During 2012, the market price of Con Edison, Inc.’s common stock decreased by 10.46 percent from $62.03 at year-end 2011 to $55.54 at year-end 2012. By comparison, the S&P 500 Index increased 13.41 percent and the S&P Utilities Index decreased 2.91 percent.
The total return to Con Edison, Inc.’s common shareholders during 2012, including both price appreciation and reinvestment of dividends, was -6.72 percent. By comparison, the total returns for the S&P 500 Index and the S&P Utilities Index were 16 percent and 1.29 percent, respectively. For the five-year period, 2008 through 2012 inclusive, our shareholders’ total average annual return was 7.91 percent, compared with total average annual returns for the S&P 500 Index and the S&P Utilities Index of 1.66 percent and 0.36 percent, respectively.