X0201 4 2003-12-31 0 0000916863 WPS RESOURCES CORP WPS 0001186192 BORGARD LAWRENCE T 700 NORTH ADAMS STREET P. O. BOX 19001 GREEN BAY WI 543079001 0 1 0 0 VP of WPSC, a subsidiary Common Stock 2003-12-31 4 J 0 277.0591 0 A 1539.4817 I By ESOP Performance Rights 0.0000 2005-01-01 2005-06-30 Common Stock 903.0000 903.0000 D Performance Rights 0.0000 2006-01-01 2006-06-30 Common Stock 823.0000 823.0000 D Phantom Stock Unit 0.0000 Common Stock 8505.0419 8505.0419 D Employee Stock Option (Right to buy) 44.7300 2004-12-10 2013-12-10 Common Stock 6235.0000 6235.0000 D Performance Rights 0.0000 2007-01-01 2007-06-30 Common Stock 840.0000 840.0000 D Employee Stock Option (Right to buy) 34.7500 2001-12-14 2010-12-14 Common Stock 5393.0000 5393.0000 D Employee Stock Option (Right to buy) 34.0900 2002-12-13 2011-12-13 Common Stock 6148.0000 6148.0000 D Employee Stock Option (Right to buy) 37.9600 2003-12-12 2012-12-12 Common Stock 6284.0000 6284.0000 D Performance Rights 0.0000 2004-01-01 2004-06-30 Common Stock 843.0000 843.0000 D Reflects shares allocated by the company's Employee Stock Owership Plan and Trust program. The option vests in four equal annual installments beginning on December 14, 2001. The option vests in four equal annual installments beginning on December 13, 2002. The option vests in four equal annual installments beginning on December 12, 2003. The option vests in four equal annual installments beginning on December 10, 2004. Performance shares vest and are issued three years after the performance shares are awarded and the final number of shares issued is determined based on company performance against an established industry benchmark. These phantom stock units convert to common stock on a one-for-one basis. Unless the participant has selected a later commencement date, distribution of stock and equivalents will commence within 60 days following the end of the calendar year in which occurs the participant's retirement or termination of service. By: Barth J. Wolf (See POA filed in August 2002) 2004-01-16