Vectren 2008 Annual Report Download - page 121

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12/31/03 12/31/04 12/30/05 12/29/06 12/31/07 12/31/08
Vectren 100.00$ 113.87$ 120.55$ 131.36$ 140.89$ 127.54$
S&P 500 100.00$ 110.88$ 116.33$ 134.70$ 142.10$ 89.53$
Peer Group 100.00$ 110.87$ 120.01$ 146.87$ 150.11$ 126.63$
Notes:
1) NorthWestern was added to the 2009 Peer Group having satisfied the operating history criteria.
2) The following companies that were part of the 2008 Peer Group have been removed:
Energy East - Acquired by Iberdola, S.A. on September 16, 2008.
PNM Resources - Sold its gas distribution assets, a criteria for inclusion, on January 30, 2009.
Puget Energy - Acquired by a private equity group on February 6, 2009.
COMPARISON OF 5-YEAR WEIGHTED CUMULATIVE TOTAL RETURN*
AMONG VECTREN CORPORATION, THE S&P 500 INDEX AND THE VECTREN
PEER GROUP
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08
Vectren S&P 500 Peer Group
*$100 invested on 12/31/03 in stock or index, including reinvestment of dividends.
The companies selected to be in the Peer Group are the result of pre-established objective criteria and were
reviewed and approved by the Compensation and Benefits Committee on February 11, 2009. Companies that
qualify for inclusion in the Peer Group, include US domiciled companies that meet certain criteria involving
primary business as defined by SIC, utility assets, operating history, nonutility activities and market
capitalization. The specific criteria are provided in Vectren's 2009 Proxy statement in the Compensation
Discussion and Analysis section under the caption "Long-term Incentive Compensation."
The following 28 companies comprise the Peer Group: AGL Resources, ALLETE, Alliant Energy, Atmos
Energy, Avista, CenterPoint Energy, CH Energy Group, Empire District Electric, Integrys Energy, Laclede
Group, New Jersey Resources, Nicor, NiSource, Northeast Utilities, Northwest Natural Gas, NorthWestern,
N
STAR, NV Energy, Pepco Holdings, Piedmont Natural Gas, SCANA, South Jersey Industries, Southwest
Gas, TECO Energy, UniSource Energy, Vectren, WGL Holdings and Wisconsin Energy.
119