Stock Performance

In 1995, GMP's stock price did not increase. We believe the stock price was held down by investors' concerns about the Company's prospects for earnings growth. The Company's performance in the last nine months of 1995--during which it overcame the adversity it faced in the first quarter--seems to have allayed investors' concerns. Securities analysts generally have an investment position of "hold" on the Company's stock, especially for income-oriented investors.

Cumulative Total Return
Values of $100 investment, assuming quarterly reinvestmetn of dividends.

During the year, the market value of a share of GMP stock declined by 0.5 percent. The total return for the year, which assumes the reinvestment of dividends, was 7.9 percent. Total return in 1995 for the Duff and Phelps Electric Utilities Index was 28 percent; for the S & P 500, 37.4 percent.