ANN E. BULKLEY Senior Vice President REPRESENTATIVE PROJECT EXPERIENCE Ms. Bulkley Has Provided a Range of Advisory Services

ATTACHMENT A RESUME OF ANN E. BULKLEY

ANN E. BULKLEY Senior Vice President

Ms. Bulkley has more than two decades of management and economic consulting experience in the energy industry. Ms. Bulkley has extensive state and federal regulatory experience on both electric and natural gas issues including rate of return, cost of equity and capital structure issues. Ms. Bulkley has provided expert testimony on the cost of capital in more than 30 regulatory proceedings before regulatory commissions in Arizona, Arkansas, Colorado, Connecticut, Kansas, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, North Dakota, Oklahoma, Pennsylvania, Texas, South Dakota, West Virginia, and the Federal Energy Regulatory Commission. In addition, Ms. Bulkley has prepared and provided supporting analysis for at least forty Federal and State regulatory proceedings. In addition, Ms. Bulkley has worked on acquisition teams with investors seeking to acquire utility assets, providing valuation services including an understanding of regulation, market expected returns, and the assessment of utility risk factors. Ms. Bulkley has assisted clients with valuations of public utility and industrial properties for ratemaking, purchase and sale considerations, ad valorem tax assessments, and accounting and financial purposes. In addition, Ms. Bulkley has experience in the areas of contract and business unit valuation, strategic alliances, market restructuring and regulatory and litigation support. Prior to joining Concentric, Ms. Bulkley held senior expertise-based consulting positions at several firms, including Reed Consulting Group and Navigant Consulting, Inc. where she specialized in valuation. Ms. Bulkley holds an M.A. in economics from Boston University and a B.A. in economics and finance from Simmons College. Ms. Bulkley is a Certified General Appraiser licensed in the Commonwealth of Massachusetts and the State of New Hampshire.

REPRESENTATIVE PROJECT EXPERIENCE Regulatory Analysis and Ratemaking Ms. Bulkley has provided a range of advisory services relating to regulatory policy analysis and many aspects of utility ratemaking. Specific services have included: cost of capital and return on equity testimony, cost of service and rate design analysis and testimony, development of ratemaking strategies; development of merchant function exit strategies; analysis and program development to address residual energy supply and/or provider of last resort obligations; stranded costs assessment and recovery; performance-based ratemaking analysis and design; and many aspects of traditional utility ratemaking (e.g., rate design, rate base valuation). Cost of Capital Ms. Bulkley has provided expert testimony on the cost of capital in more than 30 regulatory proceedings before regulatory commissions in Arizona, Arkansas, Colorado, Connecticut, Kansas, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, North Dakota, Oklahoma, Pennsylvania, Texas, South Dakota, West Virginia, and the Federal Energy Regulatory Commission. In addition, Ms. Bulkley has prepared and provided supporting analysis for at least forty Federal and State regulatory proceedings in which she did not testify.

CONCENTRIC ENERGY ADVISORS | PG. 1 ATTACHMENT A RESUME OF ANN E. BULKLEY

Valuation Ms. Bulkley has provided valuation services to utility clients, unregulated generators and private equity clients for a variety of purposes including ratemaking, fair value, ad valorem tax, litigation and damages, and acquisition. Ms. Bulkley’s appraisal practices are consistent with the national standards established by the Uniform Standards of Professional Appraisal Practice. Representative projects/clients have included: • Northern Indiana Fuel and Light: Provided expert testimony regarding the fair value of the company’s natural gas distribution system assets. Valuation relied on cost approach. • Kokomo Gas: Provided expert testimony regarding the fair value of the company’s natural gas distribution system assets. Valuation relied on cost approach. • Prepared fair value rate base analyses for Northern Indiana Public Service Company for several electric rate proceedings. Valuation approaches used in this project included income, cost and comparable sales approaches. • Confidential Utility Client: Prepared valuation of fossil and nuclear generation assets for financing purposes for regulated utility client. • Prepared a valuation of a portfolio of generation assets for a large energy utility to be used for strategic planning purposes. Valuation approach included an income approach, a real options analysis and a risk analysis. • Assisted clients in the restructuring of NUG contracts through the valuation of the underlying assets. Performed analysis to determine the option value of a plant in a competitively priced electricity market following the settlement of the NUG contract. • Prepared market valuations of several purchase power contracts for large electric utilities in the sale of purchase power contracts. Assignment included an assessment of the regional power market, analysis of the underlying purchase power contracts, a traditional discounted cash flow valuation approach, as well as a risk analysis. Analyzed bids from potential acquirers using income and risk analysis approached. Prepared an assessment of the credit issues and value at risk for the selling utility. • Prepared appraisal of a portfolio of generating facilities for a large electric utility to be used for financing purposes. • Prepared an appraisal of a fleet of fossil generating assets for a large electric utility to establish the value of assets transferred from utility property. • Conducted due diligence on an electric transmission and distribution system as part of a buy-side due diligence team. • Provided analytical support for and prepared appraisal reports of generation assets to be used in ad valorem tax disputes. • Provided analytical support and prepared testimony regarding the valuation of electric distribution system assets in five communities in a condemnation proceeding. • Valued purchase power agreements in the transfer of assets to a deregulated electric market.

CONCENTRIC ENERGY ADVISORS | PG. 2 ATTACHMENT A RESUME OF ANN E. BULKLEY

Ratemaking Ms. Bulkley has assisted several clients with analysis to support investor-owned and municipal utility clients in the preparation of rate cases. Sample engagements include: • Assisted several investor-owned and municipal clients on cost allocation and rate design issues including the development of expert testimony supporting recommended rate alternatives. Worked with Canadian regulatory staff to establish filing requirements for a rate review of a newly regulated electric utility. Analyzed and evaluated rate application. Attended hearings and conducted investigation of rate application for regulatory staff. Prepared, supported and defended recommendations for revenue requirements and rates for the company. Developed rates for gas utility for transportation program and ancillary services.

Strategic and Financial Advisory Services Ms. Bulkley has assisted several clients across North America with analytically based strategic planning, due diligence and financial advisory services. Representative projects include: • Preparation of feasibility studies for bond issuances for municipal and district steam clients. • Assisted in the development of a generation strategy for an electric utility. Analyzed various NERC regions to identify potential market entry points. Evaluated potential competitors and alliance partners. Assisted in the development of gas and electric price forecasts. Developed a framework for the implementation of a risk management program. • Assisted clients in identifying potential joint venture opportunities and alliance partners. Contacted interviewed and evaluated potential alliance candidates based on company- established criteria for several LDCs and marketing companies. Worked with several LDCs and unregulated marketing companies to establish alliances to enter into the retail energy market. Prepared testimony in support of several merger cases and participated in the regulatory process to obtain approval for these mergers. • Assisted clients in several buy-side due diligence efforts, providing regulatory insight and developing valuation recommendations for acquisitions of both electric and gas properties.

PROFESSIONAL HISTORY Concentric Energy Advisors, Inc. (2002 – Present) Senior Vice President Vice President Assistant Vice President Project Manager Navigant Consulting, Inc. (1995 – 2002) Project Manager Cahners Publishing Company (1995) Economist

CONCENTRIC ENERGY ADVISORS | PG. 3 ATTACHMENT A RESUME OF ANN E. BULKLEY

EDUCATION Boston University M.A., Economics, 1995 Simmons College B.A., Economics and Finance, 1991

CERTIFICATIONS Certified General Appraiser licensed in the Commonwealth of Massachusetts and the State of New Hampshire.

CONCENTRIC ENERGY ADVISORS | PG. 4 ATTACHMENT A EXPERT TESTIMONY OF ANN E. BULKLEY

SPONSOR DATE CASE/APPLICANT DOCKET /CASE NO. SUBJECT Arizona Corporation Commission Arizona Public Service Company 10/19 Arizona Public Service Docket No. E-01345A- Return on Equity Company 19-0236 Tucson Electric Power Company 04/19 Tucson Electric Power Docket No. E-01933A- Return on Equity Company 19-0028 Tucson Electric Power Company 11/15 Tucson Electric Power Docket No. E-01933A- Return on Equity Company 15-0322 UNS Electric 05/15 UNS Electric Docket No. E-04204A- Return on Equity 15-0142 UNS Electric 12/12 UNS Electric Docket No. E-04204A- Return on Equity 12-0504 Arkansas Public Service Commission Arkansas Oklahoma Gas 10/13 Arkansas Oklahoma Gas Docket No. 13-078-U Return on Equity Corporation I ICorporation I I Colorado Public Utilities Commission Public Service Company of 02/20 Public Service Company of 20AL-0049G Return on Equity Colorado Colorado Public Service Company of 05/19 Public Service Company of 19AL-0268E Return on Equity Colorado Colorado Public Service Company of 01/19 Public Service Company of 19AL-0063ST Return on Equity Colorado Colorado Atmos Energy Corporation 05/15 Atmos Energy Corporation Docket No. 15AL-0299G Return on Equity

Atmos Energy Corporation 04/14 Atmos Energy Corporation Docket No. 14AL-0300G Return on Equity

Atmos Energy Corporation 05/13 Atmos Energy Corporation Docket No. 13AL-0496G Return on Equity

Connecticut Public Utilities Regulatory Authority Connecticut Natural Gas 06/18 Connecticut Natural Gas Docket No. 18-05-16 Return on Equity Corporation Corporation Yankee Gas Services Co. d/b/a 06/18 Yankee Gas Services Co. Docket No. 18-05-10 Return on Equity Eversource Energy d/b/a Eversource Energy The Southern Connecticut Gas 06/17 The Southern Connecticut Docket No. 17-05-42 Return on Equity Company Gas Company The United Illuminating 07/16 The United Illuminating Docket No. 16-06-04 Return on Equity Company Company Federal Energy Regulatory Commission Panhandle Eastern Pipe Line 10/19 Panhandle Eastern Pipe Docket Nos. Return on Equity Company, LP Line Company, LP RP19-78-000 RP19-78-001 Panhandle Eastern Pipe Line 08/19 Panhandle Eastern Pipe Docket Nos. Return on Equity Company, LP Line Company, LP RP19-1523

CONCENTRIC ENERGY ADVISORS | PG. 5 ATTACHMENT A EXPERT TESTIMONY OF ANN E. BULKLEY

SPONSOR DATE CASE/APPLICANT DOCKET /CASE NO. SUBJECT Sea Robin Pipeline Company 11/18 Sea Robin Pipeline Docket# RP19-352-000 Return on Equity LLC Company LLC Tallgrass Interstate Gas 10/15 Tallgrass Interstate Gas RP16-137 Return on Equity Transmission Transmission Idaho Public Utilities Commission PacifiCorp d/b/a Rocky 06/20 PacifiCorp d/b/a Rocky PAC-E-20-03 Return on Equity Mountain Power Mountain Power Indiana Utility Regulatory Commission Indiana and Michigan American 09/18 Indiana and Michigan IURC Cause No. 45142 Return on Equity Water Company American Water Company Northern Indiana Public Service 09/17 Northern Indiana Public Cause No. 44988 Fair Value Company Service Company Indianapolis Power and Light 12/16 Indianapolis Power and Cause No.44893 Fair Value Company Light Company Northern Indiana Public Service 10/15 Northern Indiana Public Cause No. 44688 Fair Value Company Service Company Indianapolis Power and Light 09/15 Indianapolis Power and Cause No. 44576 Fair Value Company Light Company Cause No. 44602 Kokomo Gas and Fuel Company 09/10 Kokomo Gas and Fuel Cause No. 43942 Fair Value Company Northern Indiana Fuel and Light 09/10 Northern Indiana Fuel and Cause No. 43943 Fair Value Company, Inc. Light Company, Inc. Kansas Corporation Commission Atmos Energy Corporation 08/15 Atmos Energy Corporation Docket No. 16-ATMG- Return on Equity 079-RTS Kentucky Public Service Commission Kentucky American Water 11/18 Kentucky American Water Docket No. 2018-00358 Return on Equity Company Company Maine Public Utilities Commission Central Maine Power 10/18 Central Maine Power Docket No. 2018-00194 Return on Equity

Maryland Public Service Commission Maryland American Water 06/18 Maryland American Water Case No. 9487 Return on Equity Company Company Massachusetts Appellate Tax Board Hopkinton LNG Corporation 03/20 Hopkinton LNG Docket No. Valuation of LNG Corporation Facility FirstLight Hydro Generating 06/17 FirstLight Hydro Docket No. F-325471 Valuation of Electric Company Generating Company Docket No. F-325472 Generation Assets Docket No. F-325473 Docket No. F-325474

CONCENTRIC ENERGY ADVISORS | PG. 6 ATTACHMENT A EXPERT TESTIMONY OF ANN E. BULKLEY

SPONSOR DATE CASE/APPLICANT DOCKET /CASE NO. SUBJECT Massachusetts Department of Public Utilities Berkshire Gas Company 05/18 Berkshire Gas Company DPU 18-40 Return on Equity Unitil Corporation 01/04 Fitchburg Gas and Electric DTE 03-52 Integrated Resource Plan; Gas Demand Forecast Michigan Public Service Commission Wisconsin Electric Power 12/11 Wisconsin Electric Power Case No. U-16830 Return on Equity Company Company Michigan Tax Tribunal New Covert Generating Co., LLC. 03/18 The Township of New MTT Docket No. Valuation of Electric Covert Michigan 000248TT and 16- Generation Assets 001888-TT Covert Township 07/14 New Covert Generating Co., Docket No. 399578 Valuation of Electric LLC. Generation Assets Minnesota Public Utilities Commission Allete, Inc. d/b/a Minnesota 11/19 Allete, Inc. d/b/a E015/GR-19-442 Return on Equity Power Minnesota Power CenterPoint Energy Resources 10/19 CenterPoint Energy G-008/GR-19-524 Return on Equity Corporation d/b/a CenterPoint Resources Corporation Energy Minnesota Gas d/b/a CenterPoint Energy Minnesota Gas Great Plains Natural Gas Co. 09/19 Great Plains Natural Gas Docket No. G004/GR-19- Return on Equity Co. 511 Minnesota Energy Resources 10/17 Minnesota Energy Docket No. G011/GR-17- Return on Equity Corporation Resources 563 Corporation Missouri Public Service Commission Missouri American Water 06/17 Missouri American Water Case No. WR-17-0285 Return on Equity Company Company Case No. SR-17-0286

Montana Public Service Commission Montana-Dakota Utilities Co. 09/18 Montana-Dakota Utilities D2018.9.60 Return on Equity Co. New Hampshire - Board of Tax and Land Appeals Public Service Company of New 11/19 Public Service Company of Master Docket No. Valuation of Utility Hampshire d/b/a Eversource 12/19 New Hampshire d/b/a 28873-14-15-16-17PT Property and Energy Eversource Energy Generating Assets New Hampshire Public Utilities Commission Public Service Company of New 05/19 Public Service Company of DE-19-057 Return on Equity Hampshire New Hampshire

CONCENTRIC ENERGY ADVISORS | PG. 7 ATTACHMENT A EXPERT TESTIMONY OF ANN E. BULKLEY

SPONSOR DATE CASE/APPLICANT DOCKET /CASE NO. SUBJECT New Hampshire-Merrimack County Superior Court Northern New England 04/18 Northern New England 220-2012-CV-1100 Valuation of Utility Telephone Operations, LLC Telephone Operations, LLC Property d/b/a FairPoint d/b/a FairPoint Communications, NNE Communications, NNE New Hampshire-Rockingham Superior Court Eversource Energy 05/18 Public Service Commission 218-2016-CV-00899 Valuation of Utility of New Hampshire 218-2017-CV-00917 Property New Jersey Board of Public Utilities New Jersey American Water 12/19 New Jersey American WR19121516 Return on Equity Company, Inc. Water Company, Inc. Public Service Electric and Gas 04/19 Public Service Electric and EO18060629 Return on Equity Company Gas Company GO18060630 Public Service Electric and Gas 02/18 Public Service Electric and GR17070776 Return on Equity Company Gas Company Public Service Electric and Gas 01/18 Public Service Electric and ER18010029 Return on Equity Company Gas Company GR18010030 New Mexico Public Regulation Commission Southwestern Public Service 07/19 Southwestern Public 19-00170-UT Return on Equity Company Service Company Southwestern Public Service 10/17 Southwestern Public Case No. 17-00255-UT Return on Equity Company Service Company Southwestern Public Service 12/16 Southwestern Public Case No. 16-00269-UT Return on Equity Company Service Company Southwestern Public Service 10/15 Southwestern Public Case No. 15-00296-UT Return on Equity Company Service Company Southwestern Public Service 06/15 Southwestern Public Case No. 15-00139-UT Return on Equity Company Service Company New York State Department of Public Service Corning Natural Gas 02/20 Corning Natural Gas Case No. 20-G-0101 Return on Equity Corporation Corporation New York State Electric and Gas 05/19 New York State Electric 19-E-0378 Return on Equity Company and Gas Company 19-G-0379 19-E-0380 Rochester Gas and Electric Rochester Gas and Electric 19-G-0381 Brooklyn Union Gas Company 04/19 Brooklyn Union Gas 19-G-0309 Return on Equity d/b/a National Grid NY Company d/b/a National 19-G-0310 KeySpan Gas East Corporation Grid NY d/b/a National Grid KeySpan Gas East Corporation d/b/a National Grid

CONCENTRIC ENERGY ADVISORS | PG. 8 ATTACHMENT A EXPERT TESTIMONY OF ANN E. BULKLEY

SPONSOR DATE CASE/APPLICANT DOCKET /CASE NO. SUBJECT Central Hudson Gas and Electric 07/17 Central Hudson Gas and Gas 17-G-0460 Return on Equity Corporation Electric Corporation Electric 17-E-0459 Niagara Mohawk Power 04/17 National Grid USA Case No. 17-E-0238 Return on Equity Corporation 17-G-0239 Corning Natural Gas 06/16 Corning Natural Gas Case No. 16-G-0369 Return on Equity Corporation Corporation National Fuel Gas Company 04/16 National Fuel Gas Company Case No. 16-G-0257 Return on Equity KeySpan Energy Delivery 01/16 KeySpan Energy Delivery Case No. 15-G-0058 Return on Equity Case No. 15-G-0059 New York State Electric and Gas 05/15 New York State Electric Case No. 15-G-0284 Return on Equity Company and Gas Company Case No. 15-E-0285 Rochester Gas and Electric Rochester Gas and Electric Case No. 15-G-0286 North Dakota Public Service Commission Northern States Power 12/12 Northern States Power C-PU-12-813 Return on Equity Company Company Northern States Power 12/10 Northern States Power C-PU-10-657 Return on Equity Company Company Oklahoma Corporation Commission Arkansas Oklahoma Gas 01/13 Arkansas Oklahoma Gas Cause No. PUD Return on Equity Corporation Corporation 201200236 Oregon Public Service Commission PacifiCorp d/b/a Pacific 02/20 PacifiCorp d/b/a Pacific Docket No. UE-374 Return on Equity Power & Light Power & Light I Pennsylvania Public Utility Commission American Water Works 04/17 Pennsylvania-American Docket No. R-2017- Return on Equity Company Inc. Water Company 2595853 South Dakota Public Utilities Commission Northern States Power 06/14 Northern States Power Docket No. EL14-058 Return on Equity Company Company Texas Public Utility Commission Southwestern Public Service 08/19 Southwestern Public Docket No. D-49831 Return on Equity Commission Service Commission Southwestern Public Service 01/14 Southwestern Public Docket No. 42004 Return on Equity Company Service Company Utah Public Service Commission PacifiCorp d/b/a Rocky 05/20 PacifiCorp d/b/a Rocky Docket No. 20-035-04 Return on Equity Mountain Power Mountain Power Virginia State Corporation Commission

CONCENTRIC ENERGY ADVISORS | PG. 9 ATTACHMENT A EXPERT TESTIMONY OF ANN E. BULKLEY

SPONSOR DATE CASE/APPLICANT DOCKET /CASE NO. SUBJECT Virginia American Water 11/18 Virginia American Water Docket No. PUR-2018- Return on Equity Company, Inc. Company, Inc. 00175 Washington Utilities Transportation Commission Cascade Natural Gas 06/20 Cascade Natural Gas Docket No. UG-200568 Return on Equity Corporation Corporation PacifiCorp d/b/a Pacific 12/19 PacifiCorp d/b/a Pacific Docket No. UE-191024 Return on Equity Power & Light Power & Light Cascade Natural Gas 04/19 Cascade Natural Gas Docket No. UG-190210 Return on Equity Corporation Corporation West Virginia Public Service Commission West Virginia American Water 04/18 West Virginia American Case No. 18-0573-W-42T Return on Equity Company Water Company Case No. 18-0576-S-42T Wisconsin Public Service Commission Wisconsin Electric Power 03/19 Wisconsin Electric Power Docket No. 05-UR-109 Return on Equity Company and Wisconsin Gas Company and Wisconsin LLC Gas LLC Wisconsin Public Service Corp. 03/19 Wisconsin Public Service 6690-UR-126 Return on Equity Corp. Wyoming Public Service Commission PacifiCorp d/b/a Rocky 03/20 PacifiCorp d/b/a Rocky Docket No. 20000-578- Return on Equity Mountain Power Mountain Power ER-20 Montana-Dakota Utilities Co. 05/19 Montana-Dakota Utilities 30013-351-GR-19 Return on Equity Co.

CONCENTRIC ENERGY ADVISORS | PG. 10 Exhibit __ (AEB-1) Page 1 of 3

THREE-MONTH MULTI-STAGE DCF - PROXY GROUP ANALYSIS - MEAN GROWTH RATE

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] Second Stage Growth Stock Annualized Value Line Yahoo! Finance Zacks First Stage Third Stage Company Ticker Price Dividend EPS Growth EPS Growth EPS Growth Growth Year 6 Year 7 Year 8 Year 9 Year 10 Growth ROE

ALLETE, Inc. ALE $57.63 $2.47 5.50% 7.00% NA% 6.25% 6.13% 6.02% 5.90% 5.79% 5.67% 5.56% 10.49% American Electric Power Company, Inc. AEP $81.50 $2.80 5.00% 5.88% 5.80% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 9.33% Atmos Energy Corporation ATO $100.24 $2.30 7.00% 7.15% 7.20% 7.12% 6.86% 6.60% 6.34% 6.08% 5.82% 5.56% 8.32% Avangrid, Inc. AGR $43.26 $1.76 6.00% 6.40% 5.50% 5.97% 5.90% 5.83% 5.76% 5.69% 5.63% 5.56% 10.15% Avista Corporation AVA $40.65 $1.62 1.00% 6.10% 5.30% 4.13% 4.37% 4.61% 4.85% 5.08% 5.32% 5.56% 9.56% Black Hills Corporation BKH $60.90 $2.14 3.50% 5.13% 5.90% 4.84% 4.96% 5.08% 5.20% 5.32% 5.44% 5.56% 9.24% CMS Energy Corporation CMS $57.65 $1.63 7.50% 7.16% 6.90% 7.19% 6.92% 6.64% 6.37% 6.10% 5.83% 5.56% 8.99% Consolidated Edison, Inc. ED $77.73 $3.06 3.00% 2.65% 2.00% 2.55% 3.05% 3.55% 4.05% 4.56% 5.06% 5.56% 9.12% Edison International EIX $56.78 $2.55 NMF 1.30% 3.30% 2.30% 2.84% 3.39% 3.93% 4.47% 5.01% 5.56% 9.57% Exelon Corporation EXC $36.79 $1.53 5.00% Negative 2.70% 3.85% 4.13% 4.42% 4.70% 4.99% 5.27% 5.56% 9.66% Hawaiian Electric Industries, Inc. HE $39.92 $1.32 3.50% 3.30% 1.70% 2.83% 3.29% 3.74% 4.20% 4.65% 5.10% 5.56% 8.58% New Jersey Resources Corporation NJR $32.92 $1.25 2.00% 6.00% 6.00% 4.67% 4.82% 4.96% 5.11% 5.26% 5.41% 5.56% 9.50% Northwest Natural Gas Company NWN $62.08 $1.91 26.50% 3.75% NA% 15.13% 13.53% 11.94% 10.34% 8.75% 7.15% 5.56% 11.53% NorthWestern Corporation NWE $58.23 $2.40 2.50% 3.70% 3.40% 3.20% 3.59% 3.99% 4.38% 4.77% 5.16% 5.56% 9.46% OGE Energy Corporation OGE $30.62 $1.55 3.00% 2.40% 3.70% 3.03% 3.45% 3.87% 4.30% 4.72% 5.14% 5.56% 10.33% ONE Gas, Inc. OGS $80.84 $2.16 6.50% 5.00% 5.50% 5.67% 5.65% 5.63% 5.61% 5.59% 5.58% 5.56% 8.49% Otter Tail Corporation OTTR $42.55 $1.48 3.50% 9.00% NA% 6.25% 6.13% 6.02% 5.90% 5.79% 5.67% 5.56% 9.55% PPL Corporation PPL $25.49 $1.66 2.50% 2.90% NA% 2.70% 3.18% 3.65% 4.13% 4.61% 5.08% 5.56% 11.65% Public Service Enterprise Group Inc. PEG $48.51 $1.96 5.00% 2.40% 3.40% 3.60% 3.93% 4.25% 4.58% 4.91% 5.23% 5.56% 9.48% Sempra Energy SRE $120.95 $4.18 10.00% 5.35% 7.20% 7.52% 7.19% 6.86% 6.54% 6.21% 5.88% 5.56% 9.85% South Jersey Industries, Inc. SJI $26.36 $1.18 12.50% 10.20% 10.20% 10.97% 10.07% 9.16% 8.26% 7.36% 6.46% 5.56% 12.36% Southwest Gas Corporation SWX $71.86 $2.28 8.00% 8.20% 6.00% 7.40% 7.09% 6.79% 6.48% 6.17% 5.86% 5.56% 9.47% Spire, Inc. SR $72.20 $2.49 5.50% 4.67% 4.70% 4.96% 5.06% 5.16% 5.26% 5.36% 5.46% 5.56% 9.20% Xcel Energy Inc. XEL $62.01 $1.72 6.00% 6.00% 5.90% 5.97% 5.90% 5.83% 5.76% 5.69% 5.63% 5.56% 8.67%

Mean 9.69% Median 9.49%

Notes [1] Source: Bloomberg Professional, equals 3-month average as of 06/16/2020 [2] Source: Bloomberg Professional [3] Source: Value Line [4] Source: Yahoo! Finance [5] Source: Zacks [6] Equals Average ([3], [4], [5]) [7] Equals [6] + ([12] - [6]) / 6 [8] Equals [7] + ([12] - [6]) / 6 [9] Equals [8] + ([12] - [6]) / 6 [10] Equals [9] + ([12] - [6]) / 6 [11] Equals [10] + ([12] - [6]) / 6 [12] Source: Exhibit__(AEB-2) [13] Equals internal rate of return of cash flows for Year 0 through Year 200 Exhibit __ (AEB-1) Page 2 of 3

THREE-MONTH MULTI-STAGE DCF - PROXY GROUP ANALYSIS - LOW GROWTH RATE

ALLETE, Inc. ALE $57.63 $2.47 5.50% 7.00% NA% 5.50% 5.51% 5.52% 5.53% 5.54% 5.55% 5.56% 10.26% American Electric Power Company, Inc. AEP $81.50 $2.80 5.00% 5.88% 5.80% 5.00% 5.09% 5.19% 5.28% 5.37% 5.46% 5.56% 9.19% Atmos Energy Corporation ATO $100.24 $2.30 7.00% 7.15% 7.20% 7.00% 6.76% 6.52% 6.28% 6.04% 5.80% 5.56% 8.29% Avangrid, Inc. AGR $43.26 $1.76 6.00% 6.40% 5.50% 5.50% 5.51% 5.52% 5.53% 5.54% 5.55% 5.56% 10.02% Avista Corporation AVA $40.65 $1.62 1.00% 6.10% 5.30% 1.00% 1.76% 2.52% 3.28% 4.04% 4.80% 5.56% 8.80% Black Hills Corporation BKH $60.90 $2.14 3.50% 5.13% 5.90% 3.50% 3.84% 4.19% 4.53% 4.87% 5.21% 5.56% 8.93% CMS Energy Corporation CMS $57.65 $1.63 7.50% 7.16% 6.90% 6.90% 6.68% 6.45% 6.23% 6.01% 5.78% 5.56% 8.93% Consolidated Edison, Inc. ED $77.73 $3.06 3.00% 2.65% 2.00% 2.00% 2.59% 3.19% 3.78% 4.37% 4.96% 5.56% 8.98% Edison International EIX $56.78 $2.55 NMF 1.30% 3.30% 1.30% 2.01% 2.72% 3.43% 4.14% 4.85% 5.56% 9.31% Exelon Corporation EXC $36.79 $1.53 5.00% Negative 2.70% 2.70% 3.18% 3.65% 4.13% 4.61% 5.08% 5.56% 9.36% Hawaiian Electric Industries, Inc. HE $39.92 $1.32 3.50% 3.30% 1.70% 1.70% 2.34% 2.99% 3.63% 4.27% 4.91% 5.56% 8.35% New Jersey Resources Corporation NJR $32.92 $1.25 2.00% 6.00% 6.00% 2.00% 2.59% 3.19% 3.78% 4.37% 4.96% 5.56% 8.86% Northwest Natural Gas Company NWN $62.08 $1.91 26.50% 3.75% NA% 3.75% 4.05% 4.35% 4.65% 4.96% 5.26% 5.56% 8.54% NorthWestern Corporation NWE $58.23 $2.40 2.50% 3.70% 3.40% 2.50% 3.01% 3.52% 4.03% 4.54% 5.05% 5.56% 9.28% OGE Energy Corporation OGE $30.62 $1.55 3.00% 2.40% 3.70% 2.40% 2.93% 3.45% 3.98% 4.51% 5.03% 5.56% 10.14% ONE Gas, Inc. OGS $80.84 $2.16 6.50% 5.00% 5.50% 5.00% 5.09% 5.19% 5.28% 5.37% 5.46% 5.56% 8.36% Otter Tail Corporation OTTR $42.55 $1.48 3.50% 9.00% NA% 3.50% 3.84% 4.19% 4.53% 4.87% 5.21% 5.56% 8.89% PPL Corporation PPL $25.49 $1.66 2.50% 2.90% NA% 2.50% 3.01% 3.52% 4.03% 4.54% 5.05% 5.56% 11.58% Public Service Enterprise Group Inc. PEG $48.51 $1.96 5.00% 2.40% 3.40% 2.40% 2.93% 3.45% 3.98% 4.51% 5.03% 5.56% 9.18% Sempra Energy SRE $120.95 $4.18 10.00% 5.35% 7.20% 5.35% 5.38% 5.42% 5.45% 5.49% 5.52% 5.56% 9.30% South Jersey Industries, Inc. SJI $26.36 $1.18 12.50% 10.20% 10.20% 10.20% 9.43% 8.65% 7.88% 7.11% 6.33% 5.56% 12.07% Southwest Gas Corporation SWX $71.86 $2.28 8.00% 8.20% 6.00% 6.00% 5.93% 5.85% 5.78% 5.71% 5.63% 5.56% 9.13% Spire, Inc. SR $72.20 $2.49 5.50% 4.67% 4.70% 4.67% 4.82% 4.97% 5.11% 5.26% 5.41% 5.56% 9.13% Xcel Energy Inc. XEL $62.01 $1.72 6.00% 6.00% 5.90% 5.90% 5.84% 5.79% 5.73% 5.67% 5.61% 5.56% 8.65%

Mean 9.31% Median 9.13%

Notes [1] Source: Bloomberg Professional, equals 3-month average as of 06/16/2020 [2] Source: Bloomberg Professional [3] Source: Value Line [4] Source: Yahoo! Finance [5] Source: Zacks [6] Equals Minimum ([3], [4], [5]) [7] Equals [6] + ([12] - [6]) / 6 [8] Equals [7] + ([12] - [6]) / 6 [9] Equals [8] + ([12] - [6]) / 6 [10] Equals [9] + ([12] - [6]) / 6 [11] Equals [10] + ([12] - [6]) / 6 [12] Source: Exhibit__(AEB-2) [13] Equals internal rate of return of cash flows for Year 0 through Year 200 Exhibit __ (AEB-1) Page 3 of 3

THREE-MONTH MULTI-STAGE DCF - PROXY GROUP ANALYSIS - HIGH GROWTH RATE

ALLETE, Inc. ALE $57.63 $2.47 5.50% 7.00% NA% 7.00% 6.76% 6.52% 6.28% 6.04% 5.80% 5.56% 10.72% American Electric Power Company, Inc. AEP $81.50 $2.80 5.00% 5.88% 5.80% 5.88% 5.83% 5.77% 5.72% 5.67% 5.61% 5.56% 9.41% Atmos Energy Corporation ATO $100.24 $2.30 7.00% 7.15% 7.20% 7.20% 6.93% 6.65% 6.38% 6.11% 5.83% 5.56% 8.33% Avangrid, Inc. AGR $43.26 $1.76 6.00% 6.40% 5.50% 6.40% 6.26% 6.12% 5.98% 5.84% 5.70% 5.56% 10.28% Avista Corporation AVA $40.65 $1.62 1.00% 6.10% 5.30% 6.10% 6.01% 5.92% 5.83% 5.74% 5.65% 5.56% 10.10% Black Hills Corporation BKH $60.90 $2.14 3.50% 5.13% 5.90% 5.90% 5.84% 5.79% 5.73% 5.67% 5.61% 5.56% 9.50% CMS Energy Corporation CMS $57.65 $1.63 7.50% 7.16% 6.90% 7.50% 7.18% 6.85% 6.53% 6.21% 5.88% 5.56% 9.06% Consolidated Edison, Inc. ED $77.73 $3.06 3.00% 2.65% 2.00% 3.00% 3.43% 3.85% 4.28% 4.71% 5.13% 5.56% 9.22% Edison International EIX $56.78 $2.55 NMF 1.30% 3.30% 3.30% 3.68% 4.05% 4.43% 4.81% 5.18% 5.56% 9.85% Exelon Corporation EXC $36.79 $1.53 5.00% Negative 2.70% 5.00% 5.09% 5.19% 5.28% 5.37% 5.46% 5.56% 9.98% Hawaiian Electric Industries, Inc. HE $39.92 $1.32 3.50% 3.30% 1.70% 3.50% 3.84% 4.19% 4.53% 4.87% 5.21% 5.56% 8.72% New Jersey Resources Corporation NJR $32.92 $1.25 2.00% 6.00% 6.00% 6.00% 5.93% 5.85% 5.78% 5.71% 5.63% 5.56% 9.85% Northwest Natural Gas Company NWN $62.08 $1.91 26.50% 3.75% NA% 26.50% 23.01% 19.52% 16.03% 12.54% 9.05% 5.56% 15.96% NorthWestern Corporation NWE $58.23 $2.40 2.50% 3.70% 3.40% 3.70% 4.01% 4.32% 4.63% 4.94% 5.25% 5.56% 9.59% OGE Energy Corporation OGE $30.62 $1.55 3.00% 2.40% 3.70% 3.70% 4.01% 4.32% 4.63% 4.94% 5.25% 5.56% 10.54% ONE Gas, Inc. OGS $80.84 $2.16 6.50% 5.00% 5.50% 6.50% 6.34% 6.19% 6.03% 5.87% 5.71% 5.56% 8.66% Otter Tail Corporation OTTR $42.55 $1.48 3.50% 9.00% NA% 9.00% 8.43% 7.85% 7.28% 6.71% 6.13% 5.56% 10.29% PPL Corporation PPL $25.49 $1.66 2.50% 2.90% NA% 2.90% 3.34% 3.79% 4.23% 4.67% 5.11% 5.56% 11.73% Public Service Enterprise Group Inc. PEG $48.51 $1.96 5.00% 2.40% 3.40% 5.00% 5.09% 5.19% 5.28% 5.37% 5.46% 5.56% 9.85% Sempra Energy SRE $120.95 $4.18 10.00% 5.35% 7.20% 10.00% 9.26% 8.52% 7.78% 7.04% 6.30% 5.56% 10.55% South Jersey Industries, Inc. SJI $26.36 $1.18 12.50% 10.20% 10.20% 12.50% 11.34% 10.19% 9.03% 7.87% 6.71% 5.56% 12.96% Southwest Gas Corporation SWX $71.86 $2.28 8.00% 8.20% 6.00% 8.20% 7.76% 7.32% 6.88% 6.44% 6.00% 5.56% 9.67% Spire, Inc. SR $72.20 $2.49 5.50% 4.67% 4.70% 5.50% 5.51% 5.52% 5.53% 5.54% 5.55% 5.56% 9.33% Xcel Energy Inc. XEL $62.01 $1.72 6.00% 6.00% 5.90% 6.00% 5.93% 5.85% 5.78% 5.71% 5.63% 5.56% 8.67%

Mean 10.12% Median 9.85%

Notes [1] Source: Bloomberg Professional, equals 3-month average as of 06/16/2020 [2] Source: Bloomberg Professional [3] Source: Value Line [4] Source: Yahoo! Finance [5] Source: Zacks [6] Equals Maximum ([3], [4], [5]) [7] Equals [6] + ([12] - [6]) / 6 [8] Equals [7] + ([12] - [6]) / 6 [9] Equals [8] + ([12] - [6]) / 6 [10] Equals [9] + ([12] - [6]) / 6 [11] Equals [10] + ([12] - [6]) / 6 [12] Source: Exhibit__(AEB-2) [13] Equals internal rate of return of cash flows for Year 0 through Year 200 Exhibit __ (AEB-2) Page 1 of 1

CALCULATION OF LONG-TERM GDP GROWTH RATE

Step 1 Real GDP ($ Billions) [1] 1929$ 1,109.4 2019$ 19,073.1 Compound Annual Growth Rate 3.21%

Step 2 Consumer Price Index (YoY % Change) [2] 2027-2031 2.20% Average 2.20%

Consumer Price Index (All-Urban) [3] 2031 3.39 2050 5.25 Compound Annual Growth Rate 2.32%

GDP Chain-type Price Index (2012=1.000) [3] 2031 1.49 2050 2.29 Compound Annual Growth Rate 2.30%

Average Inflation Forecast 2.27%

Long-Term GDP Growth Rate 5.56%

Notes: [1] Bureau of Economic Analysis, May 28, 2020 [2] Blue Chip Financial Forecasts, Vol. 39, No. 6, June 1, 2020, at 14 [3] Energy Information Administration, Annual Energy Outlook 2020, Table 20, January 29, 2020 Exhibit __ (AEB-3) Page 1 of 12

CAPITAL ASSET PRICING MODEL -- CURRENT RISK-FREE RATE & VL BETA K = Rf + β (Rm − Rf)

[1] [2] [3] [4] [5] Current 3-month average of 30-year Market Risk U.S. Treasury bond Market Premium Company Ticker yield Beta (β) Return (Rm) (Rm − Rf) ROE (K)

ALLETE, Inc. ALE 1.39% 0.85 13.32% 11.93% 11.53% American Electric Power Company, Inc. AEP 1.39% 0.75 13.32% 11.93% 10.34% Atmos Energy Corporation ATO 1.39% 0.80 13.32% 11.93% 10.94% Avangrid, Inc. AGR 1.39% 0.80 13.32% 11.93% 10.94% Avista Corporation AVA 1.39% 0.60 13.32% 11.93% 8.55% Black Hills Corporation BKH 1.39% 0.65 13.32% 11.93% 9.15% CMS Energy Corporation CMS 1.39% 0.80 13.32% 11.93% 10.94% Consolidated Edison, Inc. ED 1.39% 0.75 13.32% 11.93% 10.34% Edison International EIX 1.39% 0.55 13.32% 11.93% 7.95% Exelon Corporation EXC 1.39% 0.90 13.32% 11.93% 12.13% Hawaiian Electric Industries, Inc. HE 1.39% 0.55 13.32% 11.93% 7.95% New Jersey Resources Corporation NJR 1.39% 0.90 13.32% 11.93% 12.13% Northwest Natural Gas Company NWN 1.39% 0.80 13.32% 11.93% 10.94% NorthWestern Corporation NWE 1.39% 0.55 13.32% 11.93% 7.95% OGE Energy Corporation OGE 1.39% 1.05 13.32% 11.93% 13.92% ONE Gas, Inc. OGS 1.39% 0.80 13.32% 11.93% 10.94% Otter Tail Corporation OTTR 1.39% 0.85 13.32% 11.93% 11.53% PPL Corporation PPL 1.39% 1.05 13.32% 11.93% 13.92% Public Service Enterprise Group Inc. PEG 1.39% 0.90 13.32% 11.93% 12.13% Sempra Energy SRE 1.39% 0.65 13.32% 11.93% 9.15% South Jersey Industries, Inc. SJI 1.39% 0.95 13.32% 11.93% 12.73% Southwest Gas Corporation SWX 1.39% 0.90 13.32% 11.93% 12.13% Spire, Inc. SR 1.39% 0.80 13.32% 11.93% 10.94% Xcel Energy Inc. XEL 1.39% 0.45 13.32% 11.93% 6.76% Mean 0.78 10.66% Median 0.80 10.94%

Notes: [1] Source: Bloomberg Professional [2] Source: Value Line [3] Source: Exhibit __ (AEB-4) [4] Equals [3] - [1] [5] Equals [1] + [2] x [4] Exhibit __ (AEB-3) Page 2 of 12

CAPITAL ASSET PRICING MODEL -- NEAR-TERM PROJECTED RISK-FREE RATE & VL BETA K = Rf + β (Rm − Rf)

[1] [2] [3] [4] [5] Near-term projected 30-year U.S. Treasury Market Risk bond yield (Q3 2020 - Market Premium Company Ticker Q3 2021) Beta (β) Return (Rm) (Rm − Rf) ROE (K)

ALLETE, Inc. ALE 1.68% 0.85 13.32% 11.64% 11.58% American Electric Power Company, Inc. AEP 1.68% 0.75 13.32% 11.64% 10.41% Atmos Energy Corporation ATO 1.68% 0.80 13.32% 11.64% 10.99% Avangrid, Inc. AGR 1.68% 0.80 13.32% 11.64% 10.99% Avista Corporation AVA 1.68% 0.60 13.32% 11.64% 8.67% Black Hills Corporation BKH 1.68% 0.65 13.32% 11.64% 9.25% CMS Energy Corporation CMS 1.68% 0.80 13.32% 11.64% 10.99% Consolidated Edison, Inc. ED 1.68% 0.75 13.32% 11.64% 10.41% Edison International EIX 1.68% 0.55 13.32% 11.64% 8.08% Exelon Corporation EXC 1.68% 0.90 13.32% 11.64% 12.16% Hawaiian Electric Industries, Inc. HE 1.68% 0.55 13.32% 11.64% 8.08% New Jersey Resources Corporation NJR 1.68% 0.90 13.32% 11.64% 12.16% Northwest Natural Gas Company NWN 1.68% 0.80 13.32% 11.64% 10.99% NorthWestern Corporation NWE 1.68% 0.55 13.32% 11.64% 8.08% OGE Energy Corporation OGE 1.68% 1.05 13.32% 11.64% 13.90% ONE Gas, Inc. OGS 1.68% 0.80 13.32% 11.64% 10.99% Otter Tail Corporation OTTR 1.68% 0.85 13.32% 11.64% 11.58% PPL Corporation PPL 1.68% 1.05 13.32% 11.64% 13.90% Public Service Enterprise Group Inc. PEG 1.68% 0.90 13.32% 11.64% 12.16% Sempra Energy SRE 1.68% 0.65 13.32% 11.64% 9.25% South Jersey Industries, Inc. SJI 1.68% 0.95 13.32% 11.64% 12.74% Southwest Gas Corporation SWX 1.68% 0.90 13.32% 11.64% 12.16% Spire, Inc. SR 1.68% 0.80 13.32% 11.64% 10.99% Xcel Energy Inc. XEL 1.68% 0.45 13.32% 11.64% 6.92% Mean 0.78 10.73% Median 0.80 10.99%

Notes: [1] Source: Blue Chip Financial Forecasts, Vol. 39, No. 6, June 1, 2019, at 2 [2] Source: Value Line [3] Source: Exhibit __ (AEB-4) [4] Equals [3] - [1] [5] Equals [1] + [2] x [4] Exhibit __ (AEB-3) Page 3 of 12

CAPITAL ASSET PRICING MODEL -- LONG-TERM PROJECTED RISK-FREE RATE & VL BETA K = Rf + β (Rm − Rf)

[1] [2] [3] [4] [5]

Projected 30-year U.S. Market Risk Treasury bond yield Market Premium Company Ticker (2022 - 2026) Beta (β) Return (Rm) (Rm − Rf) ROE (K)

ALLETE, Inc. ALE 3.00% 0.85 13.32% 10.32% 11.77% American Electric Power Company, Inc. AEP 3.00% 0.75 13.32% 10.32% 10.74% Atmos Energy Corporation ATO 3.00% 0.80 13.32% 10.32% 11.26% Avangrid, Inc. AGR 3.00% 0.80 13.32% 10.32% 11.26% Avista Corporation AVA 3.00% 0.60 13.32% 10.32% 9.19% Black Hills Corporation BKH 3.00% 0.65 13.32% 10.32% 9.71% CMS Energy Corporation CMS 3.00% 0.80 13.32% 10.32% 11.26% Consolidated Edison, Inc. ED 3.00% 0.75 13.32% 10.32% 10.74% Edison International EIX 3.00% 0.55 13.32% 10.32% 8.68% Exelon Corporation EXC 3.00% 0.90 13.32% 10.32% 12.29% Hawaiian Electric Industries, Inc. HE 3.00% 0.55 13.32% 10.32% 8.68% New Jersey Resources Corporation NJR 3.00% 0.90 13.32% 10.32% 12.29% Northwest Natural Gas Company NWN 3.00% 0.80 13.32% 10.32% 11.26% NorthWestern Corporation NWE 3.00% 0.55 13.32% 10.32% 8.68% OGE Energy Corporation OGE 3.00% 1.05 13.32% 10.32% 13.84% ONE Gas, Inc. OGS 3.00% 0.80 13.32% 10.32% 11.26% Otter Tail Corporation OTTR 3.00% 0.85 13.32% 10.32% 11.77% PPL Corporation PPL 3.00% 1.05 13.32% 10.32% 13.84% Public Service Enterprise Group Inc. PEG 3.00% 0.90 13.32% 10.32% 12.29% Sempra Energy SRE 3.00% 0.65 13.32% 10.32% 9.71% South Jersey Industries, Inc. SJI 3.00% 0.95 13.32% 10.32% 12.81% Southwest Gas Corporation SWX 3.00% 0.90 13.32% 10.32% 12.29% Spire, Inc. SR 3.00% 0.80 13.32% 10.32% 11.26% Xcel Energy Inc. XEL 3.00% 0.45 13.32% 10.32% 7.65% Mean 0.78 11.02% Median 0.80 11.26%

Notes: [1] Source: Blue Chip Financial Forecasts, Vol. 39, No. 6, June 1, 2020, at 14 [2] Source: Value Line [3] Source: Exhibit __ (AEB-4) [4] Equals [3] - [1] [5] Equals [1] + [2] x [4] Exhibit __ (AEB-3) Page 4 of 12

CAPITAL ASSET PRICING MODEL -- CURRENT RISK-FREE RATE & BLOOMBERG BETA K = Rf + β (Rm − Rf)

[1] [2] [3] [4] [5] Current 3-month average of 30-year Market Risk U.S. Treasury bond Market Premium Company Ticker yield Beta (β) Return (Rm) (Rm − Rf) ROE (K)

ALLETE, Inc. ALE 1.39% 0.83 13.32% 11.93% 11.29% American Electric Power Company, Inc. AEP 1.39% 0.77 13.32% 11.93% 10.58% Atmos Energy Corporation ATO 1.39% 0.76 13.32% 11.93% 10.49% Avangrid, Inc. AGR 1.39% 0.73 13.32% 11.93% 10.08% Avista Corporation AVA 1.39% 0.79 13.32% 11.93% 10.83% Black Hills Corporation BKH 1.39% 0.93 13.32% 11.93% 12.48% CMS Energy Corporation CMS 1.39% 0.76 13.32% 11.93% 10.52% Consolidated Edison, Inc. ED 1.39% 0.63 13.32% 11.93% 8.92% Edison International EIX 1.39% 0.82 13.32% 11.93% 11.12% Exelon Corporation EXC 1.39% 0.80 13.32% 11.93% 10.94% Hawaiian Electric Industries, Inc. HE 1.39% 0.71 13.32% 11.93% 9.85% New Jersey Resources Corporation NJR 1.39% 0.82 13.32% 11.93% 11.23% Northwest Natural Gas Company NWN 1.39% 0.74 13.32% 11.93% 10.21% NorthWestern Corporation NWE 1.39% 0.91 13.32% 11.93% 12.24% OGE Energy Corporation OGE 1.39% 0.93 13.32% 11.93% 12.53% ONE Gas, Inc. OGS 1.39% 0.85 13.32% 11.93% 11.54% Otter Tail Corporation OTTR 1.39% 0.87 13.32% 11.93% 11.81% PPL Corporation PPL 1.39% 0.91 13.32% 11.93% 12.30% Public Service Enterprise Group Inc. PEG 1.39% 0.84 13.32% 11.93% 11.42% Sempra Energy SRE 1.39% 0.86 13.32% 11.93% 11.68% South Jersey Industries, Inc. SJI 1.39% 0.85 13.32% 11.93% 11.52% Southwest Gas Corporation SWX 1.39% 0.89 13.32% 11.93% 11.97% Spire, Inc. SR 1.39% 0.76 13.32% 11.93% 10.43% Xcel Energy Inc. XEL 1.39% 0.73 13.32% 11.93% 10.12% Mean 0.81 11.09% Median 0.82 11.18%

Notes: [1] Source: Bloomberg Professional [2] Source: Bloomberg Professional [3] Source: Exhibit __ (AEB-4) [4] Equals [3] - [1] [5] Equals [1] + [2] x [4] Exhibit __ (AEB-3) Page 5 of 12

CAPITAL ASSET PRICING MODEL -- NEAR-TERM PROJECTED RISK-FREE RATE & BLOOMBERG BETA K = Rf + β (Rm − Rf)

[1] [2] [3] [4] [5] Near-term projected 30-year U.S. Treasury Market Risk bond yield (Q3 2020 - Market Premium Company Ticker Q3 2021) Beta (β) Return (Rm) (Rm − Rf) ROE (K)

ALLETE, Inc. ALE 1.68% 0.83 13.32% 11.64% 11.34% American Electric Power Company, Inc. AEP 1.68% 0.77 13.32% 11.64% 10.64% Atmos Energy Corporation ATO 1.68% 0.76 13.32% 11.64% 10.56% Avangrid, Inc. AGR 1.68% 0.73 13.32% 11.64% 10.16% Avista Corporation AVA 1.68% 0.79 13.32% 11.64% 10.89% Black Hills Corporation BKH 1.68% 0.93 13.32% 11.64% 12.50% CMS Energy Corporation CMS 1.68% 0.76 13.32% 11.64% 10.59% Consolidated Edison, Inc. ED 1.68% 0.63 13.32% 11.64% 9.02% Edison International EIX 1.68% 0.82 13.32% 11.64% 11.18% Exelon Corporation EXC 1.68% 0.80 13.32% 11.64% 11.00% Hawaiian Electric Industries, Inc. HE 1.68% 0.71 13.32% 11.64% 9.94% New Jersey Resources Corporation NJR 1.68% 0.82 13.32% 11.64% 11.28% Northwest Natural Gas Company NWN 1.68% 0.74 13.32% 11.64% 10.29% NorthWestern Corporation NWE 1.68% 0.91 13.32% 11.64% 12.27% OGE Energy Corporation OGE 1.68% 0.93 13.32% 11.64% 12.55% ONE Gas, Inc. OGS 1.68% 0.85 13.32% 11.64% 11.58% Otter Tail Corporation OTTR 1.68% 0.87 13.32% 11.64% 11.85% PPL Corporation PPL 1.68% 0.91 13.32% 11.64% 12.32% Public Service Enterprise Group Inc. PEG 1.68% 0.84 13.32% 11.64% 11.46% Sempra Energy SRE 1.68% 0.86 13.32% 11.64% 11.72% South Jersey Industries, Inc. SJI 1.68% 0.85 13.32% 11.64% 11.56% Southwest Gas Corporation SWX 1.68% 0.89 13.32% 11.64% 12.00% Spire, Inc. SR 1.68% 0.76 13.32% 11.64% 10.50% Xcel Energy Inc. XEL 1.68% 0.73 13.32% 11.64% 10.20% Mean 0.81 11.14% Median 0.82 11.23%

Notes: [1] Source: Blue Chip Financial Forecasts, Vol. 39, No. 6, June 1, 2019, at 2 [2] Source: Bloomberg Professional [3] Source: Exhibit __ (AEB-4) [4] Equals [3] - [1] [5] Equals [1] + [2] x [4] Exhibit __ (AEB-3) Page 6 of 12

CAPITAL ASSET PRICING MODEL -- LONG-TERM PROJECTED RISK-FREE RATE & BLOOMBERG BETA K = Rf + β (Rm − Rf)

[1] [2] [3] [4] [5]

Projected 30-year U.S. Market Risk Treasury bond yield Market Premium Company Ticker (2022 - 2026) Beta (β) Return (Rm) (Rm − Rf) ROE (K)

ALLETE, Inc. ALE 3.00% 0.83 13.32% 10.32% 11.57% American Electric Power Company, Inc. AEP 3.00% 0.77 13.32% 10.32% 10.95% Atmos Energy Corporation ATO 3.00% 0.76 13.32% 10.32% 10.87% Avangrid, Inc. AGR 3.00% 0.73 13.32% 10.32% 10.52% Avista Corporation AVA 3.00% 0.79 13.32% 10.32% 11.16% Black Hills Corporation BKH 3.00% 0.93 13.32% 10.32% 12.59% CMS Energy Corporation CMS 3.00% 0.76 13.32% 10.32% 10.90% Consolidated Edison, Inc. ED 3.00% 0.63 13.32% 10.32% 9.51% Edison International EIX 3.00% 0.82 13.32% 10.32% 11.42% Exelon Corporation EXC 3.00% 0.80 13.32% 10.32% 11.27% Hawaiian Electric Industries, Inc. HE 3.00% 0.71 13.32% 10.32% 10.32% New Jersey Resources Corporation NJR 3.00% 0.82 13.32% 10.32% 11.51% Northwest Natural Gas Company NWN 3.00% 0.74 13.32% 10.32% 10.63% NorthWestern Corporation NWE 3.00% 0.91 13.32% 10.32% 12.39% OGE Energy Corporation OGE 3.00% 0.93 13.32% 10.32% 12.63% ONE Gas, Inc. OGS 3.00% 0.85 13.32% 10.32% 11.78% Otter Tail Corporation OTTR 3.00% 0.87 13.32% 10.32% 12.02% PPL Corporation PPL 3.00% 0.91 13.32% 10.32% 12.43% Public Service Enterprise Group Inc. PEG 3.00% 0.84 13.32% 10.32% 11.68% Sempra Energy SRE 3.00% 0.86 13.32% 10.32% 11.90% South Jersey Industries, Inc. SJI 3.00% 0.85 13.32% 10.32% 11.76% Southwest Gas Corporation SWX 3.00% 0.89 13.32% 10.32% 12.15% Spire, Inc. SR 3.00% 0.76 13.32% 10.32% 10.82% Xcel Energy Inc. XEL 3.00% 0.73 13.32% 10.32% 10.56% Mean 0.81 11.39% Median 0.82 11.47%

Notes: [1] Source: Blue Chip Financial Forecasts, Vol. 39, No. 6, June 1, 2020, at 14 [2] Source: Bloomberg Professional [3] Source: Exhibit __ (AEB-4) [4] Equals [3] - [1] [5] Equals [1] + [2] x [4] Exhibit __ (AEB-3) Page 7 of 12

ZERO BETA CAPITAL ASSET PRICING MODEL -- CURRENT RISK-FREE RATE & VL BETA K = Rf + 0.25 (Rm − Rf) + 0.75 (β (Rm − Rf))

[1] [2] [3] [4] [5] Current 3-month average of 30-year Market Risk U.S. Treasury bond Market Premium Company Ticker yield Beta (β) Return (Rm) (Rm − Rf) ROE (K)

ALLETE, Inc. ALE 1.39% 0.85 13.32% 11.93% 11.98% American Electric Power Company, Inc. AEP 1.39% 0.75 13.32% 11.93% 11.08% Atmos Energy Corporation ATO 1.39% 0.80 13.32% 11.93% 11.53% Avangrid, Inc. AGR 1.39% 0.80 13.32% 11.93% 11.53% Avista Corporation AVA 1.39% 0.60 13.32% 11.93% 9.74% Black Hills Corporation BKH 1.39% 0.65 13.32% 11.93% 10.19% CMS Energy Corporation CMS 1.39% 0.80 13.32% 11.93% 11.53% Consolidated Edison, Inc. ED 1.39% 0.75 13.32% 11.93% 11.08% Edison International EIX 1.39% 0.55 13.32% 11.93% 9.29% Exelon Corporation EXC 1.39% 0.90 13.32% 11.93% 12.43% Hawaiian Electric Industries, Inc. HE 1.39% 0.55 13.32% 11.93% 9.29% New Jersey Resources Corporation NJR 1.39% 0.90 13.32% 11.93% 12.43% Northwest Natural Gas Company NWN 1.39% 0.80 13.32% 11.93% 11.53% NorthWestern Corporation NWE 1.39% 0.55 13.32% 11.93% 9.29% OGE Energy Corporation OGE 1.39% 1.05 13.32% 11.93% 13.77% ONE Gas, Inc. OGS 1.39% 0.80 13.32% 11.93% 11.53% Otter Tail Corporation OTTR 1.39% 0.85 13.32% 11.93% 11.98% PPL Corporation PPL 1.39% 1.05 13.32% 11.93% 13.77% Public Service Enterprise Group Inc. PEG 1.39% 0.90 13.32% 11.93% 12.43% Sempra Energy SRE 1.39% 0.65 13.32% 11.93% 10.19% South Jersey Industries, Inc. SJI 1.39% 0.95 13.32% 11.93% 12.88% Southwest Gas Corporation SWX 1.39% 0.90 13.32% 11.93% 12.43% Spire, Inc. SR 1.39% 0.80 13.32% 11.93% 11.53% Xcel Energy Inc. XEL 1.39% 0.45 13.32% 11.93% 8.40% Mean 0.78 11.33% Median 0.80 11.53%

Notes: [1] Source: Bloomberg Professional [2] Source: Value Line [3] Source: Exhibit __ (AEB-4) [4] Equals [3] - [1] [5] Equals [1] + [2] x [4] Exhibit __ (AEB-3) Page 8 of 12

ZERO BETA CAPITAL ASSET PRICING MODEL -- NEAR-TERM PROJECTED RISK-FREE RATE & VL BETA K = Rf + 0.25 (Rm − Rf) + 0.75 (β (Rm − Rf))

[1] [2] [3] [4] [5] Near-term projected 30-year U.S. Treasury Market Risk bond yield (Q3 2020 - Market Premium Company Ticker Q3 2021) Beta (β) Return (Rm) (Rm − Rf) ROE (K)

ALLETE, Inc. ALE 1.68% 0.85 13.32% 11.64% 12.01% American Electric Power Company, Inc. AEP 1.68% 0.75 13.32% 11.64% 11.14% Atmos Energy Corporation ATO 1.68% 0.80 13.32% 11.64% 11.58% Avangrid, Inc. AGR 1.68% 0.80 13.32% 11.64% 11.58% Avista Corporation AVA 1.68% 0.60 13.32% 11.64% 9.83% Black Hills Corporation BKH 1.68% 0.65 13.32% 11.64% 10.27% CMS Energy Corporation CMS 1.68% 0.80 13.32% 11.64% 11.58% Consolidated Edison, Inc. ED 1.68% 0.75 13.32% 11.64% 11.14% Edison International EIX 1.68% 0.55 13.32% 11.64% 9.39% Exelon Corporation EXC 1.68% 0.90 13.32% 11.64% 12.45% Hawaiian Electric Industries, Inc. HE 1.68% 0.55 13.32% 11.64% 9.39% New Jersey Resources Corporation NJR 1.68% 0.90 13.32% 11.64% 12.45% Northwest Natural Gas Company NWN 1.68% 0.80 13.32% 11.64% 11.58% NorthWestern Corporation NWE 1.68% 0.55 13.32% 11.64% 9.39% OGE Energy Corporation OGE 1.68% 1.05 13.32% 11.64% 13.76% ONE Gas, Inc. OGS 1.68% 0.80 13.32% 11.64% 11.58% Otter Tail Corporation OTTR 1.68% 0.85 13.32% 11.64% 12.01% PPL Corporation PPL 1.68% 1.05 13.32% 11.64% 13.76% Public Service Enterprise Group Inc. PEG 1.68% 0.90 13.32% 11.64% 12.45% Sempra Energy SRE 1.68% 0.65 13.32% 11.64% 10.27% South Jersey Industries, Inc. SJI 1.68% 0.95 13.32% 11.64% 12.89% Southwest Gas Corporation SWX 1.68% 0.90 13.32% 11.64% 12.45% Spire, Inc. SR 1.68% 0.80 13.32% 11.64% 11.58% Xcel Energy Inc. XEL 1.68% 0.45 13.32% 11.64% 8.52% Mean 0.78 11.38% Median 0.80 11.58%

ZERO BETA CAPITAL ASSET PRICING MODEL -- LONG-TERM PROJECTED RISK-FREE RATE & VL BETA K = Rf + 0.25 (Rm − Rf) + 0.75 (β (Rm − Rf))

[1] [2] [3] [4] [5]

Projected 30-year U.S. Market Risk Treasury bond yield Market Premium Company Ticker (2022 - 2026) Beta (β) Return (Rm) (Rm − Rf) ROE (K)

ALLETE, Inc. ALE 3.00% 0.85 13.32% 10.32% 12.16% American Electric Power Company, Inc. AEP 3.00% 0.75 13.32% 10.32% 11.39% Atmos Energy Corporation ATO 3.00% 0.80 13.32% 10.32% 11.77% Avangrid, Inc. AGR 3.00% 0.80 13.32% 10.32% 11.77% Avista Corporation AVA 3.00% 0.60 13.32% 10.32% 10.23% Black Hills Corporation BKH 3.00% 0.65 13.32% 10.32% 10.61% CMS Energy Corporation CMS 3.00% 0.80 13.32% 10.32% 11.77% Consolidated Edison, Inc. ED 3.00% 0.75 13.32% 10.32% 11.39% Edison International EIX 3.00% 0.55 13.32% 10.32% 9.84% Exelon Corporation EXC 3.00% 0.90 13.32% 10.32% 12.55% Hawaiian Electric Industries, Inc. HE 3.00% 0.55 13.32% 10.32% 9.84% New Jersey Resources Corporation NJR 3.00% 0.90 13.32% 10.32% 12.55% Northwest Natural Gas Company NWN 3.00% 0.80 13.32% 10.32% 11.77% NorthWestern Corporation NWE 3.00% 0.55 13.32% 10.32% 9.84% OGE Energy Corporation OGE 3.00% 1.05 13.32% 10.32% 13.71% ONE Gas, Inc. OGS 3.00% 0.80 13.32% 10.32% 11.77% Otter Tail Corporation OTTR 3.00% 0.85 13.32% 10.32% 12.16% PPL Corporation PPL 3.00% 1.05 13.32% 10.32% 13.71% Public Service Enterprise Group Inc. PEG 3.00% 0.90 13.32% 10.32% 12.55% Sempra Energy SRE 3.00% 0.65 13.32% 10.32% 10.61% South Jersey Industries, Inc. SJI 3.00% 0.95 13.32% 10.32% 12.94% Southwest Gas Corporation SWX 3.00% 0.90 13.32% 10.32% 12.55% Spire, Inc. SR 3.00% 0.80 13.32% 10.32% 11.77% Xcel Energy Inc. XEL 3.00% 0.45 13.32% 10.32% 9.06% Mean 0.78 11.60% Median 0.80 11.77%

ZERO BETA CAPITAL ASSET PRICING MODEL -- CURRENT RISK-FREE RATE & BLOOMBERG BETA K = Rf + 0.25 (Rm − Rf) + 0.75 (β (Rm − Rf))

[1] [2] [3] [4] [5] Current 3-month average of 30-year Market Risk U.S. Treasury bond Market Premium Company Ticker yield Beta (β) Return (Rm) (Rm − Rf) ROE (K)

ALLETE, Inc. ALE 1.39% 0.83 13.32% 11.93% 11.80% American Electric Power Company, Inc. AEP 1.39% 0.77 13.32% 11.93% 11.26% Atmos Energy Corporation ATO 1.39% 0.76 13.32% 11.93% 11.20% Avangrid, Inc. AGR 1.39% 0.73 13.32% 11.93% 10.89% Avista Corporation AVA 1.39% 0.79 13.32% 11.93% 11.45% Black Hills Corporation BKH 1.39% 0.93 13.32% 11.93% 12.69% CMS Energy Corporation CMS 1.39% 0.76 13.32% 11.93% 11.22% Consolidated Edison, Inc. ED 1.39% 0.63 13.32% 11.93% 10.02% Edison International EIX 1.39% 0.82 13.32% 11.93% 11.67% Exelon Corporation EXC 1.39% 0.80 13.32% 11.93% 11.54% Hawaiian Electric Industries, Inc. HE 1.39% 0.71 13.32% 11.93% 10.72% New Jersey Resources Corporation NJR 1.39% 0.82 13.32% 11.93% 11.75% Northwest Natural Gas Company NWN 1.39% 0.74 13.32% 11.93% 10.99% NorthWestern Corporation NWE 1.39% 0.91 13.32% 11.93% 12.51% OGE Energy Corporation OGE 1.39% 0.93 13.32% 11.93% 12.73% ONE Gas, Inc. OGS 1.39% 0.85 13.32% 11.93% 11.98% Otter Tail Corporation OTTR 1.39% 0.87 13.32% 11.93% 12.19% PPL Corporation PPL 1.39% 0.91 13.32% 11.93% 12.55% Public Service Enterprise Group Inc. PEG 1.39% 0.84 13.32% 11.93% 11.89% Sempra Energy SRE 1.39% 0.86 13.32% 11.93% 12.09% South Jersey Industries, Inc. SJI 1.39% 0.85 13.32% 11.93% 11.97% Southwest Gas Corporation SWX 1.39% 0.89 13.32% 11.93% 12.31% Spire, Inc. SR 1.39% 0.76 13.32% 11.93% 11.16% Xcel Energy Inc. XEL 1.39% 0.73 13.32% 11.93% 10.92% Mean 0.81 11.65% Median 0.82 11.71%

Notes: [1] Source: Bloomberg Professional [2] Source: Bloomberg Professional [3] Source: Exhibit __ (AEB-4) [4] Equals [3] - [1] [5] Equals [1] + [2] x [4] Exhibit __ (AEB-3) Page 11 of 12

ZERO BETA CAPITAL ASSET PRICING MODEL -- NEAR-TERM PROJECTED RISK-FREE RATE & BLOOMBERG BETA K = Rf + 0.25 (Rm − Rf) + 0.75 (β (Rm − Rf))

[1] [2] [3] [4] [5] Near-term projected 30-year U.S. Treasury Market Risk bond yield (Q3 2020 - Market Premium Company Ticker Q3 2021) Beta (β) Return (Rm) (Rm − Rf) ROE (K)

ALLETE, Inc. ALE 1.68% 0.83 13.32% 11.64% 11.84% American Electric Power Company, Inc. AEP 1.68% 0.77 13.32% 11.64% 11.31% Atmos Energy Corporation ATO 1.68% 0.76 13.32% 11.64% 11.25% Avangrid, Inc. AGR 1.68% 0.73 13.32% 11.64% 10.95% Avista Corporation AVA 1.68% 0.79 13.32% 11.64% 11.50% Black Hills Corporation BKH 1.68% 0.93 13.32% 11.64% 12.71% CMS Energy Corporation CMS 1.68% 0.76 13.32% 11.64% 11.27% Consolidated Edison, Inc. ED 1.68% 0.63 13.32% 11.64% 10.10% Edison International EIX 1.68% 0.82 13.32% 11.64% 11.71% Exelon Corporation EXC 1.68% 0.80 13.32% 11.64% 11.58% Hawaiian Electric Industries, Inc. HE 1.68% 0.71 13.32% 11.64% 10.78% New Jersey Resources Corporation NJR 1.68% 0.82 13.32% 11.64% 11.79% Northwest Natural Gas Company NWN 1.68% 0.74 13.32% 11.64% 11.05% NorthWestern Corporation NWE 1.68% 0.91 13.32% 11.64% 12.53% OGE Energy Corporation OGE 1.68% 0.93 13.32% 11.64% 12.74% ONE Gas, Inc. OGS 1.68% 0.85 13.32% 11.64% 12.01% Otter Tail Corporation OTTR 1.68% 0.87 13.32% 11.64% 12.22% PPL Corporation PPL 1.68% 0.91 13.32% 11.64% 12.57% Public Service Enterprise Group Inc. PEG 1.68% 0.84 13.32% 11.64% 11.93% Sempra Energy SRE 1.68% 0.86 13.32% 11.64% 12.12% South Jersey Industries, Inc. SJI 1.68% 0.85 13.32% 11.64% 12.00% Southwest Gas Corporation SWX 1.68% 0.89 13.32% 11.64% 12.33% Spire, Inc. SR 1.68% 0.76 13.32% 11.64% 11.21% Xcel Energy Inc. XEL 1.68% 0.73 13.32% 11.64% 10.98% Mean 0.81 11.69% Median 0.82 11.75%

ZERO BETA CAPITAL ASSET PRICING MODEL -- LONG-TERM PROJECTED RISK-FREE RATE & BLOOMBERG BETA K = Rf + 0.25 (Rm − Rf) + 0.75 (β (Rm − Rf))

[1] [2] [3] [4] [5]

Projected 30-year U.S. Market Risk Treasury bond yield Market Premium Company Ticker (2022 - 2026) Beta (β) Return (Rm) (Rm − Rf) ROE (K)

ALLETE, Inc. ALE 3.00% 0.83 13.32% 10.32% 12.00% American Electric Power Company, Inc. AEP 3.00% 0.77 13.32% 10.32% 11.54% Atmos Energy Corporation ATO 3.00% 0.76 13.32% 10.32% 11.48% Avangrid, Inc. AGR 3.00% 0.73 13.32% 10.32% 11.22% Avista Corporation AVA 3.00% 0.79 13.32% 10.32% 11.70% Black Hills Corporation BKH 3.00% 0.93 13.32% 10.32% 12.78% CMS Energy Corporation CMS 3.00% 0.76 13.32% 10.32% 11.50% Consolidated Edison, Inc. ED 3.00% 0.63 13.32% 10.32% 10.46% Edison International EIX 3.00% 0.82 13.32% 10.32% 11.89% Exelon Corporation EXC 3.00% 0.80 13.32% 10.32% 11.78% Hawaiian Electric Industries, Inc. HE 3.00% 0.71 13.32% 10.32% 11.07% New Jersey Resources Corporation NJR 3.00% 0.82 13.32% 10.32% 11.97% Northwest Natural Gas Company NWN 3.00% 0.74 13.32% 10.32% 11.30% NorthWestern Corporation NWE 3.00% 0.91 13.32% 10.32% 12.62% OGE Energy Corporation OGE 3.00% 0.93 13.32% 10.32% 12.81% ONE Gas, Inc. OGS 3.00% 0.85 13.32% 10.32% 12.16% Otter Tail Corporation OTTR 3.00% 0.87 13.32% 10.32% 12.34% PPL Corporation PPL 3.00% 0.91 13.32% 10.32% 12.66% Public Service Enterprise Group Inc. PEG 3.00% 0.84 13.32% 10.32% 12.09% Sempra Energy SRE 3.00% 0.86 13.32% 10.32% 12.26% South Jersey Industries, Inc. SJI 3.00% 0.85 13.32% 10.32% 12.15% Southwest Gas Corporation SWX 3.00% 0.89 13.32% 10.32% 12.44% Spire, Inc. SR 3.00% 0.76 13.32% 10.32% 11.45% Xcel Energy Inc. XEL 3.00% 0.73 13.32% 10.32% 11.25% Mean 0.81 11.87% Median 0.82 11.93%

MARKET RISK PREMIUM DERIVED FROM ANALYSTS' LONG-TERM GROWTH ESTIMATES

[1] Estimated Weighted Average Dividend Yield 1.81%

[2] Estimated Weighted Average Long-Term Growth Rate 11.41%

[3] S&P 500 Estimated Required Market Return 13.32%

STANDARD AND POOR'S 500 INDEX

[4] [5] [6] [7] [8] [9] Bloomberg Value Line Cap-Weighted Weight in Current Cap-Weighted Long-Term Long-Term Long-Term Name Ticker Index Dividend Yield Dividend Yield Growth Est. Growth Est. Growth Est.

LyondellBasell Industries NV LYB 0.09% 6.08% 0.01% 5.50% 3.50% 0.00% American Express Co AXP 0.32% 1.63% 0.01% 8.66% 7.50% 0.03% Verizon Communications Inc VZ 0.88% 4.32% 0.04% 2.63% 4.00% 0.03% Broadcom Inc AVGO 0.47% 4.18% 0.02% 9.37% 17.00% 0.06% Boeing Co/The BA 0.42% n/a n/a 118.28% -1.50% 0.24% Caterpillar Inc CAT 0.26% 3.17% 0.01% 7.83% 4.00% 0.02% JPMorgan Chase & Co JPM 1.16% 3.53% 0.04% 5.70% 3.50% 0.05% Chevron Corp CVX 0.65% 5.49% 0.04% 38.90% 13.50% 0.17% Coca-Cola Co/The KO 0.75% 3.51% 0.03% 2.76% 6.50% 0.03% AbbVie Inc ABBV 0.63% 4.91% 0.03% 3.15% 8.00% 0.04% Walt Disney Co/The DIS 0.80% n/a n/a 5.23% 7.50% 0.05% FleetCor Technologies Inc FLT 0.08% n/a n/a 13.02% 12.50% 0.01% Extra Space Storage Inc EXR 0.05% 3.69% 0.00% -0.25% 3.00% 0.00% Exxon Mobil Corp XOM 0.76% 7.22% 0.05% 16.97% 9.00% 0.10% Phillips 66 PSX 0.13% 4.67% 0.01% 10.15% 4.00% 0.01% General Electric Co GE 0.24% 0.54% 0.00% 6.07% 2.00% 0.01% HP Inc HPQ 0.09% 4.08% 0.00% 4.77% 10.50% 0.01% Home Depot Inc/The HD 1.00% 2.40% 0.02% 9.28% 8.00% 0.09% International Business Machines Corp IBM 0.41% 5.20% 0.02% 2.67% 1.50% 0.01% Concho Resources Inc CXO 0.04% 1.38% 0.00% 12.60% 6.00% 0.00% Johnson & Johnson JNJ 1.42% 2.79% 0.04% 5.47% 10.00% 0.11% McDonald's Corp MCD 0.53% 2.63% 0.01% 6.95% 7.50% 0.04% Merck & Co Inc MRK 0.72% 3.17% 0.02% 8.23% 9.00% 0.06% 3M Co MMM 0.34% 3.68% 0.01% 7.05% 4.50% 0.02% American Water Works Co Inc AWK 0.09% 1.70% 0.00% 8.20% 8.50% 0.01% Bank of America Corp BAC 0.83% 2.79% 0.02% 9.25% 5.00% 0.06% Baker Hughes Co BKR 0.04% 4.27% 0.00% 17.77% N/A 0.01% Pfizer Inc PFE 0.69% 4.54% 0.03% 1.70% 8.50% 0.04% Procter & Gamble Co/The PG 1.09% 2.68% 0.03% 7.11% 8.50% 0.08% AT&T Inc T 0.82% 6.75% 0.06% 4.48% 5.50% 0.04% Noble Energy Inc NBL 0.02% 0.75% 0.00% 9.49% 0.00% 0.00% Travelers Cos Inc/The TRV 0.11% 2.93% 0.00% 9.10% 9.50% 0.01% Raytheon Technologies Corp RTX 0.38% 2.80% 0.01% -4.34% 3.00% 0.00% Analog Devices Inc ADI 0.17% 2.02% 0.00% 12.13% 7.00% 0.02% Walmart Inc WMT 1.26% 1.80% 0.02% 4.96% 7.50% 0.08% Cisco Systems Inc CSCO 0.73% 3.10% 0.02% 5.50% 7.00% 0.05% Intel Corp INTC 0.95% 2.18% 0.02% 5.93% 9.00% 0.07% General Motors Co GM 0.15% n/a n/a 13.21% 3.50% 0.01% Microsoft Corp MSFT 5.46% 1.05% 0.06% 13.84% 14.00% 0.76% Dollar General Corp DG 0.18% 0.75% 0.00% 11.50% 12.00% 0.02% Cigna Corp CI 0.27% 0.02% 0.00% 11.09% 11.50% 0.03% Kinder Morgan Inc KMI 0.13% 6.57% 0.01% 4.55% 22.00% 0.02% Citigroup Inc C 0.42% 3.74% 0.02% -1.53% 10.00% 0.02% American International Group Inc AIG 0.11% 3.84% 0.00% 13.57% N/A 0.01% Honeywell International Inc HON 0.39% 2.41% 0.01% 6.81% 8.00% 0.03% Altria Group Inc MO 0.28% 8.18% 0.02% 6.05% 8.50% 0.02% HCA Healthcare Inc HCA 0.13% n/a n/a 8.66% 10.50% 0.01% Under Armour Inc UAA 0.01% n/a n/a 18.35% 21.50% 0.00% International Paper Co IP 0.05% 5.74% 0.00% 4.40% 6.00% 0.00% Hewlett Packard Enterprise Co HPE 0.05% 4.59% 0.00% 1.92% 7.50% 0.00% Abbott Laboratories ABT 0.59% 1.60% 0.01% 8.10% 9.50% 0.05% Aflac Inc AFL 0.10% 3.00% 0.00% 1.55% 7.00% 0.00% Air Products and Chemicals Inc APD 0.20% 2.25% 0.00% 11.69% 12.00% 0.02% Royal Caribbean Cruises Ltd RCL 0.05% n/a n/a 16.95% -0.50% 0.00% American Electric Power Co Inc AEP 0.15% 3.43% 0.01% 6.42% 5.00% 0.01% Hess Corp HES 0.06% 1.92% 0.00% -23.46% N/A -0.01% Archer-Daniels-Midland Co ADM 0.08% 3.53% 0.00% 9.10% 9.50% 0.01% Automatic Data Processing Inc ADP 0.24% 2.40% 0.01% 12.30% 12.00% 0.03% Verisk Analytics Inc VRSK 0.10% 0.65% 0.00% 9.18% 10.50% 0.01% AutoZone Inc AZO 0.10% n/a n/a 8.53% 13.00% 0.01% Avery Dennison Corp AVY 0.04% 1.99% 0.00% 4.50% 11.00% 0.00% MSCI Inc MSCI 0.10% 0.84% 0.00% 11.45% 17.00% 0.01% Ball Corp BLL 0.09% 0.85% 0.00% 6.07% 21.00% 0.01% Carrier Global Corp CARR 0.00% 1.45% 0.00% N/A N/A n/a Bank of New York Mellon Corp/The BK 0.13% 3.20% 0.00% 4.43% 7.00% 0.01% Otis Worldwide Corp OTIS 0.09% 1.38% 0.00% 4.80% N/A 0.00% Baxter International Inc BAX 0.16% 1.15% 0.00% 12.00% 9.00% 0.02% Becton Dickinson and Co BDX 0.25% 1.34% 0.00% 8.32% 9.00% 0.02% Berkshire Hathaway Inc BRK/B 0.94% n/a n/a -3.10% 6.00% 0.01% Best Buy Co Inc BBY 0.08% 2.64% 0.00% 4.46% 8.50% 0.01% H&R Block Inc HRB 0.01% 5.77% 0.00% 10.00% 6.00% 0.00% Boston Scientific Corp BSX 0.20% n/a n/a 9.75% 13.50% 0.02% Bristol-Myers Squibb Co BMY 0.48% 3.15% 0.02% 9.90% 9.00% 0.05% Fortune Brands Home & Security Inc FBHS 0.03% 1.51% 0.00% 9.35% 5.00% 0.00% Brown-Forman Corp BF/B 0.08% 1.05% 0.00% 4.63% 14.50% 0.01% Cabot Oil & Gas Corp COG 0.03% 2.07% 0.00% 23.75% 40.50% 0.01% Campbell Soup Co CPB 0.06% 2.85% 0.00% 8.89% 2.00% 0.00% Kansas City Southern KSU 0.05% 1.08% 0.00% 11.65% 11.50% 0.01% Hilton Worldwide Holdings Inc HLT 0.08% n/a n/a 1.28% N/A 0.00% Exhibit __ (AEB-4) Page 2 of 6

STANDARD AND POOR'S 500 INDEX

Carnival Corp CCL 0.05% n/a n/a -2.50% -2.50% 0.00% Qorvo Inc QRVO 0.05% n/a n/a 10.19% 23.50% 0.01% CenturyLink Inc CTL 0.04% 9.57% 0.00% -1.33% 1.00% 0.00% UDR Inc UDR 0.04% 3.59% 0.00% 6.01% 5.00% 0.00% Clorox Co/The CLX 0.10% 2.13% 0.00% 5.12% 4.50% 0.00% Paycom Software Inc PAYC 0.07% n/a n/a 19.70% 26.00% 0.02% CMS Energy Corp CMS 0.06% 2.76% 0.00% 6.87% 7.50% 0.00% Newell Brands Inc NWL 0.02% 5.84% 0.00% -6.04% 4.50% 0.00% Colgate-Palmolive Co CL 0.23% 2.39% 0.01% 4.61% 5.00% 0.01% Comerica Inc CMA 0.02% 6.55% 0.00% -0.20% 0.50% 0.00% IPG Photonics Corp IPGP 0.03% n/a n/a 23.11% 9.50% 0.01% Conagra Brands Inc CAG 0.06% 2.48% 0.00% 7.35% 5.00% 0.00% Consolidated Edison Inc ED 0.09% 4.01% 0.00% 3.35% 3.00% 0.00% SL Green Realty Corp SLG 0.02% 6.58% 0.00% 4.34% 0.50% 0.00% Corning Inc GLW 0.08% 3.18% 0.00% 4.13% 15.00% 0.01% Cummins Inc CMI 0.09% 3.06% 0.00% 3.26% 4.00% 0.00% Danaher Corp DHR 0.46% 0.41% 0.00% 8.52% 15.00% 0.05% Target Corp TGT 0.22% 2.28% 0.01% 8.63% 9.50% 0.02% Deere & Co DE 0.18% 1.92% 0.00% 0.41% 5.00% 0.00% Dominion Energy Inc D 0.27% 4.43% 0.01% 4.96% 7.00% 0.02% Dover Corp DOV 0.05% 1.99% 0.00% 10.30% 9.50% 0.01% Alliant Energy Corp LNT 0.05% 3.10% 0.00% 5.46% 6.50% 0.00% Duke Energy Corp DUK 0.24% 4.35% 0.01% 4.16% 5.00% 0.01% Regency Centers Corp REG 0.03% 4.85% 0.00% 4.27% 13.50% 0.00% Eaton Corp PLC ETN 0.13% 3.28% 0.00% 9.03% 4.00% 0.01% Ecolab Inc ECL 0.22% 0.91% 0.00% 7.90% 8.50% 0.02% PerkinElmer Inc PKI 0.04% 0.28% 0.00% 7.31% 9.00% 0.00% Emerson Electric Co EMR 0.14% 3.15% 0.00% 6.51% 9.00% 0.01% EOG Resources Inc EOG 0.12% 2.75% 0.00% -1.10% 26.50% 0.02% Aon PLC AON 0.16% 0.95% 0.00% 11.05% 11.00% 0.02% Entergy Corp ETR 0.07% 3.80% 0.00% 4.61% 3.00% 0.00% Equifax Inc EFX 0.08% 0.92% 0.00% 7.46% 7.00% 0.01% IQVIA Holdings Inc IQV 0.10% n/a n/a 11.20% 9.50% 0.01% Gartner Inc IT 0.04% n/a n/a 10.00% 12.00% 0.00% FedEx Corp FDX 0.13% 1.92% 0.00% 14.06% 3.00% 0.01% FMC Corp FMC 0.05% 1.75% 0.00% 9.63% 11.00% 0.00% Ford Motor Co F 0.10% n/a n/a 13.51% 11.00% 0.01% NextEra Energy Inc NEE 0.45% 2.26% 0.01% 8.39% 10.00% 0.04% Franklin Resources Inc BEN 0.04% 4.80% 0.00% -3.02% 6.50% 0.00% Freeport-McMoRan Inc FCX 0.06% n/a n/a 136.19% 19.50% 0.05% Gap Inc/The GPS 0.02% 8.52% 0.00% 6.37% 2.50% 0.00% DexCom Inc DXCM 0.14% n/a n/a 30.99% N/A 0.04% General Dynamics Corp GD 0.17% 2.82% 0.00% 4.58% 6.00% 0.01% General Mills Inc GIS 0.14% 3.17% 0.00% 5.87% 4.00% 0.01% Genuine Parts Co GPC 0.05% 3.57% 0.00% 1.82% 6.50% 0.00% Atmos Energy Corp ATO 0.05% 2.25% 0.00% 7.51% 7.00% 0.00% WW Grainger Inc GWW 0.06% 1.85% 0.00% 9.47% 8.00% 0.01% Halliburton Co HAL 0.04% 1.33% 0.00% 12.95% 19.50% 0.01% Harley-Davidson Inc HOG 0.01% 0.31% 0.00% 2.10% 8.50% 0.00% L3Harris Technologies Inc LHX 0.15% 1.78% 0.00% 16.64% N/A 0.03% Healthpeak Properties Inc PEAK 0.06% 5.18% 0.00% 3.51% -15.50% 0.00% Fortive Corp FTV 0.08% 0.41% 0.00% 8.67% 8.00% 0.01% Hershey Co/The HSY 0.07% 2.33% 0.00% 6.83% 4.50% 0.00% Synchrony Financial SYF 0.05% 3.50% 0.00% -3.52% 8.00% 0.00% Hormel Foods Corp HRL 0.10% 1.95% 0.00% 3.89% 8.50% 0.01% Arthur J Gallagher & Co AJG 0.07% 1.88% 0.00% 7.76% 13.50% 0.01% Mondelez International Inc MDLZ 0.28% 2.17% 0.01% 7.75% 8.00% 0.02% CenterPoint Energy Inc CNP 0.03% 3.26% 0.00% -3.49% 4.50% 0.00% Humana Inc HUM 0.19% 0.66% 0.00% 11.56% 10.50% 0.02% Willis Towers Watson PLC WLTW 0.09% 1.42% 0.00% 10.00% N/A 0.01% Illinois Tool Works Inc ITW 0.20% 2.52% 0.01% 5.27% 7.00% 0.01% CDW Corp/DE CDW 0.06% 1.27% 0.00% 13.10% 11.00% 0.01% Trane Technologies PLC TT 0.08% 2.31% 0.00% -0.26% N/A 0.00% Interpublic Group of Cos Inc/The IPG 0.03% 5.72% 0.00% 0.19% 11.00% 0.00% International Flavors & Fragrances Inc IFF 0.05% 2.32% 0.00% 4.95% 8.00% 0.00% Jacobs Engineering Group Inc J 0.04% 0.89% 0.00% 7.25% 14.50% 0.00% Hanesbrands Inc HBI 0.02% 4.96% 0.00% 0.84% 2.50% 0.00% Kellogg Co K 0.09% 3.42% 0.00% 2.48% 3.00% 0.00% Broadridge Financial Solutions Inc BR 0.05% 1.73% 0.00% 6.50% 9.00% 0.00% Perrigo Co PLC PRGO 0.03% 1.68% 0.00% 2.00% 2.00% 0.00% Kimberly-Clark Corp KMB 0.18% 3.04% 0.01% 4.36% 7.00% 0.01% Kimco Realty Corp KIM 0.02% n/a n/a 4.15% 5.00% 0.00% Kohl's Corp KSS 0.01% n/a n/a 3.50% 6.50% 0.00% Oracle Corp ORCL 0.64% 1.76% 0.01% 8.50% 10.00% 0.06% Kroger Co/The KR 0.10% 1.97% 0.00% 5.25% 5.50% 0.01% Leggett & Platt Inc LEG 0.02% 4.54% 0.00% N/A 8.00% 0.00% Lennar Corp LEN 0.07% 0.78% 0.00% 9.74% 7.00% 0.01% Eli Lilly and Co LLY 0.58% 1.81% 0.01% 14.57% 10.00% 0.07% L Brands Inc LB 0.02% n/a n/a 11.50% -2.50% 0.00% Charter Communications Inc CHTR 0.41% n/a n/a 42.98% 33.50% 0.16% Lincoln National Corp LNC 0.03% 3.77% 0.00% 9.00% 9.50% 0.00% Loews Corp L 0.04% 0.74% 0.00% N/A 12.00% 0.00% Lowe's Cos Inc LOW 0.37% 1.67% 0.01% 16.77% 10.50% 0.05% Host Hotels & Resorts Inc HST 0.03% 6.25% 0.00% -9.60% -2.50% 0.00% Xerox Holdings Corp XRX 0.01% 5.75% 0.00% 0.50% 9.50% 0.00% IDEX Corp IEX 0.04% 1.29% 0.00% 11.33% 9.50% 0.00% Marsh & McLennan Cos Inc MMC 0.20% 1.69% 0.00% 9.60% 10.00% 0.02% Masco Corp MAS 0.05% 1.12% 0.00% 9.56% 6.00% 0.00% S&P Global Inc SPGI 0.29% 0.82% 0.00% 7.80% 11.00% 0.03% Exhibit __ (AEB-4) Page 3 of 6

STANDARD AND POOR'S 500 INDEX

Medtronic PLC MDT 0.48% 2.43% 0.01% 6.80% 7.50% 0.03% CVS Health Corp CVS 0.32% 3.05% 0.01% 7.36% 6.00% 0.02% DuPont de Nemours Inc DD 0.15% 2.26% 0.00% 1.82% N/A 0.00% Micron Technology Inc MU 0.21% n/a n/a 6.95% 13.50% 0.02% Motorola Solutions Inc MSI 0.09% 1.80% 0.00% 13.70% 9.50% 0.01% Cboe Global Markets Inc CBOE 0.04% 1.42% 0.00% 6.81% 14.50% 0.00% Mylan NV MYL 0.03% n/a n/a 0.66% 3.50% 0.00% Laboratory Corp of America Holdings LH 0.06% n/a n/a 5.18% 8.00% 0.00% Newmont Corp NEM 0.17% 1.79% 0.00% 12.75% 11.50% 0.02% NIKE Inc NKE 0.46% 0.99% 0.00% 11.12% 18.00% 0.07% NiSource Inc NI 0.03% 3.55% 0.00% 4.66% 13.50% 0.00% Norfolk Southern Corp NSC 0.17% 2.10% 0.00% 5.98% 11.50% 0.01% Principal Financial Group Inc PFG 0.05% 5.07% 0.00% 4.68% 5.50% 0.00% Eversource Energy ES 0.11% 2.70% 0.00% 6.98% 6.50% 0.01% Northrop Grumman Corp NOC 0.20% 1.79% 0.00% 18.99% 10.50% 0.03% Wells Fargo & Co WFC 0.44% 7.15% 0.03% 9.41% 5.00% 0.03% Nucor Corp NUE 0.05% 3.61% 0.00% 5.25% 3.00% 0.00% PVH Corp PVH 0.01% n/a n/a 3.04% 6.50% 0.00% Occidental Petroleum Corp OXY 0.07% 0.20% 0.00% 12.20% 14.50% 0.01% Omnicom Group Inc OMC 0.04% 4.61% 0.00% 0.90% 5.50% 0.00% ONEOK Inc OKE 0.06% 9.74% 0.01% 5.68% 16.00% 0.01% Raymond James Financial Inc RJF 0.04% 2.01% 0.00% 3.50% 8.00% 0.00% Parker-Hannifin Corp PH 0.09% 1.86% 0.00% 9.49% 9.00% 0.01% Rollins Inc ROL 0.05% 0.76% 0.00% N/A 12.00% 0.01% PPL Corp PPL 0.08% 6.11% 0.00% -0.37% 2.50% 0.00% ConocoPhillips COP 0.00% 3.72% 0.00% N/A N/A n/a PulteGroup Inc PHM 0.04% 1.31% 0.00% 6.49% 5.50% 0.00% Pinnacle West Capital Corp PNW 0.03% 4.05% 0.00% 4.90% 4.50% 0.00% PNC Financial Services Group Inc/The PNC 0.18% 4.00% 0.01% -5.84% 8.00% 0.00% PPG Industries Inc PPG 0.09% 1.95% 0.00% 2.20% 6.00% 0.00% Progressive Corp/The PGR 0.18% 0.50% 0.00% 6.00% 9.50% 0.01% Public Service Enterprise Group Inc PEG 0.10% 3.86% 0.00% 4.28% 5.00% 0.00% Robert Half International Inc RHI 0.02% 2.60% 0.00% 0.29% 9.00% 0.00% Edison International EIX 0.09% 4.21% 0.00% 4.54% 12.00% 0.01% Schlumberger Ltd SLB 0.10% 2.56% 0.00% 36.00% 15.50% 0.03% Charles Schwab Corp/The SCHW 0.18% 1.95% 0.00% -3.72% 12.00% 0.01% Sherwin-Williams Co/The SHW 0.19% 0.93% 0.00% 8.85% 8.50% 0.02% West Pharmaceutical Services Inc WST 0.06% 0.30% 0.00% 9.60% 14.00% 0.01% JM Smucker Co/The SJM 0.05% 3.26% 0.00% 0.73% 3.00% 0.00% Snap-on Inc SNA 0.03% 3.15% 0.00% 4.06% 6.00% 0.00% AMETEK Inc AME 0.08% 0.79% 0.00% 9.16% 15.50% 0.01% Southern Co/The SO 0.22% 4.55% 0.01% 4.30% 3.00% 0.01% Truist Financial Corp TFC 0.21% 4.38% 0.01% 2.10% 5.00% 0.01% Southwest Airlines Co LUV 0.08% n/a n/a -6.87% 1.50% 0.00% W R Berkley Corp WRB 0.04% 0.82% 0.00% 10.70% 10.00% 0.00% Stanley Black & Decker Inc SWK 0.08% 2.00% 0.00% 11.00% 9.00% 0.01% Public Storage PSA 0.13% 4.02% 0.01% 3.52% 3.50% 0.00% Arista Networks Inc ANET 0.06% n/a n/a 8.38% 5.50% 0.00% Sysco Corp SYY 0.11% 3.18% 0.00% 3.80% 9.50% 0.01% Corteva Inc CTVA 0.08% 1.87% 0.00% 9.69% N/A 0.01% Texas Instruments Inc TXN 0.43% 2.85% 0.01% 10.70% 4.00% 0.03% Textron Inc TXT 0.03% 0.23% 0.00% 2.83% 11.00% 0.00% Thermo Fisher Scientific Inc TMO 0.51% 0.25% 0.00% 8.30% 10.00% 0.05% Tiffany & Co TIF 0.05% 1.92% 0.00% 6.80% 9.50% 0.00% TJX Cos Inc/The TJX 0.25% n/a n/a 8.60% 14.00% 0.03% Globe Life Inc GL 0.03% 0.96% 0.00% 5.06% 10.00% 0.00% Johnson Controls International plc JCI 0.10% 2.94% 0.00% 9.10% 8.00% 0.01% Ulta Beauty Inc ULTA 0.05% n/a n/a 15.35% 9.00% 0.01% Union Pacific Corp UNP 0.43% 2.27% 0.01% 9.50% 10.50% 0.04% Keysight Technologies Inc KEYS 0.07% n/a n/a 13.92% 17.00% 0.01% UnitedHealth Group Inc UNH 1.03% 1.71% 0.02% 12.40% 12.00% 0.13% Unum Group UNM 0.01% 6.49% 0.00% 9.00% 9.00% 0.00% Marathon Oil Corp MRO 0.02% n/a n/a -11.50% 9.00% 0.00% Varian Medical Systems Inc VAR 0.04% n/a n/a 8.40% 13.50% 0.00% Ventas Inc VTR 0.06% 7.73% 0.00% -0.28% 1.50% 0.00% VF Corp VFC 0.10% 2.91% 0.00% 8.80% 7.00% 0.01% Vornado Realty Trust VNO 0.03% 6.37% 0.00% -4.59% -5.00% 0.00% Vulcan Materials Co VMC 0.06% 1.10% 0.00% 14.00% 12.50% 0.01% Weyerhaeuser Co WY 0.06% n/a n/a 54.20% 15.00% 0.02% Whirlpool Corp WHR 0.03% 3.80% 0.00% -3.07% 5.00% 0.00% Williams Cos Inc/The WMB 0.09% 8.26% 0.01% 7.58% 13.00% 0.01% WEC Energy Group Inc WEC 0.11% 2.79% 0.00% 6.41% 6.00% 0.01% Adobe Inc ADBE 0.74% n/a n/a 16.35% 19.50% 0.13% AES Corp/The AES 0.03% 4.20% 0.00% 6.99% N/A 0.00% Amgen Inc AMGN 0.50% 2.82% 0.01% 8.52% 6.50% 0.04% Apple Inc AAPL 5.68% 0.93% 0.05% 11.00% 14.00% 0.71% Autodesk Inc ADSK 0.20% n/a n/a 31.35% N/A 0.06% Cintas Corp CTAS 0.11% 0.93% 0.00% 12.00% 14.00% 0.01% Comcast Corp CMCSA 0.67% 2.31% 0.02% 4.10% 13.50% 0.06% Molson Coors Beverage Co TAP 0.03% n/a n/a 0.10% 5.00% 0.00% KLA Corp KLAC 0.11% 1.76% 0.00% 10.54% 11.50% 0.01% Marriott International Inc/MD MAR 0.11% n/a n/a -1.62% 17.50% 0.01% McCormick & Co Inc/MD MKC 0.08% 1.43% 0.00% 9.47% 6.50% 0.01% Nordstrom Inc JWN 0.01% n/a n/a 6.00% 4.00% 0.00% PACCAR Inc PCAR 0.10% 1.72% 0.00% 4.53% 3.50% 0.00% Costco Wholesale Corp COST 0.50% 0.93% 0.00% 7.50% 9.00% 0.04% First Republic Bank/CA FRC 0.07% 0.72% 0.00% 9.11% 10.50% 0.01% Stryker Corp SYK 0.27% 1.20% 0.00% 8.10% 11.00% 0.03% Tyson Foods Inc TSN 0.07% 2.59% 0.00% 1.83% 7.00% 0.00% Exhibit __ (AEB-4) Page 4 of 6

STANDARD AND POOR'S 500 INDEX

Lamb Weston Holdings Inc LW 0.04% 1.35% 0.00% -1.07% 9.50% 0.00% Applied Materials Inc AMAT 0.20% 1.50% 0.00% 14.04% 6.50% 0.02% American Airlines Group Inc AAL 0.03% n/a n/a -15.06% 2.00% 0.00% Cardinal Health Inc CAH 0.06% 3.57% 0.00% 4.84% 13.00% 0.01% Cerner Corp CERN 0.08% 1.04% 0.00% 11.91% 9.00% 0.01% Cincinnati Financial Corp CINF 0.04% 3.80% 0.00% N/A 10.50% 0.00% ViacomCBS Inc VIAC 0.05% 3.97% 0.00% 4.38% 12.00% 0.00% DR Horton Inc DHI 0.08% 1.21% 0.00% 10.55% 6.50% 0.01% Flowserve Corp FLS 0.01% 2.69% 0.00% 3.00% 12.50% 0.00% Electronic Arts Inc EA 0.14% n/a n/a 8.00% 10.50% 0.01% Expeditors International of Washington Inc EXPD 0.05% 1.41% 0.00% 6.50% 5.50% 0.00% Fastenal Co FAST 0.09% 2.39% 0.00% 14.45% 7.50% 0.01% M&T Bank Corp MTB 0.05% 3.88% 0.00% 0.41% 9.50% 0.00% Xcel Energy Inc XEL 0.12% 2.70% 0.00% 5.89% 6.00% 0.01% Fiserv Inc FISV 0.26% n/a n/a 11.88% 15.00% 0.03% Fifth Third Bancorp FITB 0.06% 4.90% 0.00% 9.77% 3.00% 0.00% Gilead Sciences Inc GILD 0.35% 3.65% 0.01% 0.85% -1.50% 0.00% Hasbro Inc HAS 0.04% 3.53% 0.00% 14.34% 10.50% 0.00% Huntington Bancshares Inc/OH HBAN 0.04% 5.83% 0.00% -9.27% 4.00% 0.00% Welltower Inc WELL 0.09% 4.23% 0.00% -1.18% 9.50% 0.00% Biogen Inc BIIB 0.17% n/a n/a 1.91% 8.00% 0.01% Northern Trust Corp NTRS 0.07% 3.30% 0.00% -0.70% 4.50% 0.00% Packaging Corp of America PKG 0.04% 3.13% 0.00% 10.00% 4.00% 0.00% Paychex Inc PAYX 0.10% 3.24% 0.00% 6.55% 10.50% 0.01% People's United Financial Inc PBCT 0.02% 5.72% 0.00% 2.00% 4.00% 0.00% QUALCOMM Inc QCOM 0.37% 2.90% 0.01% 17.10% 9.50% 0.05% Roper Technologies Inc ROP 0.15% 0.51% 0.00% 12.33% 11.50% 0.02% Ross Stores Inc ROST 0.13% n/a n/a 9.17% 9.00% 0.01% IDEXX Laboratories Inc IDXX 0.10% n/a n/a 9.41% 10.50% 0.01% Starbucks Corp SBUX 0.34% 2.11% 0.01% 13.08% 13.50% 0.04% KeyCorp KEY 0.05% 5.39% 0.00% 17.60% 3.00% 0.01% Fox Corp FOXA 0.04% 1.62% 0.00% -9.16% N/A 0.00% Fox Corp FOX 0.03% 1.64% 0.00% -9.16% N/A 0.00% State Street Corp STT 0.08% 3.24% 0.00% 1.39% 3.50% 0.00% Norwegian Cruise Line Holdings Ltd NCLH 0.02% n/a n/a -16.58% -1.50% 0.00% US Bancorp USB 0.22% 4.27% 0.01% 6.43% 3.50% 0.01% A O Smith Corp AOS 0.02% 2.00% 0.00% 8.00% 5.50% 0.00% NortonLifeLock Inc NLOK 0.04% 2.46% 0.00% 7.50% 5.00% 0.00% T Rowe Price Group Inc TROW 0.11% 2.88% 0.00% 1.59% 8.00% 0.01% Waste Management Inc WM 0.17% 2.06% 0.00% 4.61% 5.50% 0.01% Constellation Brands Inc STZ 0.11% 1.69% 0.00% 2.78% 7.50% 0.01% Xilinx Inc XLNX 0.08% 1.63% 0.00% 8.20% 6.00% 0.01% DENTSPLY SIRONA Inc XRAY 0.04% 0.88% 0.00% -1.32% 8.50% 0.00% Zions Bancorp NA ZION 0.02% 3.68% 0.00% -5.06% 4.50% 0.00% Alaska Air Group Inc ALK 0.02% n/a n/a -10.89% 2.00% 0.00% Invesco Ltd IVZ 0.02% 5.57% 0.00% -9.45% 3.50% 0.00% Linde PLC LIN 0.41% 1.85% 0.01% 9.50% N/A 0.04% Intuit Inc INTU 0.28% 0.73% 0.00% 15.10% 14.50% 0.04% Morgan Stanley MS 0.28% 2.88% 0.01% 1.97% 5.00% 0.01% Microchip Technology Inc MCHP 0.09% 1.42% 0.00% 11.57% 7.50% 0.01% Chubb Ltd CB 0.22% 2.39% 0.01% 9.37% 9.50% 0.02% Hologic Inc HOLX 0.05% n/a n/a 8.85% 25.00% 0.01% Citizens Financial Group Inc CFG 0.04% 5.73% 0.00% -0.15% 12.00% 0.00% O'Reilly Automotive Inc ORLY 0.12% n/a n/a 11.23% 12.00% 0.01% Allstate Corp/The ALL 0.12% 2.18% 0.00% 7.33% 6.00% 0.01% FLIR Systems Inc FLIR 0.02% 1.58% 0.00% N/A 9.00% 0.00% Equity Residential EQR 0.09% 3.73% 0.00% 3.41% -11.50% 0.00% BorgWarner Inc BWA 0.03% 2.02% 0.00% 9.30% 3.50% 0.00% Incyte Corp INCY 0.08% n/a n/a 32.66% N/A 0.03% Simon Property Group Inc SPG 0.09% 11.12% 0.01% 0.80% 4.50% 0.00% Eastman Chemical Co EMN 0.04% 3.69% 0.00% 1.92% 8.00% 0.00% Twitter Inc TWTR 0.10% n/a n/a 32.77% N/A 0.03% AvalonBay Communities Inc AVB 0.09% 3.80% 0.00% 3.35% 2.50% 0.00% Prudential Financial Inc PRU 0.10% 6.69% 0.01% 7.00% 7.00% 0.01% United Parcel Service Inc UPS 0.28% 3.82% 0.01% 6.09% 6.00% 0.02% Apartment Investment and Management Co AIV 0.02% 4.05% 0.00% 3.77% -1.50% 0.00% Walgreens Boots Alliance Inc WBA 0.14% 4.34% 0.01% 1.47% 6.00% 0.01% STERIS PLC STE 0.05% 0.95% 0.00% 8.20% 9.50% 0.00% McKesson Corp MCK 0.09% 1.05% 0.00% 5.88% 9.00% 0.01% Lockheed Martin Corp LMT 0.40% 2.51% 0.01% 6.73% 8.50% 0.03% AmerisourceBergen Corp ABC 0.08% 1.70% 0.00% 4.17% 7.00% 0.00% Capital One Financial Corp COF 0.12% 2.17% 0.00% 6.75% 5.50% 0.01% Waters Corp WAT 0.04% n/a n/a 3.89% 6.00% 0.00% Dollar Tree Inc DLTR 0.08% n/a n/a 8.86% 8.00% 0.01% Darden Restaurants Inc DRI 0.04% n/a n/a 5.89% 4.00% 0.00% Domino's Pizza Inc DPZ 0.05% 0.83% 0.00% 13.16% 13.00% 0.01% NVR Inc NVR 0.05% n/a n/a 2.44% 9.50% 0.00% NetApp Inc NTAP 0.04% 4.33% 0.00% 7.05% 10.00% 0.00% Citrix Systems Inc CTXS 0.07% 0.96% 0.00% 9.33% 9.00% 0.01% DXC Technology Co DXC 0.02% n/a n/a -6.42% 10.00% 0.00% Old Dominion Freight Line Inc ODFL 0.07% 0.37% 0.00% 8.74% 6.50% 0.01% DaVita Inc DVA 0.04% n/a n/a 9.56% 12.00% 0.00% Hartford Financial Services Group Inc/The HIG 0.06% 3.13% 0.00% 9.50% 12.00% 0.01% Iron Mountain Inc IRM 0.03% 8.78% 0.00% 0.06% 8.50% 0.00% Estee Lauder Cos Inc/The EL 0.16% n/a n/a 8.83% 11.50% 0.02% Cadence Design Systems Inc CDNS 0.10% n/a n/a 11.09% 10.00% 0.01% Universal Health Services Inc UHS 0.03% n/a n/a 6.67% 11.00% 0.00% E*TRADE Financial Corp ETFC 0.04% 1.12% 0.00% -11.58% 17.50% 0.00% Skyworks Solutions Inc SWKS 0.08% 1.37% 0.00% 9.48% 10.00% 0.01% Exhibit __ (AEB-4) Page 5 of 6

STANDARD AND POOR'S 500 INDEX

National Oilwell Varco Inc NOV 0.02% n/a n/a N/A 31.00% 0.01% Quest Diagnostics Inc DGX 0.06% 1.97% 0.00% 5.65% 9.00% 0.00% Activision Blizzard Inc ATVI 0.21% 0.56% 0.00% 12.58% 8.00% 0.02% Rockwell Automation Inc ROK 0.09% 1.91% 0.00% 7.18% 7.00% 0.01% Kraft Heinz Co/The KHC 0.15% 4.89% 0.01% 1.17% -0.50% 0.00% American Tower Corp AMT 0.44% 1.66% 0.01% 15.64% 7.50% 0.05% HollyFrontier Corp HFC 0.02% 4.28% 0.00% -2.81% 16.50% 0.00% Regeneron Pharmaceuticals Inc REGN 0.22% n/a n/a 9.46% 6.50% 0.02% Amazon.com Inc AMZN 4.85% n/a n/a 26.48% 33.50% 1.46% Jack Henry & Associates Inc JKHY 0.05% 0.98% 0.00% 12.10% 10.00% 0.01% Ralph Lauren Corp RL 0.01% n/a n/a 4.71% 8.00% 0.00% Boston Properties Inc BXP 0.06% 3.95% 0.00% 3.97% 3.50% 0.00% Amphenol Corp APH 0.11% 1.01% 0.00% 8.12% 9.00% 0.01% Howmet Aerospace Inc HWM 0.02% n/a n/a 50.90% 12.00% 0.01% Pioneer Natural Resources Co PXD 0.06% 2.27% 0.00% 15.50% N/A 0.01% Valero Energy Corp VLO 0.10% 5.92% 0.01% -0.41% 8.00% 0.00% Synopsys Inc SNPS 0.10% n/a n/a 14.23% 8.00% 0.01% Western Union Co/The WU 0.03% 4.09% 0.00% 5.30% 5.00% 0.00% CH Robinson Worldwide Inc CHRW 0.04% 2.61% 0.00% 8.37% 8.00% 0.00% Accenture PLC ACN 0.48% 1.57% 0.01% 10.50% 7.50% 0.04% TransDigm Group Inc TDG 0.09% n/a n/a 6.18% 15.50% 0.01% Yum! Brands Inc YUM 0.10% 2.05% 0.00% 11.46% 9.50% 0.01% Prologis Inc PLD 0.27% 2.39% 0.01% 5.17% 6.00% 0.01% FirstEnergy Corp FE 0.08% 3.85% 0.00% 0.65% 8.50% 0.00% VeriSign Inc VRSN 0.09% n/a n/a 3.20% 9.50% 0.01% Quanta Services Inc PWR 0.02% 0.52% 0.00% N/A 15.50% 0.00% Henry Schein Inc HSIC 0.03% n/a n/a -1.20% 5.00% 0.00% Ameren Corp AEE 0.07% 2.73% 0.00% 7.06% 6.00% 0.00% ANSYS Inc ANSS 0.09% n/a n/a 11.30% 13.00% 0.01% NVIDIA Corp NVDA 0.83% 0.18% 0.00% 17.71% 9.50% 0.11% Sealed Air Corp SEE 0.02% 2.01% 0.00% 2.08% 26.00% 0.00% Cognizant Technology Solutions Corp CTSH 0.11% 1.59% 0.00% 10.40% 5.00% 0.01% SVB Financial Group SIVB 0.04% n/a n/a 10.00% 19.50% 0.01% Intuitive Surgical Inc ISRG 0.25% n/a n/a 6.79% 11.50% 0.02% Take-Two Interactive Software Inc TTWO 0.06% n/a n/a 6.33% 20.50% 0.01% Republic Services Inc RSG 0.10% 1.96% 0.00% 5.57% 9.00% 0.01% eBay Inc EBAY 0.13% 1.33% 0.00% 12.04% 7.00% 0.01% Goldman Sachs Group Inc/The GS 0.27% 2.39% 0.01% 3.50% 6.50% 0.01% Sempra Energy SRE 0.14% 3.36% 0.00% 7.49% 10.00% 0.01% SBA Communications Corp SBAC 0.13% 0.62% 0.00% 29.90% 31.00% 0.04% Moody's Corp MCO 0.19% 0.82% 0.00% 9.75% 8.00% 0.02% Booking Holdings Inc BKNG 0.25% n/a n/a 13.20% 12.00% 0.03% F5 Networks Inc FFIV 0.03% n/a n/a 4.02% 6.50% 0.00% Akamai Technologies Inc AKAM 0.06% n/a n/a 11.80% 14.00% 0.01% MarketAxess Holdings Inc MKTX 0.07% 0.48% 0.00% N/A 14.00% 0.01% Devon Energy Corp DVN 0.02% 3.31% 0.00% -20.23% N/A 0.00% Alphabet Inc GOOGL 1.62% n/a n/a 14.18% N/A 0.23% Teleflex Inc TFX 0.06% 0.37% 0.00% 13.00% 14.00% 0.01% Netflix Inc NFLX 0.71% n/a n/a 31.97% 24.00% 0.20% Allegion plc ALLE 0.04% 1.22% 0.00% 6.17% 9.50% 0.00% Agilent Technologies Inc A 0.10% 0.82% 0.00% 10.30% 10.50% 0.01% Anthem Inc ANTM 0.25% 1.42% 0.00% 12.67% 14.00% 0.03% CME Group Inc CME 0.23% 1.93% 0.00% 8.39% 2.50% 0.01% Juniper Networks Inc JNPR 0.03% 3.28% 0.00% 7.86% 6.00% 0.00% BlackRock Inc BLK 0.31% 2.64% 0.01% 4.24% 10.50% 0.02% DTE Energy Co DTE 0.08% 3.75% 0.00% 5.87% 5.00% 0.00% Nasdaq Inc NDAQ 0.07% 1.65% 0.00% 8.78% 8.00% 0.01% Celanese Corp CE 0.04% 2.76% 0.00% 3.61% 7.00% 0.00% Philip Morris International Inc PM 0.43% 6.27% 0.03% 6.09% 6.00% 0.03% salesforce.com Inc CRM 0.61% n/a n/a 19.32% 30.00% 0.15% Ingersoll Rand Inc IR 0.05% n/a n/a 10.20% N/A 0.00% Huntington Ingalls Industries Inc HII 0.03% 2.22% 0.00% 40.00% 7.00% 0.01% MetLife Inc MET 0.13% 4.75% 0.01% 4.42% 7.50% 0.01% Under Armour Inc UA 0.01% n/a n/a 18.35% N/A 0.00% Tapestry Inc TPR 0.02% n/a n/a 8.05% 5.00% 0.00% CSX Corp CSX 0.20% 1.48% 0.00% 8.77% 9.50% 0.02% Edwards Lifesciences Corp EW 0.16% n/a n/a 13.75% 13.50% 0.02% Ameriprise Financial Inc AMP 0.07% 2.71% 0.00% 3.90% 11.00% 0.01% Zebra Technologies Corp ZBRA 0.05% n/a n/a 11.90% 11.00% 0.01% TechnipFMC PLC FTI 0.01% 1.53% 0.00% 9.50% N/A 0.00% Zimmer Biomet Holdings Inc ZBH 0.10% 0.73% 0.00% 2.36% 5.50% 0.00% CBRE Group Inc CBRE 0.06% n/a n/a 8.45% 7.50% 0.00% Mastercard Inc MA 1.13% 0.53% 0.01% 15.30% 13.50% 0.16% CarMax Inc KMX 0.06% n/a n/a 9.73% 7.50% 0.01% Intercontinental Exchange Inc ICE 0.19% 1.27% 0.00% 9.16% 9.00% 0.02% Fidelity National Information Services Inc FIS 0.32% 1.00% 0.00% 19.20% 7.00% 0.04% Chipotle Mexican Grill Inc CMG 0.11% n/a n/a 15.17% 14.50% 0.02% Wynn Resorts Ltd WYNN 0.04% n/a n/a 20.00% 27.00% 0.01% Live Nation Entertainment Inc LYV 0.00% n/a n/a N/A N/A n/a Assurant Inc AIZ 0.02% 2.32% 0.00% N/A 6.50% 0.00% NRG Energy Inc NRG 0.03% 3.55% 0.00% -13.96% N/A 0.00% Regions Financial Corp RF 0.04% 4.93% 0.00% -1.84% 5.00% 0.00% Monster Beverage Corp MNST 0.14% n/a n/a 9.60% 14.50% 0.02% Mosaic Co/The MOS 0.02% 1.47% 0.00% 38.35% 22.00% 0.01% Expedia Group Inc EXPE 0.04% n/a n/a 10.97% 24.00% 0.01% Evergy Inc EVRG 0.05% 3.37% 0.00% 6.90% 3.00% 0.00% Discovery Inc DISCA 0.01% n/a n/a -2.45% 18.00% 0.00% CF Industries Holdings Inc CF 0.02% 3.89% 0.00% 11.05% 29.50% 0.00% Leidos Holdings Inc LDOS 0.05% 1.36% 0.00% 10.36% 10.00% 0.01% Exhibit __ (AEB-4) Page 6 of 6

STANDARD AND POOR'S 500 INDEX

Alphabet Inc GOOG 1.80% n/a n/a 14.18% 14.50% 0.26% Cooper Cos Inc/The COO 0.06% 0.02% 0.00% 8.03% 14.50% 0.01% TE Connectivity Ltd TEL 0.10% 2.34% 0.00% 9.28% 5.50% 0.01% Discover Financial Services DFS 0.06% 3.14% 0.00% 15.48% 7.50% 0.01% Visa Inc V 1.21% 0.62% 0.01% 13.52% 15.00% 0.17% Mid-America Apartment Communities Inc MAA 0.05% 3.30% 0.00% N/A 0.50% 0.00% Xylem Inc/NY XYL 0.04% 1.55% 0.00% 19.97% 8.50% 0.01% Marathon Petroleum Corp MPC 0.09% 6.00% 0.01% 4.05% 3.00% 0.00% Tractor Supply Co TSCO 0.05% 1.13% 0.00% 11.66% 9.50% 0.01% Advanced Micro Devices Inc AMD 0.24% n/a n/a 20.33% 18.50% 0.05% ResMed Inc RMD 0.09% 0.92% 0.00% 13.80% 8.50% 0.01% Mettler-Toledo International Inc MTD 0.07% n/a n/a 6.02% 9.50% 0.01% Copart Inc CPRT 0.08% n/a n/a N/A 17.50% 0.01% Albemarle Corp ALB 0.03% 1.94% 0.00% 10.02% 5.50% 0.00% Fortinet Inc FTNT 0.08% n/a n/a 15.10% 28.00% 0.02% Apache Corp APA 0.02% 0.69% 0.00% N/A 13.50% 0.00% Essex Property Trust Inc ESS 0.06% 3.30% 0.00% 3.92% 1.00% 0.00% Realty Income Corp O 0.08% 4.44% 0.00% 4.45% 6.50% 0.00% Seagate Technology PLC STX 0.05% 5.03% 0.00% 4.83% 4.00% 0.00% Westrock Co WRK 0.03% 2.76% 0.00% -0.10% 5.00% 0.00% IHS Markit Ltd INFO 0.11% 0.94% 0.00% 12.20% 11.50% 0.01% Westinghouse Air Brake Technologies Corp WAB 0.04% 0.76% 0.00% 7.66% 10.50% 0.00% Western Digital Corp WDC 0.05% n/a n/a -1.20% 1.00% 0.00% PepsiCo Inc PEP 0.68% 3.11% 0.02% 4.17% 6.50% 0.04% Diamondback Energy Inc FANG 0.03% 3.00% 0.00% 17.94% 16.50% 0.01% Maxim Integrated Products Inc MXIM 0.06% 3.21% 0.00% 8.03% 4.50% 0.00% ServiceNow Inc NOW 0.28% n/a n/a 29.60% 46.00% 0.11% Church & Dwight Co Inc CHD 0.07% 1.28% 0.00% 7.87% 9.00% 0.01% Duke Realty Corp DRE 0.05% 2.55% 0.00% -0.65% -1.00% 0.00% Federal Realty Investment Trust FRT 0.03% 4.52% 0.00% 3.16% 1.50% 0.00% MGM Resorts International MGM 0.04% 0.05% 0.00% 18.70% 25.00% 0.01% JB Hunt Transport Services Inc JBHT 0.05% 0.93% 0.00% 13.05% 6.50% 0.00% Lam Research Corp LRCX 0.17% 1.50% 0.00% 10.47% 10.00% 0.02% Mohawk Industries Inc MHK 0.03% n/a n/a 9.00% 0.00% 0.00% Pentair PLC PNR 0.02% 1.96% 0.00% 4.94% 6.00% 0.00% Vertex Pharmaceuticals Inc VRTX 0.26% n/a n/a 24.62% 32.00% 0.07% Amcor PLC AMCR 0.06% 4.48% 0.00% 8.90% N/A 0.01% Facebook Inc FB 2.11% n/a n/a 22.16% 14.00% 0.38% T-Mobile US Inc TMUS 0.47% n/a n/a 5.00% 14.00% 0.04% United Rentals Inc URI 0.04% n/a n/a -4.40% 9.50% 0.00% ABIOMED Inc ABMD 0.04% n/a n/a N/A 10.50% 0.00% Alexandria Real Estate Equities Inc ARE 0.08% 2.50% 0.00% 4.08% 16.50% 0.01% Delta Air Lines Inc DAL 0.07% n/a n/a -6.43% 6.00% 0.00% United Airlines Holdings Inc UAL 0.04% n/a n/a -7.98% 3.50% 0.00% News Corp NWS 0.01% 1.65% 0.00% 3.29% N/A 0.00% Centene Corp CNC 0.14% n/a n/a 13.27% 13.00% 0.02% Martin Marietta Materials Inc MLM 0.05% 1.03% 0.00% 10.08% 9.50% 0.00% PayPal Holdings Inc PYPL 0.70% n/a n/a 11.29% 15.50% 0.09% Coty Inc COTY 0.01% n/a n/a -1.77% 5.00% 0.00% DISH Network Corp DISH 0.04% n/a n/a 1.62% 1.00% 0.00% Dow Inc DOW 0.12% 6.63% 0.01% -10.32% N/A -0.01% Alexion Pharmaceuticals Inc ALXN 0.09% n/a n/a 11.37% 42.00% 0.02% Everest Re Group Ltd RE 0.03% 2.81% 0.00% 10.00% 18.50% 0.00% News Corp NWSA 0.02% 1.68% 0.00% 3.29% N/A 0.00% Exelon Corp EXC 0.14% 3.97% 0.01% 0.50% 5.00% 0.00% Global Payments Inc GPN 0.21% 0.42% 0.00% 17.45% 11.50% 0.03% Crown Castle International Corp CCI 0.26% 2.83% 0.01% 17.63% 12.50% 0.04% Aptiv PLC APTV 0.08% n/a n/a 10.69% 11.00% 0.01% Advance Auto Parts Inc AAP 0.04% 0.70% 0.00% 12.22% 11.00% 0.00% Align Technology Inc ALGN 0.08% n/a n/a 12.87% 17.00% 0.01% Illumina Inc ILMN 0.19% n/a n/a 18.06% 14.00% 0.03% Alliance Data Systems Corp ADS 0.01% 1.58% 0.00% -4.27% 7.50% 0.00% LKQ Corp LKQ 0.03% n/a n/a 2.60% 8.00% 0.00% Nielsen Holdings PLC NLSN 0.02% 1.58% 0.00% 12.00% N/A 0.00% Garmin Ltd GRMN 0.07% 2.57% 0.00% 6.90% 7.00% 0.00% Zoetis Inc ZTS 0.24% 0.59% 0.00% 6.08% 12.00% 0.02% Equinix Inc EQIX 0.23% 1.53% 0.00% 18.80% 16.00% 0.04% Digital Realty Trust Inc DLR 0.14% 3.14% 0.00% 19.70% 6.00% 0.02% Las Vegas Sands Corp LVS 0.14% n/a n/a 9.10% 7.50% 0.01% Discovery Inc DISCK 0.03% n/a n/a -2.45% N/A 0.00%

Notes: [1] Equals Sum ([6]) [2] Equals Sum ([9]) [3] Equals ([1] x (1 + (0.5 x [2]))) + [2] [4] Equals weight in S&P 500 based on market capitalization [5] Source: Bloomberg Professional [6] Equals [4] x [5] [7] Source: Bloomberg Professional [8] Source: Value Line [9] Equals [4] x (([7] + [8]) / 2) Exhibit __ (AEB-5) Page 1 of 3

COMPARISON OF CENTRAL HUDSON AND PROXY GROUP COMPANIES RISK ASSESSMENT

[1] [2] [3] [4] [5] Non-Volumetric Rate Design

ALLETE, Inc. ALE Minnesota - Electric Fully Forecast Yes No No No No Yes

American Electric Power Company, Inc. AEP Arkansas - Electric Historical Yes No Partial Yes Yes No AEP Indiana - Electric Fully Forecast Yes Yes Partial No Yes Yes AEP Kentucky - Electric Historical Yes No Partial No Yes Yes AEP Louisiana - Electric Historical Yes No Partial No Yes No AEP Michigan - Electric Fully Forecast Yes No No No No No AEP Ohio - Electric Partially Forecast N/A Yes Partial No Yes Yes AEP Oklahoma - Electric Historical Yes No Partial No Yes Yes AEP Tennessee - Electric Fully Forecast Yes No No No No No AEP Texas - Electric Historical N/A No No No No Yes AEP Virginia - Electric Historical Yes No No No No Yes AEP West Virginia - Electric Historical Yes No No No No Yes

Atmos Energy Corporation ATO Kansas - Gas Historical Yes No Partial No Yes Yes ATO Kentucky - Gas Fully Forecast Yes No Partial No Yes Yes ATO Louisiana - Gas Historical Yes No Partial No Yes No ATO Mississippi - Gas Partially Forecast Yes No Partial Yes Yes Yes ATO Tennessee - Gas Fully Forecast Yes No Partial Yes Yes Yes ATO Texas - Gas Historical Yes No Partial Yes Yes Yes

Avangrid, Inc. AGR Connecticut - Electric Historical N/A No Full No Yes No AGR Connecticut - Gas Historical Yes Yes Full No Yes Yes AGR Maine - Electric Partially Forecast N/A No Full No Yes No AGR Maine - Gas Historical Yes Yes No Yes Yes No AGR Massachusetts - Gas Historical Yes No Full No Yes Yes AGR New York - Electric Fully Forecast N/A Yes Full No Yes No AGR New York - Gas Fully Forecast Yes Yes Full No Yes Yes

Avista Corporation AVA Alaska - Electric Historical Yes No No No No No AVA Idaho - Electric Historical Yes No Full No Yes No AVA Idaho - Gas Historical Yes No Full No Yes No AVA Oregon - Gas Fully Forecast Yes No Full No Yes No AVA Washington - Electric Historical Yes No Partial No Yes No AVA Washington - Gas Historical Yes No Partial No Yes No

Black Hills Corp BKH Arkansas - Gas Historical Yes No No No No No BKH Colorado - Electric Historical Yes No No No No Yes BKH Colorado - Gas Historical Yes No No No No No BKH Iowa - Gas Historical Yes No No No No Yes BKH Kansas - Gas Historical Yes No Partial No Yes Yes BKH Nebraska - Gas Historical Yes No No No No Yes BKH South Dakota - Electric Historical Yes No No No No Yes BKH Wyoming - Electric Historical Yes No Partial No Yes No BKH Wyoming - Gas Historical Yes No Partial No Yes Yes

CMS Energy Corporation CMS Michigan - Electric Fully Forecast Yes No No No No No CMS Michigan - Gas Fully Forecast Yes No Partial No Yes Yes

Consolidated Edison, Inc. ED New Jersey - Electric Partially Forecast N/A No No No No Yes ED New York - Electric Fully Forecast N/A Yes Full No Yes No ED New York - Gas Fully Forecast Yes Yes Full No Yes Yes ED New York - Electric Fully Forecast N/A Yes Full No Yes No ED New York - Gas Fully Forecast Yes Yes Full No Yes No

Edison International EIX California - Electric Fully Forecast Yes Yes Full No Yes No

Exelon Corporation EXC Delaware - Electric Partially Forecast N/A No No No No Yes EXC Delaware - Gas Partially Forecast Yes No No No No Yes EXC District of Columbia - Electric Partially Forecast N/A No Partial No Yes Yes EXC Illinois - Electric Historical N/A No Full Yes Yes Yes EXC Maryland - Electric Partially Forecast N/A No Full No Yes Yes EXC Maryland - Gas Partially Forecast Yes No Full No Yes Yes EXC New Jersey - Electric Partially Forecast N/A No No No No Yes EXC Pennsylvania - Electric Fully Forecast N/A No No No No Yes EXC Pennsylvania - Gas Fully Forecast Yes No No No No Yes Exhibit __ (AEB-5) Page 2 of 3

COMPARISON OF CENTRAL HUDSON AND PROXY GROUP COMPANIES RISK ASSESSMENT

[1] [2] [3] [4] [5] Non-Volumetric Rate Design

Fuel/Purchased Power Cost Formula- Non-Volumetric Capital Cost Recovery Company Ticker Jurisdiction/Service Test Year Recovery Mechanism Multi-year rate plans Revenue Decoupling based rates Rate Design Mechanism Hawaiian Electric Industries, Inc. HE Hawaii - Electric Fully Forecast Yes Yes Full Yes Yes Yes

New Jersey Resources Corporation NJR New Jersey - Gas Partially Forecast Yes No Full No Yes Yes

Northwest Natural Gas Company NWN Oregon - Gas Fully Forecast Yes No Partial No Yes No NWN Washington - Gas Historical Yes No No No No No

NorthWestern Corporation NWE Montana - Electric Historical Yes No No NoNoNo NWE Montana - Gas Historical Yes No No No No Yes NWE Nebraska - Gas Historical Yes No No No No No NWE South Dakota - Electric Historical Yes No Partial No Yes No NWE South Dakota - Gas Historical Yes No No No No No

OGE Energy Corporation OGE Arkansas - Electric Fully Forecast Yes No Partial Yes Yes No OGE Oklahoma - Electric Historical Yes No Partial No Yes Yes

ONE Gas, Inc. OGS Kansas - Gas Historical Yes No Partial No Yes Yes OGS Oklahoma - Gas Historical Yes No Partial No Yes No OGS Texas - Gas Historical Yes No Partial Yes Yes Yes

Otter Tail Corporation OTTR Minnesota - Electric Fully Forecast Yes No No No No Yes OTTR North Dakota - Electric Fully Forecast Yes No No No No Yes OTTR South Dakota - Electric Historical Yes No No No No Yes Exhibit __ (AEB-5) Page 3 of 3

COMPARISON OF CENTRAL HUDSON AND PROXY GROUP COMPANIES RISK ASSESSMENT

[1] [2] [3] [4] [5] Non-Volumetric Rate Design

PPL Corporation PPL Kentucky - Electric Fully Forecast Yes No Partial No Yes Yes PPL Kentucky - Gas Fully Forecast Yes No Partial No Yes Yes PPL Pennsylvania - Electric Fully Forecast N/A No No No No Yes PPL Virginia - Electric Historical Yes No No No No No

Public Service Enterprise Group PEG New Jersey - Electric Partially Forecast N/A No No No No Yes PEG New Jersey - Gas Partially Forecast Yes No No No No Yes

Sempra Energy SRE California - Electric Fully Forecast Yes Yes Full No Yes No SRE California - Gas Fully Forecast Yes Yes Full No Yes No

South Jersey Industries, Inc. SJI New Jersey - Gas Partially Forecast Yes No No No No Yes

Southwest Gas Corporation SWX Arizona - Gas Historical Yes No Full No Yes No SWX California - Gas Fully Forecast Yes Yes Full No Yes No SWX Nevada - Gas Historical Yes No Full No Yes Yes

Spire, Inc. SR Alabama - Gas Fully Forecast Yes No Partial Yes Yes No SR Missouri East - Gas Historical Yes No Partial No Yes Yes SR Missouri West - Gas Historical Yes No Partial No Yes Yes

Xcel Energy Inc. XEL Colorado - Electric Historical Yes No Partial No Yes Yes XEL Colorado - Gas Historical Yes No No No No Yes XEL Minnesota - Electric Fully Forecast Yes No Partial Yes Yes Yes XEL Minnesota - Gas Fully Forecast Yes Yes No No No Yes XEL New Mexico - Electric Historical Yes No No No No No XEL North Dakota - Electric Fully Forecast Yes No Partial No Yes Yes XEL North Dakota - Gas Fully Forecast Yes No SFV No Yes No XEL South Dakota - Electric Historical Yes No Partial No Yes Yes XEL Texas - Electric Historical Yes No No No No Yes XEL Wisconsin - Electric Fully Forecast Yes No No No No No XEL Wisconsin - Gas Fully Forecast Yes No No No No No

Proxy Group Average Fully Forecast 36 Yes 84 Yes 16 SFV 1 Yes 11 Yes 61 Yes 59 Partially Forecast 14 No 0 No 84 Full 24 No 89 No 39 No 41 Historical 50 N/A 16 Partial 35 No 40

Forecast 50.00% Yes / N/A 100.00% Yes 16.00% SFV/Full/Partial 60.00% Yes 11.00% Yes 61.00% Yes 59.00%

Central Hudson Fortis, Inc. New York - Electric Fully Forecast NA Yes Full No Yes No Central Hudson Fortis, Inc. New York - Gas Fully Forecast Yes Yes Full No Yes Yes

Notes [1] Source: "Alternative Regulation for Evolving Utility Challenges," Prepared by Pacific Economics Group Research for Edison Electric Institute, Table 6, November 2015; S&P RRA Research; Company Investor Presentations. [2] Source: "Adjustment Clauses: A State-by-state Overview," Regulatory Research Associates, November 12, 2019, Operating subsidiaries not covered in this report were excluded from this exhibit. [3] - [5] Source: "Alternative ratemaking plans in the U.S.: A key to reducing regulatory lag and providing certainty for investors," Regulatory Research Associates, April 16, 2020, Operating subsidiaries not covered in this report were excluded from this exhibit. Exhibit __ (AEB-6) Page 1 of 2

COMPARISON OF CENTRAL HUDSON AND PROXY GROUP COMPANIES RRA RANKINGS

[1] [2] S&P Rank Numeric Rank

ALLETE, Inc. Minnesota Average / 2 5

American Electric Power Company, Inc. Arkansas Average / 1 4 Indiana Average / 1 4 Kentucky Average / 1 4 Louisiana Average / 1 4 Michigan Above Average / 3 3 Ohio Average / 2 5 Oklahoma Average / 3 6 Tennessee Above Average / 3 3 Texas Average / 2 5 Virginia Average / 1 4 West Virginia Below Average / 2 8

Atmos Energy Corporation Kansas Below Average / 1 7 Kentucky Average / 1 4 Louisiana Average / 1 4 Mississippi Average / 1 4 Tennessee Above Average / 3 3 Texas Average / 2 5

Avangrid, Inc. Connecticut Average / 3 6 Maine Average / 3 6 Massachusetts Average / 2 5 New York Average / 1 4

Avista Corporation Alaska Below Average / 1 7 Idaho Average / 2 5 Oregon Average / 2 5 Washington Average / 3 6

Black Hills Corp Arkansas Average / 1 4 Colorado Average / 2 5 Iowa Above Average / 3 3 Kansas Below Average / 1 7 Nebraska Average / 1 4 South Dakota Average / 2 5 Wyoming Average / 3 6

CMS Energy Corporation Michigan Above Average / 3 3

Consolidated Edison, Inc. New Jersey Below Average / 1 7 New York Average / 1 4

Edison International California Average / 2 5

Exelon Corporation District of Columbia Below Average / 3 9 Delaware Average / 3 6 Illinois Average / 2 5 Maryland Below Average / 2 8 New Jersey Below Average / 1 7 Pennsylvania Above Average / 2 2

Hawaiian Electric Industries, Inc. Hawaii Average / 2 5

New Jersey Resources Corporation New Jersey Below Average / 1 7

Northwest Natural Gas Company Oregon Average / 2 5 Washington Average / 3 6

NorthWestern Corporation Montana Below Average / 1 7 Nebraska Average / 1 4 South Dakota Average / 2 5 Exhibit __ (AEB-6) Page 2 of 2

COMPARISON OF CENTRAL HUDSON AND PROXY GROUP COMPANIES RRA RANKINGS

[1] [2] S&P Rank Numeric Rank

OGE Energy Corporation Arkansas Average / 1 4 Oklahoma Average / 3 6

ONE Gas, Inc. Kansas Below Average / 1 7 Oklahoma Average / 3 6 Texas Average / 2 5

Otter Tail Corporation Minnesota Average / 2 5 North Dakota Average / 1 4 South Dakota Average / 2 5

PPL Corporation Kentucky Average / 1 4 Pennsylvania Above Average / 2 2 Virginia Average / 1 4

Public Service Enterprise Group New Jersey Below Average / 1 7

Sempra Energy California Average / 2 5

South Jersey Industries, Inc. New Jersey Below Average / 1 7

Southwest Gas Corporation Arizona Average / 3 6 California Average / 2 5 Nevada Average / 2 5

Spire, Inc. Alabama Above Average / 1 1 Missouri Average / 3 6

Xcel Energy Inc. Colorado Average / 2 5 Minnesota Average / 2 5 North Dakota Average / 1 4 New Mexico Below Average / 2 8 South Dakota Average / 2 5 Texas Average / 2 5 Wisconsin Above Average / 2 2

Proxy Group Average Average / 2 5.04

Central Hudson New York Average / 1 4

Notes [1] Source: RRA Regulatory Focus – State Regulatory Evaluations, June 23, 2020 [2] AA/1= 1, AA/2= 2, AA/3= 3, A/1= 4, A/2= 5, A/3=6, BA/1= 7, BA/2= 8, BA/3= 9 Exhibit __ (AEB-7) Page 1 of 2

COMPARISON OF CENTRAL HUDSON AND PROXY GROUP COMPANIES S&P JURISDICTIONAL RANKINGS

[1] [2] S&P Rank Numeric Rank

ALLETE, Inc. Minnesota Highly Credit Supportive 2

American Electric Power Company, Inc. Arkansas Highly Credit Supportive 2 Indiana Highly Credit Supportive 2 Kentucky Most Credit Supportive 1 Louisiana Highly Credit Supportive 2 Michigan Most Credit Supportive 1 Ohio Very Credit Supportive 3 Oklahoma More Credit Supportive 4 Tennessee Highly Credit Supportive 2 Texas Very Credit Supportive 3 Virginia Highly Credit Supportive 2 West Virginia Very Credit Supportive 3

Atmos Energy Corporation Kansas Highly Credit Supportive 2 Kentucky Most Credit Supportive 1 Louisiana Highly Credit Supportive 2 Mississippi Credit Supportive 5 Tennessee Highly Credit Supportive 2 Texas RRC Highly Credit Supportive 2

Avangrid, Inc. Connecticut Very Credit Supportive 3 Maine Highly Credit Supportive 2 Massachusetts Highly Credit Supportive 2 New York Very Credit Supportive 3

Avista Corporation Alaska More Credit Supportive 4 Idaho Very Credit Supportive 3 Oregon Highly Credit Supportive 2 Washington More Credit Supportive 4

Black Hills Corp Arkansas Highly Credit Supportive 2 Colorado Most Credit Supportive 1 Iowa Most Credit Supportive 1 Kansas Highly Credit Supportive 2 Nebraska Very Credit Supportive 3 South Dakota Very Credit Supportive 3 Wyoming Very Credit Supportive 3

CMS Energy Corporation Michigan Most Credit Supportive 1

Consolidated Edison, Inc. New Jersey More Credit Supportive 4 New York Very Credit Supportive 3

Edison International California More Credit Supportive 4

Exelon Corporation District of Columbia More Credit Supportive 4 Delaware Very Credit Supportive 3 Illinois Very Credit Supportive 3 Maryland More Credit Supportive 4 New Jersey More Credit Supportive 4 Pennsylvania Highly Credit Supportive 2

Hawaiian Electric Industries, Inc. Hawaii Credit Supportive 5

New Jersey Resources Corporation New Jersey More Credit Supportive 4

Northwest Natural Gas Company Oregon Highly Credit Supportive 2 Washington More Credit Supportive 4

NorthWestern Corporation Montana More Credit Supportive 4 Nebraska Very Credit Supportive 3 South Dakota Very Credit Supportive 3 Exhibit __ (AEB-7) Page 2 of 2

COMPARISON OF CENTRAL HUDSON AND PROXY GROUP COMPANIES S&P JURISDICTIONAL RANKINGS

[1] [2] S&P Rank Numeric Rank

OGE Energy Corporation Arkansas Highly Credit Supportive 2 Oklahoma More Credit Supportive 4

ONE Gas, Inc. Kansas Highly Credit Supportive 2 Oklahoma More Credit Supportive 4 Texas RRC Highly Credit Supportive 2

Otter Tail Corporation Minnesota Highly Credit Supportive 2 North Dakota Highly Credit Supportive 2 South Dakota Very Credit Supportive 3

PPL Corporation Kentucky Most Credit Supportive 1 Pennsylvania Highly Credit Supportive 2 Virginia Highly Credit Supportive 2

Public Service Enterprise Group New Jersey More Credit Supportive 4

Sempra Energy California More Credit Supportive 4

South Jersey Industries, Inc. New Jersey More Credit Supportive 4

Southwest Gas Corporation Arizona More Credit Supportive 4 California More Credit Supportive 4 Nevada Very Credit Supportive 3

Spire, Inc. Alabama Most Credit Supportive 1 Missouri Very Credit Supportive 3

Xcel Energy Inc. Colorado Most Credit Supportive 1 Minnesota Highly Credit Supportive 2 North Dakota Highly Credit Supportive 2 New Mexico Credit Supportive 5 South Dakota Very Credit Supportive 3 Texas Very Credit Supportive 3 Wisconsin Most Credit Supportive 1

Highly credit supportive / Proxy Group Average 2.71 Very credit supportive

Central Hudson New York Very Credit Supportive 3

Notes [1] Source: U.S. And Canadian Regulatory Jurisdiction Updates And Insights, Standard and Poor's Ratings Services, June 8, 2020 [2] Most= 1, Highly= 2, Very= 3, More= 4, Credit Supportive= 5 Exhibit __ (AEB-8) Page 1 of 4

Capital Structure Analysis Common Equity Ratio [1] Proxy Group Company Ticker 2019 2018 2017 2016 Average ALLETE, Inc. ALE 59.55% 61.27% 60.15% 57.01% 59.50% American Electric Power Company, Inc. AEP 47.89% 47.97% 48.34% 47.74% 47.99% Atmos Energy Corporation ATO 58.29% 63.02% 59.41% 60.94% 60.41% Avangrid, Inc. AGR 57.05% 58.27% 58.58% 57.36% 57.82% Avista Corporation AVA 50.76% 49.82% 50.68% 50.87% 50.53% Black Hills Corporation BKH 59.81% 61.61% 61.78% 59.32% 60.63% CMS Energy Corporation CMS 51.26% 50.05% 51.99% 50.96% 51.06% Consolidated Edison, Inc. ED 48.36% 47.51% 48.22% 49.16% 48.31% Edison International EIX 46.59% 42.51% 47.91% 48.64% 46.41% Exelon Corporation EXC 52.64% 52.80% 52.83% 52.40% 52.67% Hawaiian Electric Industries, Inc. HE 63.18% 63.54% 63.02% 63.25% New Jersey Resources Corporation NJR 58.52% 61.56% 61.97% 56.47% 59.63% Northwest Natural Gas Company NWN 51.34% 50.19% 51.77% 55.18% 52.12% NorthWestern Corporation NWE 47.54% 47.79% 49.81% 48.04% 48.30% OGE Energy Corp. OGE 54.52% 52.55% 52.71% 55.35% 53.78% ONE Gas, Inc. OGS 62.66% 60.97% 61.92% 60.89% 61.61% Otter Tail Corporation OTTR 51.08% 53.53% 57.28% 55.00% 54.22% PPL Corporation PPL 53.76% 54.67% 54.35% 57.14% 54.98% Public Service Enterprise Group Inc. PEG 54.50% 54.00% 53.15% 52.44% 53.52% Sempra Energy SRE 58.20% 56.88% 56.70% 56.25% 57.01% South Jersey Industries, Inc. SJI 65.68% 52.88% 53.31% 64.17% 59.01% Southwest Gas Corporation SWX 49.19% 48.47% 50.20% 53.43% 50.32% Spire, Inc. SR 62.36% 64.76% 62.63% 64.80% 63.64% Xcel Energy Inc. XEL 54.14% 54.29% 53.95% 53.91% 54.07% MEAN 54.60% 54.61% 55.13% 55.44% 55.03% LOW 46.59% 42.51% 47.91% 47.74% 46.41% HIGH 65.68% 64.76% 63.54% 64.80% 63.64%

Common Equity Ratio - Utility Operating Companies [2] Company Name Ticker 2019 2018 2017 2016 Average ALLETE (Minnesota Power) ALE 59.59% 61.39% 60.04% 56.92% 59.48% Superior Water, Light and Power Company ALE 58.08% 56.86% 64.99% 61.12% 60.26% AEP Texas Inc. AEP 43.77% 45.37% 45.14% 45.29% 44.89% Appalachian Power Company AEP 48.25% 48.98% 48.19% 46.39% 47.95% Indiana Michigan Power Company AEP 46.40% 44.31% 45.96% 48.72% 46.35% Kentucky Power Company AEP 46.47% 44.88% 42.73% 42.71% 44.20% Kingsport Power Company AEP 52.86% 48.66% 44.42% 60.67% 51.65% Ohio Power Company AEP 53.68% 56.20% 57.62% 55.46% 55.74% Public Service Company of Oklahoma AEP 48.66% 48.05% 47.47% 47.53% 47.93% Southwestern Electric Power Company AEP 48.17% 46.37% 47.88% 45.36% 46.94% Wheeling Power Company AEP 53.32% 54.46% 54.10% 53.99% 53.96% Atmos Energy Corporation ATO 58.29% 63.02% 59.41% 60.94% 60.41% Berkshire Gas Company AGR 63.33% 61.90% 66.25% 67.12% 64.65% Central Maine Power Company AGR 62.23% 62.91% 63.47% 62.02% 62.66% Connecticut Natural Gas Corporation AGR 73.45% 77.17% 76.31% 76.50% 75.86% Maine Natural Gas AGR 99.64% 99.73% 99.79% 99.79% 99.74% New York State Electric & Gas Corporation AGR 48.66% 54.02% 52.98% 48.56% 51.05% Rochester Gas and Electric Corporation AGR 51.09% 48.78% 49.52% 54.13% 50.88% Southern Connecticut Gas Company AGR 65.81% 71.09% 71.18% 65.51% 68.40% United Illuminating Company AGR 57.58% 56.40% 55.94% 54.21% 56.03% Avista Corporation AVA 50.76% 49.82% 50.68% 50.87% 50.53% Black Hills Colorado Electric, Inc. BKH 72.50% 52.89% 55.41% 51.94% 58.19% Black Hills Energy Arkansas, Inc. BKH 98.63% 98.21% 97.50% 98.12% Black Hills Gas Distribution LLC BKH 95.59% 93.10% 89.11% 92.60% Black Hills Northwest Wyoming Gas Utility Company, LLC BKH 99.03% 99.30% 99.28% 99.20% Black Hills Power, Inc. BKH 56.66% 53.98% 53.39% 52.79% 54.21% Cheyenne Light, Fuel and Power Company BKH 48.13% 53.52% 53.76% 53.09% 52.13% Consumers Energy Company CMS 51.26% 50.05% 51.99% 50.96% 51.06% Consolidated Edison Company of New York, Inc. ED 47.86% 46.93% 47.60% 48.63% 47.76% Orange and Rockland Utilities, Inc. ED 47.76% 48.11% 49.91% 49.12% 48.73% Rockland Electric Company ED 99.15% 99.02% 98.95% 98.92% 99.01% Southern California Edison Company EIX 46.59% 42.51% 47.91% 48.64% 46.41% Baltimore Gas and Electric Company EXC 51.91% 52.67% 53.68% 51.49% 52.44% Commonwealth Edison Company EXC 54.61% 54.73% 54.50% 54.11% 54.49% PECO Energy Company EXC 53.15% 53.22% 53.02% 54.59% 53.49% Delmarva Power & Light Company EXC 49.56% 49.40% 49.72% 48.77% 49.36% Atlantic City Electric Company EXC 48.82% 48.59% 48.49% 47.63% 48.38% Potomac Electric Power Company EXC 49.68% 49.52% 49.36% 49.01% 49.39% Hawaii Electric Light Company, Inc. HE 56.40% 57.27% 56.42% 56.70% Hawaiian Electric Company, Inc. HE 65.33% 65.67% 65.32% 65.44% Maui Electric Company, Limited HE 57.27% 57.50% 56.60% 57.13% New Jersey Natural Gas Company NJR 58.52% 61.56% 61.97% 56.47% 59.63% NorthWestern Corporation NWE 47.54% 47.79% 49.81% 48.04% 48.30% Northwest Natural Holding Company NWN 51.34% 50.19% 51.77% 55.18% 52.12% Oklahoma Gas and Electric Company OGE 54.52% 52.55% 52.71% 55.35% 53.78% Kansas Gas Service Company, Inc. OGS 62.66% 61.19% 62.16% 60.85% 61.72% Oklahoma Natural Gas Company OGS 60.76% 61.77% 60.88% 61.14% Texas Gas Service Company, Inc. OGS 60.98% 61.86% 60.96% 61.26% Otter Tail Power Company OTTR 51.08% 53.53% 57.28% 55.00% 54.22% Kentucky Utilities Company PPL 52.62% 54.51% 53.68% 58.37% 54.80% Louisville Gas and Electric Company PPL 53.65% 55.41% 55.03% 59.94% 56.01% PPL Electric Utilities Corporation PPL 54.54% 54.41% 54.45% 54.17% 54.39% Public Service Electric and Gas Company PEG 54.50% 54.00% 53.15% 52.44% 53.52% South Jersey Gas Company SJI 65.68% 52.88% 53.31% 64.17% 59.01% Spire Alabama Inc. SR 69.54% 75.31% 75.14% 80.77% 75.19% Spire Gulf Inc. SR 44.06% 40.56% 55.37% 46.66% Spire Mississippi Inc. SR 95.04% 65.22% 51.48% 70.58% Spire Missouri Inc. SR 58.70% 59.94% 56.77% 56.52% 57.98% Oncor Electric Delivery Company LLC SRE 58.58% 59.43% 58.84% 58.00% 58.71% San Diego Gas & Electric Company SRE 57.66% 55.37% 54.67% 56.10% 55.95% Southern California Gas Company SRE 54.24% 55.52% 52.96% 54.24% Southwest Gas Corporation SWX 49.19% 48.47% 50.20% 53.43% 50.32% Public Service Company of Colorado XEL 56.20% 56.16% 56.36% 56.18% 56.22% Northern States Power Company - MN XEL 51.99% 52.55% 51.91% 51.75% 52.05% Northern States Power Company - WI XEL 54.00% 53.43% 53.22% 54.85% 53.87% Southwestern Public Service Company XEL 54.08% 54.09% 53.45% 53.80% 53.85%

Notes: [1] Ratios are weighted by actual common capital, preferred equity, long-term debt, and customer deposits of Operating [2] Natural Gas and Electric Subsidiaries with data listed as N/A from SNL Financial have been excluded from the analysis. Exhibit __ (AEB-8) Page 2 of 4

Capital Structure Analysis Long-Term Debt Ratio [1] Proxy Group Company Ticker 2019 2018 2017 2016 Average ALLETE, Inc. ALE 40.45% 38.73% 39.85% 42.99% 40.50% American Electric Power Company, Inc. AEP 51.11% 50.84% 50.56% 51.13% 50.91% Atmos Energy Corporation ATO 41.47% 36.66% 40.22% 38.40% 39.19% Avangrid, Inc. AGR 42.56% 41.33% 40.99% 42.18% 41.76% Avista Corporation AVA 49.11% 50.04% 49.19% 49.02% 49.34% Black Hills Corporation BKH 39.76% 37.82% 37.59% 39.95% 38.78% CMS Energy Corporation CMS 48.35% 49.51% 47.51% 48.49% 48.46% Consolidated Edison, Inc. ED 50.54% 51.29% 50.53% 49.49% 50.46% Edison International EIX 45.79% 48.12% 42.35% 41.36% 44.40% Exelon Corporation EXC 46.44% 46.24% 46.14% 46.49% 46.33% Hawaiian Electric Industries, Inc. HE 35.56% 35.09% 35.56% 35.41% New Jersey Resources Corporation NJR 40.89% 37.86% 37.41% 42.97% 39.78% Northwest Natural Gas Company NWN 48.35% 49.46% 47.88% 44.46% 47.54% NorthWestern Corporation NWE 52.36% 52.03% 50.02% 51.78% 51.55% OGE Energy Corp. OGE 44.34% 46.23% 46.06% 43.33% 44.99% ONE Gas, Inc. OGS 35.94% 37.32% 36.12% 37.19% 36.65% Otter Tail Corporation OTTR 48.83% 46.37% 42.61% 44.89% 45.68% PPL Corporation PPL 45.84% 44.88% 45.20% 42.41% 44.58% Public Service Enterprise Group Inc. PEG 45.10% 45.55% 46.36% 46.99% 46.00% Sempra Energy SRE 41.47% 42.48% 42.67% 43.14% 42.44% South Jersey Industries, Inc. SJI 32.97% 45.87% 44.28% 32.33% 38.86% Southwest Gas Corporation SWX 49.12% 49.68% 47.62% 44.26% 47.67% Spire, Inc. SR 36.33% 33.66% 35.69% 33.45% 34.78% Xcel Energy Inc. XEL 45.58% 45.37% 45.54% 45.51% 45.50% MEAN 44.47% 44.29% 43.64% 43.24% 43.82% LOW 32.97% 33.66% 35.09% 32.33% 34.78% HIGH 52.36% 52.03% 50.56% 51.78% 51.55%

Long-Term Debt Ratio - Utility Operating Companies [2] Company Name Ticker 2019 2018 2017 2016 Average ALLETE (Minnesota Power) ALE 40.41% 38.61% 39.96% 43.08% 40.52% Superior Water, Light and Power Company ALE 41.92% 43.14% 35.01% 38.88% 39.74% AEP Texas Inc. AEP 56.23% 54.62% 54.86% 54.71% 55.11% Appalachian Power Company AEP 50.76% 49.94% 50.72% 52.54% 50.99% Indiana Michigan Power Company AEP 52.88% 54.98% 53.25% 50.50% 52.90% Kentucky Power Company AEP 51.69% 53.28% 55.46% 55.59% 54.00% Kingsport Power Company AEP 43.91% 47.16% 51.04% 32.33% 43.61% Ohio Power Company AEP 44.81% 41.03% 40.65% 42.68% 42.29% Public Service Company of Oklahoma AEP 49.26% 49.69% 50.41% 50.53% 49.97% Southwestern Electric Power Company AEP 50.54% 52.34% 50.79% 53.37% 51.76% Wheeling Power Company AEP 46.32% 45.24% 45.60% 45.77% 45.73% Atmos Energy Corporation ATO 41.47% 36.66% 40.22% 38.40% 39.19% Berkshire Gas Company AGR 36.50% 37.91% 33.54% 32.66% 35.15% Central Maine Power Company AGR 37.34% 36.61% 35.99% 37.39% 36.83% Connecticut Natural Gas Corporation AGR 26.05% 22.21% 23.08% 22.89% 23.56% Maine Natural Gas AGR 0.00% 0.00% 0.00% 0.00% 0.00% New York State Electric & Gas Corporation AGR 50.78% 45.45% 46.42% 50.87% 48.38% Rochester Gas and Electric Corporation AGR 48.67% 51.00% 50.25% 45.56% 48.87% Southern Connecticut Gas Company AGR 33.48% 28.08% 27.98% 33.68% 30.81% United Illuminating Company AGR 42.34% 43.50% 43.96% 45.69% 43.87% Avista Corporation AVA 49.11% 50.04% 49.19% 49.02% 49.34% Black Hills Colorado Electric, Inc. BKH 26.84% 46.61% 44.09% 47.57% 41.28% Black Hills Energy Arkansas, Inc. BKH 0.00% 0.00% 0.00% 0.00% Black Hills Gas Distribution LLC BKH 3.22% 5.07% 8.29% 5.52% Black Hills Northwest Wyoming Gas Utility Company, LLC BKH 0.00% 0.00% 0.00% 0.00% Black Hills Power, Inc. BKH 43.06% 45.77% 46.42% 47.04% 45.57% Cheyenne Light, Fuel and Power Company BKH 51.49% 45.99% 45.78% 46.42% 47.42% Consumers Energy Company CMS 48.35% 49.51% 47.51% 48.49% 48.46% Consolidated Edison Company of New York, Inc. ED 51.01% 51.83% 51.12% 49.99% 50.99% Orange and Rockland Utilities, Inc. ED 51.65% 51.26% 49.41% 50.18% 50.63% Rockland Electric Company ED 0.00% 0.00% 0.00% 0.00% 0.00% Southern California Edison Company EIX 45.79% 48.12% 42.35% 41.36% 44.40% Baltimore Gas and Electric Company EXC 46.40% 45.45% 44.33% 46.51% 45.67% Commonwealth Edison Company EXC 44.79% 44.67% 44.86% 45.14% 44.87% PECO Energy Company EXC 45.97% 45.84% 46.00% 44.43% 45.56% Delmarva Power & Light Company EXC 49.32% 49.44% 48.97% 49.89% 49.41% Atlantic City Electric Company EXC 50.22% 50.28% 50.09% 50.84% 50.36% Potomac Electric Power Company EXC 49.35% 49.51% 49.59% 49.86% 49.58% Hawaii Electric Light Company, Inc. HE 41.75% 40.76% 41.65% 41.38% Hawaiian Electric Company, Inc. HE 33.56% 33.12% 33.41% 33.36% Maui Electric Company, Limited HE 41.19% 40.85% 41.65% 41.23% New Jersey Natural Gas Company NJR 40.89% 37.86% 37.41% 42.97% 39.78% NorthWestern Corporation NWE 52.36% 52.03% 50.02% 51.78% 51.55% Northwest Natural Holding Company NWN 48.35% 49.46% 47.88% 44.46% 47.54% Oklahoma Gas and Electric Company OGE 44.34% 46.23% 46.06% 43.33% 44.99% Kansas Gas Service Company, Inc. OGS 35.94% 37.18% 35.96% 37.28% 36.59% Oklahoma Natural Gas Company OGS 37.33% 36.08% 37.10% 36.84% Texas Gas Service Company, Inc. OGS 37.45% 36.32% 37.21% 36.99% Otter Tail Power Company OTTR 48.83% 46.37% 42.61% 44.89% 45.68% Kentucky Utilities Company PPL 46.82% 44.87% 45.73% 41.12% 44.64% Louisville Gas and Electric Company PPL 45.65% 43.89% 44.26% 39.41% 43.30% PPL Electric Utilities Corporation PPL 45.31% 45.39% 45.33% 45.56% 45.40% Public Service Electric and Gas Company PEG 45.10% 45.55% 46.36% 46.99% 46.00% South Jersey Gas Company SJI 32.97% 45.87% 44.28% 32.33% 38.86% Spire Alabama Inc. SR 27.74% 21.52% 21.45% 15.70% 21.60% Spire Gulf Inc. SR 53.18% 56.62% 42.97% 50.93% Spire Mississippi Inc. SR 0.00% 30.67% 45.17% 25.28% Spire Missouri Inc. SR 40.71% 39.43% 42.59% 42.76% 41.37% Oncor Electric Delivery Company LLC SRE 41.33% 40.51% 41.13% 41.92% 41.22% San Diego Gas & Electric Company SRE 41.66% 43.87% 44.56% 43.15% 43.31% Southern California Gas Company SRE 44.20% 42.90% 45.56% 44.22% Southwest Gas Corporation SWX 49.12% 49.68% 47.62% 44.26% 47.67% Public Service Company of Colorado XEL 43.59% 43.57% 43.38% 43.57% 43.53% Northern States Power Company - MN XEL 47.61% 46.95% 47.19% 47.18% 47.23% Northern States Power Company - WI XEL 45.58% 46.25% 46.51% 45.01% 45.84% Southwestern Public Service Company XEL 45.81% 45.77% 46.37% 45.97% 45.98%

Notes: [1] Ratios are weighted by actual common capital, preferred equity, long-term debt, and customer deposits of Operating Subsidiaries. [2] Natural Gas and Electric Subsidiaries with data listed as N/A from SNL Financial have been excluded from the analysis. Exhibit __ (AEB-8) Page 3 of 4

Capital Structure Analysis Preferred Equity Ratio [1] Proxy Group Company Ticker 2019 2018 2017 2016 Average ALLETE, Inc. ALE 0.00% 0.00% 0.00% 0.00% 0.00% American Electric Power Company, Inc. AEP 0.00% 0.00% 0.00% 0.00% 0.00% Atmos Energy Corporation ATO 0.00% 0.00% 0.00% 0.00% 0.00% Avangrid, Inc. AGR 0.01% 0.01% 0.01% 0.01% 0.01% Avista Corporation AVA 0.00% 0.00% 0.00% 0.00% 0.00% Black Hills Corporation BKH 0.00% 0.00% 0.00% 0.00% 0.00% CMS Energy Corporation CMS 0.25% 0.27% 0.30% 0.32% 0.29% Consolidated Edison, Inc. ED 0.00% 0.00% 0.00% 0.00% 0.00% Edison International EIX 6.71% 8.27% 8.66% 8.92% 8.14% Exelon Corporation EXC 0.00% 0.00% 0.00% 0.00% 0.00% Hawaiian Electric Industries, Inc. HE 0.85% 0.91% 0.92% 0.89% New Jersey Resources Corporation NJR 0.00% 0.00% 0.00% 0.00% 0.00% Northwest Natural Gas Company NWN 0.00% 0.00% 0.00% 0.00% 0.00% NorthWestern Corporation NWE 0.00% 0.00% 0.00% 0.00% 0.00% OGE Energy Corp. OGE 0.00% 0.00% 0.00% 0.00% 0.00% ONE Gas, Inc. OGS 0.00% 0.00% 0.00% 0.00% 0.00% Otter Tail Corporation OTTR 0.00% 0.00% 0.00% 0.00% 0.00% PPL Corporation PPL 0.00% 0.00% 0.00% 0.00% 0.00% Public Service Enterprise Group Inc. PEG 0.00% 0.00% 0.00% 0.00% 0.00% Sempra Energy SRE 0.00% 0.06% 0.07% 0.07% 0.05% South Jersey Industries, Inc. SJI 0.00% 0.00% 0.00% 0.00% 0.00% Southwest Gas Corporation SWX 0.00% 0.00% 0.00% 0.00% 0.00% Spire, Inc. SR 0.00% 0.00% 0.00% 0.00% 0.00% Xcel Energy Inc. XEL 0.00% 0.00% 0.00% 0.00% 0.00% MEAN 0.30% 0.39% 0.41% 0.43% 0.39% LOW 0.00% 0.00% 0.00% 0.00% 0.00% HIGH 6.71% 8.27% 8.66% 8.92% 8.14%

Preferred Equity Ratio - Utility Operating Companies [2] Company Name Ticker 2019 2018 2017 2016 Average ALLETE (Minnesota Power) ALE 0.00% 0.00% 0.00% 0.00% 0.00% Superior Water, Light and Power Company ALE 0.00% 0.00% 0.00% 0.00% 0.00% AEP Texas Inc. AEP 0.00% 0.00% 0.00% 0.00% 0.00% Appalachian Power Company AEP 0.00% 0.00% 0.00% 0.00% 0.00% Indiana Michigan Power Company AEP 0.00% 0.00% 0.00% 0.00% 0.00% Kentucky Power Company AEP 0.00% 0.00% 0.00% 0.00% 0.00% Kingsport Power Company AEP 0.00% 0.00% 0.00% 0.00% 0.00% Ohio Power Company AEP 0.00% 0.00% 0.00% 0.00% 0.00% Public Service Company of Oklahoma AEP 0.00% 0.00% 0.00% 0.00% 0.00% Southwestern Electric Power Company AEP 0.00% 0.00% 0.00% 0.00% 0.00% Wheeling Power Company AEP 0.00% 0.00% 0.00% 0.00% 0.00% Atmos Energy Corporation ATO 0.00% 0.00% 0.00% 0.00% 0.00% Berkshire Gas Company AGR 0.00% 0.00% 0.00% 0.00% 0.00% Central Maine Power Company AGR 0.02% 0.02% 0.02% 0.02% 0.02% Connecticut Natural Gas Corporation AGR 0.06% 0.07% 0.07% 0.07% 0.07% Maine Natural Gas AGR 0.00% 0.00% 0.00% 0.00% 0.00% New York State Electric & Gas Corporation AGR 0.00% 0.00% 0.00% 0.00% 0.00% Rochester Gas and Electric Corporation AGR 0.00% 0.00% 0.00% 0.00% 0.00% Southern Connecticut Gas Company AGR 0.00% 0.00% 0.00% 0.00% 0.00% United Illuminating Company AGR 0.00% 0.00% 0.00% 0.00% 0.00% Avista Corporation AVA 0.00% 0.00% 0.00% 0.00% 0.00% Black Hills Colorado Electric, Inc. BKH 0.00% 0.00% 0.00% 0.00% 0.00% Black Hills Energy Arkansas, Inc. BKH 0.00% 0.00% 0.00% 0.00% Black Hills Gas Distribution LLC BKH 0.00% 0.00% 0.00% 0.00% Black Hills Northwest Wyoming Gas Utility Company, LLC BKH 0.00% 0.00% 0.00% 0.00% Black Hills Power, Inc. BKH 0.00% 0.00% 0.00% 0.00% 0.00% Cheyenne Light, Fuel and Power Company BKH 0.00% 0.00% 0.00% 0.00% 0.00% Consumers Energy Company CMS 0.25% 0.27% 0.30% 0.32% 0.29% Consolidated Edison Company of New York, Inc. ED 0.00% 0.00% 0.00% 0.00% 0.00% Orange and Rockland Utilities, Inc. ED 0.00% 0.00% 0.00% 0.00% 0.00% Rockland Electric Company ED 0.00% 0.00% 0.00% 0.00% 0.00% Southern California Edison Company EIX 6.71% 8.27% 8.66% 8.92% 8.14% Baltimore Gas and Electric Company EXC 0.00% 0.00% 0.00% 0.00% 0.00% Commonwealth Edison Company EXC 0.00% 0.00% 0.00% 0.00% 0.00% PECO Energy Company EXC 0.00% 0.00% 0.00% 0.00% 0.00% Delmarva Power & Light Company EXC 0.00% 0.00% 0.00% 0.00% 0.00% Atlantic City Electric Company EXC 0.00% 0.00% 0.00% 0.00% 0.00% Potomac Electric Power Company EXC 0.00% 0.00% 0.00% 0.00% 0.00% Hawaii Electric Light Company, Inc. HE 1.33% 1.40% 1.36% 1.36% Hawaiian Electric Company, Inc. HE 0.74% 0.79% 0.81% 0.78% Maui Electric Company, Limited HE 1.02% 1.06% 1.09% 1.06% New Jersey Natural Gas Company NJR 0.00% 0.00% 0.00% 0.00% 0.00% NorthWestern Corporation NWE 0.00% 0.00% 0.00% 0.00% 0.00% Northwest Natural Holding Company NWN 0.00% 0.00% 0.00% 0.00% 0.00% Oklahoma Gas and Electric Company OGE 0.00% 0.00% 0.00% 0.00% 0.00% Kansas Gas Service Company, Inc. OGS 0.00% 0.00% 0.00% 0.00% 0.00% Oklahoma Natural Gas Company OGS 0.00% 0.00% 0.00% 0.00% Texas Gas Service Company, Inc. OGS 0.00% 0.00% 0.00% 0.00% Otter Tail Power Company OTTR 0.00% 0.00% 0.00% 0.00% 0.00% Kentucky Utilities Company PPL 0.00% 0.00% 0.00% 0.00% 0.00% Louisville Gas and Electric Company PPL 0.00% 0.00% 0.00% 0.00% 0.00% PPL Electric Utilities Corporation PPL 0.00% 0.00% 0.00% 0.00% 0.00% Public Service Electric and Gas Company PEG 0.00% 0.00% 0.00% 0.00% 0.00% South Jersey Gas Company SJI 0.00% 0.00% 0.00% 0.00% 0.00% Spire Alabama Inc. SR 0.00% 0.00% 0.00% 0.00% 0.00% Spire Gulf Inc. SR 0.00% 0.00% 0.00% 0.00% Spire Mississippi Inc. SR 0.00% 0.00% 0.00% 0.00% Spire Missouri Inc. SR 0.00% 0.00% 0.00% 0.00% 0.00% Oncor Electric Delivery Company LLC SRE 0.00% 0.00% 0.00% 0.00% 0.00% San Diego Gas & Electric Company SRE 0.00% 0.00% 0.00% 0.00% 0.00% Southern California Gas Company SRE 0.28% 0.31% 0.33% 0.30% Southwest Gas Corporation SWX 0.00% 0.00% 0.00% 0.00% 0.00% Public Service Company of Colorado XEL 0.00% 0.00% 0.00% 0.00% 0.00% Northern States Power Company - MN XEL 0.00% 0.00% 0.00% 0.00% 0.00% Northern States Power Company - WI XEL 0.00% 0.00% 0.00% 0.00% 0.00% Southwestern Public Service Company XEL 0.00% 0.00% 0.00% 0.00% 0.00%

Notes: [1] Ratios are weighted by actual common capital, preferred equity, long-term debt, and customer deposits of [2] Natural Gas and Electric Subsidiaries with data listed as N/A from SNL Financial have been excluded from the Exhibit __ (AEB-8) Page 4 of 4

Capital Structure Analysis Customer Deposit Ratio [1] Proxy Group Company Ticker 2019 2018 2017 2016 Average ALLETE, Inc. ALE 0.00% 0.00% 0.00% 0.00% 0.00% American Electric Power Company, Inc. AEP 0.99% 1.20% 1.10% 1.13% 1.11% Atmos Energy Corporation ATO 0.24% 0.31% 0.37% 0.67% 0.40% Avangrid, Inc. AGR 0.38% 0.39% 0.42% 0.45% 0.41% Avista Corporation AVA 0.12% 0.13% 0.13% 0.12% 0.13% Black Hills Corporation BKH 0.43% 0.57% 0.63% 0.73% 0.59% CMS Energy Corporation CMS 0.14% 0.17% 0.20% 0.23% 0.18% Consolidated Edison, Inc. ED 1.10% 1.20% 1.25% 1.34% 1.22% Edison International EIX 0.90% 1.10% 1.08% 1.08% 1.04% Exelon Corporation EXC 0.92% 0.96% 1.03% 1.11% 1.00% Hawaiian Electric Industries, Inc. HE 0.40% 0.46% 0.50% 0.45% New Jersey Resources Corporation NJR 0.59% 0.58% 0.62% 0.56% 0.58% Northwest Natural Gas Company NWN 0.30% 0.35% 0.35% 0.36% 0.34% NorthWestern Corporation NWE 0.10% 0.18% 0.17% 0.18% 0.16% OGE Energy Corp. OGE 1.14% 1.22% 1.23% 1.32% 1.23% ONE Gas, Inc. OGS 1.40% 1.71% 1.96% 1.91% 1.74% Otter Tail Corporation OTTR 0.08% 0.10% 0.11% 0.11% 0.10% PPL Corporation PPL 0.40% 0.44% 0.45% 0.45% 0.44% Public Service Enterprise Group Inc. PEG 0.41% 0.46% 0.49% 0.56% 0.48% Sempra Energy SRE 0.33% 0.58% 0.56% 0.54% 0.50% South Jersey Industries, Inc. SJI 1.35% 1.25% 2.41% 3.50% 2.13% Southwest Gas Corporation SWX 1.70% 1.85% 2.18% 2.32% 2.01% Spire, Inc. SR 1.31% 1.58% 1.69% 1.75% 1.58% Xcel Energy Inc. XEL 0.28% 0.34% 0.50% 0.58% 0.43% MEAN 0.64% 0.71% 0.81% 0.90% 0.76% LOW 0.00% 0.00% 0.00% 0.00% 0.00% HIGH 1.70% 1.85% 2.41% 3.50% 2.13%

Customer Deposit Ratio - Utility Operating Companies [2] Company Name Ticker 2019 2018 2017 2016 Average ALLETE (Minnesota Power) ALE 0.00% 0.00% 0.00% 0.00% 0.00% Superior Water, Light and Power Company ALE 0.00% 0.00% 0.00% 0.00% 0.00% AEP Texas Inc. AEP 0.00% 0.00% 0.00% 0.00% 0.00% Appalachian Power Company AEP 0.99% 1.08% 1.09% 1.08% 1.06% Indiana Michigan Power Company AEP 0.72% 0.72% 0.78% 0.78% 0.75% Kentucky Power Company AEP 1.84% 1.85% 1.81% 1.70% 1.80% Kingsport Power Company AEP 3.23% 4.18% 4.54% 7.00% 4.74% Ohio Power Company AEP 1.51% 2.77% 1.73% 1.86% 1.97% Public Service Company of Oklahoma AEP 2.09% 2.26% 2.11% 1.95% 2.10% Southwestern Electric Power Company AEP 1.28% 1.29% 1.33% 1.27% 1.29% Wheeling Power Company AEP 0.36% 0.30% 0.30% 0.25% 0.30% Atmos Energy Corporation ATO 0.24% 0.31% 0.37% 0.67% 0.40% Berkshire Gas Company AGR 0.17% 0.19% 0.22% 0.21% 0.20% Central Maine Power Company AGR 0.41% 0.46% 0.52% 0.57% 0.49% Connecticut Natural Gas Corporation AGR 0.45% 0.54% 0.54% 0.54% 0.52% Maine Natural Gas AGR 0.36% 0.27% 0.21% 0.21% 0.26% New York State Electric & Gas Corporation AGR 0.56% 0.53% 0.60% 0.57% 0.57% Rochester Gas and Electric Corporation AGR 0.24% 0.22% 0.22% 0.31% 0.25% Southern Connecticut Gas Company AGR 0.71% 0.83% 0.84% 0.80% 0.80% United Illuminating Company AGR 0.09% 0.09% 0.10% 0.10% 0.10% Avista Corporation AVA 0.12% 0.13% 0.13% 0.12% 0.13% Black Hills Colorado Electric, Inc. BKH 0.66% 0.50% 0.50% 0.49% 0.54% Black Hills Energy Arkansas, Inc. BKH 1.37% 1.79% 2.50% 1.88% Black Hills Gas Distribution LLC BKH 1.20% 1.83% 2.60% 1.88% Black Hills Northwest Wyoming Gas Utility Company, LLC BKH 0.97% 0.70% 0.72% 0.80% Black Hills Power, Inc. BKH 0.28% 0.25% 0.19% 0.16% 0.22% Cheyenne Light, Fuel and Power Company BKH 0.38% 0.49% 0.46% 0.49% 0.45% Consumers Energy Company CMS 0.14% 0.17% 0.20% 0.23% 0.18% Consolidated Edison Company of New York, Inc. ED 1.13% 1.23% 1.28% 1.38% 1.26% Orange and Rockland Utilities, Inc. ED 0.59% 0.63% 0.68% 0.70% 0.65% Rockland Electric Company ED 0.85% 0.98% 1.05% 1.08% 0.99% Southern California Edison Company EIX 0.90% 1.10% 1.08% 1.08% 1.04% Baltimore Gas and Electric Company EXC 1.69% 1.88% 1.99% 1.99% 1.89% Commonwealth Edison Company EXC 0.60% 0.60% 0.64% 0.75% 0.65% PECO Energy Company EXC 0.88% 0.94% 0.97% 0.98% 0.94% Delmarva Power & Light Company EXC 1.12% 1.16% 1.31% 1.34% 1.23% Atlantic City Electric Company EXC 0.96% 1.13% 1.42% 1.53% 1.26% Potomac Electric Power Company EXC 0.97% 0.97% 1.05% 1.14% 1.03% Hawaii Electric Light Company, Inc. HE 0.52% 0.57% 0.58% 0.56% Hawaiian Electric Company, Inc. HE 0.36% 0.42% 0.46% 0.41% Maui Electric Company, Limited HE 0.52% 0.58% 0.65% 0.58% New Jersey Natural Gas Company NJR 0.59% 0.58% 0.62% 0.56% 0.58% NorthWestern Corporation NWE 0.10% 0.18% 0.17% 0.18% 0.16% Northwest Natural Holding Company NWN 0.30% 0.35% 0.35% 0.36% 0.34% Oklahoma Gas and Electric Company OGE 1.14% 1.22% 1.23% 1.32% 1.23% Kansas Gas Service Company, Inc. OGS 1.40% 1.63% 1.89% 1.87% 1.69% Oklahoma Natural Gas Company OGS 1.91% 2.15% 2.02% 2.03% Texas Gas Service Company, Inc. OGS 1.57% 1.82% 1.83% 1.74% Otter Tail Power Company OTTR 0.08% 0.10% 0.11% 0.11% 0.10% Kentucky Utilities Company PPL 0.56% 0.61% 0.60% 0.51% 0.57% Louisville Gas and Electric Company PPL 0.70% 0.70% 0.71% 0.65% 0.69% PPL Electric Utilities Corporation PPL 0.15% 0.20% 0.22% 0.26% 0.21% Public Service Electric and Gas Company PEG 0.41% 0.46% 0.49% 0.56% 0.48% South Jersey Gas Company SJI 1.35% 1.25% 2.41% 3.50% 2.13% Spire Alabama Inc. SR 2.73% 3.17% 3.40% 3.53% 3.21% Spire Gulf Inc. SR 2.76% 2.82% 1.65% 2.41% Spire Mississippi Inc. SR 4.96% 4.11% 3.36% 4.14% Spire Missouri Inc. SR 0.59% 0.63% 0.64% 0.72% 0.64% Oncor Electric Delivery Company LLC SRE 0.08% 0.06% 0.04% 0.08% 0.06% San Diego Gas & Electric Company SRE 0.68% 0.76% 0.78% 0.76% 0.74% Southern California Gas Company SRE 1.29% 1.27% 1.15% 1.24% Southwest Gas Corporation SWX 1.70% 1.85% 2.18% 2.32% 2.01% Public Service Company of Colorado XEL 0.22% 0.27% 0.26% 0.24% 0.25% Northern States Power Company - MN XEL 0.40% 0.51% 0.90% 1.07% 0.72% Northern States Power Company - WI XEL 0.42% 0.32% 0.27% 0.15% 0.29% Southwestern Public Service Company XEL 0.11% 0.15% 0.19% 0.23% 0.17%