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UTILICORP UNITED INC.
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This material is being filed pursuant to Rule 14a-6 and will appear in print
media beginning May 14, 1996.
GROWTH AND VALUE together drive UtiliCorp's unique
approach to its diversified business strategy.
REALIZING GROWTH
A key element of our strategy is the acquisition
and development of domestic and international
assets:
- Since closing in September 1995, the value of
our 49.9% investment in United Energy of
Australia has grown by $237 million.
- Our gas gathering and processing operation,
Aquila Gas Pipeline, generated a gain of $48
million from the 1993 sale of an 18%
interest, and our remaining 82% investment is
currently valued at more than $200 million.
- Our investments in New Zealand electric
distribution utilities have increased in
value by $75 million.
CREDIBLE
GROWTH AND VALUE DELIVERING VALUE
These successes, combined with building market
share through the launch of EnergyOne-Sm-, the
industry's first national brand, have enhanced
industry average, and our five-year total return
also exceeds our peers.
UtiliCorp's 10-year average annual dividend
increase of 9.5% is markedly higher than the
industry average, and our five-year total return
also exceeds our peers.
Our continued commitment to delivering value is
evident in our friendly merger of equals with
Kansas City Power & Light Company, which will
combine the complementary strengths of two superb
companies.
Our record and strategy are recognized by the
financial community. UtiliCorp shares trade at a
price/earnings ratio well above the industry
average -- clearly confirming investors'
confidence in our ability to link growth with
value.
[UTILICORP LOGO]
