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<br /> Citizens Energy Group | Annual Report 2009<br /> <br /> Citizens Energy Group | Annual Report 2009<br /> <br /> Trust Profile<br /> Citizens Energy Group (Citizens, the Company or the Trust) operates as a Public<br /> Charitable Trust engaged in a variety of businesses including:<br /> • Citizens Gas – Local distribution company (LDC) transporting natural gas to more than<br /> 265,000 customers in and around Indianapolis.<br /> • Citizens Thermal – District steam heating and chilled water cooling provider serving<br /> businesses, industrial and institutional facilities across the Downtown Indianapolis area.<br /> • Citizens Oil – Producer of oil in Greene County, Indiana.<br /> • Citizens Resources (Resources) – Resources includes both affiliate joint venture<br /> interests, the most significant of which is ProLiance Holdings, LLC (see Note 3) as well<br /> <a title="2009 Annual Report page 1" href="http://viewer.zmags.com/publication/d048a1b9?page=1"> Citizens Energy Group | Annual Report 2009</a> <a title="2009 Annual Report page 2" href="http://viewer.zmags.com/publication/d048a1b9?page=2"> </a> <a title="2009 Annual Report page 3" href="http://viewer.zmags.com/publication/d048a1b9?page=3"> Citizens Energy Group | Annual Report 2009</a> <a title="2009 Annual Report page 4" href="http://viewer.zmags.com/publication/d048a1b9?page=4"> </a> <a title="2009 Annual Report page 5" href="http://viewer.zmags.com/publication/d048a1b9?page=5"> Trust Profile Citizens Ene</a> <a title="2009 Annual Report page 6" href="http://viewer.zmags.com/publication/d048a1b9?page=6"> Table of Contents: Vision, Mission and Values ..</a> <a title="2009 Annual Report page 7" href="http://viewer.zmags.com/publication/d048a1b9?page=7"> </a> <a title="2009 Annual Report page 8" href="http://viewer.zmags.com/publication/d048a1b9?page=8"> 2 | Annual Report 2009</a> <a title="2009 Annual Report page 9" href="http://viewer.zmags.com/publication/d048a1b9?page=9"> Our Vision We will fulfill the promise of the Tr</a> <a title="2009 Annual Report page 10" href="http://viewer.zmags.com/publication/d048a1b9?page=10"> 4 | Annual Report 2009 Letter from Carey Lyk</a> <a title="2009 Annual Report page 11" href="http://viewer.zmags.com/publication/d048a1b9?page=11"> Carey Lykins President & CEO Citizens Energy Grou</a> <a title="2009 Annual Report page 12" href="http://viewer.zmags.com/publication/d048a1b9?page=12"> 6 | Annual Report 2009 Operational Excellen</a> <a title="2009 Annual Report page 13" href="http://viewer.zmags.com/publication/d048a1b9?page=13"> model has made Citizens an industry leader for cu</a> <a title="2009 Annual Report page 14" href="http://viewer.zmags.com/publication/d048a1b9?page=14"> 8 | Annual Report 2009 Focused on Customers </a> <a title="2009 Annual Report page 15" href="http://viewer.zmags.com/publication/d048a1b9?page=15"> Annual Report 2009 | 9</a> <a title="2009 Annual Report page 16" href="http://viewer.zmags.com/publication/d048a1b9?page=16"> 10 | Annual Report 2009 F</a> <a title="2009 Annual Report page 17" href="http://viewer.zmags.com/publication/d048a1b9?page=17"> Paula Deering, owner of Deering Cleaners. Annual</a> <a title="2009 Annual Report page 18" href="http://viewer.zmags.com/publication/d048a1b9?page=18"> 12 | Annual Report 2009 Focused on Conservatio</a> <a title="2009 Annual Report page 19" href="http://viewer.zmags.com/publication/d048a1b9?page=19"> Annual Report 2009 | 13</a> <a title="2009 Annual Report page 20" href="http://viewer.zmags.com/publication/d048a1b9?page=20"> 14 | Annual Report 2009 Focused on Excellence </a> <a title="2009 Annual Report page 21" href="http://viewer.zmags.com/publication/d048a1b9?page=21"> Maggie Thompson, Intern, Engineering and Construc</a> <a title="2009 Annual Report page 22" href="http://viewer.zmags.com/publication/d048a1b9?page=22"> 16 | Annual Report 2009 Focused on Community </a> <a title="2009 Annual Report page 23" href="http://viewer.zmags.com/publication/d048a1b9?page=23"> Annual Report 2009 | 17</a> <a title="2009 Annual Report page 24" href="http://viewer.zmags.com/publication/d048a1b9?page=24"> 18 | Annual Report 2009 Management Discussion a</a> <a title="2009 Annual Report page 25" href="http://viewer.zmags.com/publication/d048a1b9?page=25"> Utility Cost Of Goods Sold </a> <a title="2009 Annual Report page 26" href="http://viewer.zmags.com/publication/d048a1b9?page=26"> 20 | Annual Report 2009 expenses. The Resources’</a> <a title="2009 Annual Report page 27" href="http://viewer.zmags.com/publication/d048a1b9?page=27"> bond premium and discount. In addition to the lon</a> <a title="2009 Annual Report page 28" href="http://viewer.zmags.com/publication/d048a1b9?page=28"> 22 | Annual Report 2009 Consolidated Stateme</a> <a title="2009 Annual Report page 29" href="http://viewer.zmags.com/publication/d048a1b9?page=29"> Consolidated Statements of Financial Position Cit</a> <a title="2009 Annual Report page 30" href="http://viewer.zmags.com/publication/d048a1b9?page=30"> 24 | Annual Report 2009 Consolidated S</a> <a title="2009 Annual Report page 31" href="http://viewer.zmags.com/publication/d048a1b9?page=31"> Consolidated Statements of Equity Citizens Energy</a> <a title="2009 Annual Report page 32" href="http://viewer.zmags.com/publication/d048a1b9?page=32"> 26 | Annual Report 2009 NOTES TO CONSOLIDATED F</a> <a title="2009 Annual Report page 33" href="http://viewer.zmags.com/publication/d048a1b9?page=33"> G. Recoverable (Refundable) Gas And Fuel Costs: </a> <a title="2009 Annual Report page 34" href="http://viewer.zmags.com/publication/d048a1b9?page=34"> 28 | Annual Report 2009 M. Intangible Assets: </a> <a title="2009 Annual Report page 35" href="http://viewer.zmags.com/publication/d048a1b9?page=35"> </a> <a title="2009 Annual Report page 36" href="http://viewer.zmags.com/publication/d048a1b9?page=36"> 30 | Annual Report 2009 The </a> <a title="2009 Annual Report page 37" href="http://viewer.zmags.com/publication/d048a1b9?page=37"> 2. Bond Retirement Funds Und</a> <a title="2009 Annual Report page 38" href="http://viewer.zmags.com/publication/d048a1b9?page=38"> 32 | Annual Report 2009 4. Long-Term Debt Long-t</a> <a title="2009 Annual Report page 39" href="http://viewer.zmags.com/publication/d048a1b9?page=39"> 31 to cover the peak cash requirement season. As </a> <a title="2009 Annual Report page 40" href="http://viewer.zmags.com/publication/d048a1b9?page=40"> 34 | Annual Report 2009 Projected Benefit O</a> <a title="2009 Annual Report page 41" href="http://viewer.zmags.com/publication/d048a1b9?page=41"> 8. Financial Segment Information </a> <a title="2009 Annual Report page 42" href="http://viewer.zmags.com/publication/d048a1b9?page=42"> 36 | Annual Report 2009 Segment Footno</a> <a title="2009 Annual Report page 43" href="http://viewer.zmags.com/publication/d048a1b9?page=43"> Segment Footnote - Consolidated Statement Of Oper</a> <a title="2009 Annual Report page 44" href="http://viewer.zmags.com/publication/d048a1b9?page=44"> 38 | Annual Report 2009 Segment Footno</a> <a title="2009 Annual Report page 45" href="http://viewer.zmags.com/publication/d048a1b9?page=45"> Capital Expenditures – Accrual Basis Capital Exp</a> <a title="2009 Annual Report page 46" href="http://viewer.zmags.com/publication/d048a1b9?page=46"> 40 | Annual Report 2009 11. Commitments And Cont</a> <a title="2009 Annual Report page 47" href="http://viewer.zmags.com/publication/d048a1b9?page=47"> Report Of Management The T</a> <a title="2009 Annual Report page 48" href="http://viewer.zmags.com/publication/d048a1b9?page=48"> 42 | Annual Report 2009 Board of Trustees - Boar</a> <a title="2009 Annual Report page 49" href="http://viewer.zmags.com/publication/d048a1b9?page=49"> t </a> <a title="2009 Annual Report page 50" href="http://viewer.zmags.com/publication/d048a1b9?page=50"> t</a> <a title="2009 Annual Report page 51" href="http://viewer.zmags.com/publication/d048a1b9?page=51"> </a> <a title="2009 Annual Report page 52" href="http://viewer.zmags.com/publication/d048a1b9?page=52"> 2020 North Meridian Street Indianapolis, Indiana </a>