Statements of Changes in Proprietary Capital— Power Programs Quick Index Annual Report Main Corporate Profile Chairman's Letter Five Objectives Cost of Power Stakeholders Reliability Integrated Operations Business Growth Contents—Financial Financial Highlights Management Analysis Financial Statements Notes to Statements Auditor's Report Management's Report Investor Information The Board Executive Committee 11-Year Data Disclaimer Statements of Net Expense— Nonpower Programs Statements of Changes in Proprietary Capital— Nonpower Programs   The accompanying notes are an integral part of these financial statements.

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