Paragraph 48

The agreement entitled Subscription and Shareholders' Agreement for St Clements Services Limited and dated 21st June 1990 between Eastern Electricity plc, East Midlands Electricity plc, London Electricity plc, Manweb plc, Midlands Electricity plc, Northern Electric plc, NORWEB plc, SEEBOARD plc, Southern Electric plc, South Wales Electricity plc, South Western Electricity plc, Yorkshire Electricity Group plc and St Clements Services Limited.