<br />
Advancing<br />
the<br />
Promise<br />
Trouf the st<br />
Citizens<br />
Energy<br />
Group<br />
Annual<br />
Report<br />
2010<br />
Trust<br />
Profile<br />
Trust<br />
Profile<br />
Citizens Energy Group (Citizens, the Company or the Trust) operates as a<br />
Public Charitable Trust engaged in a variety of businesses including:<br />
• Citizens Gas – Local distribution company transporting natural gas to<br />
more than 263,000 customers in and around Indianapolis.<br />
• Citizens Thermal – District steam heating and chilled water cooling<br />
provider serving businesses, industrial and institutional facilities across<br />
the Downtown Indianapolis area.<br />
• Citizens Oil – Producer of oil in Greene County, Indiana.<br />
• Citizens Resources (Resources) – Resources includes affiliate joint venture<br />
interests, the most significant of which is ProLiance Holdings, LLC (see Note<br />
3 of<a title="Citizens Energy Group 2010 Annual Report page 1" href="http://viewer.zmags.com/publication/3b14f069?page=1"> Advancing the Promise Trouf the st </a>
<a title="Citizens Energy Group 2010 Annual Report page 2" href="http://viewer.zmags.com/publication/3b14f069?page=2"> Trust Profile</a>
<a title="Citizens Energy Group 2010 Annual Report page 3" href="http://viewer.zmags.com/publication/3b14f069?page=3"> Trust Profile Citizens Energy Group (Citi</a>
<a title="Citizens Energy Group 2010 Annual Report page 4" href="http://viewer.zmags.com/publication/3b14f069?page=4"> </a>
<a title="Citizens Energy Group 2010 Annual Report page 5" href="http://viewer.zmags.com/publication/3b14f069?page=5"> Table of Contents: Vision, Mission and Values . </a>
<a title="Citizens Energy Group 2010 Annual Report page 6" href="http://viewer.zmags.com/publication/3b14f069?page=6"> Our Vision </a>
<a title="Citizens Energy Group 2010 Annual Report page 7" href="http://viewer.zmags.com/publication/3b14f069?page=7"> Annual Report 2010 ~ 3</a>
<a title="Citizens Energy Group 2010 Annual Report page 8" href="http://viewer.zmags.com/publication/3b14f069?page=8"> Letter from Carey Lykins President & CEO Citizens</a>
<a title="Citizens Energy Group 2010 Annual Report page 9" href="http://viewer.zmags.com/publication/3b14f069?page=9"> to use the funds to repair crumbling city infrast</a>
<a title="Citizens Energy Group 2010 Annual Report page 10" href="http://viewer.zmags.com/publication/3b14f069?page=10"> 6 ~ Annual Report 2010</a>
<a title="Citizens Energy Group 2010 Annual Report page 11" href="http://viewer.zmags.com/publication/3b14f069?page=11"> Annual Report 2010 ~ 7 Advancing Jami Savage</a>
<a title="Citizens Energy Group 2010 Annual Report page 12" href="http://viewer.zmags.com/publication/3b14f069?page=12"> Todd Fuller, Facilities Manager, Chilled Water, a</a>
<a title="Citizens Energy Group 2010 Annual Report page 13" href="http://viewer.zmags.com/publication/3b14f069?page=13"> Annual Report 2010 ~ 9 Advancing Customer Sa</a>
<a title="Citizens Energy Group 2010 Annual Report page 14" href="http://viewer.zmags.com/publication/3b14f069?page=14"> Linda Fuller, co-founder of the Fuller Center, co</a>
<a title="Citizens Energy Group 2010 Annual Report page 15" href="http://viewer.zmags.com/publication/3b14f069?page=15"> Annual Report 2010 ~ 11 Advancing Our Commun</a>
<a title="Citizens Energy Group 2010 Annual Report page 16" href="http://viewer.zmags.com/publication/3b14f069?page=16"> </a>
<a title="Citizens Energy Group 2010 Annual Report page 17" href="http://viewer.zmags.com/publication/3b14f069?page=17"> Annual Report 2010 ~ 13 Management Discussion a</a>
<a title="Citizens Energy Group 2010 Annual Report page 18" href="http://viewer.zmags.com/publication/3b14f069?page=18"> Non-Utility Operating Revenues Non-utility o</a>
<a title="Citizens Energy Group 2010 Annual Report page 19" href="http://viewer.zmags.com/publication/3b14f069?page=19"> Resources; Citizens Mechanical Services (CM</a>
<a title="Citizens Energy Group 2010 Annual Report page 20" href="http://viewer.zmags.com/publication/3b14f069?page=20"> from $1.1 million in 2009 primarily due to lower </a>
<a title="Citizens Energy Group 2010 Annual Report page 21" href="http://viewer.zmags.com/publication/3b14f069?page=21"> Annual Report 2010 ~ 17 of 4 percent for bonds m</a>
<a title="Citizens Energy Group 2010 Annual Report page 22" href="http://viewer.zmags.com/publication/3b14f069?page=22"> Consolidated Statements of Operations Citizens En</a>
<a title="Citizens Energy Group 2010 Annual Report page 23" href="http://viewer.zmags.com/publication/3b14f069?page=23"> Annual Report 2010 ~ 19 Consolidated Statements</a>
<a title="Citizens Energy Group 2010 Annual Report page 24" href="http://viewer.zmags.com/publication/3b14f069?page=24"> Consolidated Statements of Cash Flows Citizens En</a>
<a title="Citizens Energy Group 2010 Annual Report page 25" href="http://viewer.zmags.com/publication/3b14f069?page=25"> Annual Report 2010 ~ 21 Consolidated Statements</a>
<a title="Citizens Energy Group 2010 Annual Report page 26" href="http://viewer.zmags.com/publication/3b14f069?page=26"> Notes To Consolidated Financial Statements City </a>
<a title="Citizens Energy Group 2010 Annual Report page 27" href="http://viewer.zmags.com/publication/3b14f069?page=27"> accrued based on actual demand data for the calen</a>
<a title="Citizens Energy Group 2010 Annual Report page 28" href="http://viewer.zmags.com/publication/3b14f069?page=28"> 2009 Fair Value Measurements Using Description </a>
<a title="Citizens Energy Group 2010 Annual Report page 29" href="http://viewer.zmags.com/publication/3b14f069?page=29"> utility to recover its non-gas costs when custome</a>
<a title="Citizens Energy Group 2010 Annual Report page 30" href="http://viewer.zmags.com/publication/3b14f069?page=30"> Regulatory assets were comprised of the following</a>
<a title="Citizens Energy Group 2010 Annual Report page 31" href="http://viewer.zmags.com/publication/3b14f069?page=31"> and financial effects of the business combination.</a>
<a title="Citizens Energy Group 2010 Annual Report page 32" href="http://viewer.zmags.com/publication/3b14f069?page=32"> Heartland, owns and operates an intrastat</a>
<a title="Citizens Energy Group 2010 Annual Report page 33" href="http://viewer.zmags.com/publication/3b14f069?page=33"> The Gas Utility System (GUS) revenue refun</a>
<a title="Citizens Energy Group 2010 Annual Report page 34" href="http://viewer.zmags.com/publication/3b14f069?page=34"> 30, 2010, Citizens Thermal had no amount outstand</a>
<a title="Citizens Energy Group 2010 Annual Report page 35" href="http://viewer.zmags.com/publication/3b14f069?page=35"> The net periodic benefit cost for these plan</a>
<a title="Citizens Energy Group 2010 Annual Report page 36" href="http://viewer.zmags.com/publication/3b14f069?page=36"> The Trust expects to contribute, at a minim</a>
<a title="Citizens Energy Group 2010 Annual Report page 37" href="http://viewer.zmags.com/publication/3b14f069?page=37"> Annual Report 2010 ~ 33 Segment Footnote - Cons</a>
<a title="Citizens Energy Group 2010 Annual Report page 38" href="http://viewer.zmags.com/publication/3b14f069?page=38"> Segment Footnote - Consolidated Statement Of Oper</a>
<a title="Citizens Energy Group 2010 Annual Report page 39" href="http://viewer.zmags.com/publication/3b14f069?page=39"> Annual Report 2010 ~ 35 Segment Footnote - Cons</a>
<a title="Citizens Energy Group 2010 Annual Report page 40" href="http://viewer.zmags.com/publication/3b14f069?page=40"> Capital Expenditures – Accrual Basis </a>
<a title="Citizens Energy Group 2010 Annual Report page 41" href="http://viewer.zmags.com/publication/3b14f069?page=41"> Annual Report 2010 ~ 37 Fair Value of Derivative</a>
<a title="Citizens Energy Group 2010 Annual Report page 42" href="http://viewer.zmags.com/publication/3b14f069?page=42"> is received, the Board would finance the acquisiti</a>
<a title="Citizens Energy Group 2010 Annual Report page 43" href="http://viewer.zmags.com/publication/3b14f069?page=43"> Independent Auditors’ Report To the Board o</a>
<a title="Citizens Energy Group 2010 Annual Report page 44" href="http://viewer.zmags.com/publication/3b14f069?page=44"> Board of Trustees - Board of Directors - Executiv</a>
<a title="Citizens Energy Group 2010 Annual Report page 45" href="http://viewer.zmags.com/publication/3b14f069?page=45"> Citizens Energy Group has been designated a Green</a>
<a title="Citizens Energy Group 2010 Annual Report page 46" href="http://viewer.zmags.com/publication/3b14f069?page=46"> 2020 North Meridian Street Indianapolis, Indiana </a>