Performance Analysis

	2009 Y	2010 Y	2011 Y	2012 Y
Period Ended	12/31/2009	12/31/2010	12/31/2011	12/31/2012
Capitalization Ratios (%)
Debt / Book Capitalization	51.53	56.53	45.18	35.51
Preferred Incl. Mezzanine / Book-Value Capital	0	0	0	5.36
Common Equity / Book Capital	48.47	43.47	51.00	36.83

Balance Sheet Ratios (%)
Work in Progress / Net PP&E	NA	1.38	5.86	2.96
PP&E / Assets	73.94	74.90	71.75	77.84
Total Equity / Total Assets	38.84	33.44	43.10	50.47

Debt Analysis (%)
Short-term Debt / Debt	0.84	15.99	0.41	0.25
Long-term Debt / Debt	99.16	84.01	99.59	99.75
Recurring EBITDA / Adjusted Interest & Preferred (x)	4.58	3.09	3.30	3.06
Credit Facilities / Debt	22.46	14.58	0	7.05
Commercial Paper / Debt	0	0	0	0

Income Statement Ratios (%)
Reported Operating Income / Revenue	13.35	11.57	14.42	12.10
Electric Revenue / Operating Revenue	69.65	72.07	76.08	62.07
Gas Revenue / Operating Revenue	0.31	(0.06)	0	20.47
Operations & Maintenance / Operating Expense	47.58	43.38	36.95	37.39
Electric Generation / Operating Expense	16.55	17.45	34.52	28.24
Gas Cost / Operating Expense	NA	NA	0	11.54
Operating D&A / Operating Expense	28.64	29.69	20.46	16.79

Profitability Ratios (%)
ROAA	3.25	1.87	2.29	1.31
ROAE	8.87	5.19	6.13	2.91
ROACE	8.87	5.07	5.66	2.31
Return on Capital	3.95	2.36	2.98	1.69

Market Analysis
Closing Price ($)	4.09	5.02	6.42	6.84
Price / Last-twelve-months EPS (x)	10.50	26.40	32.10	NM
Market Capitalization ($M)	380.60	479.00	873.90	1,291.1
Total Enterprise Value ($M)	796.30	916.50	1,295.0	2,611.5
Dividend Yield (%)	5.87	4.78	4.36	4.53
Dividend Payout Ratio (%)	76.92	94.74	135.00	327.78

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