Business Description

4 Forward-Looking Statements 4 Overview 6 Regulated Business 6 Non-Regulated Activities 8 Operating Segment 8 Growth 8 Geographical Service Areas and Number of Customer Connections at Year-end 9 Rates and Regulation 10 Water Supply 14 Seasonal Fluctuations 17 Utility Plant Construction 18 Energy Reliability 18 Security at Company Facilities 18 Competition and Condemnation 18 Government Regulations 19 Human Capital Resources 20 Executive Officers of the Registrant 21