Vectren 2009 Annual Report Download - page 125

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12/31/04 12/30/05 12/29/06 12/31/07 12/31/08 12/31/09
Vectren 100.00 105.87 115.36 123.73 112.01 117.09
S&P 500 100.00 104.91 121.48 128.16 80.74 102.11
Peer Group excluding VVC 100.00 109.58 133.96 137.43 113.47 132.11
Peer Group including VVC 100.00 109.46 133.37 136.98 113.38 131.60
Notes:
1) Black Hills and CMS Energy were added to the 2010 Peer Group having met the criteria for inclusion.
COMPARISON OF 5-YEAR WEIGHTED CUMULATIVE TOTAL RETURN*
A
MONG VECTREN CORPORATION, THE S&P 500 INDEX AND THE VECTREN PEER GROUP
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
Vectren S&P 500 Peer Group excluding VVC
*$100 invested on 12/31/04 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 10, 2010. 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, nonutility activities and market capitalization. The specific criteria are provided in Vectren's 2010 Proxy statement
in the Compensation Discussion and Analysis section under the caption "Long-term Incentive Compensation."
The following 29 companies comprise the Peer Group: AGL Resources, ALLETE, Alliant Energy, Atmos Energy, Avista,
Black Hills, CenterPoint Energy, CH Energy Group, CMS Energy, Empire District Electric, Integrys Energy, Laclede Group,
New Jersey Resources, Nicor, NiSource, Northeast Utilities, Northwest Natural Gas, NorthWestern, NSTAR, NV Energy,
Pepco Holdings, Piedmont Natural Gas, SCANA, South Jersey Industries, Southwest Gas, TECO Energy, UniSource
Energy, WGL Holdings and Wisconsin Energy.
At its February 2010 meeting, the Compensation and Benefits Committee concluded that it was more appropriate to
compare Vectren’s performance to a peer group independent of Vectren. In this transition year, the Peer Group total return
is presented both including and excluding Vectren in the table only. Since the variance between the two is nominal, adding
a second line to the graph would render one line indistinguishable from the other; therefore, only the Peer Group total
return excluding Vectren is presented on the graph.
123