In addition, our regulated utilities group, Liberty  Utilities Co. (“Liberty Utilities”) strategically  increased its utility footprint across the United  States. We welcomed the addition of our New  Hampshire electric distribution and natural  gas distribution utilities following a successful  regulatory acquisition approval in New Hampshire  as well as the regulated natural gas distribution  assets in Missouri, Illinois and Iowa.With our  current growth commitments, the customer base  served by the Liberty Utilities family will approach  nearly half a million customers in 2013.  Our utilities business planning team continues  to actively source and evaluate additional  opportunities to provide increased per share  earnings and cash flow to the organization. In mid-2012 we announced the acquisition of  additional water and natural gas utilities in  Arkansas and Georgia, bringing approximately  80,000 additional customers to the Liberty Utilities  family.These two acquisitions announced in 2012  demonstrate our path to continued growth of  the regulated utility business. We remain committed in 2013 to deliver continued  value accretive growth in both our non-regulated  and regulated utility businesses and our  development teams are working on the next  projects and acquisitions that you will hear about  in the near future. “ As a result of acquisitions and successful  organic growth programs in 2012, we have more than doubled our asset base, increased our annual revenues by over 30% and grown our  market capitalization by almost 50% from the end of 2011 compared to the end of 2012. ” 2012 Annual Report 9 $1,500 $1,000 $500 $0 2011 $873.9 MARKET CAPITALIZATION Millions $1,291.1 2012 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 2011 $1,282.6 ASSETS Millions $2,778.2 2012 $400 $300 $200 $100 $0 2011 $270.7 REVENUE Millions $369.9 2012