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“ 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. ” 

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. 

