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<br /> <br /> T<br /> RUS<br /> PROF<br /> T<br /> ILE<br /> Citizens Energy Group and CWA Authority, Inc.<br /> (combined, the Trusts), operate Public Charitable Trusts<br /> engaged in a variety of businesses including:<br /> • Citizens Gas – Local distribution company transporting<br /> natural gas to customers in and around Indianapolis.<br /> • Citizens Water – Utility providing water service to<br /> customers in and around Indianapolis.<br /> • CWA Authority, Inc. – Utility providing wastewater<br /> service to customers in and around Indianapolis.<br /> • Citizens Thermal – District steam heating and chilled<br /> water cooling provider serving businesses, industrial<br /> and institutional facilities across the Downtown<br /> Indianapolis area.<br /> • Citizens Oil – Producer of oil in Greene County, Indiana.<br /> • Citizens Resources (Resources) – Resources<br /> includes affiliate joint v<a title="2011 Annual Report page 1" href="http://viewer.zmags.com/publication/95f68d6f?page=1"> </a> <a title="2011 Annual Report page 2" href="http://viewer.zmags.com/publication/95f68d6f?page=2"> T RUS PROF</a> <a title="2011 Annual Report page 3" href="http://viewer.zmags.com/publication/95f68d6f?page=3"> T ILE Citizens Energy Group and CWA Authority, In</a> <a title="2011 Annual Report page 4" href="http://viewer.zmags.com/publication/95f68d6f?page=4"> TABL CONT</a> <a title="2011 Annual Report page 5" href="http://viewer.zmags.com/publication/95f68d6f?page=5"> of ENTS E Vision, Mission and Values . . . . . .</a> <a title="2011 Annual Report page 6" href="http://viewer.zmags.com/publication/95f68d6f?page=6"> VISIO VALU MISS</a> <a title="2011 Annual Report page 7" href="http://viewer.zmags.com/publication/95f68d6f?page=7"> N& ES ION, Our Vision We will fulfill the promi</a> <a title="2011 Annual Report page 8" href="http://viewer.zmags.com/publication/95f68d6f?page=8"> LETTER COMMU</a> <a title="2011 Annual Report page 9" href="http://viewer.zmags.com/publication/95f68d6f?page=9"> UNtIhTe Y to Letter from Carey Lykins President</a> <a title="2011 Annual Report page 10" href="http://viewer.zmags.com/publication/95f68d6f?page=10"> FULLFIL OUR VI Mayor Greg Ballard and C</a> <a title="2011 Annual Report page 11" href="http://viewer.zmags.com/publication/95f68d6f?page=11"> SION LINGOur Vision for the Community O</a> <a title="2011 Annual Report page 12" href="http://viewer.zmags.com/publication/95f68d6f?page=12"> VISIO SER Gary Worland Manager Customer Field Ser</a> <a title="2011 Annual Report page 13" href="http://viewer.zmags.com/publication/95f68d6f?page=13"> N for VICE Gary Worland works face-to-face</a> <a title="2011 Annual Report page 14" href="http://viewer.zmags.com/publication/95f68d6f?page=14"> F RONT SOLUT CUST Juliana Lopez Customer Service </a> <a title="2011 Annual Report page 15" href="http://viewer.zmags.com/publication/95f68d6f?page=15"> TLINE IONS for OMERS Juliana Lopez, Custo</a> <a title="2011 Annual Report page 16" href="http://viewer.zmags.com/publication/95f68d6f?page=16"> VISION EXCELL Justin Redman Operations & Mainte</a> <a title="2011 Annual Report page 17" href="http://viewer.zmags.com/publication/95f68d6f?page=17"> for ENCE For Justin Redman and Jeff Bales s</a> <a title="2011 Annual Report page 18" href="http://viewer.zmags.com/publication/95f68d6f?page=18"> SIGNAT QUA Jeff Bales Plant Welder Citizens Ther</a> <a title="2011 Annual Report page 19" href="http://viewer.zmags.com/publication/95f68d6f?page=19"> I T Yof URE Jeff Bales puts his personal p</a> <a title="2011 Annual Report page 20" href="http://viewer.zmags.com/publication/95f68d6f?page=20"> VISIO COMM Faith Du Systems Analyst in Informat</a> <a title="2011 Annual Report page 21" href="http://viewer.zmags.com/publication/95f68d6f?page=21"> N for UNITY Faith Du and Tom White achiev</a> <a title="2011 Annual Report page 22" href="http://viewer.zmags.com/publication/95f68d6f?page=22"> FRIEN WHITE Tom White Environmental Field Techn</a> <a title="2011 Annual Report page 23" href="http://viewer.zmags.com/publication/95f68d6f?page=23"> of the RIVER D For Tom White, monitoring </a> <a title="2011 Annual Report page 24" href="http://viewer.zmags.com/publication/95f68d6f?page=24"> MANAG DISCUSS ANALYS</a> <a title="2011 Annual Report page 25" href="http://viewer.zmags.com/publication/95f68d6f?page=25"> EMENT ION & IS Forward-looking Statements Certa</a> <a title="2011 Annual Report page 26" href="http://viewer.zmags.com/publication/95f68d6f?page=26"> 22 - Annual Report 2011 (In Milli</a> <a title="2011 Annual Report page 27" href="http://viewer.zmags.com/publication/95f68d6f?page=27"> Resources; Covance Laboratory Group (CLG) – decre</a> <a title="2011 Annual Report page 28" href="http://viewer.zmags.com/publication/95f68d6f?page=28"> 24 - Annual Report 2011 Other Operating Expense</a> <a title="2011 Annual Report page 29" href="http://viewer.zmags.com/publication/95f68d6f?page=29"> Taxes – increase of $4.1 million. Taxes by busine</a> <a title="2011 Annual Report page 30" href="http://viewer.zmags.com/publication/95f68d6f?page=30"> 26 - Annual Report 2011 Liquidity And Capital R</a> <a title="2011 Annual Report page 31" href="http://viewer.zmags.com/publication/95f68d6f?page=31"> The Water business segment has a capital improvem</a> <a title="2011 Annual Report page 32" href="http://viewer.zmags.com/publication/95f68d6f?page=32"> 28 - Annual Report 2011 Combined Statements of</a> <a title="2011 Annual Report page 33" href="http://viewer.zmags.com/publication/95f68d6f?page=33"> Combined Statements of Financial Position Citizen</a> <a title="2011 Annual Report page 34" href="http://viewer.zmags.com/publication/95f68d6f?page=34"> 30 - Annual Report 2011 Combined Statements of</a> <a title="2011 Annual Report page 35" href="http://viewer.zmags.com/publication/95f68d6f?page=35"> Combined Statements of Equity Citizens Energy Gro</a> <a title="2011 Annual Report page 36" href="http://viewer.zmags.com/publication/95f68d6f?page=36"> 32 - Annual Report 2011 Notes To Combined Fina</a> <a title="2011 Annual Report page 37" href="http://viewer.zmags.com/publication/95f68d6f?page=37"> Plant, at original cost, at September 30: (In Th</a> <a title="2011 Annual Report page 38" href="http://viewer.zmags.com/publication/95f68d6f?page=38"> 34 - Annual Report 2011 G. Bond Issuance Costs</a> <a title="2011 Annual Report page 39" href="http://viewer.zmags.com/publication/95f68d6f?page=39"> L. Intangible Assets: The customer contracts int</a> <a title="2011 Annual Report page 40" href="http://viewer.zmags.com/publication/95f68d6f?page=40"> 36 - Annual Report 2011 to provide back-up stea</a> <a title="2011 Annual Report page 41" href="http://viewer.zmags.com/publication/95f68d6f?page=41"> N. Software Developed For Internal Use: Internal</a> <a title="2011 Annual Report page 42" href="http://viewer.zmags.com/publication/95f68d6f?page=42"> 38 - Annual Report 2011 connection with the Wat</a> <a title="2011 Annual Report page 43" href="http://viewer.zmags.com/publication/95f68d6f?page=43"> The acquisitions resulted in $458.9 million and $</a> <a title="2011 Annual Report page 44" href="http://viewer.zmags.com/publication/95f68d6f?page=44"> 40 - Annual Report 2011 5. Investment In Uncons</a> <a title="2011 Annual Report page 45" href="http://viewer.zmags.com/publication/95f68d6f?page=45"> (In Thousands) 2011 2010 Gas Utili</a> <a title="2011 Annual Report page 46" href="http://viewer.zmags.com/publication/95f68d6f?page=46"> 42 - Annual Report 2011 Principal maturities of</a> <a title="2011 Annual Report page 47" href="http://viewer.zmags.com/publication/95f68d6f?page=47"> (In Thousands) Wastewater General Obligation Bond</a> <a title="2011 Annual Report page 48" href="http://viewer.zmags.com/publication/95f68d6f?page=48"> 44 - Annual Report 2011 7. Short-Term Borrowin</a> <a title="2011 Annual Report page 49" href="http://viewer.zmags.com/publication/95f68d6f?page=49"> This expense was $1.0 million and $3.5 million fo</a> <a title="2011 Annual Report page 50" href="http://viewer.zmags.com/publication/95f68d6f?page=50"> 46 - Annual Report 2011 Assumptions used to det</a> <a title="2011 Annual Report page 51" href="http://viewer.zmags.com/publication/95f68d6f?page=51"> CEG expects to contribute, at a minimum, $14.8 mi</a> <a title="2011 Annual Report page 52" href="http://viewer.zmags.com/publication/95f68d6f?page=52"> 48 - Annual Report 2011 Segment Footnote - Com</a> <a title="2011 Annual Report page 53" href="http://viewer.zmags.com/publication/95f68d6f?page=53"> Segment Footnote - Combined Statement of Operatio</a> <a title="2011 Annual Report page 54" href="http://viewer.zmags.com/publication/95f68d6f?page=54"> 50 - Annual Report 2011 Segment Footnote - Com</a> <a title="2011 Annual Report page 55" href="http://viewer.zmags.com/publication/95f68d6f?page=55"> Capital Expenditures – Accrual Basis Capital Exp</a> <a title="2011 Annual Report page 56" href="http://viewer.zmags.com/publication/95f68d6f?page=56"> 52 - Annual Report 2011 The following tables pr</a> <a title="2011 Annual Report page 57" href="http://viewer.zmags.com/publication/95f68d6f?page=57"> 13. Commitments And Contingencies a. Environmen</a> <a title="2011 Annual Report page 58" href="http://viewer.zmags.com/publication/95f68d6f?page=58"> 54 - Annual Report 2011 b.2 Water System Contra</a> <a title="2011 Annual Report page 59" href="http://viewer.zmags.com/publication/95f68d6f?page=59"> b.3 Wastewater System Contractual Commitments As</a> <a title="2011 Annual Report page 60" href="http://viewer.zmags.com/publication/95f68d6f?page=60"> 56 - Annual Report 2011 Stormwater Management A</a> <a title="2011 Annual Report page 61" href="http://viewer.zmags.com/publication/95f68d6f?page=61"> Independent Auditors’ Report To the Board of Di</a> <a title="2011 Annual Report page 62" href="http://viewer.zmags.com/publication/95f68d6f?page=62"> 58 - Annual Report 2011 Board of Trustees - Bo</a> <a title="2011 Annual Report page 63" href="http://viewer.zmags.com/publication/95f68d6f?page=63"> Citizens Energy Group has been designated a Green</a> <a title="2011 Annual Report page 64" href="http://viewer.zmags.com/publication/95f68d6f?page=64"> </a>