period ending December 31, 2001 = $5,486,088
Net loss after taxes for 2001 = ($401,726)

(e)  There are no service, sales or construction contracts between Shaokatan and any system company.


4.EC07  WOODSTOCK HILLS LLC [EWG]

(a)  Woodstock Hills L.L.C. ("Woodstock"), c/o DanMar and Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.

Woodstock is a 10.2 megawatt windpowered electric generation facility (the "Facility") located on the Buffalo
Ridge in Southwestern Minnesota, consisting of 17 Vestas V-44 600 kW wind turbines atop tubular-type towers.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital; Edison
Capital owns 100% of Edison Funding Company.  Edison Funding Company, through its wholly owned subsidiary,
Mission Funding Zeta, owns a 75% interest in Woodstock and Heller Financial, Inc. owns a 24.9% interest.
Woodstock owns a 0.1% interest and is the manager of the Facility.

(c)  Edison Capital through its indirectly, wholly owned subsidiary,
Mission Funding Zeta, made a capital contribution of $4,200,000.



39>


(d)  Capitalization or total equity for the period ending December 31, 2001 = $4,725,058
Net loss after taxes for 2001 = ($366,551)

(e)  There are no service, sales or construction contracts between Woodstock and any system company.


4.EC08  STORM LAKE PARTNERS I LLC [EWG]

(a)  Storm Lake Power Partners I LLC ("Storm Lake"), 18101 Von Karman Avenue, Suite 1700, Irvine, CA 92612.

Storm Lake is a 112.5 megawatt wind-driven electric generation facility (the "Facility") located on the Buffalo
Ridge in northwestern Iowa, consisting of 150 Zond, Z-50 750 kW wind turbines atop lattice towers.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital; Edison
Capital owns 100% of Edison Funding Company.  Edison Funding Company, through its wholly owned subsidiary,
Mission Iowa Wind Company, owns a 99% interest in Storm Lake and Enron Storm Lake I LLC owns 1.0% interest.  The
Facility is operated and managed by EMOM Services, Inc.

(c)  Edison Capital through its indirectly, wholly owned subsidiary,
Mission Iowa Wind Company, made a capital contribution of $92,500,000.

(d)  Capitalization or total equity for the period ending December 31, 2001 = $79,753,000
Net loss after taxes for 2001 = ($3,320,000)

(e)  There are no service, sales or construction contracts between Storm Lake and any system company.


                                               EDISON MISSION ENERGY

4.EME01  EME HOMER CITY GENERATION L.P. [EWG]

(a)  EME Homer City Generation L.P. ("Homer City"), 1750 Power Plant Road, Homer City, PA  15748-8009

Homer City operates a 1,884 MW coal-fired generating station located in Indiana County, approximately 45 miles
northeast of Pittsburgh, Pennsylvania.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Edison Mission Holdings Co.; Edison Mission Holdings Co., through its wholly owned subsidiary Mission Energy
Westside, Inc., owns a 1% general partnership interest in Homer City and through its wholly owned subsidiary
Chestnut Ridge Energy Company, owns a 99% limited partnership interest in Homer City, the exempt wholesale
generator.

(c)  Capital contributions were made by Edison Mission Energy through its subsidiary Edison Mission Holdings Co.
in the amount of $1,363,948,000.

Guarantees:

Pursuant to a Guaranty dated as of August 1, 1998 (the "EME Guaranty"), EME guaranteed all of the obligations
under the Asset Purchase Agreement pursuant to which it agreed to acquire Homer City.  On March 18, 1999, Edison
Mission Holdings Co., a wholly owned subsidiary of EME ("EM Holdings"), closed a $1.1 billion financing and EME
closed a $700 million financing the proceeds of which, together with approximately $300 million of cash, were
used to finance the acquisition pursuant to the terms of the Asset Purchase Agreement.  The EM Holdings financing
is structured on a limited recourse basis, in which the lenders look primarily to the cash revenues of Homer City
to repay the debt.  In connection with the EM Holdings financing and the issuance of $830 million senior secured
bonds by EM Holdings in May 1999, EME entered into a Credit Support Guarantee under which EME agreed to guarantee
the payment and performance of the obligations of EM Holdings to the bond holders, banks and other secured
parties which


40


financed the acquisition of Homer City in an aggregate amount not to exceed approximately $42 million.  In
addition, to satisfy the requirements under the EM Holdings financing to have a Debt Service Reserve Requirement
in an amount equal to six months' debt service projected to be due following the payment of a distribution, EME
entered into a Debt Service Reserve Guarantee in which EME agreed to guarantee the payment and performance of the
obligations of EM Holdings in the amount of approximately $35 million.  As of April 2, 2001, the Debt Service
Reserve Guarantee by EME was replaced by a Letter of Credit in the amount of $35,350,600 for the account of EM
Holdings.  As of March 18, 2001, EME provided a guarantee of EM Holdings' debt service obligations in the amount
of $9 million to the lenders involved in the bank financing (the "EM Holdings Guarantee").

In connection with the acquisition of Homer City, Homer City L.P. provided several surety bonds to the
Pennsylvania Department of Environmental Protection ("DEP").  The DEP requires operators of facilities in the
State of Pennsylvania to provide collateral bonds to the DEP for the purpose of guarantying reclamation
obligations in the event the site is abandoned.  Safeco Insurance Company of America ("Safeco"), on behalf of
Homer City L.P., issued three surety bonds to the DEP in the aggregate amount of $6,860,913.  On September 14,
1999, EME provided a general indemnity to Safeco to indemnify them against all loss and expenses incurred by
Safeco in connection with the surety bonds.  In addition to the indemnification, Safeco demanded additional
collateral for the surety bonds.  Therefore, on August 21, 2002, EME deposited $6,860,913 in an account
controlled by Safeco for additional collateral.  Both the collateral and the indemnity will stay in place until
the surety bonds are replaced or another source of collateral is provided to the DEP.

On December 7, 2001, Homer City was sold to and leased back from eight special purpose vehicles.  Under this
arrangement, the $830 million senior secured bonds were assumed by the eight special purpose vehicles.  These
bonds will be serviced by a portion of the lease rental payments to be paid by Homer City L.P. to the new owners
of Homer City.  In connection with the sale-leaseback, the Credit Support Guarantee, which was due to expire on
December 31, 2001, and the EM Holdings Guarantee, were terminated.

Pursuant to eight Special Tax Indemnity Agreements executed in connection with the sale-leaseback, each dated as
of December 7, 2001, with Homer City L.P. and General Electric Capital Corporation ("GECC"), EME agreed to
indemnify GECC against certain tax losses which might arise either (i) as a result of the existence of certain
provisions in the operative documents relating to the sale-leaseback transaction, or (ii) as a result of certain
actions by Homer City L.P. during the term of the lease.

(d)  Capitalization or total equity = $738,997,000
Net income after taxes for 2002 = $22,258,000

(e)  Edison Mission Energy Services, Inc. (formerly Edison Mission Energy Fuel Services, Inc.) provides services
to Homer City relating to arranging for the supply of fuel to the facility pursuant to the Fuel Services
Agreement (the "Agreement") between Edison Mission Energy Services, Inc. and Homer City.  As of December 31,
2002, Edison Mission Energy Services, Inc. has received payment in the amount of $337,721 for services provided
pursuant to the Agreement.

Edison Mission Financial Marketing & Trading Co.("EMFM&T"), now Edison Mission Marketing & Trading, Inc. as
EMFM&T merged into Edison Mission Marketing & Trading, Inc. ("EMMT") on June 28, 2000, a wholly owned subsidiary
of Edison Mission Energy, entered into an NOx Allowance Sales Agreement with Homer City, wherein EMMT is to
purchase from and/or sell to Homer City, SO2 or NOx Allowances available to Homer City and as required for the
use in the operation and maintenance of the Homer City facility.  As of December 31, 2002, Homer City paid $5.1
million to EMMT for Allowances.

EMMT entered into an Energy Sales Agreement with Homer City, wherein EMMT shall purchase Energy (defined as
electric energy, expressed in megawatt hours or capacity, of the character commonly known as three-phase, sixty
hertz electric energy that is delivered at the nominal voltage of the delivery point) from Homer City.  As of
December 31, 2002, Homer City paid $337,121 to EMMT for energy provided pursuant to the Agreement.




41


4.EME02  GORDONSVILLE ENERGY, L.P. [EWG]

(a)  Gordonsville Energy, L.P. ("GELP"), 115 Red Hill Road, Gordonsville, VA 22942

GELP is a gas-fired cogeneration facility with an anticipated net capacity during the winter months of 290
megawatts and 220 megawatts during the summer months.  The electricity generated by the facility is sold to
Virginia Electric & Power Company under two 30-year Power Purchase Agreements.  The steam generated by the
facility is sold to Rapidan Service Authority.  This facility is located one mile southwest of Gordonsville,
Virginia, in Louisa County.  GELP went into operation on June 1, 1994.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy, through its
wholly owned subsidiary Madison Energy Company ("Madison") owns a 49% limited partnership interest in GELP and,
through its wholly owned subsidiary Rapidan Energy Company ("Rapidan"), owns a 1% general partnership interest in
GELP, the exempt wholesale generator.

(c)  Capital contributions were made by Edison Mission Energy through its subsidiaries Madison in the amount of
$25,237,450 and Rapidan in the amount of $515,050, providing a total amount of $25,752,500.  As a condition to
receiving the extension of credit necessary to develop GELP, Madison, Rapidan and Jefferson Energy Company
("Jefferson"), a wholly owned subsidiary of Edison Mission Energy which sold its interest to Northern Hydro
Limited, entered into separate Equity Subscription Agreements with GELP with the condition that Edison Mission
Energy guarantee the obligations under such agreements by entering into an Equity Subscription Agreement Guaranty
for each of Madison, Rapidan and Jefferson in an amount not to exceed an aggregate of $55,250,000.

(d)  Capitalization or total equity = $36,087,046
Net income after taxes for 2002 = $5,247,224

(e)  Edison Mission Operation & Maintenance, Inc. ("EMOM") operates this facility.  EMOM received $718,860 in
compensation as operator in 2002.


4.EME03  MIDWEST GENERATION, LLC. [EWG]

(a)  Midwest Generation, LLC ("Midwest"), One Financial Place, 440 South LaSalle Street, Suite 3410, Chicago, IL
60605

Midwest owns and/or leases and operates 9,287 MW of generating capacity ("Facilities") acquired from Commonwealth
Edison Company and sells electric energy at wholesale.  Facilities consist of:

(a.1)  Six coal-fired plants located in Illinois totaling 5,645 MW:
542 MW Crawford plant in Chicago
326 MW Fisk plant in Chicago
789 MW Waukegan plant in Waukegan
1358 MW Joliet plant in Joliet
1092 MW Will County plant in Lockport
1538 MW Powerton plant in Pekins

(a.2)  2,698 MW dual-fueled Collins Station in Morris, Illinois

(a.3)  71 dual-fueled peaking units, totaling 944 MW, located at the Crawford, Fisk, Waukegan, Calumet, Joliet,
Bloom, Electric Junction, Sabrooke, and Lombard Stations.

 (b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Midwest Generation EME, LLC; Midwest Generation EME, LLC owns 100% of Edison Mission Midwest Holdings Co.
("Holdings") which owns 100% of Midwest, the exempt wholesale generator.



42


(c)  Capital contributions were made by Edison Mission Energy through its subsidiary Holdings in the amount of
$2,500,000,100.

Guarantees:
On March 22, 1999, EME entered into an Asset Sale Agreement to acquire 100% of the fossil-fuel generating assets
of Commonwealth Edison Co. ("Com Ed") totaling 9,722 MW for a purchase price of $4,813,121,000.  This agreement
was assigned to Midwest Generation, LLC, a wholly owned subsidiary of EME, on December 15, 1999, at the closing
of the transaction.  Midwest Generation, LLC operates the plants, which are all located in Illinois.  Pursuant to
the Asset Sale Agreement, EME agreed to unconditionally and irrevocably guarantee to ComEd and all of its
successors and assigns, the due and punctual performance by any assignee of all covenants, agreements, terms,
conditions, undertakings, indemnities and other obligations to be performed and observed by such assignee under
the related agreements, including the transition power purchase agreements.
Pursuant to the Agency Agreement, dated as of December 15, 1999, between Commonwealth Edison Company, Edison
Mission Midwest Holdings Co. and Edison Mission Energy, relating to Coal Purchase Contract and Railcar Lease
Agreement, EME and its affiliates receive the benefits of and are responsible for the liabilities under the
agreements listed below (the "Unassigned Agreements") to which Commonwealth Edison Company is a party.
Commonwealth Edison Company acts as EME's agent with respect to the Unassigned Agreements and EME is responsible
for 78% of Commonwealth Edison Company's costs in managing the Unassigned Agreements.  The Unassigned Agreements
include:

(a)      Amended and Restated Coal Purchase Contract between Commonwealth Edison Company and Decker Coal Company
         dated January 1, 1993, as further amended by Amendment No. 1 in 1993; Amendment No. 2 on June 16, 1994;
         Amendment No. 3 on May 1, 1995; Amendment No.4 on January 1, 1996; Amendment No. 5 on February 1, 1997;
         Amendment No. 6 on January 1, 1997; and Amendment No. 7 on February 1, 1999.

(b)      Railcar Lease Agreement dated July 15, 1993 between Commonwealth Edison Company and Society National
         Bank and related documents.

On June 10, 2000, Midwest Generation, LLC, ("Midwest Generation") completed an approximate $300 million synthetic
lease transaction of the "on-site" and "off-site" peaking units acquired from Commonwealth Edison Company in
December 1999.  Together, the on-site peakers and off-site peakers transferred by Midwest Generation consist of
70 combustion turbines and related equipment.  The proceeds from the transaction ($300 million) were loaned by
Midwest Generation to EME, and in exchange EME issued Midwest Generation an intercompany note in the same
amount.  Simultaneously, the `lessor trust' leased the peaking units to Midwest Generation, as Lessee, for an
approximate five-year term.  EME, as guarantor, agreed to unconditionally guaranty Midwest Generation's
obligations under the Synthetic Lease except for Midwest Generation's environmental obligations.  On August 9,
2002, Midwest Generation exercised its option to purchase the on-site and off-site peaking units that were
subject to the Synthetic Lease.  In order to effect the exercise of the purchase option, Midwest Generation
obtained repayment of its $300 million loan plus interest from EME and paid $300 million plus outstanding amounts
due under the lease to the owner-lessor.

On August 24, 2000, Midwest Generation entered into a sale-leaseback transaction with respect to the Powerton and
Joliet power facilities to third party lessors for an aggregate purchase price of $1.367 billion.  Under the
terms of the leases (33.75 years for Powerton and 30 years for Joliet), Midwest Generation will make semi-annual
lease payments on each January 2 and July 2, beginning January 2, 2001.  Recourse to Midwest Generation under the
leases is limited to amounts which would otherwise be distributable to Edison Mission Midwest Holdings Co.  EME
guaranteed the payments under a Guarantee dated August 24, 2000.


43



Pursuant to four Tax Indemnity Agreements, each dated as of August 17, 2000, EME agreed to indemnify the lessors
against certain tax losses which might arise as a result of certain actions by Midwest during the term of the
lease.

(d)  Capitalization or total equity = $2,644,795,846
Net income after taxes for 2002 = $94,738,000

(e)

Administrative services such as payroll, employee benefits programs and information technology, all performed by
Edison International or Edison Mission Energy, are shared among all affiliates of Edison International, and the
costs of these corporate support services are allocated to all affiliates, including Midwest.  Costs are
allocated based on one of the following formulas: percentage of time worked, equity in investment and advances,
number of employees, or multi-factor, including operating revenues, operating expenses, total assets and number
of employees.  In addition, Midwest sometimes directly requests services of Edison International or Edison
Mission Energy, and those services are performed for Midwest's benefit.  Labor and expenses of these directly
requested services are specifically identified and billed at cost.  Midwest made reimbursements for the costs of
these programs and other services, which amounted to $124.7 million for the year ended December 31, 2002.

Midwest entered into an agreement with Midwest Generation EME, LLC to provide support services, including
construction and construction management, operations and maintenance management, technical services and training,
environmental, health and safety services, administrative and IT support, and other managerial and technical
services needed to operate and maintain electric power facilities.  Under the terms of the agreement, Midwest
reimburses Midwest Generation EME, LLC for actual costs incurred by functional area in providing support
services, or in the case of specific tasks Midwest requests, the amount negotiated for the task.  Actual costs
billable under this agreement for the year ended December 31, 2002, were $6.8 million.

Midwest entered into an agreement with EMMT for the purchase and sale of energy and to provide services related
to purchasing, transportation and storage of natural gas.  Under the terms of the agreement, EMMT pays Midwest
for the actual price of energy contracted with third parties, less $.02/megawatt-hour.  Also under the terms of
the agreement, Midwest pays EMMT a service fee of $0.02 for each MMBtu of natural gas delivered to Midwest, plus
the actual cost of the gas.  As of December 31, 2002, Midwest paid $1.2 million to EMMT pursuant to the agreement.

Midwest entered into an agreement with Edison Mission Energy Services, Inc. to provide fuel and transportation
services related to coal and fuel oil.  Under the terms of the agreement, Midwest pays Edison
Mission Energy Services, Inc. a service fee of $0.06 for each ton of coal delivered to Midwest and $0.05 for each
barrel of fuel oil delivered to Midwest, plus the actual cost of the commodities.  The amount billable under this
agreement for the year ended December 31, 2002, was $1.1 million.




44


4.EME04  SUNRISE POWER COMPANY LLC (EWG)

(a)  Sunrise Power Company, LLC 50% [EWG], 12857 Sunrise Power Road, Fellows, CA 93224

Sunrise consists of a 320 MW simple-cycle peaking facility which became operational on June 27, 2001 ("Phase 1")
and Phase 2 which is to convert the peaking facility to a 560 MW combined-cycle operation is anticipated to
become operational in 2003.

Edison Mission Energy purchased Sunrise Power Company, a Delaware corporation  through its subsidiary Mission Del
Sol LLC, a Delaware limited liability company on November 17, 2000.

Sunrise was originally to be developed as an enhanced oil recovery ("EOR") cogeneration project.  By the summer
of 2000, Texaco Gasification and Power Holdings, Inc. ("Texaco") decided to abandon the project due to changes in
the oil field cogen economics.  EME approached Texaco and suggested that the original EOR project be reconfigured
and developed in two phases.  EME purchased the rights to the project, including two GE Fram 7FA gas turbines and
other major equipment that had already been procured.  On May 29, 2001, Sunrise Power Company was converted to
Sunrise Power Company, LLC a Delaware limited liability company and Texaco exercised its option to buy back 50%
of Sunrise.

(b)    Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission del Cielo, Inc.; Mission del Cielo, Inc. owns 100% of Mission del Sol LLC; Mission del Sol LLC owns 50%
of Sunrise Power Company LLC

(c)  Under the Sunrise partnership agreement, EME is obligated to provide 50% capital budget for the project.  As
of December 31, 2002, EME has paid $122,130,179.

(d) Capitalization or total equity = $151,711,659
Net income after taxes for 2002 = $15,812,617

(e)  Edison Mission Operation & Maintenance, Inc. and Sunrise have entered into that certain Amended and Restated
Operation and Maintenance Agreement, dated as of June 25, 2001.  As of December 31, 2002, EMOM has received
$220,126 for providing O&M services to Sunrise.

EMMT, a wholly owned subsidiary of Edison Mission Energy entered into an Energy Services Agreement with Sunrise,
wherein EMMT provides fuel procurement and power management services to Sunrise.   As of December 31, 2002,
Sunrise paid $4,381,011 to EMMT for services rendered under this agreement.


4.EME05  BROOKLYN NAVY YARD COGENERATION PARTNERS, L.P. [EWG]

(a)  Brooklyn Navy Yard Cogeneration Partners, L.P. ("BNY"), Flushing Avenue, Cumberland Street, Building 41,
Brooklyn, NY 11205

BNY's facilities consist of a 286MW combined cycle cogeneration facility located at Brooklyn Navy Yard Industrial
Park in Brooklyn, New York.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy, through its
wholly owned subsidiary Mission Energy New York, Inc., owns 50% of Brooklyn Navy Yard Cogeneration Partners,
L.P., the exempt wholesale generator.

(c)  Capital contributions made by Edison Mission Energy through its subsidiary Mission Energy New York, Inc.,
were in the amount of $12,758,043.  BNY completed a $407 million permanent non-recourse financing for the project
(the "Financing").  Edison Mission Energy agreed to indemnify BNY and its partners from all claims and costs
arising from or in connection with certain construction litigation between BNY (and its partners) and PMNC, as
contractor for BNY.  Said indemnification has been assigned for the benefit of the senior lenders of the
Financing.  Mission Energy New York, Inc., entered into a Construction Loan Note (approximately $94 million) in
favor of BNY to fund a portion of the project.



45


(d)  Capitalization or total equity = ($55,073,066)
Net loss after taxes for 2002 = ($4,194,158)

(e)  Other than with respect to the Edison Mission Energy indemnity and the Construction Loan Note as listed in
Item (c) above, there are no contracts between BNY and any system company.


4.EME06  LOY YANG B JOINT VENTURE [FUCO]

(a)  Loy Yang B Joint Venture ("LYBJV"), Bartons Lane, Loy Yang, Victoria, Australia 3844

LYBJV owns two coal-fired generating units with generator nameplate ratings of 500,000 kW each, located in the
Latrobe Valley in the State of Victoria, Australia (the "Project").  Unit 1 began commercial operation on
September 30, 1993, and Unit 2 began commercial operation on September 30, 1996.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI, through wholly owned subsidiaries of Edison Mission Energy, collectively owns 100% of the interests in Loy
Yang B Joint Venture, the foreign utility company, as explained below.

The system-owned venturer is Latrobe Power Partnership ("LPP"), which owns a 51% interest.  LPP is 1% owned by
Edison Mission Energy Australia Ltd. (the managing general partner) and 99% owned by Mission Victoria Partnership
(a general partner).

Edison Mission Energy Australia Ltd. is wholly owned by Edison Mission Energy Holdings Pty Ltd, which is wholly
owned by Loy Yang Holdings Pty Ltd, which is a wholly owned subsidiary of MEC International B.V.

Mission Victoria Partnership is 52.31% owned by Latrobe Power Pty Ltd (general partner), 46.69% owned by
Traralgon Power Pty Ltd (general partner), and 1% owned by Mission Energy Ventures Australia Pty Ltd (managing
general partner).  Latrobe Power Pty Ltd and Traralgon Power Pty Ltd are both owned 99% by MEC International B.V.
and 1% by Loy Yang Holdings Pty Ltd.  Mission Energy Ventures Australia Pty Ltd is wholly owned by Loy Yang
Holdings Pty Ltd, which is owned as described above.  Gippsland Power Pty Ltd. owns the remaining 49% in LYBJV.
Gippsland is 100% owned by Mission Energy Development Australia Pty Ltd., which is 100% owned by EME Victoria
Generation Ltd., which is 100% owned by EME Generation Holdings Ltd., which is 100% owned by Mission Hydro
Limited Partnership, which is 69% owned by MEC Wales BV, 30% owned by Mission Energy Wales Company and 1% owned
by Mission Hydro (UK) Limited.  All three partners to Mission Hydro Limited Partnership are 100% directly or
indirectly owned by Edison Mission Energy.

(c)  In May 1997, Edison Mission Energy, through its indirect and direct subsidiaries, closed financing (the
"Financing") for the purchase of the remaining 49% of LYBJV.  The Financing was structured on a non-recourse
basis.

Advance Opinion Undertaking - In the Advance Opinion Undertaking, EME is obligated to Chase Securities (as
---------------------------
Security Agent under the Project Facility) to cause to make available to the Project funds in an amount
sufficient to pay income or capital gains taxes on assessments under the Australian income tax laws which
materially and adversely affect (a) the Project, (b) the operating cash flow of the Project or (c) the ability to
meet obligations to pay interest or repay principal or other amounts under the Project Facility (which result
from an assessment which directly conflicts with certain tax assumptions expressed in the Advance Opinion from
the Australian Tax Office).

In connection with the financing, EME issued, under its corporate revolver, a Letter of Credit in favor of JP
Morgan Australia Limited on behalf of Energy Capital Partnership, an indirect, wholly owned subsidiary of EME.
The Letter of Credit is currently for AUD $50,000,000, the equivalent of six months Debt Service Reserve.


46



LPP's and Gippsland's capital contribution = $78,412,225

(d)  LPP's and Gippsland's Equity = ($2,925,747)
LPP's and Gippsland's Net Income after taxes for 2002 = $36,468,083

(e)  An indirect, wholly owned subsidiary of MEC International B.V., Edison Mission Operation & Maintenance Loy
Yang Pty Ltd. operates the generating plant pursuant to an amended operating and maintenance contract.  The
intermediate holding company of Edison Mission Operation & Maintenance Loy Yang Pty Ltd. is Edison Mission Energy
Holdings Pty Ltd.  As operator, Edison Mission Operation & Maintenance Loy Yang Pty Ltd. performs the following
services:  management and supervision of the construction commissioning, testing, operation and maintenance of
the Loy Yang B power station on behalf of the joint venture participants.


4.EME07  FIRST HYDRO COMPANY [FUCO]

(a)  First Hydro Company ("FHC"), Bala House, St. David's Park, Deeside, Flintshire, Wales CH5 3XJ

The principal assets of FHC are two pumped storage stations located in North Wales at Dinorwig and Ffestiniog
which have a combined registered capacity of 2,088 MW.  These facilities were built to provide additional
generation for meeting peak demand throughout the day and to provide rapid generation response to sudden changes
in electricity demands.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy, which through its subsidiaries (i)
wholly owned Mission Energy Wales Company, owns 30%LP of Mission Hydro Limited Partnership, which in turn owns
100% of EME Generation Holdings, Ltd., which in turn owns 99% of First Hydro Holdings Company, which owns 100% of
First Hydro Finance plc, which owns 1% of FHC; (ii) wholly owned Mission Energy Holdings International, Inc.
directly owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of
MECI through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B
shares of MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI;
Edison Mission Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison
Mission Project Co.; MECI owns 100% of Mission Energy Company (UK) Limited, which owns 100% of Mission Hydro (UK)
Limited, which in turn directly owns 1% of First Hydro Holdings Company and indirectly owns the remaining 99% of
First Hydro Holdings Company through its 1%GP interest in Mission Hydro Limited Partnership, First Hydro Holdings
Company owns 100% of First Hydro Finance plc, which in turn owns 1% of FHC; and (iii) the wholly owned subsidiary
Mission Energy Holdings International, Inc. owns 99.97% of MEC International B.V. (see above for remaining
0.03%), which directly owns 99% of MEC Wales B.V. and through its wholly owned subsidiary MEC International
Holdings B.V. indirectly owns the remaining 1% of MEC Wales B.V., MEC Wales B.V. owns 69%LP of Mission Hydro
Limited Partnership, which in turn owns 100% of EME Generation Holdings, Ltd., which owns 99% of First Hydro
Holdings Company, which owns 100% of First Hydro Finance plc, which owns 1% and First Hydro Holdings Company owns
99% of FHC the foreign utility company.

(c)  First Hydro Company ("FHC"), an indirect wholly owned subsidiary of EME, generates, markets and enters into
contracts for the purchase and sale of electricity.  EME provides credit support to FHC in the form of guarantees
and letters of credit with respect to FHC's obligations arising out of these transactions.  Following the
downgrade of EME on October 1, 2002, Edison Mission Operation & Maintenance Limited, an indirect wholly owned
subsidiary of EME ("EMOML") is providing credit support to FHC in the form of letters of credit, which replaced
the credit support provided by EME.  Presently, EMOML is obligated to reimburse drawings under letters of credit
in an aggregate amount of US$22,372,050.


(d)  Capitalization or total equity = $266,908,974
Net income after taxes for 2002 = $24,005,210



47


(e)  There are no contracts between FHC and any system company.


4.EME08  CBK POWER COMPANY LTD.  [FUCO]

(a)  CBK Power Company Limited, a Philippine limited partnership ("CBK"), 1701 One Magnificent Mile Building, San
Miguel Avenue, Ortigas Center, Pasig City, Philippines

Upon completion of all rehabilitation and upgrading (of 3 hydroelectric power plants known as Caliraya, Botocan,
and Kalayaan I and related civil structures located in the province of Laguna, Republic of the Philippines) and
construction of a new 348.6 MW, two-unit hydroelectric power plant and a new spillway), the new and upgraded CBK
Complex will have a reliable power output of 728 MW.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 100% of Edison Mission  Millennium B.V. which owns 100% of EME Kalayaan B.V. and EME Caliraya B.V.; EME
Kalayaan B.V. owns 1% GP of CBK and EME Caliraya B.V. owns 49% LP of CBK.

(c)  Capital invest as of December 31, 2002
      Payment to IMPSA under General Engineering services = $20 million
      Equity contribution = $21,918,342
      Equity Guarantee - Under the Capital Contribution Guarantee, EME guarantees its equity contribution
obligation of $56 million (now $34 million).  In the event  EME should be down graded below investment grade, EME
would be required to provide a letter of credit to back up the uncontributed portion.

(d)  Capitalization or total equity = $58,186,209
Net income after taxes for 2002 = $4,698,798

(e)  (1)  Owner's Representative Agreement for onshore services - Entered into between CBK and EME Philippines
Services Corporation ("EME Philippines"). EME Philippines provides onshore owner's representative services to CBK
during the construction period.  Total fee is US$1,575,000.

(2)  Owner's Representative Agreement for offshore services - Entered into between CBK and Edison Mission Energy
Asia ("EME Asia").  EME Asia provides offshore owner's representative services to CBK during the construction
period.  Total fee is US$945,000.

(3)  Management and Technical Services Contract - This is the O&M contract entered into between CBK and  Kalayann
Power Management Corporation ("KPMC") for 25 years commencing on February 9, 2001.  KPMC is a 50/50 JV between
EMOM Services B.V. and IMPSA Construction and Services B.V.  KPMC provides service to manage the maintenance,
repair and operation of CBK.  The Fee is US$500,000 per year escalated according to US Producers Price Index.
CBK is also to reimburse all costs and expenses incurred by KPMC in performing these services.  The aggregate
liability of KPMC shall in no event exceed the Management Fee plus bonus.  There are no consequential damages.


4.EME09  KALAYAAN POWER MANAGEMENT CORPORATION (FUCO)

(a)  Kalayaan Power Management Corporation, a Philippines Corporation, NPC Compound, Kalayaan, Province of
Laguna, Philippines

Kalayaan Power Management Corporation ("Kalayaan PMC"), Kalayaan PMC is to provide operation and services for CBK
Power Company Limited ("CBK") which is rehabilitating and upgrading four hydroelectric power plant projects in
the province of Laguna, Republic of the Philippines. Under the terms of a


48


management and technical services contract between CBK and this project.  When this project is completed, the
total installed capacity of these four hydroelectric facilities will increase from 367.8 MW to approximately 728
MW, as follows:  (1) the Kalayaan I facility, a pumped storage facility with two turbine pump units will be
upgraded such that both will be 168 MW, for a total of 336 MW; (2) the Kalayaan II facility, another pumped
storage facility, will be constructed to consist of two pump units of 174.3 MW each, for a total of 348.6 MW; (3)
the Caliraya hydroelectric facility will be upgraded to divert water into two 11.3 MW units, for a total of 22.6
MW; and (4) the Botocan facility will be upgraded to divert water into two 10 MW units, for a total of 20 MW.
Each power plant will include auxiliary equipment and interconnecting transmission facilities.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares).  MECI owns 100% of Edison Mission Operation and Maintenance Services
B.V., which owns 50% of Kalayaan Power Management Corporation.

(c)  Capital invest as of December 31, 2002 = $103,043
Equity Guarantee - Under the Capital Contribution Guarantee, EME guarantees its equity contribution obligation of
$56 million (now $34 million).  In the event EME should be down graded below investment grade, EME would be
required to provide a letter of credit to back up the uncontributed portion.

(d)  Capitalization or total equity = $258,341
Net income after taxes for 2002 = $232,017

(c)  (1)  Owner's Representative Agreement for onshore services - Entered into between CBK and EME Philippines
Services Corporation ("EME Philippines"). EME Philippines provides onshore owner's representative services to CBK
during the construction period.  Total fee is US$ 4.5165 million.

(2)  Owner's Representative Agreement for offshore services - Entered into between CBK and Edison Mission Energy
Asia ("EME Asia").  EME Asia provides offshore owner's representative services to CBK during the construction
period.  Total fee is US$ 3.3835 million.

(3)  Management and Technical Services Contract - This is the O&M contract entered into between CBK and  Kalayann
Power Management Corporation ("KPMC") for 25 years commencing on February 9, 2001.  KPMC is a 50/50 JV between
EMOM Services B.V. and IMPSA Construction and Services B.V.  KPMC provides service to manage the maintenance,
repair and operation of CBK.  The Fee is US$500,000 per year escalated according to US Producers Price Index.
CBK is also to reimburse all costs and expenses incurred by KPMC in performing these services.  The aggregate
liability of KPMC shall in no event exceed the Management Fee plus bonus.  There are no consequential damages.


4.EME10  ITALIAN VENTO POWER CORPORATION 4 S.R.L. [FUCO]

(a)  Italian Vento Power Corporation 4 S.r.l. ("IVPC"), Via Circumvallazione, 54/h, 83100 Avellino, Italy

IVPC is developing 280.7 MW of wind-generated capacity in rural Italy in eleven projects, consisting of clusters
of 660 kW and 600kW turbines and associated equipment in the following comunes (townships): (1) 47 turbines
totaling 30 MW in Andretta and Bisaccia; (2) 60 turbines totaling 39.6 MW in Lacedonia and Monteverde; (3) 41
turbines totaling 27.06 MW in Monacilioni, Pielracatella, and Sant Elia; (4) 60 turbines totaling 39.6 MW in
Forenza and Maschito; (5) 25 turbines totaling 15 MW in Volturara and Motta Moniecorvino; (6) 30 turbines
totaling 18 MW in Roselo; (7) 47 turbines totaling 30.3 MW in Celle San Vito, Greci and Montaguto; (8) 30
turbines totaling 19.8 MW in Panni; (9) 45 turbines totaling 29.7 MW in Bortigiadas, Aggius and Vidalba; (10) 34
turbines totaling 22.44 MW in Avigliano; and (11) 14 turbines totaling 9.24 MW in Roseto.  The projects include
transmission lines connecting the generating facilities to


49


the grid, ranging in length from less than 100 meters to a maximum of 9 kilometers. IVPC is also constructing,
but will not own, substations associated with the projects.  IVPC also owns and is currently operating a 2.4 MW
project in Rocca San Felice consisting of four 600 kW turbines and associated equipment.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 100% of Edison Mission Wind Power Italy B.V. (formerly IVPC Energy 5 B.V.) ("EMWP"), which owns 50% of
IVPC, the foreign utility company.

(c)  The capital contribution made by Edison Mission Energy through Edison Mission Wind Power was $47,802,609.

Under the terms of the Intercreditor Agreement dated March 3, 2000, to which EMWP is a party, any Junior Debt,
which is widely defined as, essentially, any liability owed by IVPC to EMWP, is subordinated to the obligations
of IVPC to the banks party thereto, in a manner in which any amount received or otherwise receivable by EMWP from
IVPC may be applied against IVPC's debts to such banks, save for certain excepted payments specified therein,
referred to as Permitted Distributions.

Under the terms of the Project Finance Facilities Syndicated Credit Agreement dated September 7, 2000, to which
IVPC, but not EMWP, is a party, there are restrictions imposed upon IVPC on amounts that IVPC may distribute or
otherwise pay to EMWP and in certain circumstances amounts otherwise so distributable or payable may be applied
against the amounts outstanding under that agreement from IVPC to the banks lending thereunder.

EMWP has also pledged its shares to the lenders under the Facilities Agreement referred to above and other
financial institutions as security for IVPC's obligations.

(c.1)  (a) on March 3, 2000, EMWP and IVPC entered into a "Subordinated Loan Agreement" according to which EMWP
has undertaken to finance IVPC by way of subordinated loans in the amounts set forth therein; and (b) according
to the "Development Permits for Stages A and B" letter dated March 15, 2000, MECI has undertaken toward UPC
International Partnership CV II, inter alia, the obligation to procure that EMWP extends a loan to IVPC for up to
50% of the equity contribution required to be contributed to IVPC with respect to such Stage under the Senior
Loan, in the event that any Permit for Stages A and B has not been issued.

(d)  Capitalization or total equity = ($7,223,063)
Net income after taxes for 2002 = $3,779,295

(e)  There are no services contracts between IVPC and any system company.


4.EME11  CONTACT ENERGY LIMITED [FUCO]

(a)  Contact Energy Limited ("Contact"), Level 1, Harbour City Tower, 29 Brandon Street, Box 10-742, Wellington,
New Zealand

In March 1999, Edison Mission Energy Taupo Ltd.("EME Taupo"), an indirect, wholly owned subsidiary of Edison
Mission Energy entered into agreements with the government of New Zealand to acquire 40% of Contact.  Contact
owns and operates hydroelectric, geothermal and natural gas-fired power generating plants in New Zealand with a
total generating capacity of 2,449 MW.  Contact also supplies gas and electricity to customers in New Zealand and
has a minority interest in a power project in Australia.  The acquisition was conditioned on the New Zealand
government completing an initial public offering of the remaining 60% of Contact, which occurred in mid-May
1999.  In December 2000, Edison Mission Energy's


50


ownership increased a total of 2.26% due to (i) Contact's buyback of shares from the open market and (ii) an
additional purchase of shares by  Mission Energy Pacific Holdings (formerly EME Pacific Holdings ("Pacific").

 (b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 100% of EME Atlantic Holdings Limited, which owns 100% of EME Ascot Limited, which owns 100% of EME
Buckingham Limited, which owns 100% of EME Precision B.V., which owns 100% of Mission Energy Universal Holdings
[formerly EME Universal Holdings], which now owns 0.624% of Contact and 100% of Mission Energy Pacific Holdings
[formerly EME Pacific Holdings], which now owns 50.598% of Contact, the foreign utility company.  EME, through
its subsidiaries, now owns 51.2% of Contact.

(c)  Capital contributions were made by Edison Mission Energy through its subsidiary Edison Mission Project
Company, in the amount of $466,966,613.

In December 2000, EME Taupo transferred its 40% interest in Contact to Pacific as part of a global restructuring
of Edison Mission Energy's investment in Contact (the "Transfer").  In connection with the Transfer, Edison
Mission Energy entered into a Deed of Covenant in favor of the institutional subscriber of $160 million of the
preferred stock issued by EME Taupo in May 1999.  This Deed of Covenant requires Edison Mission Energy to
compensate the institutional preferred stock subscriber in the event that a private binding ruling issued to it
by the New Zealand Inland Revenue Department ceases to apply as a direct result of the Transfer.  The amount of
any compensation that may become payable by Edison Mission Energy under the further Deed of Covenant is limited
to that necessary to keep the preferred stock subscriber in the same position that it would have been in had the
private binding ruling continued to apply.  Also in December 2000, Edison Mission Energy's ownership increased a
total of 2.26% due to (i) Contact's buyback of shares from the open market and (ii) an additional purchase of
shares by Pacific.

As noted above, the preferred stock has been redeemed and no further dividends are to be paid with respect to the
preferred stock.  The Deed of Covenant continues for the benefit of the institutional subscriber protecting it
against the possibility that the binding ruling ceases to apply in respect of dividends already paid.  EME has
obtained a legal opinion that confirms the "low risk" of any change to this taxation treatment.

The acquisition of further shares by Pacific and the funding required for the redemption of the EME Taupo
preferred stock was obtained through a refinancing with CSFB and other financial institutions and through a new
issue of preferred stock by Pacific. Pacific borrowed the US$ equivalent of N.Z.$135,000,000 to settle the
purchase of approximately 7.64% of Contact shares (excluding the shares held by Contact as treasury stock).  This
borrowing was repaid with the proceeds of preferred stock issued to the public in New Zealand by a sister company
to Pacific, Mission Contact Finance Limited.

The redemption of the NZ$400 million preferred stock was funded by the issue of preferred stock through Mission
Contact Finance Limited and also by borrowings from CSFB for the US dollar equivalent of NZ$386,523,000.

(d)  Capitalization or total equity = $417,094,498
Net income after taxes for 2002 = $29,507,893

(e)  There are no service, sales or construction agreements between Contact and any system company.




51


4.EME12  TRI ENERGY COMPANY LIMITED [FUCO]

(a)  Tri Energy Company Limited ("Tri Energy"), 16th Floor, Grand Amarin Tower, New Petchburi Road, Ratchathewi,
Bangkok 10320 Thailand

Tri Energy's facilities consist of a 700 MW gas turbine combined cycle facility located in Ratchaburi Province,
west of Bangkok, Thailand, and interconnection equipment necessary to connect the facility with the company's
wholesale purchaser, the Electricity Generating Authority of Thailand.  Tri Energy became operational on June 30,
2000.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 100% of EME Tri Gen B.V., which owns 25% of Tri Energy Company Limited, the foreign utility company.

(c)  Capital contributions were made by Edison Mission Energy through its subsidiary EME Tri Gen B.V. in the
amount of $23,289,420.

(d)  Capitalization or total equity = $17,332,324
Net income after taxes for 2002 = $3,265,348

(e)  Edison Mission Energy Asia Pacific Pte Ltd. ("EME Asia") and Tri Energy have entered into an Onshore Service
Agreement and an Offshore Service Agreement.  Under the Onshore Service agreement, EME Asia is to provide
managerial, professional and technical services within Thailand to Tri Energy for a fixed annual fee of
$140,000.  Under the Offshore Service agreement, EME Asia is to provide managerial, professional and technical
services outside of Thailand on an hourly fee basis.  As of December 31, 2002, EME Asia has received payment of
$0.


4.EME13  IBERICA DE ENERGIAS, S.A. [FUCO]

(a)  Iberica de Energias, S.A. ("Iberica"), Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain

Iberica's facilities consist of the following fifteen mini-hydroelectric facilities which are capable of
producing a total of 48.55 MW:
Quintana:  1.48MW facility in Herrera de Valdecana, Palencia
La Flecha:  2.66MW facility in Arroyo Encomienda, Valladolid
Toro:  4.50MW facility in Toro, Zamora
Tudela:  1.48MW facility in Tudela de Duero, Valladolid
Sardon Bajo:  1.60MW facility in Villabanez, Valladolid
Bocos:  1.60MW facility in Bocos de Duero, Valladolid
Monasterio:  1.60MW facility in Quintanilla de Arriba, Valladolid
Logrono:  3.68MW facility in Logrono, La Rioja
Mendavia:  5.60MW facility in Mendavia, Navarra
La Ribera:  4.40MW facility in Pradejon, La Rioja
Gelsa:  7.20MW facility in Gelsa, Zaragoza
Alos: 4.80MW facility in Alos de Balaguer, Lerida
Castellas:  2.25MW facility in Valls de Aguilar, Lerida
Sossis:  3.3MW facility in Pyrenees (Lerida)
Olvera:  2.4MW facility in south of Spain (Jaen)

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings


52


International, Inc. directly owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and
indirectly owns 0.02% of MECI through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or
100% of the Class B shares of MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C
shares of MECI; Edison Mission Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned
subsidiary Edison Mission Project Co.  MECI owns 10% of Hydro Energy B.V. and indirectly through its wholly owned
subsidiary Iberian Hy-Power Amsterdam B.V. owns the remaining 90% of Hydro Energy B.V.; Hydro Energy B.V. owns
95.77% of Iberica de Energias, the foreign utility company, and Iberian Hy-Power Amsterdam B.V. owns the
remaining 4.23%.

(c)  The capital contribution made by Edison Mission Energy through its subsidiary Iberian Hy-Power Amsterdam
B.V. was $21,992,654.  In August, 1993, MECI, through its 34% ownership interest and its direct ownership
interest in Hydro Energy B.V., acquired an aggregate 40.6% interest in Energias Hidraulicas, S.A. ("EH") from
Energies, S.A., the hydroelectric development subsidiary of Vivendi (formerly Compagne Generale des Eaux).
Subsequently, EH sold Iberica and Mediterranea to Hydro Energy B.V.  Compagne Generale des Eaux is a French water
utility company.  EH is a Spanish holding company which will develop water right concessions, but has no
operating facilities.  During 1996, the five facilities previously owned by Compania Mediterranea de Energias,
S.A., were merged into Iberica.  Also in 1996, Energias Hidraulicas' name was changed to Edison Mission Energy
Espana, S.A.  During 1997, EH, Hidroelectrica de Sossis S.A. and Hidroelectrica de Olvera S.A. were merged into
Iberica.

In connection with the acquisition of EH, Vivendi provided to Iberica and Mediterranea a 10-year limited revenue
guaranty, which allowed Iberica and Mediterranea to secure non-recourse project financing.  Consideration to
Vivendi for the acquisition of Iberica and Mediterranea included the assumption by Hydro Energy B.V. of an
existing loan with deferred payments to Vivendi beginning in 1999 and ending in 2003.  Edison Mission Energy has
provided a guarantee for any such deferred payments which are outstanding as of September 30, 2003 (six months
after the due date for all such deferred payments).  The guarantee by Edison Mission Energy provides for no
rights of acceleration by Vivendi under any circumstances.  At December 31, 2002, the present value of the
deferred payments will amount to $32.7 million ($35.7 million face value discounted at 11.5%).

(d)  Capitalization or total equity = $15,344,054
Net income after taxes for 2002 = ($551,108)

(e)  There is a management fee agreement between Iberica and Electro Metalurgica del Ebro S.L. (EMESA).   Iberica
provides administrative and financial services to EMESA.  As of December 31 2002, EMESA has paid Iberica $464,900
for services rendered under this management fee arrangement.


4.EME14  ELECTROMETALURGICA DEL EBRO, S.A. [FUCO]

(a)  Electrometalurgica del Ebro, S.A. ("EMESA"), Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain

EMESA's facilities consist of three mini-hydroelectric facilities (Sastago I, Sastago II and Menza) all located
near the Ebro River in Zaragoza.  The three mini-facilities are masonry weir, concrete intake structures capable
of producing 3 MW, 17.3 MW and 13 MW, respectively.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 10% of Hydro Energy B.V. and indirectly through its wholly owned subsidiary Iberian Hy-Power Amsterdam
B.V. owns the remaining 90% of Hydro Energy B.V.; Hydro Energy B.V. owns 95.77% of Iberica de Energias and
Iberian Hy-Power Amsterdam B.V. owns the remaining 4.23%; Iberica de Energias owns 91.32% of EMESA, the foreign
utility company.



53


(c)  The capital contribution made by MECI through Iberian Hy-Power Amsterdam B.V. was $63,266.

(d)  Capitalization or total equity = $5,963,363
Net income after taxes for 2002 = $459,984

(e)  There is a management fee agreement between Iberica and Electro Metalurgica del Ebro S.L. (EMESA).   Iberica
provides administrative and financial services to EMESA.  As of December 31 2002, EMESA has paid Iberica $464,900
for services rendered under this management fee arrangement.


4.EME15  PERTH POWER PARTNERSHIP [FUCO] - SUCCESSOR OF INTEREST TO KWINANA POWER PARTNERSHIP ("KPP")

(a)  Perth Power Partnership ("PPP") (formerly Kwinana Power Partnership), James Court, Kwinana Beach 6167,
Western Australia.

PPP's facilities used for the generation, transmission, or distribution of electric energy for sale consist of a
116 MW gas-fired combined cycle cogeneration plant at the oil refinery owned and operated by British Petroleum
Refinery Proprietary Limited at Kwinana near Perth, Australia, and interconnection equipment necessary to connect
the plant with the refinery and with PPP's wholesale purchaser, Western Power Corporation.  KPP commenced
operation in December 1996.  On August 11, 2000, KPP sold 30% of the facilities and obligations related to the
facilities to SembCorp Energy (Kwinana) Pte Ltd. (SembCorp).  KPP and SembCorp simultaneously formed PPP, a
partnership to directly own the facilities.  SembCorp owns a 30% partnership interest in PPP, and KPP owns a 70%
partnership interest.  The partners of KPP continue to be MEC Perth B.V. (99%) and Mission Energy (Kwinana) Pty
Ltd. (1%).

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI directly owns 99% of MEC Perth B.V. and through its wholly owned subsidiary MEC International Holdings B.V.
indirectly owns the remaining 1% of MEC Perth B.V.; MEC Perth B.V. owns 99% of KPP, which owns 70% of PPP, the
foreign utility company.  MECI also directly owns 100% of Loy Yang Holdings Pty Ltd, which owns 100% of Edison
Mission Energy Holdings Pty Ltd, which owns 100% of Mission Energy (Kwinana) Pty Ltd, which owns the remaining 1%
of KPP, which owns 70% of PPP, the foreign utility company.

(c)  The only outstanding guarantee by Edison Mission Energy or a subsidiary in relation to PPP is the Guarantee
and Indemnity dated March 21, 1995, between KPP and Edison Mission Operation & Maintenance, Inc. ("MOMI
Guarantee") (assigned to PPP on August 11, 2000). The MOMI Guarantee is given to Edison Mission Operation &
Maintenance, Inc. to guarantee the operations of Edison Mission Operations (Kwinana) Pty Ltd under the Kwinana
Operation and Maintenance Agreement dated March 21, 1995.

(d)  Capitalization or total equity = $24,837,783
Net income after taxes for 2002 = $2,375,370

(e)  The Administrative Support Agreement dated March 21, 1995, between Edison Mission Energy Holdings Pty Ltd
and KPP (assigned to PPP pursuant to Assumption Deed dated August 8, 2000).  Under the Administrative Support
Agreement, Edison Mission Energy Holdings Pty Ltd agrees to provide personnel and administrative support, (e.g.,
accounting, banking and tax, business promotion) to KPP to assist KPP in fulfilling its obligations under the
Syndicated Project Facility Agreement dated March 21, 1995.

The Operation and Maintenance Agreement ("OMA") between Mission Operations (Kwinana) Pty Limited and KPP dated
March 21, 1995 (amended and restated pursuant to Deed of Amendment and Restatement dated August 7, 2000, and
assigned to PPP on August 11, 2000.)  The OMA appoints an indirect, wholly


54


owned subsidiary of MECI, Edison Mission Operation & Maintenance Kwinana Pty Ltd ("EMOK") to operate and maintain
the Kwinana cogeneration plant and equipment.  EMOK received $335,655 in compensation as operator in 2002.

Under the Professional and Administrative Services Agreement ("PASA") between EMOK and Edison Mission Energy
Holdings Pty Ltd. ("EMEH") dated March 17, 1995, EMEH agrees to provide professional and administrative services
(e.g., accounting, banking and tax, business promotion) and staff to EMOK to assist EMOK in fulfilling its
obligations under the OMA.  EMEH received $0 in compensation under the PASA in 2002.

Under the Technical Support Agreement ("TSA") between Edison Mission Operation and Maintenance, Inc ("EMOMI") and
Edison Mission Operation & Maintenance Pty Ltd dated March 17, 1995, EMOMI provides technical support, (i.e.,
personnel and knowledge) to EMOK to enable EMOK to comply with its obligations under the OMA.  EMOMI received $0
in compensation under the TSA in 2002.


4.EME16  DOGA ENERJI URETIM SANAYI VE TICARET L.S.  [FUCO]

(a)  Doga Enerji Uretim Sanayi ve Ticaret L.S. ("Doga"), Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt,
Istanbul, Turkey

Doga's facility used for the generation, transmission, or distribution of electric energy for sale consists of a
180 MW combined cycle turbine cogeneration plant in Istanbul, Turkey.  Doga became operational in May 1999.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 99% of MEC Esenyurt B.V. and through its wholly owned subsidiary MEC International Holdings B.V.
indirectly owns the remaining 1% of MEC Esenyurt B.V.; MEC Esenyurt B.V. owns 80% of Doga, the foreign utility
company.

(c)  In connection with the financing of Doga, Edison Mission Operation & Maintenance, Inc. ("EMOMI"), pursuant
to a guarantee ("EMOMI Guarantee"), has guaranteed (for the benefit of Doga and the Banks) the financial
obligations of Doga Isletme ve Bakim Ticaret L.S. (as operator) to Doga under the Operation and Maintenance
Agreement for the operation and maintenance of the power plant. The maximum amount payable by EMOMI under the
EMOMI Guarantee is capped at the base fee paid in any given year (no more than $1 million per year.)

The capital contribution made by Edison Mission Energy through MEC Esenyurt B.V. was $34,849,343.

(d)  Capitalization or total equity = $48,101,536
Net income after taxes for 2002 = $9,844,807

(e)  There are no contracts between Doga and any system company.


4.EME17  PT. PAITON ENERGY [FUCO]

(a)  PT. Paiton Energy ("Paiton"), Jl. Raya Surabaya Situbondo KM 141, Paiton 67291, Probolinggo, East Java,
Indonesia

Paiton's facilities consist of two coal-fired electric generating units in Paiton, Indonesia, on the northeast
Java coast, both of which achieved commercial operation during 1999.  Each unit has a nominal net design capacity
of 605 MW and is comprised of a boiler and steam turbine generator with ancillary facilities.  The two units
share a control room.


55



(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI directly owns 99% of MEC Indonesia B.V. and through its wholly owned subsidiary MEC International Holdings
B.V. indirectly owns the remaining 1% of MEC Indonesia B.V.; MEC Indonesia B.V. owns 40% of PT. Paiton Energy,
the foreign utility company.

(c)  Capital contribution made by Edison Mission Energy through its subsidiary MEC Indonesia B.V. was in the
amount of $125,694,200.  Edison Mission Energy and its wholly owned affiliates, MEC Indonesia B.V., MEC
International B.V., and MEC International Holdings B.V. ("Mission Affiliates") have undertaken the following
obligations:

The project is financed by multiple credit facilities (the "Credit Facilities"), of varying terms and tenor,
provided by the Export-Import Bank of the United States, the Japan Bank for International Cooperation, Overseas
Private Investment Corporation and commercial banks.  The project also contains financing indirectly provided by
the proceeds of $180,000,000 of bonds issued in reliance upon Rule 144A.

The following is a listing of the various obligations of EME with respect to the Paiton Project:

         Guarantees Related to Equity Infusion.  EME and its wholly-owned affiliates (MEC International, B.V.,
         --------------------------------------
MEC International Holdings, B.V. and MEC Indonesia (the "Mission Affiliates")) have undertaken the following
obligations:

         Equity Support Guarantee.  EME and the Mission Affiliates have guaranteed payment of 47.06% of PE's
         -------------------------
         obligations to contribute base equity, overrun equity and contingent overrun equity to the Paiton
         Project.  EME and the Mission Affiliates' obligations are $320,008,000 for base equity (as of
         December 31, 1999 these obligations had been fully funded), $82,355,000 for overrun equity (as of
         September 30, 2000, this amount had been fully funded), and $58,825,000 for contingent overrun equity
         (as of December 31, 2002, $5,283,667.58 remains outstanding).  The total EME/Mission Affiliates'
         commitment is $461,188,000.  On February 2, 2001, the outstanding amount for contingent overrun equity
         was reduced by an equity contribution made by EME in the amount of $22,907,876.  This contribution arose
         as a result of Edison International's credit downgrade and discharged EME's guarantee of an initial
         38.24% of PE's equity obligations pursuant to EME's Equity Support Agreement.

         (a)      Overrun Equity.  Overrun Equity in the amount of $82,355,000 (EME/Mission Affiliates' portion)
                  ---------------
                  is for costs incurred by the Paiton Project that were not included in the project budget and
                  not otherwise covered by third parties such as insurers or the construction contractor.

         (b)      Contingent Overrun Equity.  Contingent Overrun Equity in the amount of $58,825,000 (EME/Mission
                  --------------------------
                  Affiliates' portion) will be utilized on the same basis as Overrun Equity once the Overrun
                  Equity has been fully utilized.

         (c)      BHP Loans.  EME has agreed to lend 47.06% of the equity amount required to be contributed by
                  ----------
                  P.T. Batu Hitam Perkasa, an Indonesian limited liability company, and 15% shareholder in PE
                  (the "BHP Loans").  The BHP Loans are to be repaid out of PE dividends, carry an interest rate
                  of Libor plus 2.25%, a term of 20 years.  The BHP Loan obligation is included in EME's Equity
                  Support Agreement commitment and accounts for $21,459,360 of that obligation.  This obligation
                  has been fully funded.

(d)  Capitalization or total equity = $120,245,399
Net loss after taxes for 2002 = $19,795,099


56



(e)  Edison Mission Energy Asia Pte Ltd., a wholly owned subsidiary of MEC International B.V., has entered into
an Operation and Maintenance Agreement with Paiton to provide operation and maintenance services.  The services
under the Operation and Maintenance Agreement have been assumed by P.T. Edison Mission Operation & Maintenance
Indonesia ("PTEMO&M"), another indirect subsidiary of Edison Mission Energy.  PTEMO&M has received $8,151,046 in
fees from Paiton in 2002.


4.EME18  ISAB ENERGY, s.r.l. [FUCO]

(a)  ISAB Energy, s.r.l. ("ISAB"), Corso Gelone No. 103, Siracusa, Sicily, Italy

ISAB's facilities consist of a 512 MW integrated gasification and combined cycle power plant, located in Priolo
Gargallo, 8 kilometers from Siracusa, Sicily.  ISAB became operational in April 2000.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI directly owns 99% of MEC Priolo B.V. and through its wholly owned subsidiary MEC International Holdings B.V.
indirectly owns the remaining 1% of MEC Priolo B.V.; MEC Priolo B.V. owns 49% of ISAB, the foreign utility
company.

(c)  In connection with the refinancing of ISAB in June 2000, (i) the partners agreed to reduce the equity and
subordinated debt required from 25% of project costs to 10%, and (ii) Edison Mission Energy guaranteed (for the
benefit of the banks financing the construction of the power plant) MEC Priolo B.V.'s obligation to inject into
ISAB equity and subordinated debt totaling $45,133,150.   In connection with the financing of ISAB, Edison
Mission Operation & Maintenance, Inc. ("EMOMI") pursuant to a guarantee (the "EMOMI Guarantee") has guaranteed
(for the benefit of ISAB and the banks financing the construction of the ISAB power plant) ISAB Energy Services'
financial obligations (as the operator) to ISAB under the Operation and Maintenance Agreement for the operation
and maintenance of the power plant.  The maximum payable by EMOMI under the EMOMI Guarantee is capped at the
mobilization fee or base fee paid in any given year (anywhere from $3-5 million per year).  Deasphalter O&M
(capped at base or mobilization fee - less than $1 million per year).

(d)  Capitalization or total equity = $63,258,171
Net income after taxes for 2002 = $26,848,516

(e)  ISAB and Edison Mission Energy Limited ("EMEL") entered into a Secondment Agreement on January 1, 1997,
wherein EMEL seconds certain of its employees to ISAB to assist in areas related to ISAB's business (i.e.,
project management).  Under this agreement, EMEL has received compensation in the amount of $0 for 2002.

Mission Energy Italia s.r.l. ("MEI") and ISAB have entered into a Secondment Agreement effective January 1, 1997
(amended October 1, 2000), wherein MEI seconds certain of its employees to ISAB to assist in areas related to
ISAB's business (i.e., project control and general management).  Under this Secondment Agreement, MEI has
received $179,985 for the year ended December 31, 2002.

EMEL entered into a Sponsor Support Agreement with ISAB effective January 1, 1997 (amended October 1, 2000),
wherein EMEL provides activities to ISAB in the areas which include the following:  financial model
administration; maintenance and development of relationship with lenders to ISAB; advice on finance; maintenance
and development of relationship with insurance companies; maintenance and development of relationship with
international law firms; supervision and preparation of legal contracts and provide interpretation of existing
contracts.  During 2002, EMEL has received $163,267under this Sponsor Support Agreement.




57


4.EME19  DERWENT COGENERATION LIMITED [FUCO]

(a)  Derwent Cogeneration Limited ("Derwent"), Lansdowne House, Berkeley Square, London W1X 5DH England

The 214 MW plant at Spondon, Derbyshire, England, went into operation in 1995.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 100% of Mission Energy Company (UK) Limited which owns 33% of Derwent, the foreign utility company.

(c)  Total capital contribution = $2,468,719

(d)  Capitalization or total equity = $2,487,305
Net income after taxes for 2002 = $2,994,850

(e)  Edison Mission Services Limited (formerly Mission Energy Services Limited) ("EMSL") provided construction
management services to Derwent throughout the construction phase of the project and is now the operator of the
facility.  EMSL is to receive a fee of $3,266,808 per year for operation and maintenance services as well as
reimbursement from Derwent for expenditures incurred for operation and maintenance services.  EMSL received
$3,123,744 in fees in 2002.


4.EME20  LAKELAND POWER LTD. [FUCO]

(a)  Lakeland Power Ltd. ("Lakeland"), Roosecote Power Station, Barrow-in-Furness, Cumbria, England LA13 OPQ

Lakeland's facilities consist of a 220 MW gas-fired combined cycle electricity generation plant.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 1% of Pride Hold Limited and 100% of Mission Energy Company (UK) Limited; Mission Energy Company (UK)
Limited owns 99% of Pride Hold Limited.  Pride Hold Limited owns 100% of Lakeland Power Ltd., the foreign utility
company.

(c)  The capital contribution made by Edison Mission Energy through its subsidiary Pride Hold Limited was
$6,021,299.

(d)  Capitalization or total equity = ($3,674,971)
Net income after taxes for 2002 = ($38,824,661)

(e)  There are no contracts between Lakeland and any system company.




58


4.EME21  ECOELECTRICA LP [FUCO]

(a)  EcoElectrica L.P. ("EcoElectric"), a Bermuda limited partnership ("EcoElectrica") Plaza Scotiabank, Suite
902, Avenida Ponce de Leon 273, Hato Rey, Puerto Rico 00918

EcoElectrica owns and operates a liquefied natural gas marine unloading facility, two 1,000,000-barrel LNG
storage tanks, LNG vaporization equipment, an approximately 461 MW cogeneration power plant facility with two
natural gas turbines and one steam turbine, and a desalination plant, located in Penuelas, Puerto Rico.
EcoElectrica also owns and operates: a 2.3 mile, 230 kV transmission line connecting the power plant substation
to an existing Puerto Rico Electric Power Authority ("PREPA") substation, a 1.2 mile, 24 inch diameter natural
gas accumulator pipeline, a 3.5 mile, 10 inch diameter pipeline to supply liquefied petroleum gas ("LPG") to the
facility, and a 1.1 mile, 6 to 8 inch diameter pipeline connecting the natural gas accumulator and PREPA's Costa
Sur Power Plant.  EcoElectrica became operational in March 2000.

(b)  Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc.  Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 100% of EcoElectrica S.a.r.l; EcoElectrica S.a.r.l. owns 100% of EME del Caribe Holding GmbH; EME del
Caribe Holding GmbH owns 100% of EME del Caribe; EME del Caribe owns 50% of EcoElectrica Holdings, Ltd.;
EcoElectrica Holdings, Ltd. owns 100% of EcoElectrica Ltd. and 99%LP of EcoElectrica; EcoElectrica Ltd. owns 1%GP
of EcoElectrica, the foreign utility company.

 (c)  Capital contributions were made by Edison Mission Energy through its subsidiary EcoElectrica S.a.r.l. in
the amount of $256,376,254.

The following is a listing of the various obligations of Edison Mission Energy with respect to EcoElectrica:

EcoElectrica entered into an Option to Purchase Agreement with Union Carbide Caribe Inc. ("UCCI") under which
EcoElectrica agreed to indemnify UCCI with respect to certain post-closing activities (property damage or
personal injury) and environmental contamination on the plant site.  This indemnity obligation was guaranteed by
Enron Power Corp. and Kenetech Energy Systems Inc., ("KES") pursuant to a Guaranty dated November 25, 1997 (the
"UCCI Guaranty").

Edison Mission Energy was required to execute a Guarantee Assumption Agreement under which Edison Mission Energy
agreed to assume all of the obligations of KES under the UCCI Guaranty.

 (d)  Capitalization or total equity = $11,601,500
Net income after taxes for 2002 = $5,914,704

(e)  Assignment and Assumption Agreement:  On October 31, 1997, KES Bermuda, Inc. and EcoElectrica entered into
that certain Administrative Services Agreement pursuant to which KES Bermuda, Inc. receives a fee, plus expense
reimbursement in return for providing advisory services to EcoElectrica.  As of December 23, 1998, KES Bermuda,
Inc. assigned its rights, title and interests under said agreement to EME del Caribe.  As of December 31, 2002,
EME del Caribe has received $710,689 for providing services to EcoElectrica.




59


                                                     EXHIBIT A

         A CONSOLIDATING STATEMENT OF INCOME AND SURPLUS OF THE
CLAIMANT AND ITS SUBSIDIARY COMPANIES FOR THE LAST CALENDAR YEAR,
TOGETHER WITH A CONSOLIDATING BALANCE SHEET OF CLAIMANT AND ITS
SUBSIDIARY COMPANIES AS OF THE CLOSE OF SUCH CALENDAR YEAR.

         Consolidating statements of income and surplus for the year ended December 31, 2002, and consolidating
balance sheets as of December 31, 2002, for the claimant and its subsidiary companies.


                                                     EXHIBIT B

         AN ORGANIZATIONAL CHART SHOWING THE RELATIONSHIP OF EACH EWG
OR FOREIGN UTILITY COMPANY TO ASSOCIATE COMPANIES IN THE HOLDING
COMPANY SYSTEM.


         The above-named claimant has caused this statement to be duly executed on its behalf by its authorized
officer on this 28th day of February, 2003.

                                                     EDISON INTERNATIONAL

                                                     By:  Kenneth S. Stewart
                                                          ------------------
                                                     Kenneth S. Stewart
                                                     Assistant General Counsel



Corporate Seal
Attest:


Bonita J. Smith
---------------
Bonita J. Smith
Assistant Secretary


NAME, TITLE AND ADDRESS OF OFFICER TO WHOM NOTICES AND CORRESPONDENCE CONCERNING THIS STATEMENT SHOULD BE
ADDRESSED:
Kenneth S. Stewart                                          Assistant General Counsel
-------------------------------------------------------------------------------------
      (Name)                                                                       (Title)
2244 Walnut Grove Avenue, Post Office Box 999, Rosemead, CA 91770
-----------------------------------------------------------------
                                            (Address)



60






















                                                      SCHEDULE I
                                          SOUTHERN CALIFORNIA EDISON COMPANY
                                            ELECTRIC GENERATING PROPERTIES



61


                                                      SCHEDULE I
                                          SOUTHERN CALIFORNIA EDISON COMPANY
                                            ELECTRIC GENERATING PROPERTIES

                                                                                               Generator
                                              Location              Unit     Date of           Nameplate
Name of Plant                                 County                No.      Operation         Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------

MAIN SYSTEM - SCE OWNED

COAL:

Four Corners                                  San Juan, NM          4        07/01/1969                818,100
    Owned by Others - 52%                                                                            (425,412)
                                                                                               ----------------
    Owned by SCE - 48%                                                                                 392,688

                                                                    5        07/01/1970                818,100
    Owned by Others - 52%                                                                            (425,412)
                                                                                               ----------------
    Owned by SCE - 48%                                                                                 392,688

                                                                             TOTAL SCE                 785,376
                                                                                               ================

Mohave                                        Clark, NV             1        04/01/1971                818,100
    Owned by Others - 44%                                                                            (359,964)
                                                                                               ----------------
    Owned by SCE - 56%                                                                                 458,136

                                                                    2        10/01/1971                818,100
    Owned by Others - 44%                                                                            (359,964)
                                                                                               ----------------
    Owned by SCE - 56%                                                                                 458,136

                                                                             TOTAL SCE                 916,272
                                                                                               ================

                                              TOTAL COAL                                             1,701,648
                                                                                               ================

NUCLEAR:

San Onofre                                    San Diego             1        01/01/1968                      0
    Owned by Others - 20%                                                                                    0
                                                                                               ----------------
    Owned by SCE - 80%                                                                                       0

                                                                    2        08/08/1983              1,127,000
    Owned by Others - 24.95%                                                                         (281,185)
                                                                                               ----------------
    Owned by SCE - 75.05%                                                                              845,815

                                                                    3        04/01/1984              1,127,000
    Owned by Others - 24.95%                                                                         (281,185)
                                                                                               ----------------
    Owned by SCE - 75.05%                                                                              845,815

                                                                             TOTAL SCE               1,691,630
                                                                                               ================

Palo Verde                                    Maricopa, AZ          1        02/01/1986              1,403,100
    Owned by Others - 84.2%                                                                        (1,181,410)
                                                                                               ----------------
    Owned by SCE - 15.8%                                                                               221,690

                                                                    2        09/19/1986              1,403,100
    Owned by Others - 84.2%                                                                        (1,181,410)
                                                                                               ----------------
    Owned by SCE - 15.8%                                                                               221,690




62




                                                                                               Generator
                                              Location              Unit     Date of           Nameplate
Name of Plant                                 County                No.      Operation         Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------

                                                                    3        01/20/1988              1,403,100
    Owned by Others - 84.2%                                                                        (1,181,410)
                                                                                               ----------------
    Owned by SCE - 15.8%                                                                               221,690

                                                                             TOTAL SCE                 665,070
                                                                                               ================

                                              TOTAL NUCLEAR:                                         2,356,700
                                                                                               ================

HYDRO:

NORTHERN REGION HYDROELECTRIC PLANTS:

Big Creek #1                                  Fresno                1        11/08/1913                 19,800
                                                                    2        11/08/1913                 15,750
                                                                    3        07/12/1923                 21,600
                                                                    4        06/08/1925                 31,200
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                88,350

Big Creek #2                                  Fresno                3        12/18/1913                 15,750
                                                                    4        01/11/1914                 15,750
                                                                    5        02/01/1921                 17,500
                                                                    6        03/31/1925                 17,500
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                66,500

Big Creek #2A                                 Fresno                1        08/06/1928                 55,000
                                                                    2        12/21/1928                 55,000
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT               110,000

Big Creek #3                                  Fresno & Madera       1        10/03/1923                 34,000
                                                                    2        09/30/1923                 34,000
                                                                    3        10/05/1923                 34,000
                                                                    4        04/28/1948                 36,000
                                                                    5        02/24/1980                 36,450
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT               174,450

Big Creek #4                                  Fresno & Madera       1        06/12/1951                 50,000
                                                                    2        07/02/1951                 50,000
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT               100,000

Big Creek #4 Dam 7                            Fresno & Madera                                              350
(fishwater generator)

Big Creek #8                                  Fresno                1        08/16/1921                 30,000
                                                                    2        06/08/1929                 45,000
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                75,000

Mammoth Pool                                  Madera                1        03/28/1960                 95,000
                                                                    2        03/28/1960                 95,000
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT               190,000




63




                                                                                               Generator
                                              Location              Unit     Date of           Nameplate
Name of Plant                                 County                No.      Operation         Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
NORTHERN REGION HYDROELECTRIC PLANTS
(continued)

Mammoth Pool - Res.                           Madera                                                       937
(fishwater generator)

Portal                                        Fresno                1        12/22/1956                 10,800

John S. Eastwood                              Fresno                1        12/01/1987                199,800

                                              TOTAL NORTHERN REGION HYDRO
                                              PLANTS                                                 1,016,187
                                                                                               ================

EASTERN REGION HYDROELECTRIC PLANTS:

Fontana                                       San Bernardino        1        12/22/1917                  1,475
                                                                    2        12/22/1917                  1,475
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                 2,950

Kaweah #1                                     Tulare                1        05/25/1929                  2,250

Kaweah #2                                     Tulare                2        09/13/1929                  1,800

Kaweah #3                                     Tulare                1        05/29/1913                  2,400
                                                                    2        05/29/1913                  2,400
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                 4,800

Kern River #1                                 Kern                  1        05/19/1907                  6,570
                                                                    2        06/07/1907                  6,570
                                                                    3        07/29/1907                  6,570
                                                                    4        06/27/1907                  6,570
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                26,280

Kern River #3                                 Kern                  1        05/13/1921                 20,500
                                                                    2        03/22/1921                 19,675
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                40,175

Kern River Borel                              Kern                  1        12/31/1904                  3,000
                                                                    2        12/31/1904                  3,000
                                                                    3        01/23/1932                  6,000
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                12,000

Lytle Creek                                   San Bernardino        1        10/23/1904                    250
                                                                    2        09/15/1904                    250
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                   500

Ontario #1                                    Los Angeles           1        12/00/1902                    200
                                                                    2        12/00/1902                    200
                                                                    3        12/00/1902                    200
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                   600

Ontario #2                                    Los Angeles           1        06/13/1963                    320




64




                                                                                               Generator
                                              Location              Unit     Date of           Nameplate
Name of Plant                                 County                No.      Operation         Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
EASTERN REGION HYDROELECTRIC PLANTS
(continued)

San Gorgonio #1                               Riverside             1        12/05/1923                  1,500

San Gorgonio #2                               Riverside             1        12/17/1923                    938

Santa Ana #1                                  San Bernardino        1        02/14/1899                    800
                                                                    2        02/10/1899                    800
                                                                    3        01/09/1899                    800
                                                                    4        01/10/1899                    800
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                 3,200

Santa Ana #3                                  San Bernardino        1        11/16/1999                  3,100
[Santa Ana #2&#3 replaced by new Santa Ana #3 plant]

Sierra                                        Los Angeles           1        01/12/1922                    240
                                                                    2        02/16/1922                    240
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                   480

Tule River                                    Tulare                1        09/14/1909                  1,260
                                                                    2        09/14/1909                  1,260
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                 2,520

Mill Creek #1                                 San Bernardino        1        09/07/1893                    800

Mill Creek #2                                 San Bernardino        1        08/03/1904                    250

Mill Creek #3                                 San Bernardino        3        03/20/1903                  1,000
                                                                    4        01/23/1904                  1,000
                                                                    5        03/03/1904                  1,000
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                 3,000

Bishop Creek #2                               Inyo                  1        11/00/1908                  2,500
                                                                    2        11/00/1908                  2,500
                                                                    3        06/00/1911                  2,320
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                 7,320

Bishop Creek #3                               Inyo                  1        06/12/1913                  2,750
                                                                    2        06/12/1913                  2,340
                                                                    3        06/12/1913                  2,750
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                 7,840

Bishop Creek #4                               Inyo                  1        09/20/1905                  1,000
                                                                    2        09/20/1905                  1,000
                                                                    3        00/00/1906                  1,985
                                                                    4        10/01/1907                  1,985
                                                                    5        00/00/1909                  1,985
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                 7,955

Bishop Creek #5                               Inyo                  1        05/30/1943                  2,000
                                                                    2        06/01/1919                  2,532
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                 4,532




65




                                                                                               Generator
                                              Location              Unit     Date of           Nameplate
Name of Plant                                 County                No.      Operation         Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
EASTERN REGION HYDROELECTRIC PLANTS
(continued)

Bishop Creek #6                               Inyo                  1        03/12/1913                  1,600

Lundy                                         Mono                  1        12/09/1911                  1,500
                                                                    2        02/02/1912                  1,500
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                 3,000

Poole                                         Mono                  1        00/00/1924                 11,250

Rush Creek                                    Mono                  1        10/17/1916                  4,400
                                                                    2        12/11/1917                  4,000
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                 8,400

                                              TOTAL EASTERN REGION HYDRO
                                              PLANTS                                                   159,360
                                                                                               ================

                                              TOTAL HYDRO PLANTS                                     1,175,547
                                                                                               ================

TOTAL SCE OWNED RESOURCES (MAIN SYSTEM)
                                                                                                     5,233,895
                                                                                               ================


ISOLATED SYSTEMS:

Pebbly Beach (Diesel)                         Los Angeles           7        07/03/1958                  1,000
                                              (Catalina)            8        06/26/1963                  1,500
                                                                    10       07/25/1966                  1,125
                                                                    12       06/18/1976                  1,550
                                                                    14       10/24/1986                  1,400
                                                                    15       12/31/1995                  2,800
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                 9,375

Catalina Hydro                                Los Angeles           1        05/05/1983                     30
                                                                    2        07/24/1985                     22
                                                                    3        07/24/1985                     57
                                                                             ----------------- ----------------
                                                                             TOTAL PLANT                   109

TOTAL SCE OWNED RESOURCES:                                                                               9,484
                                                                                               ================

TOTAL ISOLATED SYSTEMS RESOURCES
                                                                                                         9,484
                                                                                               ================





66






















                                                     EXHIBIT A
                                  CONSOLIDATING STATEMENTS OF INCOME AND SURPLUS
                                           CONSOLIDATING BALANCE SHEETS



67


                                                     EXHIBIT A
                                  CONSOLIDATING STATEMENTS OF INCOME AND SURPLUS
                                           CONSOLIDATING BALANCE SHEETS

Attached hereto as Exhibit A are the following financial statements
dated as of December 31, 2002, or for the year then ended:

                                                                                                     PAGES
Consolidating Balance Sheet and Consolidating Statements
of Income and Retained Earnings, unless otherwise noted:

-------------------------------Part 2------------------------------
Edison International and Subsidiaries                                                                81-92
Southern California Edison Company and Subsidiaries                                                 93-108
Southern California Edison Company and Subsidiaries
       Equity Investments                                                                              109
Edison Ventures and Subsidiaries                                                                   110-115
The Mission Group and Subsidiaries                                                                 116-127
Edison Enterprises and Subsidiaries                                                                128-133
Edison Source and Subsidiaries                                                                     134-139
Edison Technology Solutions and Subsidiaries                                                       140-145
Edison Technology Solutions and Subsidiaries
       Equity Investments                                                                              146
Mission Energy Holding Company and Subsidiaries                                                    147-152


-------------------------------Part 3------------------------------
Edison Capital and Subsidiaries
       Consolidating Balance Sheet                                                                 153-216
       Consolidating Statements of Income and Retained Earnings                                    217-248


-------------------------------Part 4 -----------------------------
Edison Capital and Subsidiaries
       Equity Investments in Real Estate Limited Partnerships
       [Based on financial statements as of December 31, 2001]                                     249-317
Mission Land Company and Subsidiaries                                                              318-332
Mission Power Engineering Company and Subsidiaries                                                 333-338


-------------------------------Part 5 -----------------------------
Edison Mission Energy and Subsidiaries
       Consolidating Balance Sheet                                                                 339-406
       Consolidating Statements of Income and Retained Earnings                                    407-440
       Equity Investments                                                                          441-447


-------------------------------Part 6------------------------------
Edison Mission Energy Fuel and Subsidiaries                                                        448-456
Edison Mission Holdings Co. and Subsidiaries                                                       457-465
EME CP Holdings Co. and Subsidiaries                                                               466-477
EME Eastern Holdings Co. and Subsidiaries                                                          478-483
Hanover Energy Company and Subsidiaries                                                            484-489
Majestic Energy Limited and Subsidiaries                                                           490-495
Midwest Generation EME, LLC and Subsidiaries                                                       496-504
Mission Del Cielo, Inc. and Subsidiaries                                                           505-510
Mission Energy Holdings International, Inc. and Subsidiaries                                       511-519
Mission Energy Wales Company and Subsidiaries                                                      420-552



68


                                                                                                     PAGES

-------------------------------Part 7 ------------------------------
MEC International B.V. and Subsidiaries                                                            553-609
MECI, Edison Mission Energy Asia Pte Ltd and Subsidiaries                                          610-618
MECI, Edison Mission Millennium B.V. and Subsidiaries                                              619-627
MECI, Edison Mission Operation & Maintenance Services B.V. and Subsidiaries                        628-633
MECI, EME Atlantic Holdings Limited and Subsidiaries                                               634-642
MECI, EMEA, Mission Energy Universal Holdings and Subsidiaries                                     643-651
MECI, Global Generation B.V. and Subsidiaries                                                      652-657
MECI, GGBV, Edison First Power Holdings II and Subsidiaries                                        658-663


-------------------------------Part 8 ------------------------------
MECI, GGBV, EFPHII, Edison First Power Holdings I and Subsidiaries                                 664-672
MECI, GGBV, EFPHII, EFPHI, South Australian Holdings Ltd. and Subsidiaries                         673-678
MECI, GGBV, EFPHII, EFPHI, SAHL, EME International Dragon Limited                                  679-684
MECI, GGBV, EFPHII, EFPHI, Maplekey Holdings Limited and Subsidiaries                              685-690
MECI, Hydro Energy B.V. and Subsidiaries                                                           691-696
MECI, Iberian Hy-Power Amsterdam B.V. and Subsidiaries                                             697-708
MECI, Latrobe Power Pty Ltd and Subsidiaries                                                       709-714
MECI, Latrobe Valley B.V. and Subsidiaries                                                         715-720
MECI, Loy Yang Holdings Pty Ltd and Subsidiaries                                                   721-729
MECI, Loy Yang, Edison Mission Energy Holdings Pty Ltd and Subsidiaries                            730-744
MECI, Loy Yang, Latrobe Power Pty Ltd and Subsidiaries                                             745-750
MECI, Loy Yang, Mission Energy Ventures Australia Pty Ltd and Subsidiaries                         751-756
MECI, Loy Yang, Traralgon Power Pty. Ltd. and Subsidiaries                                         757-762


-------------------------------Part 9 ------------------------------
MECI, MEC Esenyurt B.V. and Subsidiaries                                                           763-768
MECI, MEC International Holdings B.V. and Subsidiaries                                             769-789
MECI, MECI Holdings, MEC Esenyurt B.V. and Subsidiaries                                            790-795
MECI, MECI Holdings, MEC Perth B.V. and Subsidiaries                                               796-801
MECI, MECI Holdings, MEC San Pascual B.V. and Subsidiaries                                         802-807
MECI, MECI Holdings, MEC Wales B.V. and Subsidiaries                                               808-813
MECI, MECI Holdings, MEC Wales, Mission Hydro Limited
       Partnership and Subsidiaries                                                                814-819
MECI, MECI Holdings, MEC Wales, MHLP, EME Generation
       Holdings Limited and Subsidiaries                                                           820-840
MECI, MEC Perth B.V. and Subsidiaries                                                              841-846
MECI, MEC San Pascual B.V. and Subsidiaries                                                        847-852


-------------------------------Part 10------------------------------
MECI, MEC Wales B.V. and Subsidiaries                                                              853-858
MECI, MEC Wales, Mission Hydro Limited Partnership and Subsidiaries                                859-864
MECI, MEC Wales, MHLP, EME Generation Holdings Limited and Subsidiaries                            865-885
MECI, Mission Energy Company (U.K.) Limited and Subsidiaries                                       886-894
MECI, MEC(UK), Mission Hydro (UK) Limited and Subsidiaries                                         895-900
MECI, MEC(UK), MH(UK), First Hydro Holdings Co. and Subsidiaries                                   901-906
MECI, MEC(UK), MH(UK), Mission Hydro Limited Partnership and Subsidiaries                          907-912
MECI, MEC(UK), MH(UK), MHLP, EME Generation Holdings Limited and Subsidiaries                      913-933
MECI, MEC(UK), Pride Hold Limited and Subsidiaries                                                 934-939
MECI, Pride Hold Limited and Subsidiaries                                                          940-945
MECI, EcoElectrica S.a.r.l. and Subsidiaries                                                       946-954
MECI, Traralgon Power Pty. Ltd. and Subsidiaries                                                   955-960
MEC International B.V. and Subsidiaries Equity Investments                                         961-962




69






















                                                     EXHIBIT B
                                        EXEMPT WHOLESALE GENERATORS [EWGs]
                                       AND FOREIGN UTILITY COMPANIES [FUCOs]



70


                                                     EXHIBIT B
                                        EXEMPT WHOLESALE GENERATORS [EWGs]
                                       AND FOREIGN UTILITY COMPANIES [FUCOs]

EDISON CAPITAL
--------------

4.EC01  ELECTRICIDAD DE LA PAZ S.A.  [FUCO]
00    Edison International
01       The Mission Group
02           Edison Capital
03              Edison Funding Company
04                 Mission Funding Epsilon
05                    Edison Capital International (Bermuda) Ltd.
06                        Edison Capital Latin American Investments (Bermuda) Ltd.
07                           AIG-GE Capital Latin American Infrastructure Fund LP
08                              Andes Energy XII Ltd.
09                                  Paz Holdings Ltd.
10                                     Electricidad de La Paz S.A.


4.EC02  EMPRESA DE LUZ Y FUERZA ELECTRICA DE ORURO S.A.  [FUCO]
00    Edison International
01       The Mission Group
02           Edison Capital
03              Edison Funding Company
04                 Mission Funding Epsilon
05                    Edison Capital International (Bermuda) Ltd.
06                        Edison Capital Latin American Investments (Bermuda) Ltd.
07                           AIG-GE Capital Latin American Infrastructure Fund LP
08                              Andes Energy XII Ltd.
09                                  Paz Holdings Ltd.
10                                     Empresa de Luz y Fuerza Electrica de Oruro S.A.


4.EC03  EPZ MISSION FUNDING MU TRUST  [FUCO]
00    Edison International
01       The Mission Group
02           Edison Capital
03              Edison Funding Company
04                 Mission Funding Epsilon
05                    Mission Funding Alpha
06                        Mission Funding Mu
07                           EPZ Mission Funding Mu Trust


4.EC04  EPZ MISSION FUNDING NU TRUST  [FUCO]
00    Edison International
01       The Mission Group
02           Edison Capital
03              Edison Funding Company
04                 Mission Funding Epsilon
05                    Mission Funding Delta
06                        Mission Funding Nu
07                           EPZ Mission Funding Nu Trust




71


4.EC05  LAKOTA RIDGE LLC  [EWG]
00    Edison International
01       The Mission Group
02           Edison Capital
03              Edison Funding Company
04                 Mission Funding Zeta
05                    Lakota Ridge LLC 75%


4.EC06  SHAOKATAN HILLS LLC  [EWG]
00    Edison International
01       The Mission Group
02           Edison Capital
03              Edison Funding Company
04                 Mission Funding Zeta
05                    Shaokatan Hills LLC 75%


4.EC07  WOODSTOCK HILLS LLC  [EWG]
00    Edison International
01       The Mission Group
02           Edison Capital
03              Edison Funding Company
04                 Mission Funding Zeta
05                    Woodstock Hills LLC 75%


4.EC08  STORM LAKE PARTNERS I LLC  [EWG]
00    Edison International
01       The Mission Group
02           Edison Capital
03              Edison Funding Company
04                 Mission Iowa Wind Company
05                    Storm Lake Partners I LLC 99%


EDISON MISSION ENERGY
---------------------

4.EME01  EME HOMER CITY GENERATION L.P.  [EWG]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Edison Mission Holdings Co.
05                    Chestnut Ridge Energy Company
06                        EME Homer City Generation L.P. (99%LP)

00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Edison Mission Holdings Co.
05                    Mission Energy Westside, Inc.
06                        EME Homer City Generation L.P. (1%GP)




72


4.EME02  GORDONSVILLE ENERGY, LP  [EWG]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Madison Energy Company
05                    Gordonsville Energy, LP (49%)

00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Rapidan Energy Company
05                    Gordonsville Energy, LP (1%)


4.EME03  MIDWEST GENERATION, LLC  [EWG]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Midwest Generation EME, LLC
05                    Edison Mission Midwest Holdings Co.
06                        Midwest Generation, LLC


4.EME04  SUNRISE POWER COMPANY LLC  [EWG]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Del Cielo, Inc.
05                    Mission Del Sol, LLC
06                        Sunrise Power Company, LLC (50%)


4.EME05  BROOKLYN NAVY YARD COGENERATION PARTNERS, LP  [EWG]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy New York, Inc.
05                    Brooklyn Navy Yard Cogeneration Partners, LP (1% GP & 49%LP)


4.EME06  LOY YANG B JOINT VENTURE  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
---
06A                       Latrobe Power Pty Ltd (99%)
07A                          Mission Victoria Partnership (52.31%)
08A                             Latrobe Power Partnership (99%)
09A                                 Loy Yang B Joint Venture (51%)
---


73


06B                       Loy Yang Holdings Pty Ltd
07B                          Edison Mission Energy Holdings Pty Ltd
08B                             Edison Mission Energy Australia Ltd
09B                                 Latrobe Power Partnership (1%)
10B                                    Loy Yang B Joint Venture (51%)
---
06C                       Loy Yang Holdings Pty Ltd
07C                          Latrobe Power Pty Ltd (1%)
08C                             Mission Victoria Partnership (52.31%)
09C                                 Latrobe Power Partnership (99%)
10C                                    Loy Yang B Joint Venture (51%)
---
06D                       Loy Yang Holdings Pty Ltd
07D                          Mission Energy Ventures Australia Pty Ltd
08D                             Mission Victoria Partnership (1%)
09D                                 Latrobe Power Partnership (99%)
10D                                    Loy Yang B Joint Venture (51%)
---
06E                       Loy Yang Holdings Pty Ltd
07E                          Traralgon Power Pty Ltd (1%)
08E                             Mission Victoria Partnership (46.69%)
09E                                 Latrobe Power Partnership (99%)
10E                                    Loy Yang B Joint Venture (51%)
---
06F                       Traralgon Power Pty Ltd (99%)
07F                          Mission Victoria Partnership (46.69%)
08F                             Latrobe Power Partnership (99%)
09F                                 Loy Yang B Joint Venture (51%)
---
06G                       Mission Energy Company (UK) Limited
07G                          Mission Hydro (UK) Ltd
08G                             Mission Hydro Limited Partnership (1%)
09G                                 EME Generation Holdings Ltd
10G                                    EME Victoria Generation Ltd
11G                                       Mission Energy Development Australia Pty Ltd
12G                                          Gippsland Power Pty Ltd
13G                                              Loy Yang B Joint Venture (49%)
---
06H                       MEC Wales B.V. (99%)
07H                          Mission Hydro Limited Partnership (69%)
08H                             EME Generation Holdings Ltd
09H                                 EME Victoria Generation Ltd
10H                                    Mission Energy Development Australia Pty Ltd
11H                                       Gippsland Power Pty Ltd
12H                                          Loy Yang B Joint Venture (49%)
---
06I                       MEC International Holdings B.V.
07I                          MEC Wales B.V. (1%)
08I                             Mission Hydro Limited Partnership (69%)
09I                                 EME Generation Holdings Ltd
10I                                    EME Victoria Generation Ltd
11I                                       Mission Energy Development Australia Pty Ltd
12I                                          Gippsland Power Pty Ltd
13I                                              Loy Yang B Joint Venture (49%)



74


00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Wales Company
05                    Mission Hydro Limited Partnership (30%)
06                        EME Generation Holdings Ltd
07                           EME Victoria Generation Ltd
08                              Mission Energy Development Australia Pty Ltd
09                                  Gippsland Power Pty Ltd
10                                     Loy Yang B Joint Venture (49%)


4.EME07  FIRST HYDRO COMPANY  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
---
06J                       Mission Energy Company (UK) Limited
07J                          Mission Hydro (UK) Ltd
08J                             Mission Hydro Limited Partnership (1%)
09J                                 EME Generation Holdings Ltd
10J                                    First Hydro Holdings Company (99%)
11J                                       First Hydro Company (99%)
---
06K                       Mission Energy Company (UK) Limited
07K                          Mission Hydro (UK) Ltd
08K                             Mission Hydro Limited Partnership (1%)
09K                                 EME Generation Holdings Ltd
10K                                    First Hydro Holdings Company (99%)
11K                                       First Hydro Finance plc
12K                                          First Hydro Company (1%)
---
06L                       MEC Wales B.V. (99%)
07L                          Mission Hydro Limited Partnership (69%)
08L                             EME Generation Holdings Ltd
09L                                 First Hydro Holdings Company (99%)
10L                                    First Hydro Company (99%)
---
06M                       MEC Wales B.V. (99%)
07M                          Mission Hydro Limited Partnership (69%)
08M                             EME Generation Holdings Ltd
09M                                 First Hydro Holdings Company (99%)
10M                                    First Hydro Finance plc
11M                                       First Hydro Company (1%)
---
06N                       MEC International Holdings B.V.
07N                          MEC Wales B.V. (1%)
08N                             Mission Hydro Limited Partnership (69%)
09N                                 EME Generation Holdings Ltd
10N                                    First Hydro Holdings Company (99%)
11N                                       First Hydro Company (99%)
---


75


06O                       MEC International Holdings B.V.
07O                          MEC Wales B.V. (1%)
08O                             Mission Hydro Limited Partnership (69%)
09O                                 EME Generation Holdings Ltd
10O                                    First Hydro Holdings Company (99%)
11O                                       First Hydro Finance plc
12O                                          First Hydro Company (1%)

00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Wales Company
05                    Mission Hydro Limited Partnership (30%)
06                        EME Generation Holdings Ltd
07                           First Hydro Holdings Company (99%)
---
08                              First Hydro Company (99%)
---
08                              First Hydro Finance plc
09                                  First Hydro Company (1%)

00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        Mission Energy Company (UK) Limited
07                           Mission Hydro (UK) Ltd
08                              First Hydro Holdings Company (1%)
09                              First Hydro Company (99%)
---
09                                  First Hydro Finance plc
10                                     First Hydro Company (1%)


4.EME08  CBK POWER COMPANY LTD.  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        Edison Mission Millennium B.V.
07                           EME Caliraya B.V. (75%)
08                              CBK Power Company Ltd. (49%)
---
07                           EME Kayalaan B.V.
08                              CBK Power Company Ltd. (1%)




76


4.EME09  KALAYAAN POWER MANAGEMENT CORPORATION  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        Edison Mission Operation and Maintenance Services B.V.
07                           Kalayaan Power Management Corporation (50%)


4.EME10  ITALIAN VENTO POWER CORPORATION 4 S.R.L.  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        Edison Mission Wind Power Italy B.V.
07                           Italian Vento Power Corporation 4 S.r.l. (50%)


4.EME11  CONTACT ENERGY LIMITED  [EWG]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        EME Atlantic Holdings Limited
07                           EME Ascot Limited
08                              EME Buckingham Limited
09                                  EME Precision B.V.
10                                     Mission Energy Universal Holdings
11                                        Mission Energy Pacific Holdings
12                                           Contact Energy Limited (50.598%)
---
10                                     Mission Energy Universal Holdings
11                                        Contact Energy Limited (0.624%)


4.EME12  TRI ENERGY COMPANY LIMITED  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        EME Tri Gen B.V.
07                           Tri Energy Company Limited (25%)




77


4.EME13  IBERICA DE ENERGIAS, S.A.  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        Hydro Energy B.V. (10%)
07                           Iberica de Energias, S.A. (96.65%)

00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        Iberian Hy-Power Amsterdam B.V.
07                           Hydro Energy B.V. (90%)
08                              Iberica de Energias, S.A. (96.65%)
---
07                        Iberica de Energias (3.35%)


4.EME14  ELECTROMETALURGICA DEL EBRO, S.A.  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        Hydro Energy B.V. (10%)
07                           Iberica de Energias, S.A. (96.65%)
08                              Electrometalurgica del Ebro, S.A. (91.32%)

00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        Iberian Hy-Power Amsterdam B.V.
07                           Hydro Energy B.V. (90%)
08                              Iberica de Energias, S.A. (96.65%)
09                                  Electrometalurgica del Ebro, S.A. (91.32%)
--
07                           Iberica de Energias, S.A. (3.35%)
08                              Electrometalurgica del Ebro, S.A. (91.32%)


4.EME15  PERTH POWER PARTNERSHIP  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        MEC Perth B.V. (99%)
07                           Kwinana Power Partnership (99%)
08                              Perth Power Partnership (70%)
---


78


06                        MEC International Holdings B.V.
07                           MEC Perth B.V. (1%)
08                              Kwinana Power Partnership (99%)
09                                  Perth Power Partnership (70%)

00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        Loy Yang Holdings Pty Ltd.
07                           Edison Mission Energy Holdings Pty Ltd.
08                              Mission Energy (Kwinana) Pty Ltd.
09                                  Kwinana Power Partnership (1%)
10                                     Perth Power Partnership (70%)


4.EME16  DOGA ENERJI URETIM SANAYI VE TICARET L.S.  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        MEC Esenyurt B.V. (99%)
07                           Doya Enerji Uretim Sanayi ve Ticaret L.S. (80%)
---
06                        MEC International Holdings B.V.
07                           MEC Esenyurt B.V. (1%)
08                              Doya Enerji Uretim Sanayi ve Ticaret Anonim Sirketi (80%)


4.EME17  PT. PAITON ENERGY COMPANY  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        MEC Indonesia B.V. (99%)
07                           P. T. Paiton Energy Company (40%)
---
06                        MEC International Holdings B.V.
07                           MEC Indonesia B.V. (1%)
08                              P. T. Paiton Energy Company (40%)


4.EME18  ISAB ENERGY, S.R.L.  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        MEC Priolo B.V. (99%)
07                           ISAB Energy, s.r.l. (49%)
---


79


06                        MEC International Holdings B.V.
07                           MEC Priolo B.V. (1%)
08                              ISAB Energy, s.r.l. (49%)


4.EME19  DERWENT COGENERATION LIMITED  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        Mission Energy Company (UK) Limited
07                           Derwent Cogeneration Limited (33%)


4.EME20  LAKELAND POWER LIMITED  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        Mission Energy Company (UK) Limited
07                           Pride Hold Limited (99%)
08                              Lakeland Power Limited
---
06                        Pride Hold Limited (1%)
07                           Lakeland Power Limited


4.EME21  ECOELECTRICA L.P.  [FUCO]
00    Edison International
01       The Mission Group
02           Mission Energy Holding Company
03              Edison Mission Energy
04                 Mission Energy Holdings International, Inc.*
05                    MEC International B.V.
06                        EcoElectrica S.a.r.l.
07                           EME del Caribe Holding GmbH
08                              EME del Caribe
09                                  EcoElectrica Holdings, Ltd. 50%
10                                     EcoElectrica Ltd.
11                                        Ecoelectrica LP (1%)
---
10                                     Ecoelectrica LP (99%)


*  Mission Energy Holdings International, Inc. directly owns 99.97% (100% of the Class A shares) of MEC
International B.V. ("MECI") and indirectly owns 0.02% of MECI through its wholly owned subsidiaries EME UK
International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and EME Southwest Power Corporation,
which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy owns 0.01% (100% of the Class D
shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.




80



EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)



                                                              Southern             The Mission Group    Edison Ventures
                                                              California Edison    Consolidated         Consolidated
                                                              Company
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                 $1,038,827           $1,230,044
Receivables - net                                                       767,483              374,301                   $3
Accrued unbilled revenue                                                437,211
Fuel inventory                                                           11,998              111,555
Materials and supplies, at average cost                                 159,295               65,469
Accumulated deferred income taxes - net                                  41,736                                         3
Trading and price risk management assets                                                      33,742
Regulatory assets - net                                                 509,964
Prepayments and other current assets                                     55,258              445,147
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                  3,021,772            2,260,258                    6
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                               154,011            6,768,013
Nuclear decommissioning trusts                                        2,210,216
Investments in partnerships
  and unconsolidated subsidiaries                                                          2,010,763
Investments in leveraged leases                                                            2,312,751
Other investments                                                       214,147                                     2,406
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                     2,578,374           11,091,527                2,406
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution                                      14,201,640
  Generation                                                          1,771,468
Accumulated provision for depreciation
  and decommissioning                                                (8,347,244)
Construction work in progress                                           528,963
Nuclear fuel, at amortized cost                                         153,043
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant                                                   8,307,870
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill                                                                                     660,959
Regulatory assets - net                                               3,706,555
Other deferred charges                                                  626,371            1,657,565
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                4,332,926            2,318,524
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations                                                             75,492
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                        $18,240,942          $15,745,801               $2,412
============================================================= ==================== ==================== ====================






81



EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Insurance     Edison Drives        Edison
                                                              Services, Inc.       Electric             International
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------

                                                                            $63                                  $251,940
Cash and equivalents                                                      7,979                                 1,251,797
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets                                                                                1,759
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                      8,042                                 1,505,496
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                                                           1,680
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments                                                        18,363                                 7,025,535
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                        18,363                                 7,027,215
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                    5,529                                     1,891
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                    5,529                                     1,891
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                            $31,934                                $8,534,602
============================================================= ==================== ==================== ====================






82



EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              EIX Trust I          EIX Trust II         EIX Trust III
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net                                                       $79,103              $56,468
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                     79,103               56,468
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments                                                       515,464              335,052
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                       515,464              335,052
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                           $594,567             $391,520
============================================================= ==================== ==================== ====================






83



EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Consolidating        Edison
                                                              Adjustments          International
                                                                                   Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------

Cash and equivalents                                                                      $2,520,874
Receivables - net                                                   ($1,425,946)           1,111,188
Accrued unbilled revenue                                                                     437,211
Fuel inventory                                                                               123,553
Materials and supplies, at average cost                                                      224,764
Accumulated deferred income taxes - net                                                       41,739
Trading and price risk management assets                                                      33,742
Regulatory assets - net                                                                      509,964
Prepayments and other current assets                                   (276,012)             226,152
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                 (1,701,958)           5,229,187
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                                  6,923,704
Nuclear decommissioning trusts                                                             2,210,216
Investments in partnerships
  and unconsolidated subsidiaries                                                          2,010,763
Investments in leveraged leases                                                            2,312,751
Other investments                                                    (7,876,051)             234,916
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                    (7,876,051)          13,692,350
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution                                                           14,201,640
  Generation                                                                               1,771,468
Accumulated provision for depreciation
  and decommissioning                                                                     (8,347,244)
Construction work in progress                                                                528,963
Nuclear fuel, at amortized cost                                                              153,043
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant                                                                        8,307,870
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill                                                                                     660,959
Regulatory assets - net                                                                    3,706,555
Other deferred charges                                                 (967,936)           1,323,420
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                                     5,690,934
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations                                       (14,558)              60,934
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                       ($10,560,503)         $32,981,276
============================================================= ==================== ==================== ====================






84



EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Southern             The Mission Group    Edison Ventures
                                                              California Edison    Consolidated         Consolidated
                                                              Company
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt                                                                              $77,551
Long-term debt due within one year                                   $1,671,300            1,089,918
Preferred stock to be redeemed within one year                            8,750
Accounts payable                                                        745,488              174,595                  $22
Accrued taxes                                                           699,145               36,249
Trading and price risk management liabilities                                                 45,495
Other current liabilities                                             1,437,914              450,295
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                             4,562,597            1,874,103                   22
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                        4,503,697            6,458,659
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                               2,662,091            3,344,117
Accumulated deferred investment tax credits                             147,924               18,866
Customer advances and other deferred credits                            963,814              877,393
Power-purchase contracts                                                239,529
Accumulated provision for pension and benefits                          344,167               43,294
Other long-term liabilities                                             151,667
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                          4,509,192            4,283,670
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations                                                        72,490
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                           393              424,707
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption                                   128,755
  Subject to mandatory redemption                                       146,950
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures                                                           150,000
Other preferred securities                                                                   131,225
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries                              275,705              281,225
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                          2,508,763            3,310,365                2,406
Accumulated other comprehensive income (loss)                           (11,053)            (225,782)
Retained earnings                                                     1,891,649             (733,636)                 (16)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                     4,389,359            2,350,947                2,390
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                          $18,240,943          $15,745,801               $2,412
============================================================= ==================== ==================== ====================






85



EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Insurance     Edison Drives        Edison
                                                              Services, Inc.       Electric             International
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                         $6,393                   $8           $1,491,306
Accrued taxes                                                                                                    (264,758)
Trading and price risk management liabilities
Other current liabilities                                                   210                                   153,570
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                 6,603                    8            1,380,118
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                                                                  2,414,652
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                  (3,817)                                    3,851
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits                                                                     51,392
Other long-term liabilities                                               9,345
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                              5,528                                    55,243
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                              1,730                   31            1,973,342
Accumulated other comprehensive income (loss)                               113
Retained earnings                                                        17,960                  (39)           2,711,247
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        19,803                  ($8)           4,684,589
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                              $31,934                                $8,534,602
============================================================= ==================== ==================== ====================






86



EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              EIX Trust I          EIX Trust II         EIX Trust III
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                        $16,576              $10,634
Accrued taxes
Trading and price risk management liabilities
Other current liabilities                                                76,871               54,883
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                93,447               65,517
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures                                      485,321              315,483
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries                              485,321              315,483
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                             15,464               10,052
Accumulated other comprehensive income (loss)
Retained earnings                                                           335                  468
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        15,799               10,520
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                             $594,567             $391,520
============================================================= ==================== ==================== ====================






87



EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Consolidating        Edison
                                                              Adjustments          International
                                                                                   Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt                                                                              $77,551
Long-term debt due within one year                                                         2,761,218
Preferred stock to be redeemed within one year                                                 8,750
Accounts payable                                                    ($1,579,708)             865,314
Accrued taxes                                                           159,400              630,036
Trading and price risk management liabilities                                                 45,495
Other current liabilities                                              (135,599)           2,038,144
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                            (1,555,907)           6,426,508
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                       (1,819,664)          11,557,344
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                (159,400)           5,846,842
Accumulated deferred investment tax credits                                                  166,790
Customer advances and other deferred credits                                               1,841,207
Power-purchase contracts                                                                     239,529
Accumulated provision for pension and benefits                                               438,853
Other long-term liabilities                                                                  161,012
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                           (159,400)           8,694,233
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations                                                        72,490
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                                            425,100
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption                                                        128,755
  Subject to mandatory redemption                                                            146,950
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures                                                           950,804
Other preferred securities                                                                   131,225
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries                                                 1,357,734
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                         (5,848,811)           1,973,342
Accumulated other comprehensive income (loss)                                               (236,722)
Retained earnings                                                    (1,176,721)           2,711,247
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                    (7,025,532)           4,447,867
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                         ($10,449,503)         $32,981,276
============================================================= ==================== ==================== ====================






88



EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Southern             The Mission Group    Edison Ventures
                                                                California Edison    Consolidated         Consolidated
                                                                Company
                                                                Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility                                                       $8,705,949
Nonutility power generation                                                                 $3,032,655
Financial services and other                                                                    32,353
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                 8,705,949            3,065,008
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel                                                                      242,540              943,639
Purchased power                                                         2,015,869
Provisions for regulatory adjustment clauses - net                      1,501,821
Other operation and maintenance                                         1,926,223            1,314,493                  ($1)
Depreciation, decommissioning and amortization                            780,248              249,034
Property and other taxes                                                  117,425               27,959
Net gain on sale of utility plant                                          (4,793)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                6,579,333            2,535,125                   (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                 2,126,616              529,883                    1
Interest and dividend income                                              261,894               30,927
Other nonoperating income                                                  82,343              (51,304)
Interest expense - net of amounts capitalized                            (584,448)            (647,193)
Other nonoperating deductions                                               2,272              (27,159)
Dividends on preferred securities                                                              (21,176)
Dividends on utility preferred stock                                       19,224
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                   1,869,453             (186,022)                   1
Income taxes (benefit)                                                    641,784             (186,974)                 ($1)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                1,227,669                  952
Loss from discontinued operations                                                              (74,382)
Income taxes (benefit) on discontinued operations                                               15,905
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                       1,227,669              (57,525)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                     664,040             (675,782)
Dividends declared on common stock                                                                (329)
Dividends declared on preferred stock
Stock option appreciation                                                     (60)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                        $1,891,649            ($733,636)
=============================================================== ==================== ==================== ====================






89



EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Catalina             Edison Insurance     Edison Drives
                                                                                     Services, Inc.       Electric
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                                   $17,190
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                                         17,190
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                                 19,728                 ($16)
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                                        19,728                  (16)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                                         (2,538)                  16
Interest and dividend income                                                                       422
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                                           (2,116)                  16
Income taxes (benefit)                                                                          (1,069)                   6
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                                        (1,047)                  10
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                                               (1,047)                  10
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                                           19,008                  (48)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                                                $17,961                 ($38)
=============================================================== ==================== ==================== ====================





90


EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                EIX Trust I          EIX Trust II         EIX Trust III
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)
Interest and dividend income                                              $44,494              $31,850
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities                                          43,829               31,337
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                         665                  513
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                      665                  513
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                             665                  513
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                        (330)                 (44)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                             ($335)               ($469)
=============================================================== ==================== ==================== ====================





91



EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Edison               Consolidating        Edison
                                                                International        Adjustments          International
                                                                                                          Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility                                                                                                 $8,705,949
Nonutility power generation                                                                                       3,032,655
Financial services and other                                              $76,026             ($93,677)              31,892
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                    76,026              (93,677)          11,771,496
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel                                                                                                              1,186,179
Purchased power                                                                                                   2,015,869
Provisions for regulatory adjustment clauses - net                                                                1,501,821
Other operation and maintenance                                            97,721             (115,894)           3,242,256
Depreciation, decommissioning and amortization                                269                                 1,029,551
Property and other taxes                                                                                            145,384
Net gain on sale of utility plant                                                                                    (4,793)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                   97,990             (115,894)           9,116,267
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                   (21,964)               1,251            2,655,229
Interest and dividend income                                                1,874              (84,986)             286,475
Other nonoperating income                                                                      (62,365)              93,404
Interest expense - net of amounts capitalized                            (136,069)                               (1,283,204)
Other nonoperating deductions                                                                  (85,436)            (110,323)
Dividends on preferred securities                                                                                   (96,342)
Dividends on utility preferred stock                                                                                (19,224)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                    (156,159)                                1,526,349
Income taxes (benefit)                                                    (63,256)                                  390,490
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                  (92,903)                                1,135,859
Loss from discontinued operations                                                                                   (74,382)
Income taxes (benefit) on discontinued operations                                                                   (15,905)
Equity on earnings of subsidiaries                                      1,170,285
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                       1,077,382           (1,170,285)           1,077,382
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                   1,634,213                                 1,634,213
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation                                                    (348)                                     (348)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                        $2,711,247          ($1,176,740)          $2,711,247
=============================================================== ==================== ==================== ====================





92



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              California           Conservation         Edison ESI
                                                              Electric Power       Financing
                                                              Company              Corporation
                                                              (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                                               $2,692
Receivables - net                                                                                                   1,951
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                                                                52
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets                                                                                3,423
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                                                                8,118
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                                                               8
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                                                                       8
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                                      $151,000                    3
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                                       151,000                    3
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                                                $151,000               $8,129
============================================================= ==================== ==================== ====================






93



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Material      Mono Power Company   SCE Capital Company
                                                              Supply LLC           (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                            $807
Receivables - net                                                       $36,511                                       $10
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost                                  89,186
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                    125,697                  807                   10
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                           $125,697                 $807                  $10
============================================================= ==================== ==================== ====================






94



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              SCE Funding LLC      SCE Trust I          SCE Trust II
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                    $48,706
Receivables - net                                                            22
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                     48,728
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                1,278,316
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                1,278,316
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                         $1,327,044
============================================================= ==================== ==================== ====================






95



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              SCE UK Services      Southern States      Southern
                                                              Limited              Realty               California Edison
                                                                                                        Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                              $8             $986,614
Receivables - net                                                           $42                   19              816,441
Accrued unbilled revenue                                                                                          437,211
Fuel inventory                                                                                                     11,998
Materials and supplies, at average cost                                                                            81,297
Accumulated deferred income taxes - net                                                                            41,684
Trading and price risk management assets
Regulatory assets - net                                                                                           523,905
Prepayments and other current assets                                                                               51,835
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                         42                   27            2,950,985
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                                         69              153,934
Nuclear decommissioning trusts                                                                                  2,210,216
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments                                                                                                 430,013
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                                                 69            2,794,163
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:                                                                               14,201,640
  Transmission and distribution                                                                                 1,771,468
  Generation
Accumulated provision for depreciation
  and decommissioning                                                                                          (8,347,244)
Construction work in progress                                                                                     528,963
Nuclear fuel, at amortized cost                                                                                   153,043
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant                                                                                             8,307,870
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net                                                                                         3,706,555
Other deferred charges                                                                                            529,059
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                                                          4,235,614
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                                $42                  $96          $18,288,632
============================================================= ==================== ==================== ====================






96



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Consolidating        Southern
                                                              Adjustments          California Edison
                                                                                   Company
                                                                                   Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                      $1,038,827
Receivables - net                                                      ($87,513)             767,483
Accrued unbilled revenue                                                                     437,211
Fuel inventory                                                                                11,998
Materials and supplies, at average cost                                 (11,188)             159,295
Accumulated deferred income taxes - net                                                       41,736
Trading and price risk management assets
Regulatory assets - net                                                 (13,941)             509,964
Prepayments and other current assets                                                          55,258
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                   (112,642)           3,021,772
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                                    154,011
Nuclear decommissioning trusts                                                             2,210,216
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments                                                      (215,866)             214,147
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                      (215,866)           2,578,374
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution                                                           14,201,640
  Generation                                                                               1,771,468
Accumulated provision for depreciation
  and decommissioning                                                                     (8,347,244)
Construction work in progress                                                                528,963
Nuclear fuel, at amortized cost                                                              153,043
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant                                                                        8,307,870
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net                                                                    3,706,555
Other deferred charges                                               (1,332,007)             626,371
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                               (1,332,007)           4,332,926
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                        ($1,660,515)         $18,240,942
============================================================= ==================== ==================== ====================






97



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              California           Conservation         Edison ESI
                                                              Electric Power       Financing
                                                              Company (Inactive)   Corporation
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                                                $682                 $786
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                                        682                  786
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                                      (47,732)               1,050
Accumulated deferred investment tax credits                                                   53,384
Customer advances and other deferred credits                                                  57,155                1,025
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                                  62,807                2,075
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                                                393
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                                                  63,003                  100
Accumulated other comprehensive income (loss)
Retained earnings                                                                             24,115                5,168
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                                             87,118                5,268
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                                                  $151,000               $8,129
============================================================= ==================== ==================== ====================






98



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Material      Mono Power Company   SCE Capital Company
                                                              Supply LLC           (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                        $53,974                 $107               $2,097
Accrued taxes
Trading and price risk management liabilities
Other current liabilities                                                20,465
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                74,439                  107                2,097
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                             50,000                2,749                  120
Accumulated other comprehensive income (loss)
Retained earnings                                                         1,258               (2,049)              (2,207)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        51,258                  700               (2,087)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                             $125,697                 $807                  $10
============================================================= ==================== ==================== ====================






99



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              SCE Funding LLC      SCE Trust I          SCE Trust II
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year                                     $246,300
Preferred stock to be redeemed within one year
Accounts payable                                                         21,310
Accrued taxes
Trading and price risk management liabilities
Other current liabilities                                                 1,091
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                               268,701
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                          984,859
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                             85,944
Accumulated other comprehensive income (loss)
Retained earnings                                                       (12,460)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        73,484
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                           $1,327,044
============================================================= ==================== ==================== ====================






100



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              SCE UK Services      Southern States      Southern
                                                              Limited              Realty               California Edison
                                                                                                        Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year                                                                             $1,425,000
Preferred stock to be redeemed within one year                                                                      8,750
Accounts payable                                                                                                  757,804
Accrued taxes                                                                                                     699,145
Trading and price risk management liabilities
Other current liabilities                                                   $14                                 1,431,514
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                    14                                 4,322,213
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                                                                  4,797,461
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                                          ($2)           2,708,775
Accumulated deferred investment tax credits                                                                       147,924
Customer advances and other deferred credits                                                                      905,634
Power-purchase contracts                                                                                          239,529
Accumulated provision for pension and benefits                                                                    344,167
Other long-term liabilities                                                                                       157,867
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                                      (2)           4,503,896
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption                                                                             128,755
  Subject to mandatory redemption                                                                                 146,950
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries                                                                        275,705
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                                                                    2,508,763
Accumulated other comprehensive income (loss)                                 1                                   (11,054)
Retained earnings                                                            27                   98            1,891,649
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                            28                   98            4,389,358
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                                  $42                  $96          $18,288,633
============================================================= ==================== ==================== ====================






101



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Consolidating        Southern
                                                              Adjustments          California Edison
                                                                                   Company
                                                                                   Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year                                                        $1,671,300
Preferred stock to be redeemed within one year                                                 8,750
Accounts payable                                                       ($91,272)             745,488
Accrued taxes                                                                                699,145
Trading and price risk management liabilities
Other current liabilities                                               (15,170)           1,437,914
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                              (106,442)           4,562,597
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                       (1,278,623)           4,503,697
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                                    2,662,091
Accumulated deferred investment tax credits                             (53,384)             147,924
Customer advances and other deferred credits                                                 963,814
Power-purchase contracts                                                                     239,529
Accumulated provision for pension and benefits                                               344,167
Other long-term liabilities                                              (6,200)             151,667
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                            (59,584)           4,509,192
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                                                393
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption                                                        128,755
  Subject to mandatory redemption                                                            146,950
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries                                                   275,705
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                           (201,916)           2,508,763
Accumulated other comprehensive income (loss)                                                (11,053)
Retained earnings                                                       (13,950)           1,891,649
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                      (215,866)           4,389,359
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                          ($1,660,515)         $18,240,943
============================================================= ==================== ==================== ====================






102



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                California           Conservation         Edison ESI
                                                                Electric Power       Financing
                                                                Company (Inactive)   Corporation
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility                                                                                                    $19,065
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                                                             $19,065
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net                                                                    1,305
Other operation and maintenance                                                                    $32               15,695
Depreciation, decommissioning and amortization                                                                            7
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                                            32               17,007
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                                            (32)               2,058
Interest and dividend income                                                                     4,389                  135
Other nonoperating income
Interest expense - net of amounts capitalized                                                       (1)
Other nonoperating deductions                                                                       12
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                                            4,344                2,193
Income taxes (benefit)                                                                           1,727                  972
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                                         2,617                1,221
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                                                2,617                1,221
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                                           21,499                3,947
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                                                $24,115               $5,168
=============================================================== ==================== ==================== ====================





103



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Edison Material      Mono Power Company   SCE Capital Company
                                                                Supply LLC           (Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility                                                         $398,361
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                           398,725                ($121)                  $4
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                  398,725                 (121)                   4
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                      (364)                 121                   (4)
Interest and dividend income                                                1,497
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                       1,133                  121                   (4)
Income taxes (benefit)                                                                                                   (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                    1,133                  121                   (3)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                           1,133                  121                   (3)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                         125               (2,170)              (2,205)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                            $1,258              ($2,049)             ($2,208)
=============================================================== ==================== ==================== ====================





104



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                SCE Funding LLC      SCE Trust I          SCE Trust II
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility                                                          $91,081
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                    91,081
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                             3,616
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                    3,616
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                    87,465
Interest and dividend income                                                1,200
Other nonoperating income
Interest expense - net of amounts capitalized                             (90,449)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                      (1,784)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                   (1,784)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                          (1,784)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                     (10,675)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                          ($12,459)
=============================================================== ==================== ==================== ====================





105



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                SCE UK Services      Southern States      ENvestSCE
                                                                Limited              Realty
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility                                                              $20                   $3
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                        20                    3
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net                                                                     $846
Other operation and maintenance                                                20                    5                   48
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                       20                    5                  894
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                                             (2)                (894)
Interest and dividend income                                                                                             27
Other nonoperating income
Interest expense - net of amounts capitalized                                                                           (27)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                                               (2)                (894)
Income taxes (benefit)                                                         (2)                  (5)                (363)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                        2                    3                 (531)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                               2                    3                ($531)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                          25                   95
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                               $27                  $98
=============================================================== ==================== ==================== ====================





106



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Edison Pipeline      Edison Carrier       Southern
                                                                and Terminal         Solutions            California Edison
                                                                Company                                   Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility                                                          $35,418              $27,836           $8,622,590
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                    35,418               27,836            8,622,590
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel                                                                          470                                   242,070
Purchased power                                                                                                   2,015,869
Provisions for regulatory adjustment clauses - net                          3,609                                 1,448,361
Other operation and maintenance                                             9,745               12,949            1,886,419
Depreciation, decommissioning and amortization                              3,196                                   777,045
Property and other taxes                                                      303                   69              117,053
Net gain on sale of utility plant                                                                                    (4,793)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                   17,323               13,018            6,482,024
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                    18,095               14,818            2,140,566
Interest and dividend income                                                                                        246,144
Other nonoperating income                                                                                            86,003
Interest expense - net of amounts capitalized                                                                      (586,545)
Other nonoperating deductions                                                                                        (2,284)
Dividends on preferred securities
Dividends on utility preferred stock                                                                                (19,224)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                      18,095               14,818            1,865,568
Income taxes (benefit)                                                      5,810                1,733              632,174
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                   12,285               13,085            1,233,394
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                         $12,285              $13,085            1,233,394
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                                                               664,040
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation                                                                                               (60)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                                                                  $1,891,649
=============================================================== ==================== ==================== ====================





107



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Consolidating        Southern
                                                                Adjustments          California Edison
                                                                                     Company
                                                                                     Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility                                                        ($488,425)          $8,705,949
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                  (488,425)           8,705,949
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel                                                                                           242,540
Purchased power                                                                              2,015,869
Provisions for regulatory adjustment clauses - net                         47,700            1,501,821
Other operation and maintenance                                          (400,914)           1,926,223
Depreciation, decommissioning and amortization                                                 780,248
Property and other taxes                                                                       117,425
Net gain on sale of utility plant                                                               (4,793)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                 (353,214)           6,579,333
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                  (135,211)           2,126,616
Interest and dividend income                                                8,502              261,894
Other nonoperating income                                                  (3,660)              82,343
Interest expense - net of amounts capitalized                              92,574             (584,448)
Other nonoperating deductions                                                                    2,272
Dividends on preferred securities
Dividends on utility preferred stock                                                            19,224
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                     (34,135)           1,869,453
Income taxes (benefit)                                                        261              641,784
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                  (33,874)           1,227,669
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                         (33,874)           1,227,669
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                     (10,641)             664,040
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation                                                                          (60)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                          ($13,950)          $1,891,649
=============================================================== ==================== ==================== ====================





108



SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries
Equity Investments
December 31, 2002
(In thousands)




                                         Bear Creek Uranium
Name of Entity:                          Company (inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets

  Revenues

  Net Income (Loss)


Nature/Purpose of Business:              To develop and operate an
                                         integrated uranium mining
                                         complex in Wyoming.


Ownership Interest(s):                   50% by Mono Power Company










109



EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Ventures      Edison TransEnergy   Consolidating
                                                                                                        Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net                                                            $3
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                       3
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                          6
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments                                                         2,406
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                         2,406
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                             $2,412
============================================================= ==================== ==================== ====================






110



EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Ventures
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net                                                            $3
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                       3
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                          6
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments                                                         2,406
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                         2,406
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                             $2,412
============================================================= ==================== ==================== ====================






111



EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Ventures      Edison TransEnergy   Consolidating
                                                                                                        Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                            $22
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                    22
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                              2,406
Accumulated other comprehensive income (loss)
Retained earnings                                                           (16)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                         2,390
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                               $2,412
============================================================= ==================== ==================== ====================






112



EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Ventures
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                            $22
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                    22
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                              2,406
Accumulated other comprehensive income (loss)
Retained earnings                                                           (16)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                         2,390
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                               $2,412
============================================================= ==================== ==================== ====================






113



EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Edison Ventures      Edison TransEnergy   Consolidating
                                                                                                          Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                               ($1)
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                       (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                         1
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                           1
Income taxes (benefit)                                                        ($1)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year
=============================================================== ==================== ==================== ====================





114



EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Edison Ventures
                                                                Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                               ($1)
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                       (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                         1
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                           1
Income taxes (benefit)                                                        ($1)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year
=============================================================== ==================== ==================== ====================





115




THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              The Mission Group    Edison Capital       Edison Enterprises
                                                                                   Consolidated         Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                       $858             $488,129               $1,401
Receivables - net                                                         9,394               60,874                  408
Fuel inventory
Materials and supplies, at average cost                                                                               587
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets                                         15              237,341                7,071
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                     10,267              786,344                9,467
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                                      7,567                  229
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                                            363,650
Investments in leveraged leases                                                            2,312,751
Other investments                                                     1,795,929
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                     1,795,929            2,683,968                  229
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill                                                                                         684                  438
Regulatory assets - net
Other deferred charges                                                  822,836                7,680                  947
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                  822,836                8,364                1,385
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations                                                                                  65,219
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                         $2,629,032           $3,478,676              $76,300
============================================================= ==================== ==================== ====================






116



THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison               Edison OandM         Edison Technology
                                                              Environmental        Services             Solutions
                                                              Services                                  Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                          $4,225                 $959
Receivables - net                                                                              3,084                  500
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets                                                           1,171                   27
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                                           8,480                1,486
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                                        346
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                                                346
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                                         4,496                1,069
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                                         4,496                1,069
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                                                 $13,322               $2,555
============================================================= ==================== ==================== ====================






117



THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Energy       Mission Land         Mission Power
                                                              Holding Company      Company              Engineering
                                                              Consolidated         Consolidated         Company
                                                                                                        Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                   $734,374                  $98
Receivables - net                                                       309,287               12,457
Fuel inventory                                                          111,555
Materials and supplies, at average cost                                  64,882
Accumulated deferred income taxes - net
Trading and price risk management assets                                 33,742
Prepayments and other current assets                                    197,696                1,766                  $60
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                  1,451,536               14,321                   60
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                             6,761,731               (1,860)
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                     1,645,253                1,860
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                     8,406,984
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill                                                                659,837
Regulatory assets - net
Other deferred charges                                                  837,871                                        $5
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                1,497,708                                         5
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations                                        10,273
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                        $11,366,501              $14,321                  $65
============================================================= ==================== ==================== ====================






118



THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Consolidating        The Mission Group
                                                              Adjustments          Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                      $1,230,044
Receivables - net                                                      ($21,703)             374,301
Fuel inventory                                                                               111,555
Materials and supplies, at average cost                                                       65,469
Accumulated deferred income taxes - net
Trading and price risk management assets                                                      33,742
Prepayments and other current assets                                                         445,147
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                    (21,703)           2,260,258
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                                  6,768,013
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                                          2,010,763
Investments in leveraged leases                                                            2,312,751
Other investments                                                    (1,795,929)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                    (1,795,929)          11,091,527
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill                                                                                     660,959
Regulatory assets - net
Other deferred charges                                                  (17,339)           1,657,565
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                  (17,339)           2,318,524
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations                                                             75,492
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                        ($1,834,971)         $15,745,801
============================================================= ==================== ==================== ====================






119



THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              The Mission Group    Edison Capital       Edison Enterprises
                                                                                   Consolidated         Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year                                                           $11,550
Preferred stock to be redeemed within one year
Accounts payable                                                            $14                1,112                 $165
Accrued taxes                                                                 3                                       573
Trading and price risk management liabilities
Other current liabilities                                                   227               33,740                  145
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                   244               46,402                  883
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                                               424,883
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                                    2,180,898                5,252
Accumulated deferred investment tax credits
Customer advances and other deferred credits                                912               33,121
Power-purchase contracts
Accumulated provision for pension and benefits                                                11,261
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                912            2,225,280                5,252
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations                                                                             69,466
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                                                863
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                          3,310,365               81,546              306,226
Accumulated other comprehensive income (loss)                                                 (8,859)                  23
Retained earnings                                                      (682,489)             708,561             (305,550)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                     2,627,876              781,248                  699
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                           $2,629,032           $3,478,676              $76,300
============================================================= ==================== ==================== ====================





120



THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison               Edison OandM         Edison Technology
                                                              Environmental        Services             Solutions
                                                              Services                                  Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                                                $789               $1,413
Accrued taxes                                                                                     12                   (2)
Trading and price risk management liabilities
Other current liabilities                                                                     10,502                  113
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                                     11,303                1,524
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                                                             1,173
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                                                        1,173
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                                                                        4,813
Accumulated other comprehensive income (loss)
Retained earnings                                                                            (13,987)              (4,955)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                                              2,019                 (142)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                                                   $13,322               $2,555
============================================================= ==================== ==================== ====================






121



THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Energy       Mission Land         Mission Power
                                                              Holding Company      Company              Engineering
                                                              Consolidated         Consolidated         Company
                                                                                                        Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt                                                         $77,551
Long-term debt due within one year                                    1,089,918
Preferred stock to be redeemed within one year
Accounts payable                                                        181,207                  $38
Accrued taxes                                                            35,396                  267
Trading and price risk management liabilities                            45,494
Other current liabilities                                               405,153                  426
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                             1,834,719                  731
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                        6,033,775                                    $8,913
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                               1,162,034                3,188
Accumulated deferred investment tax credits                              18,866
Customer advances and other deferred credits                            843,360
Power-purchase contracts
Accumulated provision for pension and benefits                           29,486                2,547
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                          2,053,746                5,735
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations                                    3,024
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                       423,844
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures                                      150,000
Other preferred securities                                              131,225
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries                              281,225
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                          2,218,285                8,016                3,000
Accumulated other comprehensive income (loss)                          (216,946)
Retained earnings                                                    (1,265,171)                (161)             (11,848)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                       736,168                7,855               (8,848)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                          $11,366,501              $14,321                  $65
============================================================= ==================== ==================== ====================






122



THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Consolidating        The Mission Group
                                                              Adjustments          Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt                                                                              $77,551
Long-term debt due within one year                                     ($11,550)           1,089,918
Preferred stock to be redeemed within one year
Accounts payable                                                        (10,143)             174,595
Accrued taxes                                                                                 36,249
Trading and price risk management liabilities                                 1               45,495
Other current liabilities                                                   (11)             450,295
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                               (21,703)           1,874,103
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                           (8,912)           6,458,659
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                  (8,428)           3,344,117
Accumulated deferred investment tax credits                                                   18,866
Customer advances and other deferred credits                                                 877,393
Power-purchase contracts
Accumulated provision for pension and benefits                                                43,294
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                             (8,428)           4,283,670
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations                                                        72,490
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                                            424,707
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures                                                           150,000
Other preferred securities                                                                   131,225
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries                                                   281,225
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                         (2,637,892)           3,310,365
Accumulated other comprehensive income (loss)                                               (225,782)
Retained earnings                                                       841,964             (733,636)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                    (1,795,928)           2,350,947
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                          ($1,834,971)         $15,745,801
============================================================= ==================== ==================== ====================






123



THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                The Mission Group    Edison Capital       Edison Enterprises
                                                                                     Consolidated         Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                                    $6,933               $4,124
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                                          6,933                4,124
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                              $384               47,885                4,128
Depreciation, decommissioning and amortization                                                    (203)                 283
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                      384               47,682                4,411
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                      (384)             (40,749)                (287)
Interest and dividend income                                                                    (1,413)                  (2)
Other nonoperating income                                                 (10,000)             (34,955)              (5,297)
Interest expense - net of amounts capitalized                                                  (35,808)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                     (10,384)            (112,925)              (5,586)
Income taxes (benefit)                                                     (4,006)            (146,210)              (2,190)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                   (6,378)              33,285               (3,396)

Loss from discontinued operations                                                                                       250
Income taxes (benefit) on discontinued operations                                                                    (1,398)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                          (6,378)              33,285               (4,544)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                     543,113              675,319             (301,004)
Dividends declared on common stock                                     (1,219,224)                 (43)                  (2)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                         ($682,489)            $708,561            ($305,550)
=============================================================== ==================== ==================== ====================





124



THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Edison               Edison OandM         Edison Technology
                                                                Environmental        Services             Solutions
                                                                Services                                  Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                                   $10,809
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                                         10,809
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                                 24,451                  $22
Depreciation, decommissioning and amortization                                                   1,468
Property and other taxes                                                                                                  2
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                                        25,919                   24
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                                        (15,110)                 (24)
Interest and dividend income                                                                       795                    8
Other nonoperating income                                                                       (9,300)                  (2)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                                          (23,615)                 (18)
Income taxes (benefit)                                                                          (9,057)                  (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                                       (14,558)                 (11)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                                              (14,558)                 (11)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                                              571               (4,944)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                                                (13,987)             ($4,955)
=============================================================== ==================== ==================== ====================





125



THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Mission Energy       Mission Land         Mission Power
                                                                Holding Company      Company              Engineering
                                                                Consolidated         Consolidated         Company
                                                                                                          Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation                                            $3,032,655
Financial services and other                                                                   $10,487
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                 3,032,655               10,487
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel                                                                      943,639
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                         1,224,053                4,586                  $58
Depreciation, decommissioning and amortization                            247,486
Property and other taxes                                                   27,951                    6
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                2,443,129                4,592                   58
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                   589,526                5,895                  (58)
Interest and dividend income                                               31,435                  240
Other nonoperating income                                                  (1,010)                 334
Interest expense - net of amounts capitalized                            (611,521)
Other nonoperating deductions                                             (27,159)
Dividends on preferred securities                                         (21,176)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                     (39,905)               6,469                  (58)
Income taxes (benefit)                                                    (28,993)               3,553                  (64)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                  (10,912)               2,916                    6

Loss from discontinued operations                                         (74,632)
Income taxes (benefit) on discontinued operations                          17,303
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                         (68,241)               2,916                    6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                  (1,196,644)              (1,054)             (11,854)
Dividends declared on common stock                                           (286)              (2,023)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                       ($1,265,171)               ($161)            ($11,848)
=============================================================== ==================== ==================== ====================





126



THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Consolidating        The Mission Group
                                                                Adjustments          Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation                                                                 $3,032,655
Financial services and other                                                                    32,353
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                                      3,065,008
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel                                                                                           943,639
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                              1,314,493
Depreciation, decommissioning and amortization                                                 249,034
Property and other taxes                                                                        27,959
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                                     2,535,125
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                                        529,883
Interest and dividend income                                                ($136)              30,927
Other nonoperating income                                                                      (51,304)
Interest expense - net of amounts capitalized                                 136             (647,193)
Other nonoperating deductions                                                                  (27,159)
Dividends on preferred securities                                                              (21,176)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                                         (186,022)
Income taxes (benefit)                                                                        (186,974)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                                           952

Loss from discontinued operations                                                              (74,382)
Income taxes (benefit) on discontinued operations                                               15,905
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                                              (57,525)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                    (379,285)            (675,782)
Dividends declared on common stock                                      1,221,249                 (329)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                          $841,964            ($733,636)
=============================================================== ==================== ==================== ====================





127



EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Enterprises   Edison Source        Consolidating
                                                                                   Consolidated         Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                          $1,401
Receivables - net                                                                                408
Fuel inventory
Materials and supplies, at average cost                                                          587
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets                                                           7,071
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                                           9,467
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                                        229
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments                                                        21,997                                   (21,997)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                        21,997                  229              (21,997)
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill                                                                                         438
Regulatory assets - net
Other deferred charges                                                                           947
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                                         1,385
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations                                       $46,495               18,724
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                            $68,492              $29,805             ($21,997)
============================================================= ==================== ==================== ====================






128



EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Enterprises
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                     $1,401
Receivables - net                                                           408
Fuel inventory
Materials and supplies, at average cost                                     587
Accumulated deferred income taxes - net
Trading and risk management assets
Prepayments and other current assets                                      7,071
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                      9,467
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                   229
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                           229
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill                                                                    438
Regulatory assets - net
Other deferred charges                                                      947
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                    1,385
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations                                        65,219
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                            $76,300
============================================================= ==================== ==================== ====================






129



EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Enterprises   Edison Source        Consolidating
                                                                                   Consolidated         Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                            $84                  $82
Accrued taxes                                                                                    573
Trading and price risk management liabilities
Other current liabilities                                                                        145
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                    84                  800
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                                        5,252
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                                   5,252
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations                                   67,732                1,734
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                            306,226              106,998            ($106,998)
Accumulated other comprehensive income (loss)                                                     23
Retained earnings                                                      (305,550)             (85,002)              85,002
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                           676               22,019              (21,997)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                              $68,492              $29,805             ($21,997)
============================================================= ==================== ==================== ====================






130



EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Enterprises
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                           $165
Accrued taxes                                                               573
Trading and price risk management liabilities
Other current liabilities                                                   145
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                   883
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                   5,252
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                              5,252
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations                                   69,466
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                            306,226
Accumulated other comprehensive income (loss)                                23
Retained earnings                                                      (305,550)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                           699
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                              $76,300
============================================================= ==================== ==================== ====================






131



EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Edison Enterprises  Edison Source         Consolidating
                                                                                    Consolidated          Adjustments
--------------------------------------------------------------- ------------------- --------------------- ---------------------
--------------------------------------------------------------- ------------------- --------------------- ---------------------


Electric utility
Nonutility power generation
Financial services and other                                                                   $4,124
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Total operating revenue                                                                         4,124
--------------------------------------------------------------- ------------------- --------------------- ---------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                             ($368)              4,496
Depreciation, decommissioning and amortization                                                    283
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Total operating expenses                                                     (368)              4,779
--------------------------------------------------------------- ------------------- --------------------- ---------------------

Operating income (loss)                                                       368                (655)
Interest and dividend income                                                                       (2)
Other nonoperating income                                                  (5,322)                 25
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- ------------------- --------------------- ---------------------

Income (loss) from continuing operations before taxes                      (4,954)               (632)
Income taxes (benefit)                                                     (1,953)               (237)
--------------------------------------------------------------- ------------------- --------------------- ---------------------

Income (loss) from continuing operations                                   (3,001)               (395)
Loss from discontinued operations                                          (1,454)              1,704
Income taxes (benefit) on discontinued operations                          (1,486)                 88
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Net income (loss)                                                          (5,941)              1,397
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Retained earnings - beginning of year                                    (300,915)                (89)
Dividends declared on common stock                                             (1)                 (1)
Dividends declared on preferred stock
--------------------------------------------------------------- ------------------- --------------------- ---------------------

Retained earnings - end of year                                         ($306,857)             $1,307
=============================================================== =================== ===================== =====================





132



EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Edison Enterprises
                                                                Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                               $4,124
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                     4,124
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                             4,128
Depreciation, decommissioning and amortization                                283
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                    4,411
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                      (287)
Interest and dividend income                                                   (2)
Other nonoperating income                                                  (5,297)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                      (5,586)
Income taxes (benefit)                                                     (2,190)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                   (3,396)
Loss from discontinued operations                                             250
Income taxes (benefit) on discontinued operations                          (1,398)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                          (4,544)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                    (301,004)
Dividends declared on common stock                                             (2)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                         ($305,550)
=============================================================== ==================== ==================== ====================







133



EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Source        Edison Source        G.H.V.
                                                                                   Norvik Company       Refrigeration, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                     $1,314                  $87
Receivables - net                                                           408
Fuel inventory
Materials and supplies, at average cost                                      54                  533
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets                                      6,810                  261
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                      8,586                  881
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                   185                   44
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                           185                   44
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill                                                                                         438
Regulatory assets - net
Other deferred charges                                                      947
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                      947                  438
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations                                        18,724
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                            $28,442               $1,363
============================================================= ==================== ==================== ====================






134



EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Consolidating        Edison Source
                                                              Adjustments          Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                          $1,401
Receivables - net                                                                                408
Fuel inventory
Materials and supplies, at average cost                                                          587
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets                                                           7,071
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                                           9,467
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                                        229
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                                                229
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill                                                                                         438
Regulatory assets - net
Other deferred charges                                                                           947
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                                         1,385
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations                                                             18,724
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                                                 $29,805
============================================================= ==================== ==================== ====================






135



EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Source        Edison Source        G.H.V.
                                                                                   Norvik Company       Refrigeration, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                            $66                  $16
Accrued taxes                                                               573
Trading and price risk management liabilities
Other current liabilities                                                    82                1,666                 ($10)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                   721                1,682                  (10)
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations                                    1,734
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                   5,252
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                              5,252
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                            106,998                                        10
Accumulated other comprehensive income (loss)                                                     23
Retained earnings                                                       (84,660)                (342)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        22,338                 (319)                 $10
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                              $30,045               $1,363
============================================================= ==================== ==================== ====================






136



EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Consolidating        Edison Source
                                                              Adjustments          Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                                                 $82
Accrued taxes                                                                                    573
Trading and price risk management liabilities
Other current liabilities                                               ($1,593)                 145
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                (1,593)                 800
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                                        5,252
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                                   5,252
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations                                                         1,734
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                                (10)             106,998
Accumulated other comprehensive income (loss)                                                     23
Retained earnings                                                                            (85,002)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                           (10)              22,019
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                              ($1,603)             $29,805
============================================================= ==================== ==================== ====================






137



EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Edison Source        Edison Source        G.H.V.
                                                                                     Norvik Company       Refrigeration, Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                               $1,700               $2,424
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                     1,700                2,424
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                             1,934                2,562
Depreciation, decommissioning and amortization                                260                   23
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                    2,194                2,585
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                      (494)                (161)
Interest and dividend income                                                                        (2)
Other nonoperating income                                                      25
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                        (469)                (163)
Income taxes (benefit)                                                       (177)                 (60)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                     (292)                (103)
Loss from discontinued operations                                           1,704
Income taxes (benefit) on discontinued operations                              88
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                            1500                 (103)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                         (86)                  (3)
Dividends declared on common stock                                             (1)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                            $1,413                ($106)
=============================================================== ==================== ==================== ====================





138



EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Consolidating        Edison Source
                                                                Adjustments          Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                                    $4,124
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                                          4,124
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                                  4,496
Depreciation, decommissioning and amortization                                                     283
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                                         4,779
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                                           (655)
Interest and dividend income                                                                        (2)
Other nonoperating income                                                                           25
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                                             (632)
Income taxes (benefit)                                                                            (237)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                                          (395)
Loss from discontinued operations                                                                1,704
Income taxes (benefit) on discontinued operations                                                   88
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                                                1,397
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                                              (89)
Dividends declared on common stock                                                                  (1)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                                                 $1,307
=============================================================== ==================== ==================== ====================





139



EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Technology    Edison EV            Consolidating
                                                              Solutions                                 Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                       $570                 $389
Receivables - net                                                           277                  223
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets                                        (47)                  74
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                        800                  686
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                                         1,069
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                                         1,069
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                               $800               $1,755
============================================================= ==================== ==================== ====================






140



EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Technology
                                                              Solutions
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                       $959
Receivables - net                                                           500
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets                                         27
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                      1,486
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                    1,069
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                    1,069
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                             $2,555
============================================================= ==================== ==================== ====================






141



EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Technology    Edison EV            Consolidating
                                                              Solutions                                 Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                           $715                 $689
Accrued taxes                                                                (2)
Trading and price risk management liabilities
Other current liabilities                                                     2                  111
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                   715                  809
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                   1,117                   56
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                              1,117                   56
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                              3,467                1,346
Accumulated other comprehensive income (loss)
Retained earnings                                                        (4,499)                (456)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        (1,032)                 890
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                                 $800               $1,755
============================================================= ==================== ==================== ====================






142



EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Technology
                                                              Solutions
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                         $1,413
Accrued taxes                                                                (2)
Trading and price risk management liabilities
Other current liabilities                                                   113
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                 1,524
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                   1,173
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                              1,173
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                              4,813
Accumulated other comprehensive income (loss)                            (4,955)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                          (142)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                               $2,555
============================================================= ==================== ==================== ====================






143



EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Edison Technology    Edison EV            Consolidating
                                                                Solutions                                 Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                               $23                  ($1)
Depreciation, decommissioning and amortization
Property and other taxes                                                                             2
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                       23                    1
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                       (23)                  (1)
Interest and dividend income                                                    4                    4
Other nonoperating income                                                                           (2)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                         (19)                   1
Income taxes (benefit)                                                         (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                      (12)                   1
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                             (12)                   1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                      (4,499)                (456)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                           ($4,499)               ($456)
=============================================================== ==================== ==================== ====================





144



EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Edison Technology
                                                                Solutions
                                                                Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                               $22
Depreciation, decommissioning and amortization
Property and other taxes                                                        2
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                       24
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                       (24)
Interest and dividend income                                                    8
Other nonoperating income                                                      (2)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                         (18)
Income taxes (benefit)                                                         (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                      (11)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                             (11)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                      (4,944)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                           ($4,955
=============================================================== ==================== ==================== ====================





145



EDISON TECHNOLOGY SOLUTIONS and Subsidiaries
Equity Investments
December 31, 2002
(In thousands)




Name of Entity:                          Facilichem, Inc.
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets

  Revenues

  Net Income (Loss)


Nature/Purpose of Business:              Research, development and
                                         commercialization of
                                         liquid membrane
                                         technologies


Ownership Interest(s):                   10% by Edison Technology
                                         Solutions










146


MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Mission       Mission Energy       Consolidating
                                                              Energy Consolidated  Holding Company      Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                   $647,164              $87,210
Receivables - net                                                       309,248                   44                  ($5)
Fuel inventory                                                          111,555
Materials and supplies, at average cost                                  64,882
Accumulated deferred income taxes - net
Trading and price risk management assets                                 33,742
Prepayments and other current assets                                    195,663                2,033
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                  1,362,254               89,287                   (5)
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                             6,761,731
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                     1,645,253
Investments in leveraged leases
Other investments                                                                          1,879,762           (1,879,762)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                     8,406,984            1,879,762           (1,879,762)
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill                                                                659,837
Regulatory assets - net
Other deferred charges                                                  652,974              184,899                   (2)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                1,312,811              184,899                   (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations                                        10,273
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                        $11,092,322           $2,153,948          ($1,879,769)
============================================================= ==================== ==================== ====================






147



MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Energy
                                                              Holding Company
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                   $734,374
Receivables - net                                                       309,287
Fuel inventory                                                          111,555
Materials and supplies, at average cost                                  64,882
Accumulated deferred income taxes - net
Trading and price risk management assets                                 33,742
Prepayments and other current assets                                    197,696
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                  1,451,536
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                             6,761,731
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                     1,645,253
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                     8,406,984
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill                                                                659,837
Regulatory assets - net
Other deferred charges                                                  837,871
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                1,497,708
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations                                        10,273
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                        $11,366,501
============================================================= ==================== ==================== ====================






148



MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Mission       Mission Energy       Consolidating
                                                              Energy Consolidated  Holding Company      Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt                                                         $77,551
Long-term debt due within one year                                    1,089,918
Preferred stock to be redeemed within one year
Accounts payable                                                        181,155                  $56                  ($4)
Accrued taxes                                                            34,684                  712
Trading and price risk management liabilities                            44,538                  957                   (1)
Other current liabilities                                               344,712               60,441
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                             1,772,558               62,166                   (5)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                        4,872,012            1,161,764                   (1)
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                               1,161,657                  377
Accumulated deferred investment tax credits                              18,866
Customer advances and other deferred credits                            836,625                6,735
Power-purchase contracts
Accumulated provision for pension and benefits                           29,486
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                          2,046,634                7,112
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations                                    3,024
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                       423,844
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures                                      150,000
Other preferred securities                                              131,225
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries                              281,225
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                          2,697,016            2,554,681           (3,033,412)
Accumulated other comprehensive income (loss)                          (212,221)              (4,725)
Retained earnings                                                      (791,770)          (1,627,050)           1,153,649
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                     1,693,025              922,906           (1,879,763)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                          $11,092,322           $2,153,948          ($1,879,769)
============================================================= ==================== ==================== ====================






149



MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Energy
                                                              Holding Company
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt                                                         $77,551
Long-term debt due within one year                                    1,089,918
Preferred stock to be redeemed within one year
Accounts payable                                                        181,207
Accrued taxes                                                            35,396
Trading and price risk management liabilities                            45,494
Other current liabilities                                               405,153
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                             1,834,719
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                        6,033,775
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                               1,162,034
Accumulated deferred investment tax credits                              18,866
Customer advances and other deferred credits                            843,360
Power-purchase contracts
Accumulated provision for pension and benefits                           29,486
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                          2,053,746
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations                                    3,024
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                       423,844
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures                                      150,000
Other preferred securities                                              131,225
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries                              281,225
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                          2,218,285
Accumulated other comprehensive income (loss)                          (216,946)
Retained earnings                                                    (1,265,171)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                       736,168
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                          $11,366,501
============================================================= ==================== ==================== ====================






150



MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Edison Mission       Mission Energy       Consolidating
                                                                Energy Consolidated  Holding Company      Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation                                            $3,032,655
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                 3,032,655
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel                                                                      943,639
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                         1,223,588                 $465
Depreciation, decommissioning and amortization                            247,486
Property and other taxes                                                   27,951
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                2,442,664                  465
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                   589,991                 (465)
Interest and dividend income                                               23,766                7,669
Other nonoperating income                                                  (1,010)
Interest expense - net of amounts capitalized                            (452,022)            (159,499)
Other nonoperating deductions                                             (27,159)
Dividends on preferred securities                                         (21,176)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                     112,390             (152,295)
Income taxes (benefit)                                                     29,577              (58,570)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                   82,813              (93,725)
Loss from discontinued operations                                         (74,632)
Income taxes (benefit) on discontinued operations                         (17,303)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                          25,484              (93,725)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                    (816,968)            (412,176)             $32,500
Dividends declared on common stock                                           (286)          (1,121,149)           1,121,149
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                         ($791,770)         ($1,627,050)          $1,153,649
=============================================================== ==================== ==================== ====================





151



MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)




                                                                Mission Energy
                                                                Holding Company
                                                                Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation                                            $3,032,655
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                 3,032,655
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel                                                                      943,639
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                         1,224,053
Depreciation, decommissioning and amortization                            247,486
Property and other taxes                                                   27,951
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                2,443,129
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                   589,526
Interest and dividend income                                               31,435
Other nonoperating income                                                  (1,010)
Interest expense - net of amounts capitalized                            (611,521)
Other nonoperating deductions                                             (27,159)
Dividends on preferred securities                                         (21,176)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                     (39,905)
Income taxes (benefit)                                                    (28,993)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                  (10,912)
Loss from discontinued operations                                         (74,632)
Income taxes (benefit) on discontinued operations                         (17,303)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                         (68,241)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                  (1,196,644)
Dividends declared on common stock                                           (286)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                       ($1,265,171)
=============================================================== ==================== ==================== ====================




152




EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)



                                                              Burlington           Edison Capital       Edison Capital
                                                              Apartments, Inc.     Europe Limited       Ventures Dissolved
                                                                                                        in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                             $34
Receivables - net                                                                                384
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                   ($220)                  47
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                       (220)                 465
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                              ($220)                $465
============================================================= ==================== ==================== ====================






153



EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)



                                                              Edison Funding       Edison Mortgage      Mission Bartlett
                                                              Company              Company Dissolved    Hill Company
                                                              Consolidated         in `02               Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                   $488,039
Receivables - net                                                        57,733
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                 231,857
Trading and price risk management assets
Prepayments and other current assets                                         50
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                    777,679
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                 7,215
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                       262,879
Investments in leveraged leases                                       2,312,751
Other investments                                                       100,772
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                     2,683,617
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                    8,106
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                    8,106
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                         $3,469,402
============================================================= ==================== ==================== ====================






154



EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission              Renewable Energy     Edison Capital
                                                              International        Capital Company
                                                              Capital, Inc.        Dissolved in `02
                                                              Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                                                  $56
Receivables - net                                                                                                   3,157
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                                                             5,412
Trading and price risk management assets
Prepayments and other current assets                                                                                  250
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                                                                8,875
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                                                             352
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                                                                 127,166
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                                                                 127,518

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

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                                                                257
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                                                                     $136,650
============================================================= ==================== ==================== ====================






155



EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Consolidating        Edison Capital
                                                              Adjustments          Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                        $488,129
Receivables - net                                                         ($401)              60,874
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                     (55)             237,042
Trading and price risk management assets
Prepayments and other current assets                                                             299
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                       (456)             786,344
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                                      7,567
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                      (127,166)             262,879
Investments in leveraged leases                                                            2,312,751
Other investments                                                                            100,772
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                      (127,166)           2,683,969
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                                         8,363
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                                         8,363
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                          ($127,622)          $3,478,676
============================================================= ==================== ==================== ====================






156



EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Integrated    Mission First
                                                              Housing              Energy Services      Asset Investment
                                                              Investments          Dissolved in `02     Dissolved in `02
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                     $1,066
Receivables - net                                                        22,578
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                 186,922
Trading and price risk management assets
Prepayments and other current assets                                         50
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                    210,616
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                 7,215
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                       226,367
Investments in leveraged leases
Other investments                                                       100,403
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                       333,985
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                    2,820
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                    2,820
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                           $547,421
============================================================= ==================== ==================== ====================






157



EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Funding      Mission Funding      Mission Funding
                                                              Beta                 Epsilon              Gamma
                                                                                   Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                        $29             $126,845
Receivables - net                                                         7,380               33,799
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                  (3,223)               2,192               $3,220
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                      4,186              162,836                3,220
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                                            502,783
Investments in leveraged leases                                         568,246              981,741              280,157
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                       568,246            1,484,524              280,157
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                                            17
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                                            17
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                           $572,432           $1,647,377             $283,377
============================================================= ==================== ==================== ====================






158



EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Funding      Mission Funding      Mission Iowa Wind
                                                              Kappa                Zeta                 Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                              $6
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                 $18,594                2,904              $13,003
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                     18,594                2,910               13,003
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                                             29,862               81,928
Investments in leveraged leases                                         482,607
Other investments                                                                                369
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                       482,607               30,231               81,928
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                           $501,201              $33,141              $94,931
============================================================= ==================== ==================== ====================






159



EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Funding       Consolidating        Edison Funding
                                                              Company              Adjustments          Company
                                                                                                        Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                   $360,093                                  $488,039
Receivables - net                                                           580              ($6,604)              57,733
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                   8,245                                   231,857
Trading and price risk management assets
Prepayments and other current assets                                                                                   50
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                    368,918               (6,604)             777,679
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                                                           7,215
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                     1,359,815           (1,937,876)             262,879
Investments in leveraged leases                                                                                 2,312,751
Other investments                                                                                                 100,772
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                     1,359,815           (1,937,876)           2,683,617
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                    5,269                                     8,106
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                    5,269                                     8,106
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                         $1,734,002          ($1,944,480)          $3,469,402
============================================================= ==================== ==================== ====================






160



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              East Coast           EC Asset Services,   EC Properties, Inc.
                                                              Capital, Inc.        Inc.
                                                              Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                            $114                 $575
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                                          (66)                 513
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                                              48                1,088
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                                                     $48               $1,088
============================================================= ==================== ==================== ====================






161



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              EC Properties III,   EC-SLP, Inc.         ECHI-A Company
                                                              Inc.                                      Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                         $3                  $62
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                     102                   (6)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                        105                   56
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                               $105                  $56
============================================================= ==================== ==================== ====================






162


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              ECHI-B Company       ECHI Wyvernwood,     ECHP Investment
                                                              Dissolved in `02     Inc. Dissolved in    Company
                                                                                   `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets
============================================================= ==================== ==================== ====================






163



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital       Edison Capital
                                                              Affordable Housing   Affordable Housing   Affordable Housing
                                                              97 V Dissolved in    97 VI Dissolved in   97 VII Dissolved
                                                              `02                  `02                  in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets
============================================================= ==================== ==================== ====================






164



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital       Edison Capital
                                                              Affordable Housing   Affordable Housing   Affordable Housing
                                                              97 VIII Dissolved    99A Company          99B Company
                                                              in `02               Dissolved in `02     Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets
============================================================= ==================== ==================== ====================






165



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital       Edison Capital
                                                              Housing Delaware     Housing Florida      Housing Management
                                                              Inc.                 Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                         $5
Receivables - net                                                            39
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                      90                                   ($1,421)
Trading and price risk management assets
Prepayments and other current assets                                         26
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                        160                                    (1,421)
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                 4,429
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                         4,429
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                      387
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                             $4,976                                   ($1,421)
============================================================= ==================== ==================== ====================






166



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital       Edison Capital
                                                              Housing New Jersey   Housing New York     Housing
                                                                                   Dissolved in `02     Pennsylvania
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                   ($391)                                  ($2,682)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                       (391)                                   (2,682)
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                         3,709                                     4,036
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                         3,709                                     4,036
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                             $3,318                                    $1,354
============================================================= ==================== ==================== ====================






167


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Housing       Edison Housing       Edison Housing
                                                              North Carolina       Oregon, Inc.         South Carolina
                                                                                   Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                    $110                                      $288
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                        110                                       288
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments                                                         2,068                                       714
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                         2,068                                       714
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                             $2,178                                    $1,002
============================================================= ==================== ==================== ====================






168



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              EHI Development      EHI Development      MHICAL 94 Company
                                                              Company              Fund
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                        $84                                       $18
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                      (2)               ($111)              (1,375)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                        (82)                (111)              (1,357)
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                                                                  (1,572)
Investments in leveraged leases
Other investments                                                                              1,062                  325
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                                              1,062               (1,247)
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                               ($82)                $951              ($2,604)
============================================================= ==================== ==================== ====================






169


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              MHICAL 95 Company    Edison Housing       MHICAL 96 Company
                                                                                   Consolidation Co.
                                                                                   (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net                                                                             $2,958
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                 ($1,436)                                     $771
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                     (1,436)               2,958                  771
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                        (2,315)              14,587                1,012
Investments in leveraged leases
Other investments                                                           539                                     1,321
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                        (1,776)              14,587                2,333
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                            ($3,212)             $17,545               $3,104
============================================================= ==================== ==================== ====================






170


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              MHICAL 97 Company    MHIFED 94 Company    MHIFED 95 Company
                                                                                   Dissolved in `02     Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                  $2,941
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                      2,941
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments                                                         1,402
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                         1,402
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                             $4,343
============================================================= ==================== ==================== ====================






171


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              MHIFED 96 Company    MHIFED 96A Company   MHIFED 97 Company
                                                              Dissolved in `02     Dissolved in `02     Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets
============================================================= ==================== ==================== ====================






172



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Housing      Mission Housing      Mission Housing
                                                              Alpha                Beta                 Delta
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                        $25
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                    (826)               ($211)                $981
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                       (801)                (211)                 981
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                                                148                  367
Investments in leveraged leases
Other investments                                                                                                  (1,637)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                                                148               (1,270)
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                              ($801)                ($63)               ($289)
============================================================= ==================== ==================== ====================






173


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Housing      Mission Housing      Mission Housing
                                                              Denver               Epsilon              Gamma
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                   ($136)                 $20                ($159)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                       (136)                  20                 (159)
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                           484                    9                  335
Investments in leveraged leases
Other investments                                                                                106
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                           484                  115                  335
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                               $348                 $135                 $176
============================================================= ==================== ==================== ====================






174



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Housing      Mission Housing      Mission Funding
                                                              Holdings             Theta                Theta [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                   ($934)                $593                  ($1)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                       (934)                 593                   (1)
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                         2,952                   26                   (8)
Investments in leveraged leases
Other investments                                                                                126                    1
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                         2,952                  152                   (7)
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                             $2,018                 $745                  ($8)
============================================================= ==================== ==================== ====================






175



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Housing      Mission SA Company   Edison Funding
                                                              Zeta                 Dissolved in `02     Omicron Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                   ($552)                                 $128,703
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                       (552)                                  128,703
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                         4,045
Investments in leveraged leases
Other investments                                                                                                  70,973
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                         4,045                                    70,973
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                             $3,493                                  $199,676
============================================================= ==================== ==================== ====================






176



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Funding       Edison Capital       Consolidating
                                                              Olive Court [6]      Housing Investments  Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                       $161                  $19
Receivables - net                                                             2               22,537
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                     148               59,013
Trading and price risk management assets
Prepayments and other current assets                                         24
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                        335               81,569
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                 2,786
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                                            198,552
Investments in leveraged leases
Other investments                                                                             23,403
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                         2,786              221,955
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                      166                2,267
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                      166                2,267
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                             $3,287             $305,791
============================================================= ==================== ==================== ====================






177



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital
                                                              Housing
                                                              Investments
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                     $1,066
Receivables - net                                                        22,578
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                 186,922
Trading and price risk management assets
Prepayments and other current assets                                         50
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                    210,616
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net                                                 7,215
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                       226,367
Investments in leveraged leases
Other investments                                                       100,403
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                       333,985
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                    2,820
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                    2,820
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                           $547,421
============================================================= ==================== ==================== ====================






178



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital LAI   Edison Capital
                                                              (Bermuda)            (Bermuda) Ltd. [6]   Latin American
                                                              Investments, Ltd.                         Investments
                                                              55                                        (Bermuda), Ltd. [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                   $126,157
Receivables - net                                                           403
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                   2,357
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                    128,917
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                        (4,459)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                        (4,459)
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                           $124,458
============================================================= ==================== ==================== ====================






179



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital       Edison Capital
                                                              International        International        Latin American
                                                              (Bermuda) Ltd.       Transmission         Investments
                                                                                   (Bermuda) Ltd. [6]   Holding Company
                                                                                   Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                        $65                                      $589
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                    (543)                                   (3,984)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                       (478)                                   (3,395)
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                        34,111                                   121,435
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                        34,111                                   121,435
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                        7
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                        7
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                            $33,640                                  $118,040
============================================================= ==================== ==================== ====================






180



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital       Mission Funding
                                                              (Netherlands)        (Netherlands)        Alpha
                                                              Holdings Company     Investments B.V.
                                                              B.V. 110             [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                         $2
Receivables - net                                                            12               $6,278              $13,780
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                     (16)                (143)               3,293
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                         (2)               6,135               17,073
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                         4,781
Investments in leveraged leases                                                                                   687,832
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                         4,781                                   687,832
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                             $4,779               $6,135             $704,905
============================================================= ==================== ==================== ====================






181



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Funding Mu   Mission Funding      Mission Funding Nu
                                                              [6]                  Delta                [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                    $376                  $87                ($733)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                        376                   87                 (733)
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries
Investments in leveraged leases                                          24,955                                    58,463
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                        24,955                                    58,463
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                            $25,331                  $87              $57,730
============================================================= ==================== ==================== ====================






182



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission              Mission (Bermuda)    Mission Funding
                                                              Investments, Inc.    Investments, Ltd.    Epsilon
                                                                                   28
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                        $10                  $22
Receivables - net                                                                                                 $13,326
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                      75                   (4)               1,427
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                         85                   18               14,753
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                                                                 346,915
Investments in leveraged leases                                                                                   210,491
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                                                                 557,406
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                                                                 10
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                                                                 10
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                                $85                  $18             $572,169
============================================================= ==================== ==================== ====================






183



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Consolidating        Mission Funding
                                                              Adjustments          Epsilon
                                                                                   Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------


Cash and equivalents                                                                        $126,845
Receivables - net                                                                             33,799
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net                                                        2,192
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current assets                                                                         162,836
------------------------------------------------------------- -------------------- -------------------- --------------------

Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
  and unconsolidated subsidiaries                                                            502,783
Investments in leveraged leases                                                              981,741
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------

Total investment and other assets                                                          1,484,524
------------------------------------------------------------- -------------------- -------------------- --------------------

Utility plant, at original cost:
  Transmission and distribution
  Generation
Accumulated provision for depreciation
  and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------

Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------

Goodwill
Regulatory assets - net
Other deferred charges                                                                            17
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred charges                                                                            17
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------

Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Total assets                                                                              $1,647,377
============================================================= ==================== ==================== ====================






184



EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)



                                                              Burlington           Edison Capital       Edison Capital
                                                              Apartments, Inc.     Europe Limited       Ventures Dissolved
                                                                                                        in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                           ($36)                 $16
Accrued taxes                                                                                     56
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                   (36)                  72
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                      10                   27
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                 10                   27
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock
Accumulated other comprehensive income (loss)                                                    (22)
Retained earnings                                                          (194)                 388
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                          (194)                 366
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                                ($220)                $465
============================================================= ==================== ==================== ====================






185



EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Funding       Edison Mortgage      Mission Bartlett
                                                              Company              Company Dissolved    Hill Company
                                                              Consolidated         in `02               Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                      ($120,036)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities                                                17,609
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                              (102,427)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                          424,883
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                               2,175,821
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits                            9,943
Other long-term liabilities                                              25,473
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                          2,211,237
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                           863
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                            127,166
Accumulated other comprehensive income (loss)                            (8,835)
Retained earnings                                                       816,515
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                       934,846
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                           $3,469,402
============================================================= ==================== ==================== ====================






186



EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission              Renewable Energy     Edison Capital
                                                              International        Capital Company
                                                              Capital, Inc.        Dissolved in `02
                                                              Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt                                                                                                   $11,550
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                            $16                ($115)            $121,564
Accrued taxes
Trading and price risk management liabilities
Other current liabilities                                                                                           9,171
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                    16                 (115)             142,285
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                                                             5,042
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities                                                                                        15,926
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                                                       20,968
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                                                       3               81,545
Accumulated other comprehensive income (loss)
Retained earnings                                                           (16)                 113             (108,148)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                          ($16)                 116              (26,603)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                                                        $1             $136,650
============================================================= ==================== ==================== ====================






187



EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Consolidating        Edison Capital
                                                              Adjustments          Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt                                                                              $11,550
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                          ($400)               1,108
Accrued taxes                                                               (56)
Trading and price risk management liabilities
Other current liabilities                                                                     26,780
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                  (456)              39,438
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                                               424,883
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                                    2,180,900
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits                                                 9,943
Other long-term liabilities                                                                   41,399
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                               2,232,242
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                                                863
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                           (127,166)              81,545
Accumulated other comprehensive income (loss)                                                 (8,857)
Retained earnings                                                                            708,561
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                      (127,166)             781,249
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                            ($127,622)          $3,478,675
============================================================= ==================== ==================== ====================





188



EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Integrated    Mission First
                                                              Housing              Energy Services      Asset Investment
                                                              Investments          Dissolved in `02     Dissolved in `02
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                       $137,954
Accrued taxes
Trading and price risk management liabilities
Other current liabilities                                                21,086
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                               159,040
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                  41,750
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities                                              11,432
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                             53,182
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                             47,308
Accumulated other comprehensive income (loss)
Retained earnings                                                        46,261
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        93,569
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                             $305,791
============================================================= ==================== ==================== ====================






189



EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Funding      Mission Funding      Mission Funding
                                                              Beta                 Epsilon              Gamma
                                                                                   Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                      ($164,725)           ($721,485)            ($98,196)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                              (164,725)            (721,485)             (98,196)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                 579,700              987,860              277,307
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                            579,700              987,860              277,307
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                            115,372            1,225,214               75,295
Accumulated other comprehensive income (loss)                                                 (8,835)
Retained earnings                                                        42,085              164,623               28,971
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                       157,457            1,381,002              104,266
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                             $572,432           $1,647,377             $283,377
============================================================= ==================== ==================== ====================






190



EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Funding      Mission Funding      Mission Iowa Wind
                                                              Kappa                Zeta                 Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                        $83,050             ($52,301)            ($53,576)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                83,050              (52,301)             (53,576)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                 194,449               32,406               38,144
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                            194,449               32,406               38,144
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                            115,508               40,365               92,500
Accumulated other comprehensive income (loss)
Retained earnings                                                       108,194               12,671               17,863
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                       223,702               53,036              110,363
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                             $501,201              $33,141              $94,931
============================================================= ==================== ==================== ====================






191



EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Funding       Consolidating        Edison Funding
                                                              Company              Adjustments          Company
                                                                                                        Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                       $950,665              ($6,604)           ($120,036)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities                                                 5,484                                    17,609
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                               956,149               (6,604)            (102,427)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                          417,550                                   424,883
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                  13,017                                 2,175,821
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits                                                                      9,943
Other long-term liabilities                                              14,041                                    25,473
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                             27,058                                 2,211,237
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                                                                     863
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                            127,166           (1,937,876)             127,166
Accumulated other comprehensive income (loss)                                                                      (8,835)
Retained earnings                                                       206,079                                   816,515
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                       333,245           (1,937,876)             934,846
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                           $1,734,002          ($1,944,480)          $3,469,402
============================================================= ==================== ==================== ====================






192



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              East Coast           EC Asset Services,   EC Properties, Inc.
                                                              Capital, Inc.        Inc.
                                                              Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                                               ($737)               ($196)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                                       (737)                (196)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                                           33                   44
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                                      33                   44
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                                                      58                   31
Accumulated other comprehensive income (loss)
Retained earnings                                                                                694                1,209
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                                                752                1,240
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                                                       $48               $1,088
============================================================= ==================== ==================== ====================






193



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              EC Properties III,   EC-SLP, Inc.         ECHI-A Company
                                                              Inc.                                      Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                           ($12)                 $43
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                   (12)                  43
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                      11                    1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                 11                    1
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                                  2
Accumulated other comprehensive income (loss)
Retained earnings                                                           104                   12
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                           106                   12
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                                 $105                  $56
============================================================= ==================== ==================== ====================






194



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              ECHIB Company        ECHI Wyvernwood,     ECHP Investment
                                                              Dissolved in `02     Inc. Dissolved in    Company
                                                                                   `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================






195



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital       Edison Capital
                                                              Affordable Housing   Affordable Housing   Affordable Housing
                                                              97 V Dissolved in    97 VI Dissolved in   97 VII Dissolved
                                                              `02                  `02                  in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================






196


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital       Edison Capital
                                                              Affordable Housing   Affordable Housing   Affordable Housing
                                                              97 VIII Dissolved    99A Company          99B Company
                                                              in `02               Dissolved in `02     Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================






197



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital       Edison Capital
                                                              Housing Delaware     Housing Florida      Housing Management
                                                              Inc.                 Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                            $98                                   ($4,986)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities                                                   187
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                   285                                    (4,986)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                            4,826
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                      (2)                                   (1,836)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                 (2)                                   (1,836)
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                            (2)
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                                  2                                     3,772
Accumulated other comprehensive income (loss)
Retained earnings                                                          (133)                                    1,629
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                          (131)                                    5,401
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                               $4,976                                   ($1,421)
============================================================= ==================== ==================== ====================






198



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital       Edison Capital
                                                              Housing New Jersey   Housing New York     Housing
                                                                                   Dissolved in `02     Pennsylvania
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                        ($5,576)                                  ($7,392)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                (5,576)                                   (7,392)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                    (145)                                      189
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                               (145)                                      189
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                              9,248                                     9,325
Accumulated other comprehensive income (loss)
Retained earnings                                                          (209)                                     (768)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                         9,039                                     8,557
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                               $3,318                                    $1,354
============================================================= ==================== ==================== ====================






199



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Housing       Edison Housing       Edison Housing
                                                              North Carolina       Oregon, Inc.         South Carolina
                                                                                   Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                        ($1,070)                                  ($1,708)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                (1,070)                                   (1,708)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                     188                                       182
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                188                                       182
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                              2,145                                     2,066
Accumulated other comprehensive income (loss)
Retained earnings                                                           915                                       462
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                         3,060                                     2,528
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                               $2,178                                    $1,002
============================================================= ==================== ==================== ====================






200



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              EHI Development      EHI Development      MHICAL 94 Company
                                                              Company              Fund
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                        ($1,004)             ($3,306)            ($42,799)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                (1,004)              (3,306)             (42,799)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                                       (1,749)                (443)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                                  (1,749)                (443)
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                              1,002                5,000               30,581
Accumulated other comprehensive income (loss)
Retained earnings                                                            84                1,006               10,057
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                         1,086                6,006               40,638
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                                  $82                 $951              ($2,604)
============================================================= ==================== ==================== ====================






201


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              MHICAL 95 Company    Edison Housing       MHICAL 96 Company
                                                                                   Consolidation Co.
                                                                                   (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                       ($57,203)             ($4,948)            ($35,763)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                               (57,203)              (4,948)             (35,763)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                    (601)                                    1,243
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                               (601)                                    1,243
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                             44,132               14,578               25,926
Accumulated other comprehensive income (loss)
Retained earnings                                                        10,460                7,915               11,698
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        54,592               22,493               37,624
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                              ($3,212)             $17,545               $3,104
============================================================= ==================== ==================== ====================






202


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              MHICAL 97 Company    MHIFED 94 Company    MHIFED 95 Company
                                                                                   Dissolved in `02     Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                        ($8,764)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                (8,764)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                   1,182
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                              1,182
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                              3,906
Accumulated other comprehensive income (loss)
Retained earnings                                                         8,019
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        11,925
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                               $4,343
============================================================= ==================== ==================== ====================






203



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              MHIFED 96 Company    MHIFED 96A Company   MHIFED 97 Company
                                                              Dissolved in `02     Dissolved in `02     Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================






204


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Housing      Mission Housing      Mission Housing
                                                              Alpha                Beta                 Delta
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                        ($4,828)             ($7,072)            ($15,936)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                (4,828)              (7,072)             (15,936)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                      29                  145                  224
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                 29                  145                  224
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                              3,264                4,459               10,110
Accumulated other comprehensive income (loss)
Retained earnings                                                           734                2,405                5,313
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                         3,998                6,864               15,423
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                                ($801)                ($63)               ($289)
============================================================= ==================== ==================== ====================






205


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Housing      Mission Housing      Mission Housing
                                                              Denver               Epsilon              Gamma
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                       ($10,234)             ($1,227)             ($4,947)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                               (10,234)              (1,227)              (4,947)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                     (94)                 (51)                 (34)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                (94)                 (51)                 (34)
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                              7,925                1,161                3,340
Accumulated other comprehensive income (loss)
Retained earnings                                                         2,751                  252                1,817
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        10,676                1,413                5,157
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                                 $348                 $135                 $176
============================================================= ==================== ==================== ====================






206



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Housing      Mission Housing      Mission Funding
                                                              Holdings             Theta                Theta [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                       ($18,618)             ($1,761)                 ($8)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                               (18,618)              (1,761)                  (8)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                    (462)                (143)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                               (462)                (143)
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                             17,570                1,207                   26
Accumulated other comprehensive income (loss)
Retained earnings                                                         3,528                1,442                  (26)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        21,098                2,649
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                               $2,018                 $745                  ($8)
============================================================= ==================== ==================== ====================






207


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Housing      Mission SA Company   Edison Funding
                                                              Zeta                 Dissolved in `02     Omicron Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                        ($9,607)                                  $54,842
Accrued taxes
Trading and price risk management liabilities
Other current liabilities                                                                                             330
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                (9,607)                                   55,172
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                    (123)                                   13,400
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                               (123)                                   13,400
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                             12,754                                    12,724
Accumulated other comprehensive income (loss)
Retained earnings                                                           469                                   118,380
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        13,223                                   131,104
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                               $3,493                                  $199,676
============================================================= ==================== ==================== ====================






208



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Funding       Edison Capital       Consolidating
                                                              Olive Court [6]      Housing Investments  Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                           ($99)            $137,954
Accrued taxes
Trading and price risk management liabilities
Other current liabilities                                                   465               21,086              ($9,943)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                   366              159,040               (9,943)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                            2,507
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                                       41,750
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits                                                                      9,943
Other long-term liabilities                                                                   11,432
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                                  53,182               $9,943
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                           865
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                                                  47,308
Accumulated other comprehensive income (loss)
Retained earnings                                                          (451)              46,261
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                          (451)              93,569
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                               $3,287             $305,791
============================================================= ==================== ==================== ====================






209



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital
                                                              Housing
                                                              Investments
                                                              Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                       ($56,864)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities                                                12,125
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                               (44,739)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt                                                            7,333
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                  52,938
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits                            9,943
Other long-term liabilities                                              11,432
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                             74,313
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest                                                           863
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                            273,622
Accumulated other comprehensive income (loss)
Retained earnings                                                       236,029
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                       509,651
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                             $547,421
============================================================= ==================== ==================== ====================






210



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital LAI   Edison Capital
                                                              (Bermuda)            (Bermuda) Ltd. [6]   Latin American
                                                              Investments, Ltd.                         Investments
                                                                                                        (Bermuda), Ltd. [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                       $127,408
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                               127,408
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                   2,384
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                              2,384
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                              6,723
Accumulated other comprehensive income (loss)                            (6,854)
Retained earnings                                                        (5,203)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        (5,334)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                             $124,458
============================================================= ==================== ==================== ====================






211


EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital       Edison Capital
                                                              International        International        Latin American
                                                              (Bermuda) Ltd.       Transmission         Investments
                                                                                   (Bermuda) Ltd. [6]   Holding Company
                                                                                   Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                         $2,404                                    $4,687
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                 2,404                                     4,687
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                      24                                    (7,232)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                 24                                    (7,232)
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                             29,384                                   124,425
Accumulated other comprehensive income (loss)                                                                      (2,111)
Retained earnings                                                         1,828                                    (1,729)
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        31,212                                   120,585
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                              $33,640                                  $118,040
============================================================= ==================== ==================== ====================






212



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Edison Capital       Edison Capital       Mission Funding
                                                              (Netherlands)        (Netherlands)        Alpha
                                                              Holdings Company     Investments B.V.
                                                              B.V.                 [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                           $305                  $21            ($195,918)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                   305                   21             (195,918)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                     (15)                (100)             688,682
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                (15)                (100)             688,682
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                              4,781                4,781              157,652
Accumulated other comprehensive income (loss)                                                    130
Retained earnings                                                          (292)               1,303               54,489
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                         4,489                6,214              212,141
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                               $4,779               $6,135             $704,905
============================================================= ==================== ==================== ====================






213


EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission Funding Mu   Mission Funding      Mission Funding Nu
                                                              [6]                  Delta                [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                       ($16,569)            ($19,913)            ($36,356)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                               (16,569)             (19,913)             (36,356)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                  17,818                                    40,384
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                             17,818                                    40,384
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                             14,750               13,880               33,188
Accumulated other comprehensive income (loss)
Retained earnings                                                         9,332                6,120               20,514
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                        24,082               20,000               53,702
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                              $25,331                  $87              $57,730
============================================================= ==================== ==================== ====================






214



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Mission              Mission (Bermuda)    Mission Funding
                                                              Investments, Inc.    Investments, Ltd.    Epsilon
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                           ($80)             ($1,598)           ($585,876)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                   (80)              (1,598)            (585,876)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                    (150)                (246)             246,311
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                               (150)                (246)             246,311
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                                 25                1,174              834,451
Accumulated other comprehensive income (loss)
Retained earnings                                                           290                  688               77,283
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                           315                1,862              911,734
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                                  $85                  $18             $572,169
============================================================= ==================== ==================== ====================






215



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)




                                                              Consolidating        Mission Funding
                                                              Adjustments          Epsilon
                                                                                   Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------


Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable                                                                           ($721,485)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total current liabilities                                                                   (721,485)
------------------------------------------------------------- -------------------- -------------------- --------------------

Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------

Accumulated deferred income taxes - net                                                      987,860
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total deferred credits and other liabilities                                                 987,860
------------------------------------------------------------- -------------------- -------------------- --------------------

Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------

Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------

Preferred stock of utility:
  Not subject to mandatory redemption
  Subject to mandatory redemption
Company-obligated mandatorily redeemable
  securities of subsidiaries holding
  solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------

Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------

Common stock                                                                               1,225,214
Accumulated other comprehensive income (loss)                                                 (8,835)
Retained earnings                                                                            164,623
------------------------------------------------------------- -------------------- -------------------- --------------------

Total common shareholders' equity                                                          1,381,002
------------------------------------------------------------- -------------------- -------------------- --------------------

Total liabilities and shareholders' equity                                                $1,647,377
============================================================= ==================== ==================== ====================






216



EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Burlington           Edison Capital       Edison Capital
                                                                Apartments, Inc.     Europe Limited       Ventures Dissolved
                                                                                                          in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                                    $19
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                                            19
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                                            (19)
Interest and dividend income                                                                         1
Other nonoperating income                                                                           (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                                              (19)
Income taxes (benefit)                                                                             (23)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                                             4
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                                                    4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                       ($194)                 384
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                             ($194)                $388
=============================================================== ==================== ==================== ====================






217


EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Edison Funding       Edison Mortgage      Mission Bartlett
                                                                Company              Company Dissolved    Hill Company
                                                                Consolidated         in `02               Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                               $5,678
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                     5,678
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                            27,204                   $3
Depreciation, decommissioning and amortization                              8,760
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                   35,964                    3
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                   (30,286)                  (3)
Interest and dividend income                                               (1,416)
Other nonoperating income                                                 (33,698)
Interest expense - net of amounts capitalized                              35,671
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                    (101,071)                  (3)
Income taxes (benefit)                                                   (137,047)                  (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                   35,976                   (2)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
Net income (loss)                                                          35,976                   (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                     793,626                   $2
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                          $829,602
=============================================================== ==================== ==================== ====================






218



EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Mission              Renewable Energy     Edison Capital
                                                                International        Capital Company
                                                                Capital, Inc.        Dissolved in `02
                                                                Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                                                            ($2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                                                                  (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                $2                                    20,659
Depreciation, decommissioning and amortization                                                                       (8,963)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                        2                                    11,696
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                        (2)                                  (11,698)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized                                                                           137
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                          (2)                                  (11,835)
Income taxes (benefit)                                                         (1)                                   (9,140)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                       (1)                                   (2,695)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                              (1)                                   (2,695)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                          $1                                  (105,453)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                                                                   ($108,148)
=============================================================== ==================== ==================== ====================






219


EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Consolidating        Edison Capital
                                                                Adjustments          Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                                    $5,676
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                                          5,676
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                               $42               47,929
Depreciation, decommissioning and amortization                                                    (203)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                       42               47,726
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                       (42)             (42,050)
Interest and dividend income                                                                    (1,415)
Other nonoperating income                                                       6              (33,693)
Interest expense - net of amounts capitalized                                                   35,808
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                          10             (112,966)
Income taxes (benefit)                                                          4             (146,208)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                        6               33,242
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                               6               33,242
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                         ($6)             675,319
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                                               $708,561
=============================================================== ==================== ==================== ====================






220



EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Edison Capital       Edison Integrated    Mission First
                                                                Housing              Energy Services      Asset Investment
                                                                Investments          Dissolved in `02     Dissolved in `02
                                                                Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                               $6,495
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                     6,495
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                              (194)                  $2                   $2
Depreciation, decommissioning and amortization                              6,343
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                    6,149                    2                    2
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                       346                   (2)                  (2)
Interest and dividend income                                                  281
Other nonoperating income                                                 (20,489)
Interest expense - net of amounts capitalized                                   2
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                     (19,864)                  (2)                  (2)
Income taxes (benefit)                                                    (44,338)                  (1)                  (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                   24,474                   (1)                  (1)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                          24,474                   (1)                  (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                     211,554                   $1                   $1
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                          $236,029
=============================================================== ==================== ==================== ====================






221



EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Mission Funding      Mission Funding      Mission Funding
                                                                Beta                 Epsilon              Gamma
                                                                                     Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                             ($23,522)            ($25,723)             ($7,519)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                   (23,522)             (25,723)              (7,519)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                 3               33,918                    3
Depreciation, decommissioning and amortization                                                   1,243
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                        3               35,161                    3
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                   (23,525)             (60,884)              (7,522)
Interest and dividend income                                                                    (3,286)
Other nonoperating income                                                                       (2,272)
Interest expense - net of amounts capitalized                                  15
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                     (23,540)             (66,442)              (7,522)
Income taxes (benefit)                                                    (20,046)             (44,279)              (9,698)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                   (3,494)             (22,163)               2,176
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                          (3,494)             (22,163)               2,176
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                      45,579              186,787               26,795
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                           $42,085             $164,623              $28,971
=============================================================== ==================== ==================== ====================






222


EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Mission Funding      Mission Funding      Mission Iowa Wind
                                                                Kappa                Zeta                 Company
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                              $55,946
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                    55,946
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                 3                   $8                   $3
Depreciation, decommissioning and amortization                                                     893                  280
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                        3                  901                  283
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                    55,943                 (901)                (283)
Interest and dividend income
Other nonoperating income                                                                        1,649               (2,684)
Interest expense - net of amounts capitalized                                                       59
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                      55,943                  689               (2,967)
Income taxes (benefit)                                                     15,327                3,571               (8,777)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                   40,616               (2,882)               5,810
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                          40,616               (2,882)               5,810
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                      67,578               15,553               12,053
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                          $108,194              $12,671              $17,863
=============================================================== ==================== ==================== ====================






223



EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Edison Funding       Consolidating        Edison Funding
                                                                Company              Adjustments          Company
                                                                                                          Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                   $1                                    $5,678
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                         1                                     5,678
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                             6,544                                    27,204
Depreciation, decommissioning and amortization                                  1                                     8,760
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                    6,545                                    35,964
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                    (6,544)                                  (30,286)
Interest and dividend income                                                1,589                                    (1,416)
Other nonoperating income                                                  (9,902)                                  (33,698)
Interest expense - net of amounts capitalized                              35,595                                    35,671
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                     (50,451)                                 (101,071)
Income taxes (benefit)                                                    (28,805)                                 (137,047)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                  (21,646)                                   35,976
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                         (21,645)                                   35,976
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                     227,724                                   793,625
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                          $206,079                                  $829,601
=============================================================== ==================== ==================== ====================






224



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                East Coast           EC Asset Services,   EC Properties, Inc.
                                                                Capital, Inc.        Inc.
                                                                Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                                      $208                 $575
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                                            208                  575
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                                            208                  575
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                                              208                  575
Income taxes (benefit)                                                                              82                   96
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                                           126                  479
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                                                  126                  479
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                                              568                  730
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                                                   $694               $1,209
=============================================================== ==================== ==================== ====================






225



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                EC Properties III,   EC-SLP, Inc.         ECHI-A Company
                                                                Inc.                                      Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                                       $37
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                                             37
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)
Interest and dividend income                                                                         1
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                                               38
Income taxes (benefit)                                                       ($26)                  10
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                       26                   28
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                              26                   28
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                          78                  (16)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                              $104                  $12
=============================================================== ==================== ==================== ====================






226



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                ECHI-B Company       ECHI Wyvernwood,     ECHP Investment
                                                                Dissolved in `02     Inc. Dissolved in    Company
                                                                                     `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year
=============================================================== ==================== ==================== ====================






227



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Edison Capital       Edison Capital       Edison Capital
                                                                Affordable Housing   Affordable Housing   Affordable Housing
                                                                97 V Dissolved in    97 VI Dissolved in   97 VII Dissolved
                                                                `02                  `02                  in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year
=============================================================== ==================== ==================== ====================






228



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Edison Capital       Edison Capital       Edison Capital
                                                                Affordable Housing   Affordable Housing   Affordable Housing
                                                                97 VIII Dissolved    99A Company          99B Company
                                                                in `02               Dissolved in `02     Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year
=============================================================== ==================== ==================== ====================






229


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Edison Capital       Edison Capital       Edison Capital
                                                                Housing Delaware     Housing Florida      Housing Management
                                                                Inc.                 Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                      $829
--------------------------------------------------------------- -------------------- -------------------- --------------------
                                                                              829
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                               845                   $2                   $3
Depreciation, decommissioning and amortization                                185
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                    1,030                    2                    3
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                      (201)                  (2)                  (3)
Interest and dividend income
Other nonoperating income                                                       1
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                        (200)                  (2)                  (3)
Income taxes (benefit)                                                        (81)                  (1)                 151
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                     (119)                  (1)                (154)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                            (119)                  (1)                (154)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                         (14)                  $1                1,783
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                             ($133)                                   $1,629
=============================================================== ==================== ==================== ====================






230



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Edison Capital       Edison Capital       Edison Housing
                                                                Housing New Jersey   Housing New York     Pennsylvania
                                                                                     Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                $3                   $2                   $3
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                        3                    2                    3
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                        (3)                  (2)                  (3)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                          (3)                  (2)                  (3)
Income taxes (benefit)                                                                              (1)                 (98)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                       (3)                  (1)                  95
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                              (3)                  (1)                  95
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                        (206)                  $1                 (863)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                             ($209)                                    ($768)
=============================================================== ==================== ==================== ====================






231



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Edison Housing       Edison Housing       Edison Housing
                                                                North Carolina       Oregon, Inc.         South Carolina
                                                                                     Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                $3                   $2                   $3
Depreciation, decommissioning and amortization                                 37                                        39
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                       40                    2                   42
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                       (40)                  (2)                 (42)
Interest and dividend income
Other nonoperating income                                                     (33)                                      (35)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                         (73)                  (2)                 (77)
Income taxes (benefit)                                                       (228)                  (1)                (237)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                      155                   (1)                 160
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                             155                   (1)                 160
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                         760                   $1                  302
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                              $915                                      $462
=============================================================== ==================== ==================== ====================






232



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                EHI Development      EHI Development      MHICAL 94 Company
                                                                Company              Fund
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                                        $2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                                              2
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                $3                  888                   $3
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                        3                  888                    3
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                        (3)                (886)                  (3)
Interest and dividend income                                                                       126                   18
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                          (3)                (760)                  16
Income taxes (benefit)                                                                            (293)                   7
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                       (3)                (467)                   9
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                              (3)                (467)                   9
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                          87                1,473               10,048
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                               $84               $1,006              $10,057
=============================================================== ==================== ==================== ====================






233



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                MHICAL 95 Company    Edison Housing       MHICAL 96 Company
                                                                                     Consolidation Co.
                                                                                     [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                $3                   $3                   $3
Depreciation, decommissioning and amortization                                 39                                       (85)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                       42                    3                  (82)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                       (42)                  (3)                  82
Interest and dividend income
Other nonoperating income                                                     (53)                                     (198)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                         (95)                  (3)                (116)
Income taxes (benefit)                                                       (191)                                      503
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                       96                   (3)                 387
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                              96                   (3)                 387
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                      10,364                7,918               11,311
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                           $10,460               $7,915              $11,698
=============================================================== ==================== ==================== ====================






234



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                MHICAL 97 Company    MHIFED 94 Company    MHIFED 95 Company
                                                                                     Dissolved in `02     Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                $3
Depreciation, decommissioning and amortization                                 43
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                       46
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                       (46)
Interest and dividend income
Other nonoperating income                                                    (175)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                        (221)
Income taxes (benefit)                                                       (593)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                      372
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                             372
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                       7,647
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                            $8,019
=============================================================== ==================== ==================== ====================






235


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                MHIFED 96 Company    MHIFED 96A Company   MHIFED 97 Company
                                                                Dissolved in `02     Dissolved in `02     Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes
Income taxes (benefit)                                                         $1                  ($1)                  $1
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                        1                   (1)                   1
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                               1                   (1)                   1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                         ($1)               1,292                  ($1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                                                 $1,291
=============================================================== ==================== ==================== ====================






236



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Mission Housing      Mission Housing      Mission Housing
                                                                Alpha                Beta                 Delta
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                               $1,265
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                     1,265
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                 3                   $3                   $3
Depreciation, decommissioning and amortization                                                                           34
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                        3                    3                   37
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                     1,262                   (3)                 (37)
Interest and dividend income
Other nonoperating income                                                    (213)                                      432
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                       1,049                   (3)                 395
Income taxes (benefit)                                                        525                                       380
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                      524                   (3)                  15
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                             524                   (3)                  15
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                         210                2,408                5,298
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                              $734               $2,405               $5,313
=============================================================== ==================== ==================== ====================






237


EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Mission Housing      Mission Housing      Mission Housing
                                                                Denver               Epsilon              Gamma
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                $3                   $3                   $3
Depreciation, decommissioning and amortization                                                       7
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                        3                   10                    3
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                        (3)                 (10)                  (3)
Interest and dividend income
Other nonoperating income                                                                           (5)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                          (3)                 (15)                  (3)
Income taxes (benefit)                                                         (1)                 (31)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                       (2)                  16                   (3)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                              (2)                  16                   (3)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                       2,753                  236                1,820
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                            $2,751                 $252               $1,817
=============================================================== ==================== ==================== ====================






238



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Mission Housing      Mission Housing      Mission Funding
                                                                Holdings             Theta                Theta [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                $3                   $2                   $3
Depreciation, decommissioning and amortization                                                      29
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                        3                   31                    3
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                        (3)                 (31)                  (3)
Interest and dividend income
Other nonoperating income                                                                          (22)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                          (3)                 (53)                  (3)
Income taxes (benefit)                                                                            (249)                  (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                       (3)                 196                   (2)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                              (3)                 196                   (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                       3,531                1,246                  (24)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                            $3,528               $1,442                 ($26)
=============================================================== ==================== ==================== ====================






239



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Mission Housing      Mission SA Company   Edison Funding
                                                                Zeta                 Dissolved in `02     Omicron Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                $3                   $2                 $267
Depreciation, decommissioning and amortization                                                                        3,707
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                        3                    2                3,974
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                        (3)                  (2)              (3,974)
Interest and dividend income                                                                                              3
Other nonoperating income                                                                                           (12,703)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                          (3)                  (2)             (16,674)
Income taxes (benefit)                                                                              (1)             (28,664)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                       (3)                  (1)              11,990
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                              (3)                  (1)              11,990
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                         472                   $1              106,390
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                              $469                                  $118,380
=============================================================== ==================== ==================== ====================






240



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Edison Funding       Edison Capital       Consolidating
                                                                Olive Court [6]      Housing Investments  Adjustments


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


Electric utility
Nonutility power generation
Financial services and other                                                ($156)              $3,735
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                      (156)               3,735
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                              $450               (2,714)
Depreciation, decommissioning and amortization                                116                2,192
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                      566                 (522)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                      (722)               4,257
Interest and dividend income                                                                       133
Other nonoperating income                                                                       (7,485)
Interest expense - net of amounts capitalized                                                        2
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                        (722)              (3,097)
Income taxes (benefit)                                                       (292)             (14,095)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                     (430)              10,998
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                            (430)              10,998
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                         (21)              35,263
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                             ($451)             $42,261
=============================================================== ==================== ==================== ====================






241



EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Edison Capital
                                                                Housing
                                                                Investments
                                                                Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                               $6,495
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                     6,495
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                              (194)
Depreciation, decommissioning and amortization                              6,343
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                    6,149
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                       346
Interest and dividend income                                                  281
Other nonoperating income                                                 (20,489)
Interest expense - net of amounts capitalized                                   2
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                     (19,864)
Income taxes (benefit)                                                    (44,338)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                   24,474
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                          24,474
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                     211,554
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                          $236,029
=============================================================== ==================== ==================== ====================






242



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Edison Capital       Edison Capital LAI   Edison Capital
                                                                (Bermuda)            (Bermuda) Ltd. [6]   Latin American
                                                                Investments, Ltd.                         Investments
                                                                                                          (Bermuda), Ltd. [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                ($139)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                      (139)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                            (4,265)
Depreciation, decommissioning and amortization                                633
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                   (3,632)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                     3,493
Interest and dividend income                                                1,537
Other nonoperating income                                                   3,687
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                       8,717
Income taxes (benefit)                                                      6,583
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                    2,134
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                           2,134
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                      (7,337)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                           ($5,203)
=============================================================== ==================== ==================== ====================






243



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Edison Capital       Edison Capital       Edison Capital
                                                                International        International        Latin American
                                                                (Bermuda) Ltd.       Transmission         Investments
                                                                                     (Bermuda) Ltd.       Holding Company
                                                                                     Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                   $2                                   ($7,110)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                         2                                    (7,110)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                 6                                    (7,726)
Depreciation, decommissioning and amortization                                  1                                       609
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                        7                                    (7,117)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                        (5)                                        7
Interest and dividend income                                                   24                                    (4,847)
Other nonoperating income                                                                                            (5,910)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                          19                                   (10,750)
Income taxes (benefit)                                                         49                                    (6,486)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                      (30)                                   (4,264)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                             (30)                                   (4,264)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                       1,858                                     2,535
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                            $1,828                                   ($1,729)
=============================================================== ==================== ==================== ====================






244


EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Edison Capital       Edison Capital       Mission Funding
                                                                (Netherlands)        (Netherlands)        Alpha
                                                                Holdings Company     Investments B.V.
                                                                B.V.                 [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                                                       ($18,689)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                                                             (18,689)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                               $64                  $25                    4
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                       64                   25                    4
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                       (64)                 (25)             (18,693)
Interest and dividend income
Other nonoperating income                                                                        6,229
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                         (64)               6,204              (18,693)
Income taxes (benefit)                                                         63                2,332              (21,292)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                     (127)               3,871                2,599
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                            (127)               3,871                2,599
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                        (165)              (2,568)              51,890
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                             ($292)              $1,303              $51,489
=============================================================== ==================== ==================== ====================






245



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Mission Funding Mu   Mission Funding      Mission Funding Nu
                                                                [6]                  Delta                [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                                 $263                                       $56
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                       263                                        56
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                 3                   $3                    3
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                        3                    3                    3
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                       260                   (3)                  53
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                         260                   (3)                  53
Income taxes (benefit)                                                        475                  (39)              (1,731)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                     (215)                  36                1,784
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                            (215)                  36                1,784
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                       9,547                6,084               18,730
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                            $9,332               $6,120              $20,514
=============================================================== ==================== ==================== ====================






246



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Mission              Mission (Bermuda)    Mission Funding
                                                                Investments, Inc.    Investments, Ltd.    Epsilon
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                               $2,526               $4,307                ($107)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                     2,526                4,307                 (107)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                                 9                   14               52,611
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                        9                   14               52,611
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                     2,517                4,293              (52,718)
Interest and dividend income
Other nonoperating income                                                                                            (6,278)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                       2,517                4,293              (58,996)
Income taxes (benefit)                                                      1,813                2,136              (28,182)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                      704                2,157              (30,814)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                             704                2,157              (30,814)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                        (414)              (1,469)             108,097
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                              $290                 $688              $77,283
=============================================================== ==================== ==================== ====================






247



EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)




                                                                Consolidating        Mission Funding
                                                                Adjustments          Epsilon
                                                                                     Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------


Electric utility
Nonutility power generation
Financial services and other                                              ($6,833)             $25,723
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue                                                    (6,833)              25,723
--------------------------------------------------------------- -------------------- -------------------- --------------------

Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance                                            (6,833)              33,918
Depreciation, decommissioning and amortization                                                   1,243
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses                                                  ($6,833)              35,161
--------------------------------------------------------------- -------------------- -------------------- --------------------

Operating income (loss)                                                                        (60,884)
Interest and dividend income                                                                    (3,286)
Other nonoperating income                                                                       (2,272)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations before taxes                                          (66,442)
Income taxes (benefit)                                                                         (44,279)
--------------------------------------------------------------- -------------------- -------------------- --------------------

Income (loss) from continuing operations                                                       (22,163)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)                                                                              (22,163)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year                                                          186,787
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------

Retained earnings - end of year                                                               $164,623
=============================================================== ==================== ==================== ====================



248



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)



Name of Entity:                          1st Time Homebuyer          1010 SVN Assoc LP           1028 Howard St Assoc LP
                                         Opportunities LP (Chester
                                         County Homes)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,540                      $993                        $192

  Revenues                               $152                        $43                         $12

  Net Income (Loss)                      $1                          ($19)                       ($14)


Ownership Interest(s):                   99.00% by Edison Capital    99.9% by Edison Capital     99.00% by Mission Housing
                                         Housing Investments         Housing Partners IX LP      Investors Partnership











Name of Entity:                          1101 Howard St Assoc LP     1475 167th Ave Assoc LP     16th and Church St Assoc
                                                                     (Bermuda Gardens Apts)      LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $52                         $1,077                      $1,971

  Revenues                               $3                          $111                        $150

  Net Income (Loss)                      ($2)                        ($47)                       ($221)


Ownership Interest(s):                   99.00% by MHIFED 95 LP      99.90% by Edison Capital    99.00% by Edison Funding
                                                                     Housing Partners XI LP      Omicron Inc.











249



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          1732 Champa LP (Buerger     18303 Kittridge Assoc-39    1856 Wells Court Partners
                                         Brothers Lofts)             LP (Kittridge)              LP (Wells Court)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $6,432                      $1,683                      $2,495

  Revenues                               $666                        $282                        $396

  Net Income (Loss)                      ($111)                      ($9)                        ($117)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Edison Capital    99.00% by Edison Funding
                                         Housing Investments         Housing Investments         Omicron Inc.











Name of Entity:                          210 Washington Ave Assoc    2400 Locust Assoc LP        2601 North Broad St Assoc
                                         (Renaissance Plaza)         (Locust on the Park)        LP (Station House)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $5,723                      $22,243                     $68

  Revenues                               $548                        $3,134                      $5

  Net Income (Loss)                      ($499)                      ($145)                      ($3)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Edison Capital    99.00% by Corporations
                                         Housing Investments         Housing Investments         for Affordable Housing LP
                                                                                                 II











250



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          2814 Fifth St Assoc LP      3790 Wisconsin Street       5363 Dent Ave Assoc LP
                                         (Land Park Woods)           Partners LP (Wisconsin
                                                                     III)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $777                        $0                          $1,073

  Revenues                               $55                         $0                          $189

  Net Income (Loss)                      ($29)                       $0                          ($39)


Ownership Interest(s):                   99.00% by Edison Capital    99.90% by Edison Capital    99.00% by MH II LP
                                         Housing Partners IX LP      Housing Investments











Name of Entity:                          708 Pico LP (Wavecrest      Aaron Michael Assoc LP      Abby Assoc LP (Windmere)
                                         Housing)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $368                        $0                          $4,659

  Revenues                               $12                         $0                          $335

  Net Income (Loss)                      ($6)                        $0                          ($78)


Ownership Interest(s):                   99.9% by Edison Capital     99.9% by Edison Capital     99.00% by MHICAL 95 LP
                                         Housing Partners XV LP      Housing Partners XVIII LP











251



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Admiralty Heights Assoc     AE Assoc LP (Avenida        Affordable/Citrus Glenn
                                         II 1995 LP (Kent Manor)     Espana)                     Phase II, Ltd (Citrus
                                                                                                 Glenn Apts Phase II)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,680                      $7,247                      $2,732

  Revenues                               $98                         $572                        $364

  Net Income (Loss)                      ($79)                       ($248)                      ($86)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Edison Funding    99.00% by Edison Capital
                                         Housing Partners VI LP      Omicron Inc.                Housing Partners VI LP











Name of Entity:                          Agape Housing LP            Alhambra Apts LP            Alma Place Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $722                        $2,485                      $1,031

  Revenues                               $46                         $290                        $80

  Net Income (Loss)                      ($19)                       ($30)                       ($32)


Ownership Interest(s):                   99.00% by Edison Funding    99.90% by Edison Capital    99.00% by Edison Capital
                                         Omicron Inc.                Housing Partners XIII LP    Housing Partners IX LP











252



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Altamont Hotel Assoc LP     AMCAL Santa Barbara Fund    Anglo Edison Ravenwood LLC
                                                                     XXXVI LP (Positano)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,805                      $1,540                      $0

  Revenues                               $339                        $119                        $0

  Net Income (Loss)                      ($68)                       ($35)                       $0


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Edison Capital    99.00% by Edison Funding
                                         Housing Partners VI LP      Housing Partners V LP       Omicron Inc.











Name of Entity:                          Antelope Assoc LP           Apollo Development Assoc    Arbor Lane Assoc Phase II
                                                                     LP (Apollo Hotel)           LP (Timberwood)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1                          $536                        $10

  Revenues                               $0                          $44                         $2

  Net Income (Loss)                      $0                          ($17)                       $0


Ownership Interest(s):                   99.00% by Edison Capital    99.90% by Edison Capital    99.00% by Corporations
                                         Housing Partners XVII LP    Housing Partners XIV LP     for Affordable Housing LP











253


EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Argyle Redevelopment        Arroyo Vista Assoc LP       Artloft Assoc LP
                                         Partnership LP (The
                                         Argyle)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $5,591                      $135                        $45

  Revenues                               $3,654                      $16                         $3

  Net Income (Loss)                      ($621)                      ($4)                        ($32)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Corporations      35.60% by Corporations
                                         Housing Investments         for Affordable Housing LP   for Affordable Housing LP

                                                                                                 53.39% by Corporations
                                                                                                 for Affordable Housing LP
                                                                                                 II









Name of Entity:                          Auburn Manor Apts LP        Auburn Manor LLC            Avalon Courtyard LP
                                                                                                 (Carson Senior Housing)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,644                      ($10)                       $81

  Revenues                               $396                        $0                          $7

  Net Income (Loss)                      ($59)                       ($3)                        ($3)


Ownership Interest(s):                   99.90% by Edison Capital    50.00% by Edison Capital    99.00% by MHIFED 95 LP
                                         Housing Partners XI LP      Housing Investments











254



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          B.A.I. Edison Ravenwood     Baker Park Assoc LP         Barnsdall Court LP (Villa
                                         LP (Ravenwood)                                          Mariposa)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 ($12)                       $1                          $1,006

  Revenues                               $0                          $0                          $56

  Net Income (Loss)                      ($2)                        $0                          ($27)


Ownership Interest(s):                   90.00% by Edison Capital    99.00% by Edison Capital    99.00% by Edison Capital
                                         Housing Delaware, Inc.      Housing Partners XVII LP    Housing Partners XI LP











Name of Entity:                          Bartlett Hill Assoc LP      Beacon Manor Assoc LP       Benton Green LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $4,809                      $705                        $603

  Revenues                               $459                        $50                         $18

  Net Income (Loss)                      ($523)                      ($15)                       ($18)


Ownership Interest(s):                   99.00% by Edison Capital    99.90% by Edison Capital    99.90% by Edison Capital
                                         Housing Investments         Housing Partners X LP       Housing Partners XV LP











255



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Berry Ave Assoc LP          Bodega Hills Investors LP   Borregas Court LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $74                         $531                        $2,016

  Revenues                               $4                          $33                         $286

  Net Income (Loss)                      ($3)                        ($12)                       ($53)


Ownership Interest(s):                   99.00% by MHIFED 94 LP      99.00% by Edison Capital    99.00% by Edison Capital
                                                                     Housing Partners V LP       Housing Partners XI LP











Name of Entity:                          Boulder Creek Apartments    Bouquet Canyon Seniors LP   Bracher Assoc LP
                                         LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $4,621                      $2                          $1

  Revenues                               $364                        $0                          $0

  Net Income (Loss)                      ($214)                      $0                          $0


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Capital    99.00% by Edison Capital
                                         Housing Partners X LP       Housing Partners XVI LP     Housing Partners XVIII LP











256



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Bradley Manor Senior Apts   Brantwood II Assoc LP       Brookline Housing Assoc
                                         LP                                                      LLC (Bridgewater)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,437                      $2,570                      $91

  Revenues                               $181                        $80                         $12

  Net Income (Loss)                      ($45)                       ($67)                       ($2)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Edison Funding    99.00% by Corporations
                                         Housing Partners VI LP      Omicron Inc.                for Affordable Housing LP
                                                                                                 II











Name of Entity:                          Brooks School Assoc LP      Bryn Mawr - Belle Shore     Bryson Family Apts LP
                                                                     LP (The)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $3,744                      $22,676                     $2,267

  Revenues                               $140                        $2,333                      $84

  Net Income (Loss)                      ($139)                      ($791)                      ($73)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by Edison Funding    99.90% by Edison Capital
                                         Omicron Inc.                Omicron Inc.                Housing Partners XI LP











257



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Burlington Senior Housing   Bush Hotel LP               Caleb Affordable Housing
                                         LLC                                                     Assoc LP
                                                                                                 (Ledges/Pinebrook)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $587                        $10,609                     $75

  Revenues                               $60                         $614                        $12

  Net Income (Loss)                      ($14)                       ($1,565)                    ($3)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Funding    99.00% by Corporations
                                         Housing Partners X LP       Omicron Inc.                for Affordable Housing LP











Name of Entity:                          California Park Apts LP     Carlin LP (The)             Carlton Way Apts LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $3,044                      $143                        $36

  Revenues                               $464                        $15                         $2

  Net Income (Loss)                      ($85)                       ($6)                        ($1)


Ownership Interest(s):                   99.00% by MH I LP           99.00% by Corporations      99.00% by MHIFED 94 LP
                                                                     for Affordable Housing LP











258



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Carson Housing LP (Carson   Carson Terrace LP           Casa Rampart LP (Rampart
                                         Street)                                                 Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,801                      $623                        $860

  Revenues                               $100                        $31                         $52

  Net Income (Loss)                      ($93)                       $19                         ($25)


Ownership Interest(s):                   98.00% by Edison Capital    99.90% by Edison Capital    98.90% by Edison Capital
                                         Housing Partners XI LP      Housing Partners XIV LP     Housing Partners XI LP











Name of Entity:                          C-Court LP (Cawelti Court)  CCS/Bellingham LP           CCS/Mount Vernon Housing
                                                                     (Washington Grocery         LP (La Venture)
                                                                     Building)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $572                        $4,039                      $0

  Revenues                               $24                         $281                        $0

  Net Income (Loss)                      ($12)                       ($58)                       $0


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Edison Capital    99.00% by Edison Capital
                                         Housing Partners VII LP     Housing Investments         Housing Partners XIX LP











259



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          CCS/Renton Housing LP       CDR Senior Housing Assoc    Catalonia Assoc LP
                                         (Renton)                    LP (Casa del Rio)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $616                        $62                         $1,874

  Revenues                               $38                         $4                          $106

  Net Income (Loss)                      ($13)                       ($2)                        ($48)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by MHIFED 94 LP      99.00% by Edison Capital
                                         Housing Partners X LP                                   Housing Partners VIII LP











Name of Entity:                          Cedarshores Limited         Centennial Place LP         Centertown Assoc LP
                                         Dividend Housing
                                         Association LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,263                      $7,745                      $6,399

  Revenues                               $128                        $563                        $441

  Net Income (Loss)                      ($11)                       ($423)                      ($256)


Ownership Interest(s):                   99.99% by Edison Capital    99.00% by MH V LP           99.00% by Edison Funding
                                         Housing Partners XII LP                                 Omicron Inc.

                                         0.01% by Mission Funding
                                         Theta LP
                                         Syndicated in `02









260



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Centro Partners LP (El      Cincinnati Ravenwood Apts   Chamber Apts LP (The
                                         Centro)                     LP (Ravenwood)              Chamber Bldg)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $4,887                      $4,987                      $1,326

  Revenues                               $285                        $979                        $93

  Net Income (Loss)                      ($271)                      ($172)                      ($52)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by Edison Funding    99.00% by Edison Capital
                                         Omicron Inc.                Omicron Inc.                Housing Partners XIII LP

                                                                     1.00% by B.A.I. Edison
                                                                     Ravenwood LP (Ravenwood)









Name of Entity:                          Cochrane Village Apts LP    Colina Vista LP             Conejo Valley Community
                                                                                                 Housing Assoc (Community
                                                                                                 House Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $0                          $5,336                      $1,684

  Revenues                               $0                          $247                        $66

  Net Income (Loss)                      $0                          ($203)                      ($54)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by MHICAL 95 LP      99.00% by Edison Capital
                                         Housing Partners XIX LP                                 Housing Investments












261



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Coolidge Station Apts LLC   Corporations for            Corporations for
                                                                     Affordable Housing LP       Affordable Housing LP II
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $307                        $256                        $245

  Revenues                               $19                         $3                          $4

  Net Income (Loss)                      ($13)                       ($38)                       ($27)


Ownership Interest(s):                   99.00% by Edison Capital    1.00% by EC Properties,     1.00% by EC Properties,
                                         Housing Partners X LP       Inc.                        Inc.











Name of Entity:                          Corporations for            Corona Ely/Ranch Assoc LP   Cottonwood Affordable
                                         Affordable Housing LP III                               Housing LP (Verde Vista)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $12,684                     $86                         $867

  Revenues                               $64                         $6                          $76

  Net Income (Loss)                      ($1,393)                    ($2)                        ($40)


Ownership Interest(s):                   1.00% by EC Properties      99.00% by MHIFED 94 LP      99.00% by Edison Capital
                                         III, Inc.                                               Housing Partners VII LP











262



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Coyote Springs Apts Assoc   Cypress Cove Assoc          Davis MHA Twin Pines
                                         LP                                                      Community Assoc LP
                                                                                                 (Northstar Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $10,410                     $2,557                      $688

  Revenues                               $683                        $189                        $44

  Net Income (Loss)                      ($420)                      ($125)                      ($16)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by Edison Funding    99.90% by Edison Capital
                                         Omicron Inc.                Omicron Inc.                Housing Partners XI LP











Name of Entity:                          Del Carlo Court Assoc LP    Delta Plaza Apts LP         DeRose Housing Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $4,737                      $1,963                      $4,053

  Revenues                               $219                        $91                         $594

  Net Income (Loss)                      ($172)                      ($81)                       ($412)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by Edison Funding    99.00% by MH III LP
                                         Omicron Inc.                Omicron Inc.











263


EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Diamond Creek Apts LP       Diamond Phase III Venture   Don Avante Assoc I LP
                                                                     LP                          (Don de Dios)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $3                          $46                         $660

  Revenues                               $0                          $2                          $76

  Net Income (Loss)                      $0                          ($1)                        ($19)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Corporations      99.90% by Edison Capital
                                         Housing Partners XVI LP     for Affordable Housing LP   Housing Partners XV LP











Name of Entity:                          Don Avante Assoc II LP      Double X Assoc 1995 LP      EAH Larkspur Creekside
                                         (Village Avante)            (Terrace Manor)             Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,218                      $1,684                      $2,289

  Revenues                               $239                        $133                        $249

  Net Income (Loss)                      ($52)                       ($37)                       ($134)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Capital    99.00% by Edison Funding
                                         Housing Partners XIV LP     Housing Partners VI LP      Omicron Inc.











264



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          East Cotati Ave Partners    Eastwood Homes LP           ECH/HFC GP Partnership
                                         LP                                                      No. 1
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $5,016                      $1,871                      $15,604

  Revenues                               $347                        $97                         $8

  Net Income (Loss)                      ($173)                      ($99)                       ($296)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by Edison Capital    34.90% by Edison Capital
                                         Omicron Inc.                Housing Partners XI LP      Housing Investments

                                                                                                 50.40% by GP MHICAL 96
                                                                                                 Company

                                                                                                 14.70% by GP MHICAL 97
                                                                                                 Company







Name of Entity:                          ECH/HFC GP Partnership      ECH Investor Partners       ECH Investor Partners
                                         No. 2                       VI-A LP                     VI-B LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,417                      $4,178                      $2

  Revenues                               $1                          $11                         $0

  Net Income (Loss)                      ($22)                       ($186)                      ($0


Ownership Interest(s):                   56.70% by Edison Capital    15.39% by Edison Capital    99% by Edison Capital
                                         Housing Investments         Contributions VI Partners   Contributions VI Partners

                                         43.30% GP by MHICAL 95      1% GP by Edison Capital     1% GP by Edison Capital
                                         Company                     Housing Investments         Housing Investments









265



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          ECHP LLC                    EDA LP (Eagle's Nest)       Edison Capital Affordable
                                                                                                 Housing 99A G.P.
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $20,790                     $88                         $3,768

  Revenues                               $0                          $24                         $14

  Net Income (Loss)                      ($1)                        ($2)                        ($368)


Ownership Interest(s):                   99.999% by ECHP             99.00% by Corporations      27.69% by Edison Capital
                                         Investment Company          for Affordable Housing LP   Housing Investments
                                                                     II
                                                                                                 36.47% GP by MHICAL 96
                                                                                                 Company
                                                                                                 33.05% by MHICAL 97
                                                                                                 Company
                                                                                                 2.78% by Mission Housing
                                                                                                 Epsilon
                                                                                                 0.01% by Mission Funding
                                                                                                 Theta







Name of Entity:                          Edison Capital Affordable   Edison Capital Housing      Edison Capital Housing
                                         Housing 99B G.P.            Partners V LP               Partners VI LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,775                      $298                        $7,846

  Revenues                               $5                          $1                          $23

  Net Income (Loss)                      ($127)                      ($16)                       ($381)


Ownership Interest(s):                   99.99% by Edison Capital    16.18% by Edison Capital    61.82% by ECH Investor
                                         Housing Investments         Housing Investments         Partners VI-A LP

                                         0.01% by Mission Funding                                37.18% by ECH Investor
                                         Theta                                                   Partners VI-B LP

                                                                                                 1% GP by Edison Capital
                                                                                                 Housing Investments







266



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Edison Capital Housing      Edison Capital Housing      Edison Capital Housing
                                         Partners VII LP             Partners VIII LP            Partners IX LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $5,200                      $1,690                      $7,832

  Revenues                               $8                          $2                          $18

  Net Income (Loss)                      ($296)                      ($103)                      ($491)


Ownership Interest(s):                   19.40% GP by ECH/HFC GP     18.54% by ECH/HFC GP        13.5533% GP by Edison
                                         Partnership No. 1           Partnership No. 2           Capital Affordable
                                                                                                 Housing 99A G.P.











Name of Entity:                          Edison Capital Housing      Edison Capital Housing      Edison Capital Housing
                                         Partners X LP               Partners XI LP              Partners XII LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $9,964                      $5,204                      $4,579

  Revenues                               $29                         $13                         $20

  Net Income (Loss)                      ($753)                      ($641)                      ($208)


Ownership Interest(s):                   19.3952% by Edison          18.62486% by Edison         13.73759% by Edison
                                         Capital Affordable          Capital Affordable          Capital Affordable
                                         Housing 99B GP              Housing 99B GP              Housing 99B GP











267



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Edison Capital Housing      Edison Capital Housing      Edison Capital Housing
                                         Partners XIII LP            Partners XIV LP             Partners XV LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,291                      $1,861                      $7

  Revenues                               $4                          $15                         $0

  Net Income (Loss)                      ($153)                      ($96)                       ($1)


Ownership Interest(s):                   17.03513% by Edison         7.61% by Edison Capital     9.567% by Edison Capital
                                         Capital Affordable          Affordable Housing 99B GP   Affordable Housing 99B GP
                                         Housing 99B GP











Name of Entity:                          Edison Capital Housing      Edison Capital Housing      Edison Capital Housing
                                         Partners XVI LP             Partners XVII LP            Partners XVIII LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $5                          $6                          $1

  Revenues                               $0                          $0                          $0

  Net Income (Loss)                      $0                          $0                          $0


Ownership Interest(s):                   0.01% by ECHP LLC           0.01% by ECHP LLC           0.01% by ECHP LLC











268



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Edison Capital Housing      Edison Capital              Edgewood Manor Assoc II LP
                                         Partners XIX LP             Contributions VI Partners
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $25,232                     $20,468                     $48

  Revenues                               $52                         $49                         $4

  Net Income (Loss)                      ($836)                      ($806)                      ($2)


Ownership Interest(s):                   0.01% by ECHP LLC           91.77% by Edison Capital    99.00% by Corporations
                                                                     Housing Investments         for Affordable Housing LP
                                                                                                 II

                                                                     4.03% GP by Edison
                                                                     Housing North Carolina

                                                                     4.20% GP by Edison
                                                                     Housing South Carolina







Name of Entity:                          Edmundson Assoc LP (The     El Barrio Academy Urban     Electra Arms Senior Assoc
                                         Willows)                    Renewal Assoc LP (Academy   LP
                                                                     Street)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $3,031                      $5,534                      $2,702

  Revenues                               $179                        $194                        $202

  Net Income (Loss)                      ($134)                      ($163)                      ($112)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by Edison Funding    99.00% by Edison Capital
                                         Omicron Inc.                Omicron Inc.                Housing Partners XI LP











269



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Elizabeth West and East LP  Emanuel Grant Company LLC   Eugene Hotel LP
                                                                     (Capitol Heights)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,748                      $1,978                      $0

  Revenues                               $169                        $143                        $0

  Net Income (Loss)                      ($96)                       ($107)                      $0


Ownership Interest(s):                   99.00% by Edison Funding    99.90% by Edison Capital    99.90% by Edison Capital
                                         Omicron Inc.                Housing Partners XV LP      Housing Partners XVI LP











Name of Entity:                          Fairmont Hotel Urban        Fairview Village Assoc LP   Farm (The) Assoc LP
                                         Renewal Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $68                         $6                          $6,149

  Revenues                               $3                          $0                          $367

  Net Income (Loss)                      ($5)                        $0                          ($98)


Ownership Interest(s):                   99.00% by Corporations      99.00% by MHIFED 94 LP      99.00% by Edison Funding
                                         for Affordable Housing LP                               Omicron Inc.











270



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Fell St Housing Assoc LP    Fifth and Wilshire Apts LP  Flagstaff Affordable
                                                                                                 Housing II LP (Forest
                                                                                                 View Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $129                        $1,148                      $982

  Revenues                               $6                          $37                         $89

  Net Income (Loss)                      ($4)                        ($26)                       ($55)


Ownership Interest(s):                   99.00% by MHIFED 94 LP      99.00% by Edison Capital    99.00% by Edison Capital
                                                                     Housing Partners VII LP     Housing Partners VII LP











Name of Entity:                          Florence Apts LLC           Florin Woods Assoc LP       Forest Winds Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $3,526                      $1                          $259

  Revenues                               $127                        $0                          $16

  Net Income (Loss)                      ($111)                      $0                          ($9)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Edison Capital    99.00% by Mission Housing
                                         Housing Investments         Housing Partners XVIII LP   Investors Partnership











271



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Fremont Building LP         Garnet Housing Assoc LP     Gateway Housing LP
                                         (Crescent Arms)             (Garnet Lane Apts)          (Gateway Plaza)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2                          $2,112                      $73

  Revenues                               $0                          $140                        $13

  Net Income (Loss)                      $0                          ($94)                       $0


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by MHICAL 97 LP      99.00% by Corporations
                                         Housing Partners XVII LP                                for Affordable Housing LP
                                                                                                 II











Name of Entity:                          Gilroy Redwood Assoc LP     Ginzton Assoc LP            Glen Eden Assoc LP (A
                                         (Redwoods)                                              Street)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,833                      $8,766                      $294

  Revenues                               $196                        $966                        $15

  Net Income (Loss)                      ($119)                      ($82)                       ($12)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by Edison Funding    99.00% by Mission Housing
                                         Omicron Inc.                Omicron Inc.                Investors Partnership











272



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Good Samaritan Assoc LP     Grace Housing LP (Grace     Gray's Meadows Investors
                                                                     Street)                     LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $47                         $2,482                      $241

  Revenues                               $2                          $127                        $18

  Net Income (Loss)                      ($1)                        ($97)                       ($14)


Ownership Interest(s):                   99.00% by MHIFED 96A LP     99.00% by Edison Capital    99.00% by Mission Housing
                                                                     Housing Partners XI LP      Investors Partnership











Name of Entity:                          Greenway Village Assoc LP   Grossman Apts Investors LP  Hamilton Place Apts LP
                                                                                                 (Larkin Place)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $3,394                      $1,009                      $3,605

  Revenues                               $261                        $111                        $389

  Net Income (Loss)                      ($163)                      ($38)                       ($59)


Ownership Interest(s):                   99.00% by MHICAL 96 LP      99.00% by Edison Funding    99.00% by Edison Capital
                                                                     Omicron Inc.                Housing Partners VI LP











273



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Hamilton Place Senior       Harry Clark Jr.             Hearthstone Group 3 LP
                                         Living LP                   Residential Center LLC      (Evergreen Court)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,944                      $1,706                      $1,048

  Revenues                               $269                        $50                         $89

  Net Income (Loss)                      $1                          ($120)                      ($45)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Edison Capital    99.00% by Edison Capital
                                         Housing Partners VI LP      Housing Investments         Housing Partners VI LP











Name of Entity:                          Heather Glen Assoc LP       Hercules Senior Housing     Heritage Partners LP
                                                                     Assoc LP                    (Heritage Villas)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $4,537                      $1                          $1,972

  Revenues                               $388                        $0                          $165

  Net Income (Loss)                      ($204)                      $0                          ($63)


Ownership Interest(s):                   99.00% by Edison Funding    99.90% by Edison Capital    99.00% by Edison Capital
                                         Omicron Inc.                Housing Partners XVII LP    Housing Partners XII LP











274



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Highland Village Partners   Hilltop Farms LP            HMB-Atlanta I LP (Spring
                                         LP                                                      Branch)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,198                      $0                          $4,933

  Revenues                               $41                         $0                          $924

  Net Income (Loss)                      $43                         $0                          ($109)


Ownership Interest(s):                   99.90% by Edison Capital    99.90% by Edison Capital    99.00% by Edison Funding
                                         Housing Partners XV LP      Housing Partners XVI LP     Omicron Inc.











Name of Entity:                          Hollywood El Centro LP      Holy Family Assoc LP        Homestead Village Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $106                        $8,683                      $52

  Revenues                               $6                          $655                        $7

  Net Income (Loss)                      ($4)                        ($336)                      ($1)


Ownership Interest(s):                   99.00% by MHIFED 95 LP      99.00% by Edison Funding    99.00% by Corporations
                                                                     Omicron Inc.                for Affordable Housing LP
                                                                                                 II











275



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Hope West Apts LP           Hotel Elkhart LLC (The      Huff Ave Assoc LP
                                                                     Cornerstone)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $26                         $110                        $1,896

  Revenues                               $1                          $18                         $163

  Net Income (Loss)                      ($1)                        ($1)                        ($27)


Ownership Interest(s):                   99.00% by MHIFED 94 LP      99.00% by Mission Housing   99.00% by Edison Capital
                                                                     Epsilon                     Housing Partners VII LP











Name of Entity:                          I.G. Partners LP (Island    Josephinum Assoc LP (The)   Junction City Apts LP
                                         Gardens)                                                (Green Park)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $867                        $7,346                      $37

  Revenues                               $87                         $1,266                      $8

  Net Income (Loss)                      ($22)                       ($859)                      $0


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Capital    99.00% by Corporations
                                         Housing Partners XV LP      Housing Investments         for Affordable Housing LP
                                                                                                 II











276



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Karen Partners LP           KDF Malabar LP (Malabar     KDF Park Glenn LP (Park
                                                                     Apts)                       Glenn Apartments)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,069                      $4,621                      $1

  Revenues                               $102                        $683                        $0

  Net Income (Loss)                      ($17)                       ($10)                       $0


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Capital    99.00% by Edison Capital
                                         Housing Partners XV LP      Housing Partners VI LP      Housing Partners XVI LP











Name of Entity:                          KDF Park Glenn Seniors LP   KDF Santa Paula LP (Santa   Kennedy Court Partners LP
                                         (Park Glenn Senior Apts     Paula)
                                         II)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $0                          $0                          $3,122

  Revenues                               $0                          $0                          $214

  Net Income (Loss)                      $0                          $0                          ($149)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Capital    99.00% by MHICAL 96 LP
                                         Housing Partners XVI LP     Housing Partners XIX LP











277



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Kennedy Lofts Assoc LP      King Road Assoc LP          Klamath Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $12,275                     $0                          $2,621

  Revenues                               $3,198                      $0                          $208

  Net Income (Loss)                      ($197)                      $0                          ($73)


Ownership Interest(s):                   99.00% by Edison Capital    99.90% by Edison Capital    99.00% by MHICAL 96 LP
                                         Housing Investments         Housing Partners XVI LP











Name of Entity:                          Knolls Community Assoc LP   La Brea/Franklin LP         Lackawana Housing Assoc
                                         (The Knolls)                                            (Goodwill)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,136                      $53                         $4,446

  Revenues                               $50                         $3                          $154

  Net Income (Loss)                      ($36)                       ($3)                        ($144)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by MHIFED 95 LP      99.00% by Edison Funding
                                         Housing Partners IX LP                                  Omicron Inc.











278



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Lark Ellen LP               Larkin Pine LP              La Terraza Assoc LP
                                                                                                 (Villa Loma)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,519                      $73                         $3

  Revenues                               $166                        $3                          $0

  Net Income (Loss)                      ($57)                       ($3)                        $0



Ownership Interest(s):                   99.00% by Edison Capital    99.00% by MHIFED 95 LP      99.00% by Edison Capital
                                         Housing Partners X LP                                   Housing Partners XVII LP











Name of Entity:                          Lavell Village Assoc LP     LL Housing LP (Laurel       LL Housing LLC
                                                                     Lakes)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $262                        $1                          $52

  Revenues                               $17                         $0                          $0

  Net Income (Loss)                      ($9)                        $0                          ($1)


Ownership Interest(s):                   99.00% by MHIFED 96 LP      99.00% by Edison Capital    24.50% by Edison Capital
                                                                     Housing Partners XVI LP     Housing Investments











279



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Lee Park Investors LP       Liberty House Assoc LP      Lilac Estates LP
                                         Sold in 2002
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $25,383                     $41                         $377

  Revenues                               $6,024                      $3                          $20

  Net Income (Loss)                      $157                        ($1)                        ($5)


Ownership Interest(s):                   99.00% by Mission Housing   99.00% by Corporations      99.90% by Edison Capital
                                         Alpha                       for Affordable Housing LP   Housing Partners XV LP
                                                                     II











Name of Entity:                          LINC-Bristol Assoc I, LP    Lovejoy Station LP
                                         (City Gardens)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $7,042                      $2

  Revenues                               $1,249                      $0

  Net Income (Loss)                      $101                        $0


Ownership Interest(s):                   99.00% by Edison Capital    99.90% by Edison Capital
                                         Housing Partners VI LP      Housing Partners XVIII LP










280



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)



Name of Entity:                          Mackenzie Park Assoc LP     Madison/Mollison LP (Park   Maple Ridge Development
                                                                     Mollison)                   Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $13                         $6,399                      $20

  Revenues                               $1                          $1,046                      $2

  Net Income (Loss)                      ($1)                        ($26)                       ($1)


Ownership Interest(s):                   99.00% by Corporations      99.00% by Edison Capital    99.00% by Corporations
                                         for Affordable Housing LP   Housing Investments         for Affordable Housing LP
                                                                                                 II











Name of Entity:                          Maplewood Housing           Maplewood School Apts LP    Mar Assoc LP (Frank Mar)
                                         Associates LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $5,659                      $4,901                      $9,742

  Revenues                               $527                        $220                        $772

  Net Income (Loss)                      ($266)                      ($184)                      ($594)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Funding    99.00% by Edison Funding
                                         Housing Investments         Omicron Inc.                Omicron Inc.











281


EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          MAS-WT LP (Washington       Mayacamas Village Assoc LP  McFarland Press Assoc LP
                                         Terrace)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $5,837                      $5,842                      $6,161

  Revenues                               $704                        $358                        $236

  Net Income (Loss)                      ($110)                      ($187)                      ($227)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by MHICAL 94 LP      99.00% by Edison Funding
                                         Housing Partners VI LP                                  Omicron Inc.











Name of Entity:                          Mercantile Housing LLC      Mercy Housing California    Mercy Housing California
                                         (Mercantile Square)         III LP (3rd and Reed)       IV LP (Vista Grande)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $17,930                     $60                         $673

  Revenues                               $2,032                      $4                          $40

  Net Income (Loss)                      ($369)                      ($3)                        ($20)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by MHIFED 95 LP      99.00% by Edison Capital
                                         Omicron Inc.                                            Housing Partners V LP











282



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Mercy Housing California    Mercy Housing California    Merrill Road Assoc LP
                                         VI LP (205 Jones)           IX LP (Sycamore)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $3,306                      $1,895                      $3,610

  Revenues                               $282                        $109                        $96

  Net Income (Loss)                      ($164)                      ($59)                       ($90)


Ownership Interest(s):                   99.00% by MHICAL 95 LP      99.90% by Edison Capital    99.00% by Edison Funding
                                                                     Housing Partners X LP       Omicron Inc.











Name of Entity:                          Metro Senior Assoc LP       MH I LP                     MH II LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $68                         $501                        $2

  Revenues                               $4                          $10                         $2

  Net Income (Loss)                      ($3)                        ($116)                      ($60)


Ownership Interest(s):                   99.00% by MHIFED 96A LP     1.00% by Edison Capital     1.00% by Edison Capital
                                                                     Housing Investments         Housing Investments

                                                                     99.00% by Edison Funding    99.00% by Mission Housing
                                                                     Omicron Inc.                Delta









283



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          MH III LP                   MH IV LP                    MH V LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $671                        $749                        $2

  Revenues                               $8                          $9                          $0

  Net Income (Loss)                      ($359)                      ($351)                      ($3)


Ownership Interest(s):                   1.00% by Edison Capital     1.00% by Edison Capital     1.00% by Edison Capital
                                         Housing Investments         Housing Investments         Housing Investments

                                         99.00% by Mission Housing   99.00% by Mission Housing   99.00% by Mission Housing
                                         Delta                       Delta                       Delta









Name of Entity:                          MHIFED 94 LP                MHICAL 94 LP                MHIFED 95 LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $31,531                     $33                         $28,041

  Revenues                               $108                        $1                          $93

  Net Income (Loss)                      ($1,954)                    ($12)                       ($1,816)


Ownership Interest(s):                   1.00% by Edison Capital     1.00% by Edison Capital     1.00% by Edison Capital
                                         Housing Investments         Housing Investments         Housing Investments

                                                                     99.00% by Edison Funding
                                                                     Omicron Inc.









284


EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          MHICAL 95 LP                MHIFED 96 LP                MHIFED 96A LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $172                        $197                        $26,058

  Revenues                               $3                          $0                          $57

  Net Income (Loss)                      ($44)                       ($13)                       ($1,299)


Ownership Interest(s):                   1.00% by Edison Capital     5.00% by Edison Capital     1.00% by Edison Capital
                                         Housing Investments         Housing Investments         Housing Investments

                                         99.00% by Edison Funding
                                         Omicron Inc.









Name of Entity:                          MHICAL 96 LP                MHIFED 97 LP                MHICAL 97 LP
                                                                     Dissolved in `02
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 ($686)                      $0                          $16

  Revenues                               $19                         $0                          $0

  Net Income (Loss)                      ($665)                      $0                          ($5)


Ownership Interest(s):                   1.00% by Edison Capital     1.00% by Edison Capital     1.00% by Edison Capital
                                         Housing Investments         Housing Investments         Housing Investments

                                         99.00% by Edison Funding    99.00% by MHIFED 97         99.00% by MHICAL 97
                                         Omicron Inc.                Company                     Company









285


EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Mid-Peninsula Century       Mid-Peninsula Sharmon       Mission Capp LP
                                         Village Assoc LP (Century   Palms Assoc LP (Sharmon
                                         Village)                    Palms)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $6,725                      $2,681                      $4,559

  Revenues                               $837                        $253                        $431

  Net Income (Loss)                      ($120)                      ($88)                       ($167)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by Edison Capital    99.00% by Edison Funding
                                         Omicron Inc.                Housing Investments         Omicron Inc.











Name of Entity:                          Mission Housing Investors   Mission Housing             Monterra Village Assoc LP
                                         Partnership                 Partnership 1996 LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $20,406                     $0                          $636

  Revenues                               $67                         $0                          $28

  Net Income (Loss)                      ($1,841)                    ($3)                        ($16)


Ownership Interest(s):                   5.00% by Mission Housing    1.00% by Edison Capital     99.00% by Edison Capital
                                         Theta                       Housing Investments         Housing Partners IX LP

                                                                     99.00% by Edison Funding
                                                                     Omicron Inc.









286



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Morgan Hill Ranch Housing   Morrone Gardens Assoc LP    Mountainlands Housing
                                         LP                                                      Partners LP (Holiday
                                                                                                 Village Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,058                      $69                         $732

  Revenues                               $143                        $7                          $66

  Net Income (Loss)                      ($58)                       ($3)                        ($15)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by MHIFED 94 LP      99.90% by Edison Capital
                                         Housing Partners X LP                                   Housing Partners XV LP











Name of Entity:                          Mountain View Townhomes     MPT Apts LP (MacArthur      NAHF Brockton LP
                                         Assoc LP                    Park)                       (Southfield Gardens)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $831                        $5,638                      $1,151

  Revenues                               $42                         $994                        $187

  Net Income (Loss)                      ($25)                       ($341)                      ($21)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by MH IV LP          99.90% by Edison Capital
                                         Housing Partners VII LP                                 Housing Partners XV LP











287



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          National Boston Lofts       Neary Lagoon Partners LP    Northern Senior Housing
                                         Assoc LLLP (Boston Lofts)                               LP (St. Johnsbury)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $20,646                     $8,515                      $297

  Revenues                               $2,290                      $566                        $13

  Net Income (Loss)                      ($31)                       ($317)                      ($6)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Edison Funding    99.9% by Edison Capital
                                         Housing Investments         Omicron Inc.                Housing Partners XV LP











Name of Entity:                          North Park Village LLC      North Town Housing          Northwood Manor Assoc LP
                                                                     Partners LP (Villa del
                                                                     Norte Village)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,956                      $645                        $1,757

  Revenues                               $143                        $24                         $157

  Net Income (Loss)                      ($86)                       ($23)                       ($22)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by MHIFED 96 LP      99.00% by Edison Capital
                                         Omicron Inc.                                            Housing Partners VI LP











288



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Oak Forest Assoc LP         Oakdale Terrace Leased      Oceanside Gardens LP
                                                                     Housing Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $523                        $1,542                      $1,701

  Revenues                               $22                         $194                        $95

  Net Income (Loss)                      ($23)                       ($19)                       ($54)


Ownership Interest(s):                   99.00% by Edison Capital    98.99% by Edison Capital    99.00% by Edison Funding
                                         Housing Partners VII LP     Housing Investments         Omicron Inc.

                                                                     0.01% by Mission Funding
                                                                     Theta









Name of Entity:                          Ohlone Housing Assoc LP     Olive Court Apts LP         OL Hope LP (Olympic Hope)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,450                      $3,238                      $1

  Revenues                               $223                        $484                        $0

  Net Income (Loss)                      ($75)                       ($110)                      $0


Ownership Interest(s):                   99.00% by Edison Capital    98.90% by Edison Capital    99.90% by Edison Capital
                                         Housing Partners VIII LP    Housing Investments         Housing Partners XVIII LP

                                                                     0.60% by Edison Funding
                                                                     Olive Court









289



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Omaha Amber Ridge LP        Ontario Senior Housing LP   Open Door Assoc LP
                                         (Amber Ridge)               (Ontario Plaza)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $7,336                      $1                          $7,591

  Revenues                               $1,066                      $0                          $547

  Net Income (Loss)                      ($20)                       $0                          ($156)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by Edison Capital    99.00% by Edison Funding
                                         Omicron Inc.                Housing Partners XIX LP     Omicron Inc.











Name of Entity:                          Osage Terrace LP            Oxnard Housing Assoc LP     Pacific Terrace Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $510                        $35                         $717

  Revenues                               $23                         $3                          $29

  Net Income (Loss)                      ($13)                       ($1)                        ($17)


Ownership Interest(s):                   99.89% by Edison Capital    99.00% by MHIFED 96A LP     99.90% by Edison Capital
                                         Housing Partners XII LP                                 Housing Partners IX LP











290



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Pacifica Community Assoc    Pacific Vista Las Flores    Pajaro Court Assoc LP
                                         LP (Villa Pacifica)         LP (Vista Las Flores)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,403                      $5,765                      $15

  Revenues                               $190                        $7                          $1

  Net Income (Loss)                      ($59)                       $28                         ($1)


Ownership Interest(s):                   99.90% by Edison Capital    99.90% by Edison Capital    99.00% by MHIFED 94 LP
                                         Housing Partners X LP       Housing Investments











Name of Entity:                          Palmer Heights, LLC         Palmer House LP             Paradise Road Partners LP
                                                                                                 (Gateway Village)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $0                          $1,538                      $829

  Revenues                               $0                          $207                        $47

  Net Income (Loss)                      $0                          ($55)                       ($26)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Funding    99.00% by Edison Capital
                                         Housing Partners XVIII LP   Omicron Inc.                Housing Partners VII LP











291



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Park Land Senior Apts       Park Place Terrace LP       Park Place 1998, LLC
                                         Investors LP (Banducci)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $445                        $1,394                      $507

  Revenues                               $19                         $49                         $26

  Net Income (Loss)                      ($20)                       ($41)                       ($14)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Capital    99.90% by Edison Capital
                                         Housing Partners XIII LP    Housing Partners V LP       Housing Partners XV LP











Name of Entity:                          Park Williams Partners LP   Parkside Assoc LP           Parkview Apts Assoc LP
                                                                     (Parkside Senior)           (Parkview/Sunburst)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $372                        $62                         $1

  Revenues                               $20                         $3                          $0

  Net Income (Loss)                      ($10)                       ($2)                        $0


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Corporations      99.90% by Edison Capital
                                         Housing Partners XV LP      for Affordable Housing LP   Housing Partners XVII LP











292



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Parsonage Cottage Senior    Patriots Pointe at          Pecan Court Assoc LP
                                         Residence LP                Colonial Hills LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $43                         $534                        $0

  Revenues                               $14                         $45                         $0

  Net Income (Loss)                      ($2)                        ($31)                       $0


Ownership Interest(s):                   99.00% by Corporations      99.9% by Edison Capital     99.90% by Edison Capital
                                         for Affordable Housing LP   Housing Partners XV LP      Housing Partners XIX LP
                                         II











Name of Entity:                          Pellettieri Homes Urban     Persimmon Assoc LP          Piedmont Housing Assoc
                                         Renewal Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1                          $903                        $127

  Revenues                               $0                          $84                         $22

  Net Income (Loss)                      $0                          ($29)                       ($2)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Edison Capital    99.00% by Corporations
                                         Housing Partners XIX LP     Housing Partners X LP       for Affordable Housing LP
                                                                                                 III











293



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Pilot Grove LP              Pines Housing LP            Pines Housing II LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $5,374                      $34                         $21

  Revenues                               $835                        $4                          $3

  Net Income (Loss)                      ($573)                      $0                          $0


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Corporations      99.00% by Corporations
                                         Housing Investments         for Affordable Housing LP   for Affordable Housing LP










Name of Entity:                          Pines Housing III LP        Pinmore Assoc LP            Pinole Grove Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $23                         $1                          $51

  Revenues                               $3                          $0                          $4

  Net Income (Loss)                      $0                          $0                          ($1)


Ownership Interest(s):                   99.00% by Corporations      99.00% by Edison Capital    99.00% by MHIFED 95 LP
                                         for Affordable Housing LP   Housing Partners XVIII LP
                                         III










294



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          PlumTree Preservation LP    Poco Way Assoc LP           Poinsettia Housing
                                                                                                 Associates
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $725                        $894                        $1,208

  Revenues                               $79                         $49                         $69

  Net Income (Loss)                      ($2)                        ($17)                       ($28)


Ownership Interest(s):                   99.9% by Edison Capital     99.00% by MHIFED 96 LP      99.9% by Edison Capital
                                         Housing Partners XV LP                                  Housing Partners XV LP










Name of Entity:                          Post Office Plaza LP        Preservation Properties I   Preservation Properties
                                                                     LP                          II LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $51,650                     $271                        $229

  Revenues                               $5,723                      $50                         $55

  Net Income (Loss)                      ($3,744)                    ($4)                        ($4)


Ownership Interest(s):                   99.00% by Edison Capital    99.90% by Edison Capital    99.90% by Edison Capital
                                         Housing Investments         Housing Partners XIV LP     Housing Partners XIV LP










295



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Preservation Properties     Preservation Properties     Preservation Properties V
                                         III LP                      IV LP                       LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $129                        $62                         $369

  Revenues                               $29                         $15                         $58

  Net Income (Loss)                      ($2)                        ($1)                        ($12)


Ownership Interest(s):                   99.90% by Edison Capital    99.90% by Edison Capital    99.90% by Edison Capital
                                         Housing Partners XIV LP     Housing Partners XIV LP     Housing Partners XIV LP










Name of Entity:                          President John Adams        Prince Bozzuto LP           Project Home I LLC
                                         Manor Apts LP               (Fairground Commons)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,135                      $396                        $279

  Revenues                               $362                        $72                         $27

  Net Income (Loss)                      ($30)                       ($19)                       ($18)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Mission Housing   99.99% by Edison Capital
                                         Housing Partners XIII LP    Investors Partnership       Housing Partners XV LP










296



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Providence-Brown St         PVA LP (Park Victoria)      Quebec Arms Apartments LP
                                         Housing LP (Brown St)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $284                        $743                        $14

  Revenues                               $14                         $106                        $1

  Net Income (Loss)                      ($12)                       ($33)                       $0


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Capital    99.9% by Edison Capital
                                         Housing Partners X LP       Housing Partners IX LP      Housing Partners XVII LP

                                                                                                 0.05% by Mission Housing
                                                                                                 Alpha








Name of Entity:                          Rancho Park Assoc LP        Red Lake LP #1              Reseda Village LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $343                        $0                          $37

  Revenues                               $19                         $0                          $3

  Net Income (Loss)                      ($8)                        $0                          ($1)


Ownership Interest(s):                   99.00% by Mission Housing   99.00% by Edison Capital    99.00% by MHIFED 96A LP
                                         Investors Partnership       Housing Partners XVI LP










297



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Richmond City Center        Rincon De Los Esteros       Rittenhouse School LP
                                         Assoc LP                    Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $6,209                      $3                          $52

  Revenues                               $436                        $0                          $4

  Net Income (Loss)                      ($242)                      $0                          ($1)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by Edison Capital    99.00% by Corporations
                                         Omicron Inc.                Housing Partners XIX LP     for Affordable Housing LP
                                                                                                 II










Name of Entity:                          Riverside/ Liebrandt        River Walk Apts Homes LP    Riverwalk Apts, Ltd
                                         Partners LP (La Playa)                                  (Colorado)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,331                      $483                        $1,677

  Revenues                               $82                         $43                         $199

  Net Income (Loss)                      ($102)                      ($12)                       ($33)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by Edison Capital    99.00% by Edison Capital
                                         Omicron Inc.                Housing Partners V LP       Housing Partners XIII LP










298



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Roebling Village Inn        Rosebloom Assoc LP          Rosecreek Senior Living LP
                                         Urban Renewal LP            (Oakshade)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,204                      $2,567                      $1,130

  Revenues                               $66                         $196                        $106

  Net Income (Loss)                      ($64)                       ($138)                      ($26)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by Edison Funding    99.90% by Edison Capital
                                         Omicron Inc.                Omicron Inc.                Housing Partners XIII LP










Name of Entity:                          Round Walk Village Apts LP  Rowland Heights             Rustic Gardens Assoc LP
                                                                     Preservation LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $128                        $969                        $130

  Revenues                               $10                         $121                        $7

  Net Income (Loss)                      ($3)                        $21                         $4


Ownership Interest(s):                   99.00% by MHIFED 96A LP     99.9% by Edison Capital     99.00% by Mission Housing
                                                                     Housing Partners XIV LP     Investors Partnership










299



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)



Name of Entity:                          Salem Lafayette Urban       San Diego Golden Villa      San Juan Commons 1996 LP
                                         Renewal Assoc LP            Partners LP (Golden Villa)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $89                         $464                        $550

  Revenues                               $8                          $27                         $40

  Net Income (Loss)                      ($3)                        ($19)                       ($23)


Ownership Interest(s):                   99.00% by Corporations      99.00% by Edison Capital    99.90% by Edison Capital
                                         for Affordable Housing LP   Housing Partners V LP       Housing Partners X LP
                                         III










Name of Entity:                          San Martin de Porres LP     San Pablo Senior Housing    San Pedro Gardens Assoc LP
                                                                     Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $0                          $3,435                      $2,420

  Revenues                               $1                          $356                        $130

  Net Income (Loss)                      $0                          ($134)                      ($145)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Funding    99.00% by Edison Funding
                                         Housing Partners XVI LP     Omicron Inc.                Omicron Inc.










300



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Santa Alicia Family         Santa Alicia Gardens        Santa Paulan Senior Apts
                                         Housing Assoc               Townhomes LP (Gardens       Assoc LP (The Paulan)
                                                                     Townhomes)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $73                         $375                        $7,918

  Revenues                               $8                          $27                         $898

  Net Income (Loss)                      ($1)                        ($12)                       ($73)


Ownership Interest(s):                   99.00% by MHIFED 96A LP     99.00% by Edison Capital    99.00% by Edison Funding
                                                                     Housing Partners V LP       Omicron Inc.










Name of Entity:                          Saratoga Vacaville LP       Schoolhouse Court Housing   SD Regency Centre LP
                                         (Saratoga Senior)           Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $848                        $0                          $1

  Revenues                               $72                         $0                          $0

  Net Income (Loss)                      ($22)                       $0                          $0


Ownership Interest(s):                   99.90% by Edison Capital    99.90% by Edison Capital    99.90% by Edison Capital
                                         Housing Partners XV LP      Housing Partners XIX LP     Housing Partners XVIII LP










301



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Sea Ranch Apts LP           Seasons Affordable Senior   Second St Center LP
                                                                     Housing LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $111                        $275                        $45

  Revenues                               $10                         $23                         $3

  Net Income (Loss)                      ($6)                        ($13)                       ($2)


Ownership Interest(s):                   99.00% by Mission Housing   99.00% by MHIFED 96 LP      99.00% by MHIFED 95 LP
                                         Investors Partnership










Name of Entity:                          Serena Sunbow LP (Villa     Sherman Glen, LLC           Silver City Housing LP
                                         Serena)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $903                        $778                        $56

  Revenues                               $84                         $94                         $14

  Net Income (Loss)                      ($29)                       ($15)                       $0


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Capital    99.00% by Corporations
                                         Housing Partners XV LP      Housing Partners IX LP      for Affordable Housing LP
                                                                                                 II










302



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Silver Lake Properties LP   Sky Parkway Housing Assoc   Smyrna Gardens Assoc LP
                                                                     LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,209                      $1                          $33

  Revenues                               $109                        $0                          $3

  Net Income (Loss)                      ($23)                       $0                          ($2)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Edison Capital    99.00% by Corporations
                                         Housing Partners VI LP      Housing Partners XVII LP    for Affordable Housing LP










Name of Entity:                          Solinas Village Partners    South 55th St LP            South Beach Housing Assoc
                                         LP                                                      LP (Steamboat Point)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $41                         $26                         $11,628

  Revenues                               $2                          $2                          $735

  Net Income (Loss)                      ($1)                        ($0)                        ($252)


Ownership Interest(s):                   99.00% by MHIFED 95 LP      99.00% by Corporations      99.00% by Edison Funding
                                                                     for Affordable Housing LP   Omicron Inc.
                                                                     II










303



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          South Winery Assoc LP       Southern Hotel LP           Springdale Kresson Assoc
                                         (The Winery Apts)                                       LP (Jewish Federation)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $6,875                      $0                          $327

  Revenues                               $937                        $0                          $32

  Net Income (Loss)                      ($357)                      $0                          ($14)


Ownership Interest(s):                   99.00% by Edison Funding    99.90% by Edison Capital    99.00% by Mission Housing
                                         Omicron Inc.                Housing Partners XVI LP     Investors Partnership










Name of Entity:                          Springdale Preservation     Spring Valley Commons       Stevenson Housing Assoc
                                         LP (Springdale West)                                    (Park Vista)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,893                      $78                         $61

  Revenues                               $345                        $5                          $6

  Net Income (Loss)                      $9                          ($3)                        ($3)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Corporations      99.00% by Corporations
                                         Housing Partners XIV LP     for Affordable Housing LP   for Affordable Housing LP
                                                                     III                         III










304



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          St. Hedwig's Gardens        St. Regis Park LP (Pear     Stoney Creek Assoc LP
                                                                     Tree)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $572                        $944                        $8,328

  Revenues                               $36                         $91                         $469

  Net Income (Loss)                      ($11)                       ($33)                       ($439)


Ownership Interest(s):                   99.00% by Edison Capital    99.9% by Edison Capital     99.00% by Edison Funding
                                         Housing Partners V LP       Housing Partners XV LP      Omicron Inc.










Name of Entity:                          Stony Point Apt Investors   Strobridge Housing Assoc    Studebaker Building LP
                                         LP (Panas Place)            LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,911                      $1,524                      $2,542

  Revenues                               $114                        $88                         $281

  Net Income (Loss)                      ($60)                       ($36)                       ($119)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Capital    99.00% by Edison Funding
                                         Housing Partners XI LP      Housing Partners IX LP      Omicron Inc.









305


EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Sultana Acres Assoc LP      Sunset Creek Partners LP    Sunshine Terrace LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,165                      $1                          $1,254

  Revenues                               $131                        $0                          $52

  Net Income (Loss)                      ($165)                      $0                          ($35)


Ownership Interest(s):                   99.00% by Edison Funding    99.00% by Edison Capital    99.00% by Edison Capital
                                         Omicron Inc.                Housing Partners XVII LP    Housing Partners V LP










Name of Entity:                          Tabor Grand LP              Terra Cotta Housing Assoc   Thomson Rental Housing LP
                                                                     LP                          (Washington Place)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,750                      $2                          $1,941

  Revenues                               $276                        $0                          $190

  Net Income (Loss)                      ($136)                      $0                          ($67)


Ownership Interest(s):                   99.00% by Edison Capital    99.90% by Edison Capital    99.00% by Edison Funding
                                         Housing Investments         Housing Partners XVI LP     Omicron Inc.










306



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Three Oaks Housing LP       Tierra Linda Assoc LP       Timber Sound, Ltd
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $42                         $27                         $953

  Revenues                               $3                          $1                          $117

  Net Income (Loss)                      ($5)                        ($1)                        ($29)


Ownership Interest(s):                   99.00% by MHIFED 95 LP      99.00% by MHIFED 94 LP      99.00% by Edison Capital
                                                                                                 Housing Partners X LP










Name of Entity:                          Timber Sound II, Ltd        Tioga Gardens LP            Tlaquepaque Housing Assoc
                                                                                                 LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $2,024                      $40                         $57

  Revenues                               $233                        $2                          $4

  Net Income (Loss)                      ($21)                       ($2)                        ($2)


Ownership Interest(s):                   99.00% by Edison Capital    99.00% by Corporations      99.00% by MHIFED 94 LP
                                         Housing Partners X LP       for Affordable Housing LP










307



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          Trinity Park Apts LP        Trolley Terrace Townhomes   Tuscany Assoc LP (Tuscany
                                                                     LP                          Villa)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $481                        $366                        $3,514

  Revenues                               $26                         $14                         $242

  Net Income (Loss)                      ($16)                       ($17)                       ($170)


Ownership Interest(s):                   99.90% by Edison Capital    99.90% by Edison Capital    99.00% by Edison Funding
                                         Housing Partners X LP       Housing Partners IX LP      Omicron Inc.










Name of Entity:                          Twin Ponds Apts LP          Union Meadows Apts          University Manor
                                                                                                 Apartments LP
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Assets                                 $1,734                      $778                        $5,767

  Revenues                               $179                        $38                         $96

  Net Income (Loss)                      ($78)                       ($42)                       ($3)


Ownership Interest(s):                   99.90% by Edison Capital    99.00% by Edison Capital    99.9% by Edison Capital
                                         Housing Partners XIII LP    Housing Partners V LP       Housing Partners XVII LP

                                                                                                 0.05% by Mission Housing
                                                                                                 Alpha








308



EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)




Name of Entity:                          University Park             Upland Senior Housing LP    Venbury Trail LP
                                         Properties LP               (Coy D. Estes)
---------------------------------------- --------------------------- --------------------------- ---------------------------


Equity Interest:

  Asset