EX-2.3 4 a2145439zex-2_3.htm EXHIBIT 2.3
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Exhibit 2.3


UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE

In re:   NORTHWESTERN CORPORATION
Debtor		   Case No. 03-12872
Reporting Period: 8/01/04 to 8/31/04


MONTHLY OPERATING REPORT
FOR THE PERIOD 8/01/04 TO 8/31/04

Schedule of Cash Receipts and Disbursements   MOR-1   X
  Bank accounts and balances   MOR-1 (cont'd)   X
Statement of Operations   MOR-2   X
Balance Sheet   MOR-3   X
Status of Postpetition Taxes   MOR-4   X
  Copy of 941 quarterly tax return        
Summary of Unpaid Postpetition Debts   MOR-4   X
  Listing of aged accounts payable       X
Accounts Receivable Reconciliation and Aging   MOR-5   X
Debtor Questionnaire   MOR-5   X

        I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.


 
 
 
NORTHWESTERN CORPORATION
Signature of Debtor Date		   September 17, 2004
Date

N/A
Signature of Joint Debtor
 
Date

 
Signature of Authorized Individual
 
September 17, 2004
Date

Kendall G. Kliewer
Printed Name of Authorized Individual
 
Controller/Chief Accountant
Title

        Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

In re:   NORTHWESTERN CORPORATION
Debtor		   Case No. 03-12872
Reporting Period: 8/01/04 to 8/31/04


SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

    CASH BEGINNING OF MONTH   $ 115,144,821  
Cash Receipts from Customers   $ 68,568,336  
Cash Receipts from Colstrip Sales        
Restricted Cash     —  
Blue Dot payment to (from) NOR     34,508  
Income tax refund     83,431  
   
 
  TOTAL RECEIPTS     68,686,275  
    People Costs        
Payroll     (4,137,090 )
Benefits     (2,664,831 )
Payroll Taxes     (2,054,283 )
Severance & KERP     (96,000 )
   
 
      (8,952,204 )
AP Check Clearing     (8,777,955 )
Gas and Electric Supply     (22,915,928 )
Electric Supply—PPL     (11,240,241 )
Power Plants     (1,952,257 )
Colstrip 4 Cash Subsidy     (1,000,000 )
ARI Fleet Lease Payment     (365,342 )
   
 
      (46,251,723 )
Sales and Use Tax     (873,891 )
Property Taxes     (123,139 )
Insurance (including D&O)     (78,026 )
Miscellaneous Income (expense)     (305,983 )
   
 
      (1,381,039 )
Professional fees: Ordinary course     (1,417,793 )
Professional fees: Bankruptcy     (2,788,323 )
US Trustee fee     —  
   
 
      (4,206,116 )
Contribution in Aid of Construction     —  
Secured Debt—Principal pay     —  
Secured Debt—Interest     (11,166,138 )
DIP Interest expense     —  
DIP Financing Fees     —  
   
 
      (11,166,138 )
    TOTAL DISBURSEMENTS     (71,957,219 )
    NET CASH FLOW     (3,270,944 )
   
 
    Plus: DIP Credit Facility Draw     —  
    CASH END OF MONTH   $ 111,873,877  

Total Disbursements (For the Period 07/01/04 to 7/31/04)
 
$
(71,957,219
)
    Less: Transfers to Debtor in Possession Accounts     —  
    Plus: Estate Disbursements Made By Outside Sources     —  
Total Disbursements For Calculating U.S. Trustee Quarterly Fees   $ (71,957,219 )

2

In re:   NORTHWESTERN CORPORATION
Debtor		   Case No. 03-12872
Reporting Period: 8/01/04 to 8/31/04


BANK ACCOUNTS
Continuation Sheet for MOR-1

        Bank reconciliations are performed on each of the following accounts on a monthly basis and were completed for this reporting period.

Checking and Other Accounts:                
CorTrust Bank NA—Webster Account Checking   624000550   Open   $ 86,508.46  
Mellon Bank—Orcom Deposits (EasyPay)   078-63-81   Open     166,613.11  
US Bank—Montana Real Estate   1-500-8007-1825   Open     18,805.00  
US Bank—Natural Gas Account/Lease Account   150010068453   Open     —  
Wells Fargo Bank South Dakota—On Demand Account   841755119   Open     535.29  
Wells Fargo—General Corporate   4945053296   Open     36,398,721.96  
Wells Fargo—Checking Account   4945080539   Open     (441,339.25 )
Wells Fargo—Orcom Depository (Montana)   4945053304   Open     80,573.31  
Wells Fargo—Orcom Depository (S Dakota)   4945053312   Open     96,245.98  
Wells Fargo—Payroll   4945053320   Open     46,105.19  
US Bank—Butte Division   1-562-1000-8470   Open     2,000.00  
Wells Fargo—Helena Division   426-0009-005   Open     3,000.00  
First Security—Bozeman Division   11353   Open     3,000.00  
US Bank—Billings Division   1-520-1016-3060   Open     3,000.00  
First Interstate—Missoula Division   1400010100   Open     3,000.00  
US Bank—Great Falls Divisions   1-500-1006-8610   Open     3,000.00  
Wells Fargo—Kalispell   4270011252   Open     1,000.00  

Restricted Cash Accounts
 
 
 
 
 
 
 
 
US Bank General—Transition Bonds/Collection   33371500   Restricted   $ 3,409,781.87  
Wells Fargo—BPA Settlement Credits (Interest Bearing)   4945078863   Restricted     518,768.98  
Wells Fargo—BPA Collateral Deposit Account (Electric Supply)   2391893308   Restricted     828,885.76  
Wells Fargo BPA Collateral Deposit Account (Transmission)   2391910029   Restricted        
Wells Fargo Investments Special Funds—South Dry Creek   W45284802   Restricted     1,261,037.53  
Wells Fargo Bank Special Funds—South Dry Creek   852-0211430   Restricted        
Wells Fargo Investment Special Funds—Strawberry Creek   W45284803   Restricted     247,466.31  
Wells Fargo Bank Special Funds—Strawberry Creek   852-0214412   Restricted        
US Bank Liquidity Subaccount Natural Gas Funding Trust   33371502   Restricted     461,202.25  
US Bank Capital Contribution Natural Gas Funding Trust   33371504   Restricted     313,500.00  
US Bank Reserve Account Natural Gas Funding Trust   33371501   Restricted        
US Bank Overcollateralization Natural Gas Funding Trust   33371503   Restricted     107,897.02  
Wells Fargo—Colstrip No. 4 Account   4050000660   Restricted     2,277,706.57  
Wells Fargo—USB Account   4100174432   Restricted     2,877,796.85  

Investment Accounts
 
 
 
 
 
 
 
 
UBS—NOR Investments   CP 27984 16   Open        
SSB—NOR Investments   383-9B889-11 829   Open     75,441,632.91  

3

In re:   NORTHWESTERN CORPORATION
Debtor		   Case No. 03-12872
Reporting Period: 8/01/04 to 8/31/04


STATEMENT OF OPERATIONS
(Income Statement)

        The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is earned and expenses when they are incurred, regardless of when cash is actually received or paid.

Gross Revenues   $ 81,995,961   $ 974,151,025  
   
 
 
Less: Returns and Allowances              
Net Revenue   $ 81,995,961   $ 974,151,025  
Cost of Goods Sold     44,206,876     526,434,880  
   
 
 
Gross Profit     37,789,085     447,716,145  
Total Operating Expenses Before Depreciation     22,169,926     275,145,523  
Depreciation/Depletion/Amortization     6,024,811     68,839,012  
   
 
 
Net Profit (Loss) Before Other Income & Expenses     9,594,348     103,731,610  
Other Income (attach schedule)     50,326     33,570,636  
Interest Expense     7,203,926     84,050,728  
   
 
 
Other Expense (attach schedule)              
Net Profit (Loss) Before Reorganization Items     2,440,748     53,251,518  
Professional Fees     3,021,111     29,737,353  
U.S. Trustee Quarterly Fees     —     —  
Interest Earned on Accumulated Cash from Chapter 11     59,694     268,482  
Gain (Loss) from Sale of Equipment     —     —  
Other Reorganization Expenses (attach schedule)     (561,420 )   1,154,072  
   
 
 
Total Reorganization Expenses     2,399,997     30,622,943  
Income Taxes     (36,404 )   67,737,882  
   
 
 
Net Profit (Loss)   $ 77,155   $ (45,109,307 )
   
 
 

4

In re:   NORTHWESTERN CORPORATION
Debtor		   Case No. 03-12872
Reporting Period: 8/01/04 to 8/31/04


STATEMENT OF OPERATIONS—continuation sheet

Deferred Tax Valuation Allowance   $ —   $ 724,331  
Equity in Earnings of Subsidiaries     (293,064 )   38,753,648  
Impairment of Cornerstone Note     —     (9,072,518 )
Interest & Dividend Income     105,517     416,715  
Interest Income Related—EXP     —     432,779  
Other Income     168,180     2,419,082  
AFUDC     119,568     1,199,060  
Misc Deductions     (49,875 )   (787,230 )
500KV Sale Costs     —     (515,231 )
   
 
 
    $ 50,326   $ 33,570,636  
   
 
 

Travel
 
$
3,173
 
$
70,031
 
Internal Labor     81,856     1,730,490  
(Gain) Loss or Reorganization Items     (646,449 )   (646,449 )
   
 
 
    $ (561,420 ) $ 1,154,072  
   
 
 

5

In re:   NORTHWESTERN CORPORATION
Debtor		   Case No. 03-12872
Reporting Period: 8/01/04 to 8/31/04


BALANCE SHEET

        The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from postpetition obligations.

CURRENT ASSETS              
Unrestricted Cash and Equivalents   $ 111,873,877   $ 21,836,214  
Restricted Cash and Cash Equivalents     12,304,043     22,579,075  
Accounts Receivable (Net)     78,901,254     95,022,575  
Accounts Receivable Associated (Net)     926,671,228     899,887,999  
Inventories     30,123,812     36,564,153  
Regulatory Assets     6,750,508     19,845,867  
Other Current Assets     57,235,911     62,768,443  
   
 
 
  TOTAL CURRENT ASSETS     1,223,860,633     1,158,504,326  

Property, Plant and Equipment
 
 
2,118,283,741
 
 
2,021,553,660
 
Less Accumulated Depreciation     889,048,494     794,227,137  
   
 
 
  TOTAL PROPERTY & EQUIPMENT     1,229,235,247     1,227,326,523  
   
 
 
GOODWILL AND OTHER INTANGIBLES, NET     375,629,610     375,629,610  

Investments
 
 
(683,166,471
)
 
(721,480,628
)
Regulatory assets     201,106,165     196,242,150  
Other Current Assets     49,357,094     61,717,302  
   
 
 
  TOTAL OTHER ASSETS     (432,703,212 )   (463,521,176 )

CURRENT LIABILITIES
 
 
 
 
 
 
 
Accounts payable   $ 40,938,010        
Income taxes payable     72,420,559        
Other taxes payable     47,888,121        
Interest accrued     6,878,696        
Regulatory liabilities     4,601,881        
Other Current Liabilities     21,000,437        
   
 
 
  TOTAL CURRENT LIABILITIES     193,727,704     —  
   
 
 
NONCURRENT LIABILITIES              
Deferred Income Taxes     39,968,109        
Future QF Obligation Reserve     —        
Other Noncurrent Liabilities     9,341,261        
   
 
 
  TOTAL NONCURRENT LIABILITIES     49,309,370     —  
   
 
 
TOTAL POST PETITION LIABILITIES     243,037,074     —  
               

6


CURRENT LIABILITIES
 
 
 
 
 
 
 
Current maturities of long-term debt     15,688,438     10,755,623  
Accounts payable     32,223,898     39,398,103  
Income taxes payable     21,530,433     21,530,433  
Other taxes payable     —     49,327,187  
Interest accrued     42,373,904     51,405,689  
Deferred Income Taxes     190,743     4,493,632  
Other Current Liabilities     60,057,757     74,072,487  
   
 
 
  TOTAL CURRENT LIABILITIES     172,065,173     250,983,154  
   
 
 
NON CURRENT LIABILITIES              
Long-term Debt     1,757,978,402     1,773,323,912  
Company Obligated Preferreds     365,550,000     365,550,000  
Noncurrent Regulatory Liabilities     28,238,553     32,055,571  
Deferred Income Taxes     (9,860,926 )   (9,868,663 )
Deferred Revenue     14,085,130     16,834,446  
Future QF Obligation Reserve     145,602,800     143,604,476  
Other Noncurrent Liabilities     254,188,599     254,218,171  
   
 
 
  TOTAL NONCURRENT LIABILITIES     2,555,782,558     2,575,717,913  
   
 
 
NON PRE-PETITION LIABILITIES     2,727,847,731     2,826,701,067  

TOTAL LIABILITIES
 
$
2,470,884,805
 
$
2,826,701,067
 

Capital Stock
 
 
65,940,167
 
 
65,940,167
 
Additional Paid-In Capital     301,738,986     301,329,511  
Retained Earnings—Pre-Petition     (891,339,536 )   (891,339,537 )
Retained Earnings—Postpetition     (45,109,307 )   —  
Accumulated Other Comprehensive Income     (6,092,837 )   (4,691,925 )
   
 
 
NET OWNER EQUITY   $ (574,862,527 ) $ (528,761,784 )
   
 
 

7

In re:   NORTHWESTERN CORPORATION
Debtor		   Case No. 03-12872
Reporting Period: 8/01/04 to 8/31/04


STATUS OF POSTPETITION TAXES

A copy of the Debtor's From 941 Quarterly Federal Tax Return is provided.
The Debtor is current in meeting its postpetition obligations to all taxing authorities.


SUMMARY OF UNPAID POSTPETITION DEBTS

Accounts Payable(1)   $ 3,021,788   $ 78,645   $ 939   $ $3,131,012  
Debit Balance Accounts Payable(2)     (260,042 )               (260,042 )
Taxes Payable(3)     —                 —  
Professional Fees     1,659,891                 1,659,891  
Amounts Due to Insiders*     —                 —  
Orcom Credit Refunds Payable     (19,600 )               (19,600 )
Other Accruals(4)     16,972,506                 16,972,506  
Accruals for Energy Business(5)     19,454,243                 19,454,243  
   
 
 
 
 
Subtotals: Accounts Payable (as on MOR-3)   $ 40,828,786   $ 78,645   $ 939   $ $40,938,010  

Wages Payable(6)
 
 
3,091,818
 
 
 
 
 
 
 
 
3,091,818
 

Total Postpetition Debts
 
$
43,920,604
 
$
78,645
 
$
939
 
$
$44,029,828
 

Explain how and when the Debtor intends to pay past-due debts.
 
 
 
 
 
 
 
 
 
 
 
 
 

* "Insider" is defined in 11 U.S.C
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
All past due items are expected to be paid promptly.

(2)
This item consists of prepayments and debit entries with a corresponding credit, that, due to timing, were split between August and September.

(3)
The balance sheet item for taxes payable is an accrual for tax obligations. The Debtor is current in meeting its postpetition tax obligations.

(4)
These are not outstanding invoices/payables—they are monthly accruals made for a variety of employee benefits and other accruals.

(5)
These are accruals for the energy business—they are the payable side of netting agreements.

(6)
This amount represents an accrual for the final days (post-pay period) of August (amount is reversed at the beginning of September).

8

In re:   NORTHWESTERN CORPORATION   Case No. 03-12872
    Debtor   Reporting Period: 8/01/04 to 8/31/04
         
AGED LISTING OF ACCOUNTS PAYABLE    

       
Vendor Name
   Invoice Date
   DR
   CR
   Category
BORDER STATES ELECTRIC SUPPLY   05/18/04   0.00   602.09   61-90 Days
ORCOM PARTIAL REFUND CLEARING ACCT   05/20/04   0.00   40.36   61-90 Days
UPONOR ALDYL COMPANY   05/24/04   0.00   296.88   61-90 Days
DAKOTA RIGGERS & TOOL SUPPLY   06/08/04   0.00   46.56   31-60 Days
ASPLUNDH TREE EXPERT CO   06/11/04   0.00   3,249.20   31-60 Days
ASPLUNDH TREE EXPERT CO   06/11/04   0.00   2,782.50   31-60 Days
GERHOLD BROS. INC   06/15/04   0.00   206.10   31-60 Days
ASPLUNDH TREE EXPERT CO   06/18/04   0.00   935.96   31-60 Days
ASPLUNDH TREE EXPERT CO   06/18/04   0.00   935.96   31-60 Days
ASPLUNDH TREE EXPERT CO   06/18/04   0.00   935.96   31-60 Days
ASPLUNDH TREE EXPERT CO   06/18/04   0.00   927.50   31-60 Days
ASPLUNDH TREE EXPERT CO   06/18/04   0.00   3,249.20   31-60 Days
TP CONSTRUCTION INCORPORATED   06/21/04   0.00   32.50   31-60 Days
UAP TIMBERLAND LLC   06/23/04   0.00   215.00   31-60 Days
ASPLUNDH TREE EXPERT CO   06/25/04   0.00   3,743.82   31-60 Days
ASPLUNDH TREE EXPERT CO   06/25/04   0.00   3,249.20   31-60 Days
FIRE SUPPRESSION SYSTEMS INC   06/29/04   0.00   1,671.25   31-60 Days
O C TANNER RECOGNITION COMPANY   06/30/04   0.00   5,235.17   31-60 Days
AAIM MANAGEMENT ASSOCIATION   06/30/04   0.00   109.00   31-60 Days
BORDER STATES ELECTRIC SUPPLY   06/30/04   0.00   132.66   31-60 Days
PACIFIC NW UTILITIES CONF COMM   07/01/04   0.00   1,982.00   31-60 Days
THE SHERWIN-WILLIAMS COMPANY   07/02/04   0.00   32.24   0-30 Days
GROEBNER & ASSOCIATES INC   07/02/04   0.00   111.71   0-30 Days
GROEBNER & ASSOCIATES INC   07/06/04   0.00   400.37   0-30 Days
ASPLUNDH TREE EXPERT CO   07/09/04   0.00   2,035.91   0-30 Days
ASPLUNDH TREE EXPERT CO   07/09/04   0.00   1,728.11   0-30 Days
ASPLUNDH TREE EXPERT CO   07/09/04   0.00   1,624.60   0-30 Days
ASPLUNDH TREE EXPERT CO   07/09/04   0.00   1,644.60   0-30 Days
ASPLUNDH TREE EXPERT CO   07/10/04   0.00   3,784.22   0-30 Days
MCI   07/12/04   0.00   1,843.01   0-30 Days
INDEPENDENT POWER SYSTEMS INC   07/12/04   0.00   1,843.01   0-30 Days
                 

9

UAP TIMBERLAND LLC   07/13/04   0.00   322.50   0-30 Days
MIKE SPECIALTIES   07/14/04   0.00   285.00   0-30 Days
UAP TIMBERLAND LLC   07/15/04   0.00   215.00   0-30 Days
GROEBNER & ASSOCIATES INC   07/15/04   0.00   170.28   0-30 Days
ASPLUNDH TREE EXPERT CO   07/16/04   0.00   3,289.20   0-30 Days
UAP TIMBERLAND LLC   07/16/04   0.00   1,843.00   0-30 Days
INDUSTRIAL TOWEL & COVER SUPPLY   07/20/04   0.00   8.65   0-30 Days
INDEPENDENT INSPECTION COMPANY   07/20/04   0.00   4,502.20   0-30 Days
A-OX WELDING SUPPLY CO INC   07/20/04   0.00   60.90   0-30 Days
ORCOM PARTIAL REFUND CLEARING ACCT   07/21/04   0.00   5.99   0-30 Days
JTL GROUP   07/22/04   0.00   553.34   0-30 Days
GROEBNER & ASSOCIATES INC   07/22/04   0.00   40.13   0-30 Days
NORTHWEST PIPE FITTINGS, INC.   07/23/04   0.00   7.51   0-30 Days
ASPLUNDH TREE EXPERT CO   07/23/04   0.00   3,784.22   0-30 Days
ASPLUNDH TREE EXPERT CO   07/23/04   0.00   3,289.20   0-30 Days
LEARNING TREE INTERNATIONAL   07/23/04   0.00   2,390.00   0-30 Days
VERIZON WIRELESS BELLEVUE   07/25/04   0.00   423.85   0-30 Days
VERIZON WIRELESS BELLEVUE   07/25/04   0.00   127.50   0-30 Days
VERIZON WIRELESS BELLEVUE   07/25/04   0.00   98.61   0-30 Days
VERIZON WIRELESS BELLEVUE   07/25/04   0.00   1,284.39   0-30 Days
ELECTRIC MOTOR & PUMP REPAIR   07/26/04   0.00   144.55   0-30 Days
TP CONSTRUCTION INCORPORATED   07/26/04   0.00   1,013.00   0-30 Days
ELSTER ELECTRICITY INC   07/27/04   0.00   6,614.40   0-30 Days
SELECT NETWORKS   07/27/04   0.00   918.00   0-30 Days
NORTHWEST PIPE FITTINGS, INC.   07/28/04   0.00   251.95   0-30 Days
ECOLAB PEST ELIMINATION DIVISION   07/28/04   0.00   42.00   0-30 Days
ALLTEL   07/28/04   0.00   68.38   0-30 Days
ALLTEL   07/28/04   0.00   362.68   0-30 Days
ALLTEL   07/28/04   0.00   1,186.45   0-30 Days
ZUCK SOELTER SURVEYING   07/29/04   0.00   125.00   0-30 Days
OMO CONSTRUCTION INC   07/29/04   0.00   420.00   0-30 Days
TOWN OF BROWNING   07/29/04   0.00   43.56   0-30 Days
NORTHWEST INDUSTRIAL SUPPLY   07/30/04   0.00   9.95   0-30 Days
ASPLUNDH TREE EXPERT CO   07/30/04   0.00   3,456.39   0-30 Days
ASPLUNDH TREE EXPERT CO   07/30/04   0.00   3,456.39   0-30 Days
ASPLUNDH TREE EXPERT CO   07/30/04   0.00   3,415.99   0-30 Days
ASPLUNDH TREE EXPERT CO   07/30/04   0.00   1,760.00   0-30 Days
                 

10

ASPLUNDH TREE EXPERT CO   07/30/04   0.00   1,676.20   0-30 Days
GROEBNER & ASSOCIATES INC   07/30/04   0.00   355.41   0-30 Days
A-OX WELDING SUPPLY CO INC   07/30/04   0.00   41.22   0-30 Days
J & N ENTERPRISES, INC.   07/30/04   0.00   1,383.69   0-30 Days
STORY DISTRIBUTING COMPANY   07/31/04   0.00   714.69   0-30 Days
KORB CONSTRUCTION   07/31/04   0.00   826.32   0-30 Days
THE MONTANA CLUB   07/31/04   0.00   376.95   0-30 Days
ESSENTIAL INFORMATION SYSTEMS INC   07/31/04   0.00   6,001.41   0-30 Days
THE ISLAND SUPPLY WELDING CO   07/31/04   0.00   45.13   0-30 Days
THE ISLAND SUPPLY WELDING CO   07/31/04   0.00   17.83   0-30 Days
THE ISLAND SUPPLY WELDING CO   07/31/04   0.00   47.76   0-30 Days
KEARNEY HUB   07/31/04   0.00   120.59   0-30 Days
COMPUTER ASSOCIATES   09/07/04   0.00   6,000.00   0-30 Days
AT&T TELECONFERENCE SERVICES   08/01/04   0.00   8,713.97   Current
AT&T TELECONFERENCE SERVICES   08/01/04   0.00   2,763.82   Current
MAURICE HARSHMAN   08/02/04   0.00   60.00   Current
HIGH ALTITUDE DISTRIBUTING   08/02/04   0.00   297.75   Current
UAP TIMBERLAND LLC   08/02/04   0.00   1,382.25   Current
UAP TIMBERLAND LLC   08/02/04   0.00   1,955.50   Current
TRENDPOINT SYSTEMS LLC   08/02/04   0.00   1,340.00   Current
MUELLER COMPANY   08/02/04   0.00   7,559.00   Current
FAIRHAVEN COLONY   08/03/04   0.00   1,000.00   Current
DAKOTA RIGGERS & TOOL SUPPLY   08/03/04   0.00   1,162.86   Current
HOLIDAY INN EXPRESS   08/03/04   0.00   64.75   Current
PRUSSMAN CONTRACTING INC   08/03/04   0.00   155.55   Current
VARTECH SYSTEMS INC   08/03/04   0.00   4,131.40   Current
DAVIS & DAVIS COMPANY   08/04/04   0.00   2,461.68   Current
MATTFELDT ELECTRIC   08/04/04   0.00   280.72   Current
BORDER STATES ELECTRIC SUPPLY   08/04/04   0.00   37.63   Current
NORTHWEST PIPE FITTINGS INC   08/04/04   0.00   25.19   Current
ABB   08/04/04   0.00   1,213.50   Current
WARDEN PAPER INC   08/05/04   0.00   780.00   Current
INDEPENDENT INSPECTION COMPANY   08/05/04   0.00   1,170.40   Current
QUALITROL CORPORATION   08/05/04   0.00   1,420.92   Current
VALMONT INDUSTRIES, INC.   08/05/04   0.00   2,396.00   Current
UPONOR ALDYL COMPANY   08/05/04   0.00   513.80   Current
ITRON INC   08/05/04   0.00   197.52   Current
                 

11

ITRON INC   08/05/04   0.00   65.84   Current
SIGNS NOW #139   08/05/04   0.00   136.00   Current
STRATEGIC SUPPLY/SAFETY MASTER   08/05/04   0.00   64.51   Current
NATIONAL CENTER FOR APPROPRIATE   08/05/04   0.00   1,671.00   Current
NATIONAL CENTER FOR APPROPRIATE   08/05/04   0.00   4,278.75   Current
NATIONAL CENTER FOR APPROPRIATE   08/05/04   0.00   12,500.00   Current
NATIONAL CENTER FOR APPROPRIATE   08/05/04   0.00   16,880.00   Current
FEDERAL EXPRESS CORP   08/05/04   0.00   30.06   Current
CITY OF HELENA-BUILDING DEPT.   08/05/04   0.00   70.00   Current
MINNKOTA POWER COOPERATIVE INC   08/05/04   0.00   150.00   Current
BORDER STATES ELECTRIC SUPPLY   08/05/04   0.00   1,742.81   Current
BORDER STATES ELECTRIC SUPPLY   08/05/04   0.00   10.13   Current
BORDER STATES ELECTRIC SUPPLY   08/05/04   0.00   57.58   Current
BORDER STATES ELECTRIC SUPPLY   08/05/04   0.00   299.42   Current
NORTHWEST PIPE FITTINGS INC   08/05/04   0.00   23.85   Current
NORTHWEST PIPE FITTINGS INC   08/05/04   0.00   29.73   Current
ACTION BATTERY   08/05/04   0.00   1,466.83   Current
AMERICAN LINEN   08/06/04   0.00   75.04   Current
BIG SKY LINEN SUPPLY   08/06/04   0.00   27.70   Current
SOFTWARE PERFORMANCE, INC.   08/06/04   0.00   1,968.00   Current
SOFTWARE PERFORMANCE, INC.   08/06/04   0.00   1,838.20   Current
MADISON VALLEY HOSPITAL   08/06/04   0.00   25.00   Current
NITRO-GREEN   08/06/04   0.00   300.00   Current
ASPLUNDH TREE EXPERT CO   08/06/04   0.00   3,498.00   Current
ASPLUNDH TREE EXPERT CO   08/06/04   0.00   3,784.22   Current
ASPLUNDH TREE EXPERT CO   08/06/04   0.00   3,686.20   Current
ASPLUNDH TREE EXPERT CO   08/06/04   0.00   3,334.19   Current
UPONOR ALDYL COMPANY   08/06/04   0.00   204.23   Current
UPONOR ALDYL COMPANY   08/06/04   0.00   207.06   Current
A & A ASPHALT MAINTENANCE   08/06/04   0.00   808.50   Current
LC STAFFING SERVICE   08/06/04   0.00   2,169.49   Current
VERIZON WIRELESS BELLEVUE   08/06/04   0.00   234.71   Current
CON-WAY TRANSPORTION SERVICES INC   08/06/04   0.00   68.23   Current
UAP TIMBERLAND LLC   08/06/04   0.00   727.00   Current
UAP TIMBERLAND LLC   08/06/04   0.00   3,712.00   Current
UAP TIMBERLAND LLC   08/06/04   0.00   1,280.00   Current
HOULIHAN LOKEY HOWARD & ZUKIN   08/06/04   0.00   35,000.00   Current
                 

12

PR NEWSWIRE INC   08/06/04   0.00   67.50   Current
PR NEWSWIRE INC   08/06/04   0.00   5,017.50   Current
CURTIS 1000   08/06/04   0.00   258.06   Current
CURTIS 1000   08/06/04   0.00   258.06   Current
GROEBNER & ASSOCIATES INC   08/06/04   0.00   101.84   Current
MIDWEST COPIER SOLUTIONS INC   08/06/04   0.00   45.02   Current
MIDWEST COPIER SOLUTIONS INC   08/06/04   0.00   45.02   Current
AMARIL UNIFORM CO   08/06/04   0.00   811.39   Current
AMARIL UNIFORM CO   08/06/04   0.00   317.50   Current
BORDER STATES ELECTRIC SUPPLY   08/06/04   0.00   11,291.26   Current
NORTHWEST PIPE FITTINGS INC   08/06/04   0.00   306.53   Current
TS VENDING SERVICE   08/06/04   0.00   59.32   Current
BIERSCHBACH EQUIPMENT & SUPPLY   08/06/04   0.00   480.72   Current
A-PLUS PRINTERS SERVICE & SUPPLIES   08/06/04   0.00   94.17   Current
SERVICEMASTER OF HURON   08/06/04   0.00   280.90   Current
HOWARD INDUSTRIES INC   08/07/04   0.00   7,728.00   Current
JIMBOS SEPTIC SERVICE   08/07/04   0.00   100.00   Current
G LEE CHRISTIE   08/08/04   0.00   60.00   Current
ASCOM HASLER LEASING   08/08/04   0.00   536.18   Current
ALLAN EDWARDS COMPANY   08/09/04   0.00   1,966.90   Current
PIERCE FLOORING   08/09/04   0.00   2,506.00   Current
BOLAND DRILLING COMPANY   08/09/04   0.00   9,699.00   Current
NITRO-GREEN   08/09/04   0.00   475.00   Current
VALMONT INDUSTRIES, INC.   08/09/04   0.00   1,229.00   Current
PMI EQUIPMENT COMPANY, INC.   08/09/04   0.00   1,888.60   Current
ANDERSON FORKLIFT INC   08/09/04   0.00   102.48   Current
ANDERSON FORKLIFT INC   08/09/04   0.00   54.50   Current
FEDERAL EXPRESS CORP   08/09/04   0.00   5.57   Current
ACTERNA   08/09/04   0.00   820.00   Current
ENERGY SHARE OF MONTANA   08/09/04   0.00   336.00   Current
THE CITY OF HAVRE   08/09/04   0.00   169.36   Current
GROEBNER & ASSOCIATES INC   08/09/04   0.00   8,401.12   Current
KELLY SERVICES INC   08/09/04   0.00   781.58   Current
HIGH VOLTAGE TEST LABORATORY   08/09/04   0.00   406.84   Current
BORDER STATES ELECTRIC SUPPLY   08/09/04   0.00   33.87   Current
BORDER STATES ELECTRIC SUPPLY   08/09/04   0.00   37.05   Current
BORDER STATES ELECTRIC SUPPLY   08/09/04   0.00   2,365.92   Current
                 

13

BORDER STATES ELECTRIC SUPPLY   08/09/04   0.00   65.30   Current
BORDER STATES ELECTRIC SUPPLY   08/09/04   0.00   66.18   Current
BORDER STATES ELECTRIC SUPPLY   08/09/04   0.00   556.94   Current
BORDER STATES ELECTRIC SUPPLY   08/09/04   0.00   4,782.38   Current
BORDER STATES ELECTRIC SUPPLY   08/09/04   0.00   222.63   Current
BORDER STATES ELECTRIC SUPPLY   08/09/04   0.00   75.62   Current
BORDER STATES ELECTRIC SUPPLY   08/09/04   0.00   63.39   Current
LYLE SIGNS INC   08/09/04   0.00   378.36   Current
ECOLAB PEST ELIM. DIV.   08/09/04   0.00   90.63   Current
ECOLAB PEST ELIM. DIV.   08/09/04   0.00   214.65   Current
A-PLUS PRINTERS SERVICE & SUPPLIES   08/09/04   0.00   85.74   Current
C. LEE COOK   08/10/04   0.00   374.65   Current
INDUSTRIAL TOWEL & COVER SUPPLY   08/10/04   0.00   25.96   Current
2M COMPANY   08/10/04   0.00   77.34   Current
MARCH ENGINEERING INC   03/10/04   0.00   6,335.25   Current
FRONTIER LAWN & LANDSCAPING INC   08/10/04   0.00   111.00   Current
HOWARD INDUSTRIES INC   08/10/04   0.00   17,064.00   Current
HOWARD INDUSTRIES INC   08/10/04   0.00   4,268.00   Current
HOWARD INDUSTRIES INC   08/10/04   0.00   848.00   Current
THE NATIONAL LAUNDRY COMPANY   08/10/04   0.00   11.63   Current
FASTENAL COMPANY   08/10/04   0.00   116.80   Current
HELENA SAND & GRAVEL INC   08/10/04   0.00   197.40   Current
COOPER ENERGY SERVICES   08/10/04   0.00   130.21   Current
COOPER ENERGY SERVICES   08/10/04   0.00   1,182.67   Current
ENERGY SHARE OF MONTANA   08/10/04   0.00   469.00   Current
PR NEWSWIRE INC   08/10/04   0.00   31.50   Current
PR NEWSWIRE INC   08/10/04   0.00   1,750.50   Current
MUELLER COMPANY   08/10/04   0.00   391.60   Current
H & G CLEANERS   08/10/04   0.00   766.39   Current
BORDER STATES ELECTRIC SUPPLY   08/10/04   0.00   605.85   Current
BORDER STATES ELECTRIC SUPPLY   08/10/04   0.00   32.65   Current
BORDER STATES ELECTRIC SUPPLY   08/10/04   0.00   33.08   Current
BORDER STATES ELECTRIC SUPPLY   08/10/04   0.00   20.21   Current
DAKOTA SUPPLY GROUP   08/10/04   0.00   55.93   Current
DAYLIGHT DONUTS   08/10/04   0.00   16.32   Current
SAINT FRANCIS MEDICAL CENTER   08/10/04   0.00   21.45   Current
HYVEE #1632   08/10/04   0.00   129.56   Current
                 

14

AMERICAN TRAILER & CAR SALES   08/10/04   0.00   235.32   Current
ECKMANN'S UPHOLSTERY   08/10/04   0.00   221.20   Current
M & L SUPPLY CO INC   08/11/04   0.00   99.93   Current
CENTRON SERVICES INC   08/11/04   0.00   5.00   Current
CENTRON SERVICES INC   08/11/04   0.00   1,604.22   Current
MARCH ENGINEERING INC   08/11/04   0.00   5,139.05   Current
A & A ASPHALT MAINTENANCE   08/11/04   0.00   300.00   Current
ITRON INC   08/11/04   0.00   27,840.00   Current
ORCOM SOLUTIONS   08/11/04   0.00   743.75   Current
FASTENAL COMPANY   08/11/04   0.00   73.00   Current
FEDERAL EXPRESS CORP   08/11/04   0.00   23.98   Current
FEDERAL EXPRESS CORP   08/11/04   0.00   3.45   Current
FEDERAL EXPRESS CORP   08/11/04   0.00   56.40   Current
DELL FINANCIAL SERVICES   08/11/04   0.00   177.90   Current
PATTERSON LAWN CARE   08/11/04   0.00   305.00   Current
HELENA SAND & GRAVEL INC   08/11/04   0.00   68.85   Current
USF REDDAWAY   08/11/04   0.00   121.77   Current
USF REDDAWAY   0811//04   0.00   38.12   Current
USF REDDAWAY   08/11/04   0.00   165.82   Current
ALLIANCE DATA SYSTEMS   08/11/04   0.00   209,966.72   Current
TRENDPOINT SYSTEMS LLC   08/11/04   0.00   1,340.00   Current
QWEST SOFTWARE   03/11/04   0.00   9,880.00   Current
ENERGY SHARE OF MONTANA   08/11/04   0.00   544.00   Current
BOB'S ELECTRIC OF MADISON INC   08/11/04   0.00   164.34   Current
STERN OIL COMPANY INC   08/11/04   0.00   3,009.60   Current
BORDER STATES ELECTRIC SUPPLY   08/11/04   0.00   128.57   Current
BORDER STATES ELECTRIC SUPPLY   08/11/04   0.00   67.80   Current
BORDER STATES ELECTRIC SUPPLY   08/11/04   0.00   98.33   Current
BORDER STATES ELECTRIC SUPPLY   08/11/04   0.00   11.73   Current
BORDER STATES ELECTRIC SUPPLY   08/11/04   0.00   409.19   Current
BORDER STATES ELECTRIC SUPPLY   08/11/04   0.00   122.93   Current
BORDER STATES ELECTRIC SUPPLY   08/11/04   0.00   278.77   Current
BORDER STATES ELECTRIC SUPPLY   03/11/04   0.00   834.92   Current
BORDER STATES ELECTRIC SUPPLY   08/11/04   0.00   535.38   Current
BORDER STATES ELECTRIC SUPPLY   03/11/04   0.00   64.24   Current
NORTHWEST PIPE FITTINGS INC   08/11/04   0.00   17.49   Current
H D ELECTRONICS, INC.   08/11/04   0.00   69.65   Current
                 

15

BATES & ASSOCIATES INC   08/11/04   0.00   90.32   Current
MACLEAN POWER SYSTEMS   08/12/04   0.00   4,650.00   Current
ROSCOE STEEL & CULVERT COMPANY   08/12/04   0.00   1,545.00   Current
WESCO   08/12/04   0.00   1,175.00   Current
ESTEX MANUFACTURINC CO., INC.   08/12/04   0.00   62.40   Current
UPONOR ALDYL COMPANY   08/12/04   0.00   377.19   Current
UPONOR ALDYL COMPANY   08/12/04   0.00   113.52   Current
HOWARD INDUSTRIES INC   08/12/04   0.00   4,374.00   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/12/04   0.00   941.50   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/12/04   0.00   11,322.02   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/12/04   0.00   4,839.70   Current
EARTH SATELLITE CORPORATION   08/12/04   0.00   9,572.50   Current
SALTZMAN'S FLEET & STREET   08/12/04   0.00   28.50   Current
USF REDDAWAY   08/12/04   0.00   108.65   Current
ECONO-EXPORT PROS INC   08/12/04   0.00   630.00   Current
GOLD STREET CLINIC   08/12/04   0.00   95.00   Current
ENERGY SHARE OF MONTANA   08/12/04   0.00   313.00   Current
HURON OVERHEAD DOOR COMPANY   08/12/04   0.00   222.17   Current
T & R SERVICE   08/12/04   0.00   45.00   Current
BJERKE SANITATION   08/12/04   0.00   62.40   Current
NORTHWEST PIPE FITTINGS INC   08/12/04   0.00   60.63   Current
NORTHWEST PIPE FITTINGS INC   08/12/04   0.00   93.39   Current
RAYMOND OIL COMPANY   08/12/04   0.00   31.80   Current
DAKOTA WATER SOFTENING   08/12/04   0.00   52.95   Current
PRUSSMAN CONTRACTING INC   08/12/04   0.00   255.00   Current
AMERICAN METER COMPANY   08/13/04   0.00   114.40   Current
BIG SKY LINEN SUPPLY   08/13/04   0.00   21.75   Current
ASPLUNDH TREE EXPERT CO   08/13/04   0.00   1,119.24   Current
ASPLUNDH TREE EXPERT CO   08/13/04   0.00   3,138.80   Current
ASPLUNDH TREE EXPERT CO   08/13/04   0.00   3,750.00   Current
ASPLUNDH TREE EXPERT CO   08/13/04   0.00   3,649.20   Current
ASPLUNDH TREE EXPERT CO   08/13/04   0.00   3,450.97   Current
ASPLUNDH TREE EXPERT CO   08/13/04   0.00   3,727.66   Current
ASPLUNDH TREE EXPERT CO   08/13/04   0.00   3,498.19   Current
ASPLUNDH TREE EXPERT CO   08/13/04   0.00   3,814.57   Current
ASPLUNDH TREE EXPERT CO   08/13/04   0.00   556.57   Current
ASPLUNDH TREE EXPERT CO   08/13/04   0.00   2,623.83   Current
                 

16

ASPLUNDH TREE EXPERT CO   08/13/04   0.00   327.78   Current
ASPLUNDH TREE EXPERT CO   08/13/04   0.00   5,405.55   Current
ASPLUNDH TREE EXPERT CO   08/13/04   0.00   841.37   Current
UPONOR ALDYL COMPANY   08/13/04   0.00   92.53   Current
FOUR CORNERS SUPPLY   08/13/04   0.00   368.00   Current
FOUR CORNERS SUPPLY   08/13/04   0.00   87.00   Current
FOUR CORNERS SUPPLY   08/13/04   0.00   220.50   Current
EAGLE LANDSCAPING   08/13/04   0.00   196.50   Current
EAGLE LANDSCAPING   08/13/04   0.00   635.00   Current
SCHWEITZER ENGINEERING LABORATORIES   08/13/04   0.00   3,350.00   Current
DELL COMPUTER CORPORATION   08/13/04   0.00   2,521.95   Current
DRESSER INC-MOONEY CONTROLS   08/13/04   0.00   152.15   Current
HELENA SAND & GRAVEL INC   08/13/04   0.00   50.89   Current
COOPER ENERGY SERVICES   08/13/04   0.00   937.86   Current
USF REDDAWAY   08/13/04   0.00   93.77   Current
TOWN OF COLUMBUS   08/13/04   0.00   175.00   Current
BUTTE-SILVER BOW PARKING COMMN   08/13/04   0.00   1,760.00   Current
MICROWAVE DATA SYSTEMS INC   08/13/04   0.00   1,942.65   Current
ELEMENT K JOURNALS   08/13/04   0.00   77.00   Current
BROOKINGS CITY LANDFILL   08/13/04   0.00   5.25   Current
DITCH WITCH OF NEBRASKA INC   08/13/04   0.00   921.33   Current
NEBRASKA PUBLIC POWER DISTRICT   08/13/04   0.00   23.24   Current
NEBRASKA PUBLIC POWER DISTRICT   08/13/04   0.00   486.56   Current
WHEELER'S INC   08/13/04   0.00   38.15   Current
AMARIL UNIFORM CO   08/13/04   0.00   40.37   Current
AMARIL UNIFORM CO   08/13/04   0.00   34.50   Current
DAKOTA SUPPLY GROUP   08/13/04   0.00   127.88   Current
NORTHWEST PIPE FITTINGS INC   08/13/04   0.00   89.04   Current
TS VENDING SERVICE   08/13/04   0.00   67.76   Current
A-PLUS PRINTERS SERVICE & SUPPLIES   08/13/04   0.00   65.00   Current
OSLIN NATION   08/13/04   0.00   1,104.65   Current
HOTTMAN MOWING SERVICE   08/14/04   0.00   1,060.00   Current
UNITED PARCEL SERVICE   08/14/04   0.00   10.00   Current
JOHNSON CONTROLS INC   08/15/04   0.00   800.00   Current
CENTRAL MONTANA COMMUNICATIONS INC   08/15/04   0.00   46.24   Current
                 

17

CENTRAL MONTANA COMMUNICATIONS INC   08/15/04   0.00   44.71   Current
SPHERION CORPORATION   08/15/04   0.00   273.60   Current
SPHERION CORPORATION   08/15/04   0.00   1,972.90   Current
TOTAL ASPHALT REPAIR INC   08/15/04   0.00   450.00   Current
SWEET PEA SEWER & SEPTIC MSO, INC   08/15/04   0.00   75.00   Current
SWEET PEA SEWER & SEPTIC MSO, INC   08/15/04   0.00   75.00   Current
BOYER LANDSCAPE & DESIGN   08/15/04   0.00   85.00   Current
ENERGY SHARE OF MONTANA   08/15/04   0.00   409.00   Current
CULLIGAN WATER CONDITIONING   08/16/04   0.00   4.00   Current
NORTHWEST PIPE FITTINGS, INC.   08/16/04   0.00   21.20   Current
NORTHWEST PIPE FITTINGS, INC.   08/16/04   0.00   1,369.00   Current
NORTHWEST PIPE FITTINGS, INC.   08/16/04   0.00   528.40   Current
NORTHWEST PIPE FITTINGS, INC.   08/16/04   0.00   887.92   Current
NORTHWEST PIPE FITTINGS, INC.   08/16/04   0.00   1,065.63   Current
NORTHWEST PIPE FITTINGS, INC.   08/16/04   0.00   38.60   Current
NORTHWEST PIPE FITTINGS, INC.   08/16/04   0.00   244.55   Current
SETON IDENTIFICATION PRODUCTS   08/16/04   0.00   87.16   Current
ENERGY LABORATORIES INC   08/16/04   0.00   157.65   Current
DRESSER MEASUREMENT OPERATIONS   08/16/04   0.00   2,280.00   Current
FIRE SUPPRESSION SYSTEMS INC   08/16/04   0.00   382.00   Current
UPONOR ALDYL COMPANY   08/16/04   0.00   21.38   Current
UPONOR ALDYL COMPANY   08/16/04   0.00   115.10   Current
A&A ASPHALT MAINTENANCE   08/16/04   0.00   1,645.00   Current
INTERSTATE BATTERIES OF BILLINGS   08/16/04   0.00   56.95   Current
SIEMENS POWER T & D, INC.   08/16/04   0.00   375.00   Current
WATER & ENVIRONMENTAL   08/16/04   0.00   1,530.00   Current
DECKER ARCHITECTURE PC   08/16/04   0.00   1,200.00   Current
PAR ELECTRIC CONTRACTORS INC   08/16/04   0.00   53.73   Current
PAR ELECTRIC CONTRACTORS INC   08/16/04   0.00   1,376.41   Current
PAR ELECTRIC CONTRACTORS INC   08/16/04   0.00   3,212.99   Current
ECONO-EXPORT PROS INC   08/16/04   0.00   630.00   Current
ENERGY SHARE OF MONTANA   08/16/04   0.00   399.00   Current
THE CITY OF HAVRE   08/16/04   0.00   960.18   Current
KELLY SERVICES INC   08/16/04   0.00   781.58   Current
A & B BUSINESS EQUIPMENT INC   08/16/04   0.00   241.34   Current
BORDER STATES ELECTRIC SUPPLY   08/16/04   0.00   1,650.03   Current
BORDER STATES ELECTRIC SUPPLY   08/16/04   0.00   1,390.31   Current
                 

18

BORDER STATES ELECTRIC SUPPLY   08/16/04   0.00   358.28   Current
BORDER STATES ELECTRIC SUPPLY   08/16/04   0.00   68.04   Current
BORDER STATES ELECTRIC SUPPLY   08/16/04   0.00   649.83   Current
NORTHWEST PIPE FITTINGS INC   08/16/04   0.00   35.51   Current
NORTHWEST PIPE FITTINGS, INC.   08/17/04   0.00   4.70   Current
NORTHWEST PIPE FITTINGS, INC.   08/17/04   0.00   252.80   Current
NORTHWEST PIPE FITTINGS, INC.   05/17/04   0.00   9.06   Current
SAFWAY SUPPLY INC   08/17/04   0.00   85.20   Current
SAFWAY SUPPLY INC   08/17/04   0.00   284.00   Current
SETON IDENTIFICATION PRODUCTS   08/17/04   0.00   1,655.95   Current
INDUSTRIAL TOWEL & COVER SUPPLY   08/17/04   0.00   37.03   Current
INDUSTRIAL TOWEL & COVER SUPPLY   08/17/04   0.00   9.69   Current
INDUSTRIAL TOWEL & COVER SUPPLY   08/17/04   0.00   7.60   Current
E J BROOKS COMPANY   08/17/04   0.00   600.00   Current
DRESSER MEASUREMENT OPERATIONS   08/17/04   0.00   3,350.00   Current
ORKIN EXTERMINATORS CO., INC.   08/17/04   0.00   83.16   Current
NORTHWEST MACHINERY INC   08/17/04   0.00   721.10   Current
HOWARD INDUSTRIES INC   08/17/04   0.00   1,938.00   Current
NEWSDATA CORPORATION   08/17/04   0.00   3,510.00   Current
THE NATIONAL LAUNDRY COMPANY   08/17/04   0.00   11.63   Current
VALLEY IRRIGATION   08/17/04   0.00   47.40   Current
FRANCOTYP-POSTALIE INC   08/17/04   0.00   157.50   Current
ELM LOCATING & UTILITY SERVICES   08/17/04   0.00   7,323.95   Current
ELM LOCATING & UTILITY SERVICES   08/17/04   0.00   1,796.30   Current
HOLLOW CONTRACTING INC   08/17/04   0.00   3,983.93   Current
ALL-IN-ONE MICROFILM & IMAGING INC   08/17/04   0.00   160.00   Current
ELSTER ELECTRICITY LLC   08/17/04   0.00   1,404.00   Current
USF REDDAWAY   08/17/04   0.00   44.78   Current
USF REDDAWAY   08/17/04   0.00   80.57   Current
USF REDDAWAY   08/17/04   0.00   58.46   Current
USF REDDAWAY   08/17/04   0.00   118.21   Current
USF REDDAWAY   08/17/04   0.00   43.43   Current
ENERGY SHARE OF MONTANA   08/17/04   0.00   248.00   Current
OCCUPATIONAL HEALTH & WELLNESS   08/17/04   0.00   75.00   Current
LEONARD, STREET & DEINARD   08/17/04   0.00   51,866.20   Current
UPONOR ALDYL COMPANY   08/17/04   0.00   3,871.12   Current
UPONOR ALDYL COMPANY   08/17/04   0.00   5,278.05   Current
                 

19

BURMEISTER ELECTRIC COMPANY   08/17/04   0.00   1,036.65   Current
MIDWEST COPIER SOLUTIONS INC   08/17/04   0.00   61.48   Current
MIDWEST COPIER SOLUTIONS INC   08/17/04   0.00   45.02   Current
MIDWEST COPIER SOLUTIONS INC   08/17/04   0.00   45.02   Current
NEBRASKA PUBLIC POWER DISTRICT   08/17/04   0.00   20.12   Current
BORDER STATES ELECTRIC SUPPLY   08/17/04   0.00   2,091.99   Current
BORDER STATES ELECTRIC SUPPLY   08/17/04   0.00   969.90   Current
BORDER STATES ELECTRIC SUPPLY   08/17/04   0.00   2,467.92   Current
BORDER STATES ELECTRIC SUPPLY   08/17/04   0.00   536.79   Current
BORDER STATES ELECTRIC SUPPLY   08/17/04   0.00   663.48   Current
NORTHWEST PIPE FITTINGS, INC.   08/17/04   0.00   61.81   Current
NORTHWEST PIPE FITTINGS, INC.   08/18/04   0.00   23.44   Current
NORTHWEST PIPE FITTINGS, INC.   08/18/04   0.00   44.60   Current
NORTHWEST PIPE FITTINGS, INC.   08/18/04   0.00   140.70   Current
NORTHWEST PIPE FITTINGS, INC.   08/18/04   0.00   219.44   Current
WESCO   08/18/04   0.00   342.12   Current
WESCO   08/18/04   0.00   390.94   Current
UPONOR ALDYL COMPANY   08/18/04   0.00   117.13   Current
REDMAN PIPE AND SUPPLY COMPANY   08/18/04   0.00   525,473.76   Current
GROEBNER & ASSOCIATES INC   08/18/04   0.00   77.50   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/18/04   0.00   10,675.17   Current
FEDERAL EXPRESS CORP   08/18/04   0.00   22.34   Current
FEDERAL EXPRESS CORP   08/18/04   0.00   11.00   Current
FEDERAL EXPRESS CORP   08/18/04   0.00   35.72   Current
FEDERAL EXPRESS CORP   08/18/04   0.00   40.22   Current
FEDERAL EXPRESS CORP   08/18/04   0.00   58.87   Current
FEDERAL EXPRESS CORP   08/18/04   0.00   37.81   Current
FEDERAL EXPRESS CORP   08/18/04   0.00   30.82   Current
PAR ELECTRIC CONTRACTORS INC   08/18/04   0.00   993.62   Current
USF REDDAWAY   08/18/04   0.00   104.06   Current
USF REDDAWAY   08/18/04   0.00   51.30   Current
USF REDDAWAY   08/18/04   0.00   45.66   Current
ECONO-EXPORT PROS INC   08/18/04   0.00   630.00   Current
ENERGY SHARE OF MONTANA   08/18/04   0.00   227.00   Current
THE BAYARD FIRM   08/18/04   0.00   5,344.90   Current
ELECTROTECH INC   08/18/04   0.00   1,981.00   Current
BORDER STATES ELECTRIC SUPPLY   08/18/04   0.00   1,003.18   Current
                 

20

BORDER STATES ELECTRIC SUPPLY   08/18/04   0.00   1,643.21   Current
BORDER STATES ELECTRIC SUPPLY   08/18/04   0.00   522.36   Current
BORDER STATES ELECTRIC SUPPLY   08/18/04   0.00   2,861.46   Current
BORDER STATES ELECTRIC SUPPLY   08/18/04   0.00   98.46   Current
BORDER STATES ELECTRIC SUPPLY   08/18/04   0.00   122.93   Current
BORDER STATES ELECTRIC SUPPLY   08/18/04   0.00   127.03   Current
BORDER STATES ELECTRIC SUPPLY   08/18/04   0.00   834.03   Current
BORDER STATES ELECTRIC SUPPLY   08/18/04   0.00   910.86   Current
BORDER STATES ELECTRIC SUPPLY   08/18/04   0.00   200.84   Current
BORDER STATES ELECTRIC SUPPLY   08/18/04   0.00   1,436.40   Current
NORTHWEST PIPE FITTINGS INC   08/18/04   0.00   36.93   Current
NORTHWEST PIPE FITTINGS INC   08/18/04   0.00   126.06   Current
MGE UPS SYSTEMS   08/18/04   0.00   18,611.48   Current
ROUNDS BROS. TRENCHING   08/18/04   0.00   7,344.00   Current
NORTHWEST PIPE FITTINGS, INC.   08/19/04   0.00   6,687.36   Current
NORTHWEST PIPE FITTINGS, INC.   08/19/04   0.00   15.10   Current
V-1 PROPANE   08/19/04   0.00   18.43   Current
UPONOR ALDYL COMPANY   08/19/04   0.00   36.31   Current
UPONOR ALDYL COMPANY   08/19/04   0.00   118.58   Current
UPONOR ALDYL COMPANY   08/19/04   0.00   215.75   Current
HIGH COUNTRY LINEN SUPPLY CO   08/19/04   0.00   15.20   Current
CARGO PROTECTORS INC   08/19/04   0.00   3,906.00   Current
HOWARD INDUSTRIES INC   08/19/04   0.00   3,516.00   Current
HOWARD INDUSTRIES INC   08/19/04   0.00   3,889.00   Current
HOWARD INDUSTRIES INC   08/19/04   0.00   9,584.00   Current
DEGIDIO SHEET METAL   08/19/04   0.00   112.00   Current
WELD TECH   08/19/04   0.00   45.00   Current
GROEBNER & ASSOCIATES INC   08/19/04   0.00   91.80   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   8,736.00   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   10,420.23   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   8,449.34   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   11,760.18   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   7,454.29   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   8,010.55   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   8,336.50   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   8,418.29   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   12,732.16   Current
                 

21

ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   1,143.25   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   8,600.60   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   2,209.27   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   13,705.36   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   1,285.86   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   5,070.71   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   5,839.84   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   13,902.67   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   6,653.47   Current
ROCKY MOUNTAIN CONTRACTORS INC   08/19/04   0.00   9,650.12   Current
AT&T ONE NET SERVICE   08/19/04   0.00   10,607.54   Current
AT&T ONE NET SERVICE   08/19/04   0.00   30,724.99   Current
HELENA SAND & GRAVEL INC   08/19/04   0.00   137.15   Current
ESSI   08/19/04   0.00   8,500.00   Current
ENERGY SHARE OF MONTANA   08/19/04   0.00   100.00   Current
ENERGY SHARE OF MONTANA   08/19/04   0.00   248.00   Current
CITY OF CONRAD   08/19/04   0.00   175.00   Current
PAUL, WEISS, RIFKIND, WHARTON & GAR   08/19/04   0.00   31,826.80   Current
WARREN H SMITH & ASSOCIATES PC   08/19/04   0.00   3,986.70   Current
BORDER STATES ELECTRIC SUPPLY   08/19/04   0.00   33.32   Current
NORTHWEST PIPE FITTINGS INC   08/19/04   0.00   255.32   Current
NOVASPECT INC   08/19/04   0.00   90.44   Current
XPEDX   08/20/04   0.00   96.49   Current
NORTHWEST PIPE FITTINGS, INC.   08/20/04   0.00   11.60   Current
NORTHWEST PIPE FITTINGS, INC.   08/20/04   0.00   344.00   Current
NORTHWEST PIPE FITTINGS, INC.   08/20/04   0.00   6.32   Current
NORTHWEST PIPE FITTINGS, INC.   08/20/04   0.00   20.60   Current
NORTHWEST PIPE FITTINGS, INC.   08/20/04   0.00   78.40   Current
NORTHWEST PIPE FITTINGS, INC.   08/20/04   0.00   8.10   Current
NORTHWEST PIPE FITTINGS, INC.   08/20/04   0.00   7.60   Current
NORTHWEST PIPE FITTINGS, INC.   08/20/04   0.00   82.80   Current
NORTHWEST PIPE FITTINGS, INC.   08/20/04   0.00   17.30   Current
AMERICAN LINEN   08/20/04   0.00   75.04   Current
BIG SKY LINEN SUPPLY   08/20/04   0.00   7.00   Current
ECOLAB PEST ELIMINATION DIVISION   08/20/04   0.00   42.00   Current
ECOLAB PEST ELIMINATION DIVISION   08/20/04   0.00   42.00   Current
ECOLAB PEST ELIMINATION DIVISION   08/20/04   0.00   42.00   Current
                 

22

PROJECT TELEPHONE COMPANY INC   08/20/04   0.00   191.44   Current
ASPLUNDH TREE EXPERT CO   08/20/04   0.00   2,623.64   Current
HOWARD INDUSTRIES INC   08/20/04   0.00   7,084.00   Current
HOWARD INDUSTRIES INC   08/20/04   0.00   2,808.00   Current
HOWARD INDUSTRIES INC   08/20/04   0.00   7,088.00   Current
HOWARD INDUSTRIES INC   08/20/04   0.00   6,016.00   Current
DRILLWORX LLC   08/20/04   0.00   3,322.50   Current
DRILLWORX LLC   08/20/04   0.00   3,528.00   Current
FEDERAL EXPRESS CORP   08/20/04   0.00   286.27   Current
HELENA SAND & GRAVEL INC   08/20/04   0.00   590.00   Current
CITY OF HELENA-BUILDING DEPT.   08/20/04   0.00   70.00   Current
ENERGY SHARE OF MONTANA   08/20/04   0.00   184.00   Current
CAPITAL ONE CENTER   08/20/04   0.00   2,413.72   Current
NELSON TECHNOLOGIES INC   08/20/04   0.00   819.35   Current
AMERICAN METER COMPANY   08/20/04   0.00   25,970.00   Current
DAKOTA SUPPLY GROUP   08/20/04   0.00   3,651.70   Current
TS VENDING SERVICE   08/20/04   0.00   42.37   Current
GREGORY & COOK INC   08/22/04   0.00   140,502.84   Current
BELL LUMBER & POLE COMPANY   08/23/04   0.00   676.00   Current
BELL LUMBER & POLE COMPANY   08/23/04   0.00   18,928.00   Current
BELL LUMBER & POLE COMPANY   08/23/04   0.00   20,956.00   Current
FARMER BROTHERS COFFEE   08/23/04   0.00   95.40   Current
HELENA SAND & GRAVEL INC   08/23/04   0.00   100.53   Current
SCOTT LIND   08/23/04   0.00   80.00   Current
ENERGY SHARE OF MONTANA   08/23/04   0.00   277.00   Current
GROEBNER & ASSOCIATES INC   08/23/04   0.00   405.41   Current
GROEBNER & ASSOCIATES INC   08/23/04   0.00   601.22   Current
GROEBNER & ASSOCIATES INC   08/23/04   0.00   205.03   Current
GROEBNER & ASSOCIATES INC   08/23/04   0.00   50.15   Current
GROEBNER & ASSOCIATES INC   08/23/04   0.00   213.38   Current
GROEBNER & ASSOCIATES INC   08/23/04   0.00   526.99   Current
KELLY SUPPLY COMPANY   08/23/04   0.00   56.23   Current
KELLY SUPPLY COMPANY   08/23/04   0.00   54.32   Current
KELLY SUPPLY COMPANY   08/23/04   0.00   7.72   Current
BORDER STATES ELECTRIC SUPPLY   08/23/04   0.00   979.18   Current
BORDER STATES ELECTRIC SUPPLY   08/23/04   0.00   3,364.40   Current
BORDER STATES ELECTRIC SUPPLY   08/23/04   0.00   27.24   Current
                 

23

BORDER STATES ELECTRIC SUPPLY   08/23/04   0.00   2,020.96   Current
BORDER STATES ELECTRIC SUPPLY   08/23/04   0.00   171.99   Current
BORDER STATES ELECTRIC SUPPLY   08/23/04   0.00   521.01   Current
PACIFIC-STEEL/HIDES/RECYCLING   08/24/04   0.00   880.30   Current
V-1 PROPANE   08/24/04   0.00   12.86   Current
KAPOR LUMBER PRODUCTS   08/24/04   0.00   578.08   Current
ELM LOCATING & UTILITY SERVICES   08/24/04   0.00   1,625.33   Current
ENERGY SHARE OF MONTANA   08/24/04   0.00   316.00   Current
ELM LOCATING & UTILITY SERVICES   08/24/04   0.00   5,839.29   Current
GROEBNER & ASSOCIATES INC   08/24/04   0.00   191.54   Current
GROEBNER & ASSOCIATES INC   08/24/04   0.00   991.63   Current
BORDER STATES ELECTRIC SUPPLY   08/24/04   0.00   1,969.62   Current
BORDER STATES ELECTRIC SUPPLY   08/24/04   0.00   1,345.23   Current
BORDER STATES ELECTRIC SUPPLY   08/24/04   0.00   1,404.11   Current
BORDER STATES ELECTRIC SUPPLY   08/24/04   0.00   249.00   Current
BORDER STATES ELECTRIC SUPPLY   08/24/04   0.00   2,200.95   Current
BORDER STATES ELECTRIC SUPPLY   08/24/04   0.00   1,291.82   Current
BELL LUMBER & POLE COMPANY   08/25/04   0.00   19,792.64   Current
BELL LUMBER & POLE COMPANY   08/25/04   0.00   20,238.95   Current
BELL LUMBER & POLE COMPANY   08/25/04   0.00   15,881.40   Current
BELL LUMBER & POLE COMPANY   08/25/04   0.00   4,865.00   Current
3-C ELECTRIC   08/25/04   0.00   15.40   Current
SUMMIT VALLEY BOTTLED WATER   08/25/04   0.00   20.00   Current
FARMER BROTHERS COFFEE   08/25/04   0.00   63.65   Current
ENERGY SHARE OF MONTANA   08/25/04   0.00   175.00   Current
UNITED WAY OF YELLOWSTONE CO.   08/25/04   0.00   200.00   Current
TOWN PUMP INC   08/26/04   0.00   3,885.38   Current
ENERGY SHARE OF MONTANA   08/26/04   0.00   23.54   Current
ENERGY SHARE OF MONTANA   08/26/04   0.00   225.00   Current
BILL CIARLONE   08/26/04   0.00   3,276.93   Current
MID DAKOTA RURAL WATER SYSTEM   08/26/04   0.00   975.00   Current
L S JENSEN CONSTRUCTION & PAVING   08/29/04   0.00   172.15   Current
ENERGY SHARE OF MONTANA   08/29/04   0.00   322.00   Current
D&T COATINGS   08/30/04   0.00   140.00   Current
ENERGY SHARE OF MONTANA   08/30/04   0.00   182.00   Current
THE MISSOULIAN   08/31/04   0.00   400.00   Current
MARKS-MILLER POST & POLE INC   08/31/04   0.00   3,294.50   Current
                 

24

WHITE & CASE LLP   08/31/04   0.00   26,536.34   Current
MERRILL COMMUNICATIONS, LLC   08/31/04   0.00   10,565.60   Current
THE PAYDAY/PRINT SHOP   09/14/04   0.00   65.00   Current
TOUCH AMERICA INC       0.00   15.00   Current
WESTERN ENERGY COMPANY       0.00   711.04   Current
ALCOA FUJIKURA, LTD       0.00   149.22   Current
NEWELL PORCELAIN COMPANY INC       0.00   724.38   Current
EASTMAN KODAK COMPANY       0.00   495.00   Current
FAMILIAN NORTHWEST       0.00   13.05   Current
GANS INK & SUPPLY COMPANY, INC.       0.00   251.78   Current
GE SUPPORT SERVICES LP       0.00   616.00   Current
IBM CORPORATION       0.00   977.94   Current
MONTANA ELECTRIC SUPPLY       0.00   761.89   Current
NORTHWEST PIPE FITTINGS, INC.       0.00   26.38   Current
WESCO       0.00   314.75   Current
WESCO       0.00   95.00   Current
XEROX CORPORATION       0.00   4,523.23   Current
XEROX CORPORATION       0.00   4,523.23   Current
ENERGY LABORATORIES INC       0.00   1,072.65   Current
INDUSTRIAL TOWEL & COVER SUPPLY       0.00   33.65   Current
INDUSTRIAL TOWEL & COVER SUPPLY       0.00   41.40   Current
SUN RIVER ELECTRIC COOPERATIVE       0.00   23.92   Current
SUN RIVER ELECTRIC COOPERATIVE       0.00   24.22   Current
SUN RIVER ELECTRIC COOPERATIVE       0.00   25.42   Current
THOMAS' INC       0.00   119.24   Current
THOMAS' INC       0.00   154.66   Current
CENTURYTEL (FORMER-PTI)       0.00   91.77   Current
ECOLAB PEST ELIMINATION DIVISION       0.00   50.00   Current
ECOLAB PEST ELIMINATION DIVISION       0.00   71.60   Current
TRIANGLE TELEPHONE COOP. ASSN.       0.00   15.00   Current
BLACKFOOT TELEPHONE COOP INC       0.00   13.70   Current
BLACKFOOT TELEPHONE COOP INC       0.00   13.70   Current
BLACKFOOT TELEPHONE COOP INC       0.00   25.44   Current
FERGUS ELECTRIC COOPERATIVE       0.00   2.54   Current
FERGUS ELECTRIC COOPERATIVE       0.00   0.71   Current
INTERIOR PLANT DESIGNS       0.00   265.00   Current
MONTANA DAKOTA UTILITIES CO.       0.00   1,136.00   Current
                 

25

MONTANA DAKOTA UTILITIES CO.       0.00   1,477.50   Current
MARIAS RIVER ELECTRIC COOPERATIVE       0.00   53.00   Current
SUMMIT VALLEY BOTTLED WATER       0.00   16.00   Current
PORTLAND GENERAL ELECTRIC       0.00   2,107.32   Current
TOUCH AMERICA INC       0.00   681.28   Current
TOUCH AMERICA INC       0.00   15.00   Current
TOUCH AMERICA INC       0.00   18.95   Current
ENERGY CONTROL SYSTEMS INC       0.00   91.04   Current
UPONOR ALDYL COMPANY       0.00   11,744.08   Current
UPONOR ALDYL COMPANY       0.00   11,385.22   Current
RUSSELL HUGHES       0.00   125.00   Current
HELENA CHEMICAL CO       0.00   480.60   Current
HILL COUNTY ELECTRIC COOPERATIVE IN       0.00   16.11   Current
SOMERA COMMUNICATIONS       0.00   900.00   Current
MACHINERY POWER & EQUIPMENT       0.00   821.35   Current
AREVA T&D CORPORATION       0.00   3,000.00   Current
WESTERN MONTANA PUBLISHING GROUP       0.00   646.50   Current
3 RIVERS WIRELESS       0.00   74.51   Current
3 RIVERS WIRELESS       0.00   59.70   Current
3 RIVERS WIRELESS       0.00   60.57   Current
POWER ENGINEERS INCORPORATED       0.00   21,204.80   Current
GROEBNER & ASSOCIATES INC       0.00   246.96   Current
KBOW RADIO       0.00   315.00   Current
QWEST       0.00   95.35   Current
QWEST       0.00   95.35   Current
VERIZON WIRELESS BELLEVUE       0.00   2,397.66   Current
RUSSELL REYNOLDS ASSOC INC       0.00   148,333.00   Current
AT&T ONENET SERVICE       0.00   20,796.17   Current
CON-WAY TRANSPORTION SERVICES INC       0.00   1,222.47   Current
PAIGE ELECTRIC CO       0.00   125.65   Current
FEDEX FREIGHT WEST       0.00   1,027.35   Current
MIDWEST MOTOR EXPRESS INC       0.00   522.25   Current
MIDWEST MOTOR EXPRESS INC       0.00   48.95   Current
SCOTT LIND       0.00   180.00   Current
ALCATEL USA       0.00   9,318.42   Current
REVENUE MANAGEMENT       0.00   206.40   Current
TOWN OF BRIDGER       0.00   47.26   Current
                 

26

CITY OF GREAT FALLS MONTANA       0.00   78.39   Current
MSU—NORTHERN       0.00   4,500.00   Current
LIVINGSTON UTILITY DEPARTMENT       0.00   107.21   Current
MR. DON JENNI       0.00   490.80   Current
CITY OF HAMILTON       0.00   50.00   Current
TOWN OF FAIRFIELD       0.00   38.17   Current
INFORMATION SYSTEMS AUDIT &       0.00   60.00   Current
PPL MONTANA LLC       0.00   5,398.02   Current
WESTERN ELECTRICITY COORDINATING       0.00   8,319.65   Current
MONSTER.COM       0.00   12,000.00   Current
MERRILL COMMUNICATIONS, LLC.       0.00   721.22   Current
MERRILL COMMUNICATIONS, LLC.       0.00   270.72   Current
MERRILL COMMUNICATIONS, LLC.       0.00   2,036.75   Current
LEONARD, STREET & DEINARD       0.00   58,589.60   Current
LEONARD, STREET & DEINARD       0.00   36,204.70   Current
LEONARD, STREET & DEINARD       0.00   42,810.20   Current
LEONARD, STREET & DEINARD       0.00   57,360.00   Current
LEONARD, STREET & DEINARD       0.00   58,720.10   Current
ROSENBLUTH INTERNATIONAL       0.00   6,852.63   Current
PAUL, WEISS, RIFKIND, WHARTON & GAR       0.00   18,489.50   Current
PAUL, WEISS, RIFKIND, WHARTON & GAR       0.00   20,312.30   Current
PAUL, WEISS, RIFKIND, WHARTON & GAR       0.00   19,023.80   Current
PAUL, WEISS, RIFKIND, WHARTON & GAR       0.00   17,981.10   Current
PAUL, WEISS, RIFKIND, WHARTON & GAR       0.00   43,624.90   Current
PAUL, WEISS, RIFKIND, WHARTON & GAR       0.00   39,353.50   Current
HOULIHAN LOKEY HOWARD & ZUKIN       0.00   35,000.00   Current
HOULIHAN LOKEY HOWARD & ZUKIN       0.00   36,244.06   Current
HOULIHAN LOKEY HOWARD & ZUKIN       0.00   35,000.00   Current
HOULIHAN LOKEY HOWARD & ZUKIN       0.00   70,000.00   Current
THE BAYARD FIRM       0.00   3,236.83   Current
THE BAYARD FIRM       0.00   3,010.50   Current
THE BAYARD FIRM       0.00   307.07   Current
THE BAYARD FIRM       0.00   2,388.10   Current
THE BAYARD FIRM       0.00   3,632.90   Current
THE BAYARD FIRM       0.00   4,531.80   Current
THE BAYARD FIRM       0.00   5,764.80   Current
WARREN H SMITH & ASSOCIATES PC       0.00   1,004.00   Current
                 

27

WARREN H SMITH & ASSOCIATES PC       0.00   3,158.90   Current
WARREN H SMITH & ASSOCIATES PC       0.00   2,429.30   Current
ADP INVESTOR COMM. SERV.       0.00   2,700.57   Current
TOWERS PERRIN       0.00   3,978.00   Current
MERRILL COMMUNICATIONS, LLC.       0.00   285.53   Current
GROEBNER & ASSOCIATES INC       0.00   699.43   Current
GROEBNER & ASSOCIATES INC       0.00   172.78   Current
GROEBNER & ASSOCIATES INC       0.00   400.37   Current
GROEBNER & ASSOCIATES INC       0.00   40.13   Current
LINWELD       0.00   16.38   Current
PROFESSIONAL MAILING & MARKETING       0.00   2,034.44   Current
THE AVON CLARION       0.00   10.00   Current
GROTE ROOFING CO.       0.00   90.38   Current
CITY OF HOWARD       0.00   2.12   Current
JD CONCRETE PRODUCTS       0.00   38.43   Current
KRUG PRODUCTS INC       0.00   172.48   Current
CITY OF KEARNEY       0.00   22.50   Current
LAKE REGION ELECTRIC ASSOC. IN       0.00   4.63   Current
CITY OF MITCHELL       0.00   8.00   Current
CITY OF PARKSTON       0.00   1.04   Current
ROUNDS BROTHERS TRENCHING       0.00   4,284.00   Current
ROUNDS BROTHERS TRENCHING       0.00   297.59   Current
ROUNDS BROTHERS TRENCHING       0.00   3,228.30   Current
SIEMENS POWER TRANSMISSION       0.00   10,388.00   Current
SANTEL COMMUNICATIONS       0.00   16.05   Current
CENTRAL DAKOTA TIMES       0.00   13.50   Current
THOMSON FINANCIAL/CARSON       0.00   546.25   Current
ALTEC INDUSTRIES INC       0.00   152.61   Current
BORDER STATES ELECTRIC SUPPLY       0.00   10,783.88   Current
BORDER STATES ELECTRIC SUPPLY       0.00   771.25   Current
BORDER STATES ELECTRIC SUPPLY       0.00   60.82   Current
BORDER STATES ELECTRIC SUPPLY       0.00   85.36   Current
BORDER STATES ELECTRIC SUPPLY       0.00   175.30   Current
BORDER STATES ELECTRIC SUPPLY       0.00   3,680.88   Current
BORDER STATES ELECTRIC SUPPLY       0.00   351.07   Current
BORDER STATES ELECTRIC SUPPLY       0.00   205.20   Current
NORTHWEST PIPE FITTINGS INC       0.00   250.62   Current
                 

28

NOVASPECT INC       0.00   404.13   Current
FAULKTON FARMERS ELEVATOR CO       0.00   3,042.00   Current
HOWARD INDUSTRIES INC       0.00   5,564.00   Current
BASIN ELECTRIC POWER COOPERATIVE       0.00   68,600.00   Current
NORTHWESTERN ENERGY-CHAMBERLAIN       0.00   78.30   Current
SIOUX VALLEY ENERGY       0.00   23.00   Current
AVERA UNITED CLINIC       0.00   85.00   Current
CITY TREASURERS OFFICE       0.00   87.04   Current
THE PORT AUTHORITY OF NV & NJ       0.00   27.93   Current
S & C ELECTRIC COMPANY       0.00   5,075.00   Current
NORTH EASTERN SD HEALTH PLAN       0.00   5,000.00   Current
JOHNSON BROS. CONTRACTING INC       0.00   23.00   Current
ABERDEEN CHAMBER OF COMMERCE       0.00   3,489.00   Current
ELM LOCATING & UTILITY SERVICES       0.00   886.72   Current
AT&T   09/21/03   22.96   0.00    
O C TANNER RECOGNITION COMPANY   09/24/03   134.58   0.00    
CURTIS 1000   09/24/03   28.60   0.00    
CURTIS 1000   09/24/03   18.93   0.00    
FAMILIAN NORTHWEST   09/25/03   9.87   0.00    
MACHINERY POWER & EQUIPMENT   09/25/03   1,000.00   0.00    
FAMILIAN NORTHWEST   09/28/03   182.40   0.00    
ORCOM PARTIAL REFUND CLEARING ACCT   09/29/03   73.21   0.00    
VALLEY WELDERS SUPPLY INC   10/14/03   41.58   0.00    
AT & T   11/01/03   3,966.95   0.00    
OVERHEAD DOOR COMPANY OF BUTTE   11/05/03   1,495.00   0.00    
WASHINGTON GROUP INTERNATIONAL INC   12/30/03   20,273.84   0.00    
LEWIS MFG & CONSTRUCTION, INC.   01/12/04   4,150.00   0.00    
NATIONAL PRESS CLUB   01/23/04   250.50   0.00    
TOUCH AMERICA INC   01/28/04   18,290.75   0.00    
NOVASPECT INC   02/18/04   404.13   0.00    
ENERGY CONTROL SYSTEMS INC   02/23/04   91.04   0.00    
EASTMAN KODAK COMPANY   03/01/04   495.00   0.00    
KRUG PRODUCTS INC   03/01/04   172.48   0.00    
SPRINT   03/01/04   7.06   0.00    
NEWELL PORCELAIN COMPANY INC   03/02/04   724.38   0.00    
                 

29

BRENNTAG WEST INC   03/16/04   180.00   0.00    
AT&T   04/01/04   387.93   0.00    
INFORMATION SYSTEMS AUDIT &   04/05/04   60.00   0.00    
GANS INK & SUPPLY COMPANY, INC.   04/09/04   251.78   0.00    
GROEBNER & ASSOCIATES INC   04/09/04   699.43   0.00    
BORDER STATES ELECTRIC SUPPLY   04/22/04   10,783.88   0.00    
GRAYBAR ELECTRIC COMPANY INC   04/22/04   27.88   0.00    
WILMORE ELECTRONICS CO INC   04/28/04   780.00   0.00    
NORTHWEST PIPE FITTINGS, INC.   05/13/04   26.38   0.00    
TFS ENERGY LLC   05/31/04   485.00   0.00    
ITRON   06/16/04   6,187.50   0.00    
UAP TIMBERLAND LLC   07/01/04   16,806.00   0.00    
GROEBNER & ASSOCIATES INC   07/06/04   400.37   0.00    
WELLS FARGO SHAROWNER SERVICES   07/07/04   2,537.91   0.00    
SIEMENS POWER TRANSMISSION   07/08/04   3,195.00   0.00    
AT&T   07/13/04   211.22   0.00    
GROEBNER & ASSOCIATES INC   07/14/04   282.95   0.00    
GLOBAL RENTAL CO INC   07/20/04   2,832.14   0.00    
GROEBNER & ASSOCIATES INC   07/22/04   40.13   0.00    
CITY OF YANKTON   08/02/04   13.72   0.00    
DAVIS & DAVIS COMPANY   08/04/04   2,461.68   0.00    
DAKOTA SUPPLY GROUP   08/16/04   62.01   0.00    
B & B CONTRACTING   08/23/04   115.94   0.00    
IBM CORPORATION   08/24/04   2,538.64   0.00    
US BANK MT NATIONAL ASSOC   08/25/04   92,867.80   0.00    
FED PAYROLL TAXES WELLS FARGO BANK   08/25/04   9,543.86   0.00    
ARIZONA DEPARTMENT OF REVENUE   08/27/04   73.97   0.00    
EnerGCOMM   08/27/04   17,236.64   0.00    
MONTANA STATE TREASURER   08/27/04   36,810.00   0.00    
MINNESOTA REVENUE   08/27/04   50.00   0.00    
DEPARTMENT OF FINANCE &   08/27/04   259.20   0.00    
       
 
   
        260,042.22   3,131,011.84    
       
 
   

Note:    items without invoice dates represent those payables that, by nature, are considered current. Examples include payables for which goods have not yet been received and the contracted hold backs with a vendor due upon contract completion.

30

In re:   NORTHWESTERN CORPORATION
Debtor		   Case No. 03-12872
Reporting Period: 8/01/04 to 8/31/04


ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

 
   Customer
Accounts
Receivable
   Unbilled
Accounts
Receivable(1)
   Other Accounts
Receivable(2)
   Total Accounts
Receivable
  
Accounts Receivable at the beginning of the reporting period   $ 42,153,005   $ 26,947,084   $ 7,994,216   $ 77,094,305  
+Amounts billed during the period     67,196,131                 67,196,131  
-Amounts collected during the period     (72,531,975 )               (72,531,975 )
-Amounts written off during the period (bad debts)     (286,751 )               (286,751 )
-Less refunds during the period     365,877                 365,877  
Net change in account           1,724,548     5,339,119     7,063,667  
   
 
 
 
 
Total Accounts Receivable at the end of the reporting period   $ 36,896,287   $ 28,671,632   $ 13,333,335   $ 78,901,254  
(1)
Unbilled A/R (for Montana utility) represents actual electric and gas utility service deliveries. It is based on estimates but is an accurate figure for expected collections (residential customers, within a month, industrial/commercial, within two months).

(2)
Other A/R primarily consists of the receivables side of netting agreements with energy suppliers (~$9-14 million). The remaining items are considered miscellaneous accounts receivable.

0-30 days old   $ 28,725,683
31-60 days old     4,483,304
61-90 days old     1,889,421
91+days old     1,797,879
   
Total Accounts Receivable   $ 36,896,287
Unbilled Accounts Receivable(3)   $ 28,671,632
Other Accounts Receivable(4)     13,333,335
   
Total Accounts Receivable     78,901,254
   
(3)
See footnote 1 above. Unbilled accounts receivable, by their nature, would be considered 0-30 days but have not been billed yet.

(4)
See footnote 2 above. Primarily consists of the receivables side of energy netting agreements (by nature 0-30 days).


DEBTOR QUESTIONNAIRE


1.
 
Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
 
 
 
X

2.
 
Have any funds been distributed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.
 
 
 
X

3.
 
Have all postpetition tax returns been timely filed? If not, provide an explanation below.
 
X
 
 

4.
 
Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
 
X
 
 

31

In re:   NORTHWESTERN CORPORATION
Debtor		   Case No. 03-12872
Reporting Period: 8/01/04 to 8/31/04


ACCOUNTS RECEIVABLE RECONCILIATION
Continuation Sheet for MOR-5

Blue Dot Services, Inc.     (1,502,166 )
Canadian Montana Pipeline Corporation     (1,414,997 )
Clark Fork & Blackfoot, LLC     (4,761,779 )
Netexit, Inc.     224,016,020  
Grant Inc.     (642,148 )
Montana Megawatts I, LLC     79,699,580  
Nekota Resources Inc.     4,217,975  
NorthWestern Capital Corporation     49,809,602  
NorthWestern Corporation Services     3,659,441  
NorthWestern Energy Corporation     (10,749,955 )
NorthWestern Energy Marketing, LLC     1,397,320  
NorthWestern Growth Corporation     582,904,834  
NorCom Advanced Technologies, Inc.     11,542  
Risk Partners Assurance, Ltd.     25,959  
   
 
Net Intercompany Accounts Receivable (Payable)   $ 926,671,228  
   
 

32

In re:   NORTHWESTERN CORPORATION
Debtor		   Case No. 03-12872
Reporting Period: 8/01/04 to 8/31/04


IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE

   
In re:   Chapter 11
     
NORTHWESTERN CORPORATION,   Case No. 03-12872 (CGC)
     
    Debtor.    
     
     
   


CERTIFICATE OF SERVICE

        I, William E. Chipman, Jr., hereby certify that on the September 21, 2004, I caused copies of the foregoing Monthly Operating Report for the Period 8/1/04 to 8/31/04 to be served upon the following Service List via First Class U.S. Mail and Hand Delivery for local counsel.

Via Hand Delivery
Mark Kenney, Esq.
Office of the United States Trustee
844 King Street, Room 2313
Wilmington, DE 19801		   Via Hand Delivery
Neil B. Glassman, Esq.
Charlene D. Davis, Esq.
The Bayard Firm
222 Delaware Avenue
Wilmington, DE 19801

Via First Class Mail
Jesse H. Austin, Esq.
Karol Denniston, Esq.
Paul, Hastings, Janofsky & Walker LLP
600 Peachtree Road, N.E.
Atlanta, GA 30308
 
Via First Class mail
William M. Austin, Esq.
North Western Corporation
125 South Dakota Avenue, Ste. 11
Sioux Falls, S. Dakota 57104

Via First Class Mail
Alan W. Kornberg, Esq.
Paul, Weis, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019
 
Via First Class Mail
Timothy R. Pohl, Esq.
Skadden Arps Slate Meagher & Flom
333 West Wacker Drive
Chicago, IL 60606
     

33


Via First Class Mail
Leonard Street and Deinard
Michael G. Taylor
150 South Fifth Street, Suite 2300
Minneapolis, MN 55402
 
Via First Class Mail
Graves law Offices, P.C. Lee C. Graves
619 W. Water Street, Suite 3C
Peoria, IL 61602

Via First Class Mail
Gavin Anderson & Company
Robert Mead
220 East 42nd Street, Suite 408
New York, NY 10017
 
Via First Class Mail
Paul Weiss Rifkind Wharton & Garrison LLP
Alan W. Kornberg
1285 Avenue of the Americas
New York, NY 10019-6064

Via First Class Mail
Houlihan Lokey Howard & Zukin
225 S. Sixth Street, #4950
Minneapolis, MN 55402
 
Via First Class Mail
Lazard Freres & Co. LLC
Andrew T. Yearley
30 Rockefeller Plaza, 61st Floor
New York, NY 10022

Via First Class Mail
Vinson & Elkins, LLP
R. Ramey Layne, Esq.
666 Fifth Avenue, 26th Floor
New York, NY 10011
 
Via First Class Mail
Angelo Gordon & Company
Thomas Fuller
245 Park Avenue, 26th Floor
New York, NY 10167-0002

Via First Class Mail
Bryan Cave LLP
Attn: Walter H. Curchack
1290 Avenue of the Americas
New York, NY 10104
 
Via First Class Mail
Winston Strawn LLP
Attn: C. MacNeil Mitchell
200 Park Avenue
New York, NY 10166

Via First Class Mail
JP Morgan Chase Bank
Attn: Romano Peluso, Vice President
4 New York Plaza
New York, NY 10004-2413
 
Warren Smith
Warren H. Smith & Associates, P.C.
Republic Center
324 N. St. Paul, Suite 1275
Dallas, TX 75201





Date: September 21, 2004  
William E. Chipman, Jr. (I.D.3818)

34



QuickLinks

Exhibit 2.3
UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE
MONTHLY OPERATING REPORT FOR THE PERIOD 8/01/04 TO 8/31/04
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
BANK ACCOUNTS Continuation Sheet for MOR-1
STATEMENT OF OPERATIONS (Income Statement)
STATEMENT OF OPERATIONS—continuation sheet
BALANCE SHEET
STATUS OF POSTPETITION TAXES
SUMMARY OF UNPAID POSTPETITION DEBTS
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
DEBTOR QUESTIONNAIRE
ACCOUNTS RECEIVABLE RECONCILIATION Continuation Sheet for MOR-5
IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE
CERTIFICATE OF SERVICE