What matters most to customers and shareowners? One word: performance. Throughout 2001, in an economy that capsized some and caught others by surprise, UIL Holdings pursued goals that would be part of our strategy in any set of circumstances. The United Illuminating Company (UI) continued to be the most reliable electric utility in the Northeast, fine-tuning its information systems and reaffirming its historical commitment to customer satisfaction. UI’s steady source of cash earnings fueled a positive growth pattern in our non-utility businesses. American Payment Systems (APS), for one, has grown to become the nation’s largest provider of walk-in payment services, with retail locations in 45 states and a recent roll-out of convenient new transaction products. Xcelecom, now a powerhouse of highly specialized electrical and voice-data-video design services, has become a significant earner for UIL. It is leading us to growth pinnacles on the basis of prudent, knowledge-based investment criteria. Performance matters. So do people, plans and perseverance. We are proud of the fact that we can credit them all.